PROMISSORY NOTE
|
$561,517.27
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Date: January 01,
2003
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For value
received, the undersigned Video Without Boundaries, Inc. (the
“Borrower"), at 1975 E. Sunrise Blvd. 5th
F1oor, Ft. Lauderdale, Florida 33304, promises to pay to
the order of David Aubel, (the “Lender"), at 1802-102 N.
University Dr. #289, Plantation, Florida 33322, (or at such other
place as the Lender may designate in writing) the sum of
$561,517.27 with interest from January 01, 2001, on the unpaid
principal at the rate of 8.00% per annum.
The unpaid
principal and accrued interest shall be payable in full on any
future date on which the Lender demands repayment (the "Due
Date").
All payments on
this Note shall be applied first in payment of accrued interest and
any remainder in payment of principal.
The Borrower
reserves the right to prepay this Note (in whole or in part) prior
to the Due Date with no prepayment penalty.
If any payment
obligation under this Note is not paid when due, the Borrower
promises to pay all costs of collection, including reasonable
attorney fees, whether or not a lawsuit is commenced as part of the
collection process.
This Note is
secured by a UCC-l Filing on all Tangible Assets and an option by
creditor to convert debt into Rule 144 common stock as per Exhibit
“A” attached to this note, dated May 23,2001. The
Lender is not required to rely on the above security instrument and
the assets secured therein for the payment of this Note in the case
of default, but may proceed directly against the
Borrower.
If any of the
following events of default occur, this Note and any other
obligations of the Borrower to the Lender, shall become due
immediately, without demand or notice:
1) the fai1ure
of the Borrower to pay the principal and any accrued interest in
fun on or before the Due Date;
2) the death of
the Borrower or Lender;
3) the filing
of bankruptcy proceedings involving the Borrower as a
debtor;
4) the
application for the appointment of a receiver for the
Borrower;
5) the making
of a general assignment for the benefit of the Borrower's
creditors;
6) the
insolvency of the Borrower;
7) a
misrepresentation by the Borrower 10 the Lender for the purpose of
obtaining or extending credit.
In addition.
the Borrower shall be in default if there is a sale, transfer,
assignment, or any other disposition of any assets pledged as
security for the payment of this Note, or if there is a default in
any security agreement which secures this Note.
If anyone or
more of the provisions of this Note are determined to be
unenforceable, in whole or in part, for any reason, the remaining
provisions shall remain fully operative.
All
paymen
