CONVERTIBLE NOTE: $20,000Convertible Promissory Note |
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Search Convertible Promissory Note by:
Elite Artz, Inc.
(a Nevada Corporation)
Convertible Note
Elite Artz, Inc. a Nevada corporation ("Company") for value received (summarized more specifically in Exhibit I.) hereby promises to pay to Chris Kirch (the "Holder") or his assignee, the sum of twenty Thousand Dollars ($20,000.00) US, with no interest in consideration of the conversion right and payable in accordance with the terms and conditions set forth herein.
1)
Payment Terms
: Principal shall be all due and payable on December 31, 2006.2)
Right to Convert by Holder
: The Holder of this Note shall have the option to convert the entire amount or any portion thereof, of the principal of this Note into shares of common stock of the Company at a conversion price as hereinafter provided in Paragraph 3 below.3)
Conversion Price
: The principal of the Note shall be converted into common shares of the Company (the "Converted Shares") at a share price equal to the "bid" price of the Company's common stock on the date of the conversion, or in the event the Company has no bid price, the principal of this Note shall be converted into 400,000 shares as an equity position of the Company.4)
Conversion Date
: The Conversion Date for the Holder of the Note shall be anytime after December 31, 2006 but no later than December 31, 2007 (the HolderÂ’s Conversion P





