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EXHIBIT
10.5
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$44,121.35
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January 1, 2007 |
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Phoenix, AZ |
PROMISSORY
NOTE
FOR VALUE RECEIVED ,
the undersigned, Aurios Inc., an Arizona corporation, with its
principal place of business located at 4405 E. Baseline Rd., Suite
120, Phoenix, AZ 85042 (“Maker”) promises and agrees to
pay to the order of True Gravity Enterprises, Inc., an Arizona
corporation (“Payee”), at the mailing address of Payee,
or at such other place as the Payee may from time to time
designate, the principal sum of forty four thousand one hundred and
twenty-one dollars and thirty five one hundreds of a dollar
($44,121.35), together with interest (defined herein) in lawful
money of the United States, on the unpaid amount of said sum at the
Interest Rate (as defined herein).
1. Payments and Interest
Rate
Commencing on the date
hereof, the unpaid balance of this Promissory Note
(“Note”), shall accrue interest
(“Interest”) at the rate (“Interest Rate”)
of eight and one quarter percent (8.25%) per annum. Maker
shall not be required to make any payments prior to the Maturity
Date (defined herein). All outstanding principal and interest due
and payable shall be paid on or before December 15th, 2010
(the “Maturity Date”).
2. Prepayment . The
Maker may prepay all or any portion of the Note at any time without
penalty. Prepaym
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