Exhibit 10.6
PROMISSORY NOTE
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$500,000.00
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August 7, 2009
Louisville, Kentucky
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For
value received, Beacon Enterprise Solutions Group, Inc., a Nevada
corporation (the “ Borrower ”) promises to pay
to the order of John D. Rhodes Family Limited Partnership (the
“ Lender ”), at 916 Woodland Drive,
Elizabethtown, Kentucky 42701 or such other address as the holder
hereof may direct, the principal sum of Five Hundred Thousand
Dollars ($500,000.00).
This Note shall
not bear interest. The entire outstanding principal balance of this
Note shall be due and payable on September 6, 2009 (the “
Maturity Date ”). All or any part of the outstanding
principal amount of this Note may be prepaid at any time without
penalty.
Failure of the
holder of this Note to exercise any of its rights and remedies
shall not constitute a waiver of any provision of this Note or of
any of such holder’s rights and remedies, nor shall it
prevent the holder from exercising any rights or remedies with
respect to the subsequent happening of the same or similar
occurrences. All remedies of the holder hereof shall be cumulative
to the greatest extent permitted by law. Time shall be of the
essence for all payments hereunder.
This Note shall
not be deemed to be in default until the holder makes written
demand payment hereunder on or after the Maturity Date (as may be
from time to time amended) and, upon the failure of the Borrower to
pay the outstanding principal amount hereunder within five (5)
business days of the receipt of such demand, the holder declares a
default
