PROMISSORY NOTE
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$200,000.00
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Dated: June 13,
2008
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FOR VALUE RECEIVED, INFINITE GROUP, INC., a
corporation with offices at 60 Office Park Way, Pittsford, NY 14534
(the "Borrower"), hereby promises to pay to DAN CAPPA, an
individual residing at 150 Dozier Lane, Rochester, NY 14622 (the
"Lender"), the principal sum of Two Hundred Thousand Dollars
($200,000.00), plus interest at the annual rate of twelve percent
(12%), in lawful money of the United States of America, payable
monthly for twenty four (24) months. On June 2, 2010,
the principal amount of this Note shall be due and
payable.
Borrower shall have the right, at its option and
without prior notice to Lender, and without penalty, to prepay all
or any part of the outstanding principal amount of this Note at any
time.
Upon the occurrence of any of the following
events of default, the entire indebtedness evidenced by this Note,
including expenses of collection, shall immediately become due and
payable without further notice, presentation or demand:
(i) The failure to pay a monthly installment
within ten (10) days of its due date following the Lender's written
notice of default and demand;
(ii) The bankruptcy of Borrower or the filing by
Borrower of a voluntary petition under any provision of the
bankruptcy laws; the institution
