THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933. AS AMENDED, OR THE
SECURITIES LA WS
OF ANY STATE, AND MAY ' NOT BE SOLD, TRANSFERRED,
ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER
SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE
ISSUER HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE.
REASONABLY SATISFACTORY TO THE ISSUER AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED.
IX ENERGY, INC.
PROMISSORY NOTE
(non-negotiable)
$3,000.00[11-01-07 money was
advanced by Dr. Schlesinger for Burke Residence, Northport
LI]
FOR VALUE RECEIVED IX Energy, Inc., a Delaware
corporation (the " Company "), promises to pay to Scott
Schlesinger, MD (the “Holder”), the principal amount of
Three Thousand Dollars ($3,000.00), or such lesser amount as shall
equal the outstanding principal amount hereof, together with simple
interest from the date of this Note on the unpaid principal balance
at a rate equal to twelve percent (12%) per annum, computed on the
basis of the actual number of days elapsed and a year of 365 days.
All unpaid principal, together with any then accrued but unpaid
interest and any other amounts payable hereunder, shall be due and
payable on or before the third business day following the final
payment to the Company by [3 days after final payment on contract]
in connection with the Company's solar panel installation project
at the Burke residence in Northport, New York.
The following is a statement of the rights of
the Holder of this Note and the conditions to which this Note is
subject, and to which the Holder, by the acceptance of this Note,
agrees:
(a)
For purposes of this Note, an " Event of Default "
means:
(i) the
Company shall default in the payment of interest and/or principal
on this Note: or
(ii)
the
Company shall fail to materially perform any covenant, Term,
provision, condition, agreement or obligation of the Company under
this Note (other than for non-payment) and such failure shall
continue uncured for a period of ten (10) business days after
notice from the Holder of such failure: or
(iii) the
Company shall (1) become insolvent: (2) admit in writing its
inability to pay its debts generally as they mature: (3) make an
assignment for the benefit of creditors or commence proceedings for
its dissolution: or (4) apply for or consent to the appointment of
a trustee, liquidator or receiver for it or for a substantial part
of its property or business; or
(iv) a
trustee, liquidator or receiver shall be appointed for the Company
or for a substantial part of its property or business without its
consent and shall not be discharged within thirty (30) days after
such appointment; or
(v) any
governmental agency or any court of competent jurisdiction at the
insistence of any governmental agency shall assume custody or
control of the whole or any substantial portion of the properties
or assets of the Company and shall not be dismissed within thirty
(30) days thereafter; or
(vi) the
Company shall sell or otherwise transfer all or substantially all
of its assets; or
(vii) bankruptcy,
reorganization, insolvency or liquidation proceedings or other
proceedings, or relief under any bankruptcy law or any law for the
relief of debt shall be instituted by or against the Company and,
if instituted against the Company shall not be dismissed within
thirty (30) days after s
