PROMISE TO PAY: For value
received, the undersigned Maker promises to pay to the order of
Holder the Principal Amount, together with interest on the unpaid
balance of such amount, in lawful money of the United States of
America, in accordance with all the terms, conditions, and
covenants of this Note.
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MAKER: Park City Group, Inc. (including
its successors and assigns, "Maker").
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MAKER'S ADDRESSES FOR NOTICE: 3160
Pinebrook Rd. Park City, UT 84098
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HOLDER: _______________________
(including its successors and assigns, "Holder")
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HOLDER'S ADDRESS FOR PAYMENT:
_________________________________
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PRINCIPAL AMOUNT:
$__________________
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INTEREST RATE: Ten Percent (10%) per
annum
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PAYMENT TERMS: The
Principal Amount together with accrued and unpaid interest shall be
due and payable on December 1, 2008.
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Rate. The principal balance of this Note from
time to time remaining unpaid prior to maturity shall bear interest
at the Interest Rate per annum stated above. Interest shall be
calculated on the unpaid principal balance of this Note beginning
on the date hereof.
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Interest After Default. At Holder's option,
the unpaid principal balance shall bear interest after maturity
(whether by acceleration or otherwise) at the "Default Interest
Rate". The Default Interest Rate shall be (i) the Interest Rate
stated on the first page of this Note plus eight (18) percentage
points; or (ii) such lesser rate of interest as Holder in its sole
discretion may choose to charge; but never more than the Maximum
Lawful Rate or at a rate that would cause the total interest
contracted for, charged, or received by Holder to exceed the
Maximum Lawful Amount.
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Daily Computation of Interest. Any interest
payable herein shall be computed on the basis of a calendar year
consisting of 365 or 366, as the case may be. In no event shall
Holder compute the interest in a manner that would cause Holder to
contract for, charge, or receive interest that would exceed the
Maximum Lawful Rate or the Maximum Lawful Amount.
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Events of Default. Events of Default are as
follows:
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There is default in the payment of any
installment of principal, interest, or any other sum required to be
paid under the terms of this Note and such default is not cured
within thirty (30) days of the applicable due date;
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The bankruptcy or insolvency of, the
assignment for the benefit of creditors by, or the appointment of a
receiver for any of the property of, or the liquidation,
termination, dissolution or death or legal incapacity of, any party
liable for the payment of this Note, whether as maker, endorser,
guarantor, surety or otherwise.
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Non-Waiver by Holder. Any previous extension
of time, forbearance, failure to pursue some remedy, acceptance of
late payments, or acceptanc
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