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NON-NEGOTIABLE SECURED PROMISSORY
NOTE
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$125,000.00
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Atlanta, Georgia
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FOR VALUE RECEIVED , i2
Telecom International, Inc., a Washington corporation
(“Maker”), promises to pay to Braswell Enterprises, LP
(“Payee”) located at 13600 Diamond Point Road, Yucaipa,
CA 92399 (or to such other person or persons and/or such other
address as Payee may designate in writing to Maker), the principal
sum of ONEHUNDRED TWENTY FIVE THOUSAND DOLLARS ($125,000.00) (the
“Principal Amount”), plus interest thereon as provided
for herein.
This Promissory Note shall bear interest on the
Principal Amount hereof at a rate equal to 12.0% per annum, which
interest shall be computed on the daily outstanding Principal
Amount hereunder on a 360-day year. This Promissory Note shall paid
by Maker the sooner of Sixty (60) days from the date hereof or
within three (3) business days after the closing of a minimum of
Four Million ($4,000,000) financing, (the “Financing”).
Pre-payment of this Promissory Note shall occur in the following
manner in the event less than $4,000,000 of Financing is completed:
i) The Maker shall pay the Payee Fifty (50%) percent of the total
principal and interest due upon the Maker completing $2,000,000 in
total debt and/or equity funding; ii) The Maker shall pay the Payee
Seventy-Five (75%) percent of the total principal and interest due
upon the Maker completing $3,000,000 in total debt and/or equity
funding; and iii) The Maker shall pay the Payee One-Hundred (100%)
percent of the total principal and interest due upon the Maker
completing $4,000,000 in total debt and/or equity
funding..
No later than three (3) business days after the
Financing is completed, (the “Closing Date”), Maker
shall pay to Payee the Principal Amount and all interest accrued on
the Principal Amount from the date hereof until the Closing Date,
payable in cash. Upon payment in full of the Principal Amount and
interest, Payee shall no longer have any rights, and Maker shall no
longer have any obligations, under this Promissory Note.
If the Closing Date does not occur within Sixty (60)
days of the date hereo
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