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Exhibit 10.1
PROMISSORY NOTE
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AMOUNT: $50,000 |
DATE: JULY 9, 2007
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FOR VALUE RECEIVED, CORPORATION OF AUTOMOTIVE REMARKETING,
INC. ("Borrower”) hereby promises to pay to the
order of SYDYS CORPORATION ("Lender") the
principal sum of FIFTY THOUSAND ($50,000)
DOLLARS . Payment in full, plus accrued
interest of eight and one-quarter (8.25%) percent shall be made in
lawful money of the United States, at the principal address of
Lender, or such other place as the holder of this Note may
designate upon demand.
Borrower
shall have the privilege without premium or penalty, at any
time and from time to time, of prepaying this Note in whole or
in part.
No
partial prepayment shall postpone or interrupt the payment of
the remaining principal balance, all of which shall continue
to be due and payable at the time and the manner set forth
above.
Borrower
agrees that a default shall occur hereunder in the event that
payment is not made upon demand and such default continues for
a period of ten (10) days from the date of demand
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