Exhibit 10.2
PROMISSORY
NOTE
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$150,000.00
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Norwood,
Massachusetts
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December 11,
2007
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FOR
VALUE RECEIVED, Apogee Technology, Inc., a Delaware
corporation (the “Borrower”‘), hereby promises to
pay to (“Lender”), at such place as the holder of this
Note may from time to time designate in writing, the principal sum
of
One
hundred fifty thousand AND 00/100 DOLLARS ($150,000.00)
with interest on the outstanding balance
thereof from the date hereof at an annual rate which is equal to
eight percent (8%) per annum, (such interest to be paid monthly in
arrears).
The
outstanding principal balance and any accrued and unpaid interest
thereon shall be
due and payable ( 3 months) from date.
Interest shall be calculated on the basis of a
three hundred sixty (360) day year, but interest shall accrue and
be payable on the actual number of days in each month. Interest
after maturity shall be payable on demand at an annual rate (the
“Default Rate”) which shall be equal to four
(4) percentage points above the rate of interest payable
during the term of this Note, compounded monthly and otherwise
payable in the manner hereinabove set forth.
This Note may be prepaid in whole or in part
without premium or penalty.
The
Borrower agrees to pay all costs of suit and other expenses of
collection, including reasonable fees and expenses of attorneys, in
the event that this Note is placed in the hands of any attorney for
collection or suit is brought thereon.
The
Borrower hereby waives presentment, protest and demand, notice of
protest, demand and dishonor and non-payment of this Note, and to
the extent permitted by law, waives and releases all rights of
redemption, valuation, appraisement, notice of election to mature
or to declare due the whole of the indebtedness evidenced hereby,
and to the extent permitted by law, errors, defects and
imper
