VELOCITY ASSET MANAGEMENT, INC. PROMISSORY NOTE $_______________Velocity Asset Management Inc • April 19th, 2005 • Short-term business credit institutions
Borrower's Promise to Pay Principal and Interest. In return for a loan that the Borrower received, the Borrower promises to pay the sum of $______________,along with interest at the rate of 7% by means of quarterly payments of $_______________ beginning June 30, 2005 (pro rata) and on the last day of each quarter of the year thereafter, with the last payment being the sum of $____________ and accrued interest. Under any circumstance, and notwithstanding the aforementioned payment schedule, the Borrower will pay all amounts owed under this Note no later than April 15, 2006. All payments will be made to the Lender at my address set forth above.
