PROMISSORY NOTE AND SECURITY AGREEMENTPromissory Note and Security Agreement • January 22nd, 2013 • Tecton Corp • Metal mining • Florida
FOR VALUE RECEIVED, TECTON CORPORATION, a Nevada Corporation having its principal office at 15500 Roosevelt Blvd., Suite 301, Clearwater, FL 33760 (“Debtor” or “Payor”), promises to pay to ISLAND CAPITAL MANAGEMENT, LLC (“Holder” or “Noteholder”) (1) the principal sum of Twenty-Five Thousand Dollars and no cents ($25,000.00) (the “Principal Sum”), on the on the earlier of (a) three-hundred sixty five (365) days from the Date of this Note, or (b) the effective date of a plan of reorganization filed and confirmed by Payors, (the “Maturity Date”); plus, (2) interest on the unpaid balance of the Principal Sum from the date hereof until paid, at the rate of six percent (6%) per annum, computed on the basis of a 360-day year for the actual number of days elapsed, such interest to be payable at the time of any prepayment pursuant to Section 1 below and on the Maturity Date. This promissory note (this “Note”) shall mature, and the outstanding principal amount and all accrued and unpaid interes
