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Exhibit 10.7
NOTE
$1,200,000.00
September 30, 2009
FOR VALUE RECEIVED, the undersigned
promises to pay to the order of GEOFFREY C. WEBER, as Trustee of
the Pak-It Members’ Trust (hereinafter referred to as
"Lender"), the One Million Two Hundred Thousand ($1,200,000.00)
Dollars, with interest after date at the rate of ten percent
(10.0%) per annum on or before December 29, 2009. Interest shall be
computed on the basis of the actual number of days elapsed over an
assumed 360-day year.
Default in making any payment will mature the
entire obligation at the option of the Lender, without notice or
demand. In the event payments shall not be made promptly
when due, and if, at the option of the Lender, late payments are
accepted and they are more than ten (10) days late, the undersigned
agrees to pay the Lender a late charge of five percent (5.00%) of
each such unpaid installment. Waiver of any default and
acceptance of late payment together with late charges due thereon,
if applicable, shall not operate as a waiver of any other default
or of the same default on a future occasion.
Prepayment Premium . This note may be pre-paid in whole
or in part at any time without penalty.
If the Lender shall deem itself insecure or,
upon the happening of any of the following events, the Lender, at
its option, forthwith accelerate maturity and the unpaid balance
shall immediately become due and payable after the giving of ten
day (10) written notice during which time the undersigned may cure
any monetary default and a twenty (20) day written notice as to any
other obligation of the undersigned arising hereunder or in
connection with any other loan document during which time the
undersigned may cure
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