PROMISSORY NOTE
$110,000.00 Scottsdale, Arizona
December 31, 1998
For valuable consideration, the receipt of which is hereby acknowledged,
and to resolve an existing dispute as more fully set forth in that certain
Agreement dated February 5th 1999, National Scientific Corporation, a Texas
corporation, and Eden Systems Inc., an Arizona corporation (collectively
"Make?'), hereby promises to pay to Xxxxxxx Xxxxxxxx the principal sum of One
Hundred Ten Thousand Dollars ($110,000.00), together with interest thereon at
10% per annum from the date of this Note until paid. Principal and accrued
interest shall be paid in lawful money of the United States of America
The principal sum of $110,000.00 and the accrued interest shall be paid in
its entirety in a lump sum payment due on December 31, 2000.
Maker shall have the right to prepay the principal balance; and accrued
interest to date of payment, in one lump sum at any time without penalty.
Maker promises to pay, in addition to the amount found due hereunder, all
collection costs incurred by the holder, including reasonable attorney's fees,
should the holder seek to enforce its rights under this Note, including but not
limited to bringing a legal action therefore. Any legal action shall be brought
in the Superior Court for the County of Maricopa, State of Arizona, and be
subject to the laws of the State of Arizona.
Maker and any endorsers hereof waive diligence, demand, presentment for
payment and protest, and consent to the extension of time of payment of this
Note without notice. Holder has a right to assign this Note or any interest
therein, together with the collateral being provided as security therefore,
without notice to Maker.
This Note is secured by 500,000 shares of National Scientific Corporation
common stock.
DATED on the date set forth above.
National Scientific Corporation,
a Texas corporation
By /s/ L. L. Xxxx
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L.L. Xxxx, President
Eden Systems, Inc.
an Arizona corporation,
By /s/ L. L. Xxxx
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L.L. Xxxx, President
