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 Kelly Trimble
(the "Holder") or his assignee, the sum of Three Thousand Dollars
($3,000.00) 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,
2008.
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 30,000 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, 2007 but no later than December
31, 2008 (t
