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10.1
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Promissory Note
between the Company and Globank Corp. dated as of July 29,
2008
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PROMISSORY
NOTE
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$500,000.00
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Savannah, Georgia
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July 29, 2008
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FOR VALUE RECEIVED, the undersigned MIT HOLDING,
INC., a Delaware corporation (“Maker”),
promises to pay to the order of Globank Corp., a Nevada
corporation
(“Holder”) at P.O. Box 4534 , Lancaster, CA 93539,
or such place as Holder may designate
from time to
time hereafter, the principal sum of Five Hundred Thousand and
No/Dollars ($500,000.00) plus interest at a monthly rate of 5%
, in lawful money of the United States of
America.
1. Security Agreement . This Promissory Note (this
“Note”) is referred to and is executed and
delivered pursuant to that certain Security Agreement, dated as of
the date hereof by and between Maker Holder and certain guarantors
of this Note (the “Security
Agreement”).
2. Payment of Principal and Interest . All
principal and accrued but unpaid interest due under this Note shall
be payable in it entirety on the last day of the twenty-fourth
(24th) month from the date hereof (the “Due
Date”). Prior to the Due Date, payment of thIs Note
shall be interest only in twenty four (24) equal monthly
installments of $25,000.00 due and payable on September 1 and on
the first day of each month thereafter.
3. Pre-payment . This Note may not be prepaid in whole or in
part prior to its stated maturity date.
4. Event of Default . The failure to pay any
installment of principal or interest when due shall be an
“Event of Default” hereunder.
5. Remedies . Upon the occurrence of an Event of Default,
Holder hereof may, at his/its option, do any one or more of the
following:
(a) Declare the entire balance of principal,
together with all accrued interest, immediately due and
payable.
(b) Exercise any other remedy available at law or
in equity.
