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PROMISSORY NOTE
Maker : Michael Lambert, Inc.
Place for
Payment : 121
Interpark Blvd., Suite 1204, San Antonio,
TX 78216
Principal
Amount : Nine
Thousand and No/100 Dollars ($9,000.00)
Annual
Interest Rate on Unpaid Principal from Date : Zero percent (0%)
Annual
Interest Rate on Matured, Unpaid Amounts : Zero percent (0%)
Terms of
Payment (principal and interest):
Interest, if
any, on any unpaid principal shall be due on the
fifteenth (15 th )
of each month. All unpaid principal and interest
is due and payable on December 31, 2009.
The unpaid
principal balance, including any unpaid and accrued interest, shall
at no time exceed the sum of nine thousand and No/100 Dollars
($9,000.00). The unpaid principal balance of this note
at any time shall be the total amounts loaned or advanced hereunder
by Payee, less the amount of payments or prepayments of principal
made hereon by or for the account of Maker. It is
contemplated that by reason of prepayments hereon, there may be
times when no indebtedness is due hereunder; but notwithstanding
such occurrences, this note shall remain valid and shall be in full
force and effect as to loans or advances made pursuant to and under
the terms of this note subsequent to each such
occurrence.
Advances
hereunder shall be made by Payee upon the oral or written request
of the undersigned officer of Maker or any other officer
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