NOTE AND SECURITY AGREEMENT --------------------------- Principal amount: $250,000 USD Date: February 7, 2007 FOR VALUE RECEIVED, the undersigned hereby promises to pay to FireStop USA, LLC ["Firestop"] the sum of TWO HUNDRED FIFTY THOUSAND U. S....Note and Security Agreement • February 8th, 2007 • Megola Inc • Services-personal services • Wisconsin
FOR VALUE RECEIVED, the undersigned hereby promises to pay to FireStop USA, LLC ["Firestop"] the sum of TWO HUNDRED FIFTY THOUSAND U. S. Dollars ($250,000), with no interest thereon if repaid when due. Said sum shall be paid in the following manner: $250,000 USD to be repaid in its entirety six months from the date hereof, unless such date is extended by Firestop. If this Note is not repaid when due, in addition to the pledged assets as described below, FireStop will be entitled to interest that is accrued against the outstanding principal on a daily basis at the annual simple rate of 15% from the date above until the loan is paid off by Megola.
