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EXHIBIT 10.9
PROMISSORY NOTE
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Date:
January _29_,
2007
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Note Amount:
$670,000
PROMISE TO
PAY: Challenger Powerboats, Inc., ("Borrower"),
300 Westlink
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Drive, Washington, Missouri, promises to pay to the order of Mark
Overbye or his
assigns (Noteholder),
in lawful money of the United States of America,
the
principal amount of $670,000, together with interest at a fixed
rate of interest
at ten percent (10%) per annum.
PAYMENT: Borrower
will pay this loan in accordance with the
following
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payment schedule:
The
first payment shall be due on February
28, 2007 and continuing on the
same day of each month thereafter until July 28, 2008, according to
the attached
amortization table,
at which time the entire unpaid
principal balance and all
accrued interest
shall be due and payable. Buyer shall have full
prepayment
privileges at
any time without prepayment penalty.
Interest on this Note
is
computed daily
on the basis of a
365-day year, for each day all or any part of
the principal
balance hereof shall remain outstanding. Borrower will pay
Noteholder at
________________________________________________________
or at such other
place
as Noteholder may designate in writing. Payments not received within 15
days of
due date shall be considered late and shall be subject to a late
charge based on
the rate of 1% per month.
DEFAULT: Borrower
will be in default if any of the following
happens:
-------
a.
Borrower fails
to make any payment when due;
b.
A
receiver is appointed for any part of Borrower's property,
Borrower makes an
assignment for the
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