PROMISSORY NOTE
Dated: September 18, 2009
1.
Principal / Borrower Promise to Pay
FOR VALUE RECEIVED , the undersigned, Willing Holding, Inc., a
Florida corporation whose address is 3 Centerview Drive, Suite 240,
Greensboro, North Carolina 27407 (“Borrower”), promises
to pay to Thomas L. DiStefano III, the Borrowers Chairman and CEO
(“Lender”), whose address is 2910 NW 26
th Ave., Boca Raton, FL 33434, the principal sum of
$13,000.00. All sums owing under this Note are payable
in lawful money of the United States of America.
There shall be
no Interest accrued on this Note.
All amounts
required to be paid under Lender’s Note shall be payable at
Lender’s office located at 2910 NW
26 th Ave., Boca Raton, FL 33434
, or at another place as Lender,
from time to time, may designate in writing.
The entire
unpaid principal balance, together with all accrued interest shall
be due and payable in full on the Maturity Date (as defined
hereunder).
The entire
principal balance of this Note, together with all accrued and
unpaid interest and fees, shall be due and payable on or before
December 1, 2009 (“Maturity Date”), unless otherwise
prepaid in accordance with the terms of this Note.
5.
Additional Consideration.
6.
Prepayment; Subsequent Financing.
Borrower may
prepay the whole or any portion of this Note on any date, upon
notice to Lender. Lender shall be entitled to receive
repayment in full of Borrower’s obligations hereunder out of
any funds of Borrower within five (5) days of the closing of any
subsequent financing of Borrower (whether completed as a debt or
equity financing).
If any required
payment, including the final payment due on the maturity date, is
not paid within 15 days from and including the date upon which it
was due (whether by acceleration or otherwise), then, in each such
event, all past due amounts shall be subject to a late penalty of
five (.05) cents on every dollar owed (the “late
penalty”). This late penalty shall be in addition
to any other interest due as provided for in Paragraph 2 and in
addition to all other rights and remedies provided herein or by law
for the benefit of the holder on a default. The
acceptance of any payment by the holder of the Note shall not act
to restrict the holder at all in exercising any other rights under
the Note or the law, to waive or release Borrower from any
obligations contained herein, or to extend the time for payments
due under this Note.
If Borrower
fails to pay principal on the date on which it falls due or to
perform any of the agreements, conditions, covenants, provisions,
or stipulations contained in this Note, then Lender, at its option
and without notice to Borrower, may declare immediately due and
payable the entire unpaid balance of principal with interest from
the date of default at the rate of 12% per year and all other sums
due by Borrower hereunder anything herein to the contrary
notwithstanding. Payment of this sum may be enforced and
recovered in whole or in part at any time by one or more of the
remedies provided to Lender in this Note. In that case,
Lender also may recover all costs in connection with suit, a
reasonable attorney’s fee for collection, and interest on any
judgment obtained by Lender at the rate of 12% per year.
The remedies of
Lender and the warrants provided in this Note shall be cumulative
and concurrent, and they may be pursued singly, successively, or
together at the sole discretion of Lender. They may be
exercised as often as occasion shall occur, and failing to exercise
one shall in no event be construed as a waiver or release of
it.
9.
Attorneys’ Fees and Costs
Borrower shall
pay all attorneys fees in connection with the preparation of this
Note.
If Lender
engages any attorney to enforce or construe any provision of this
Note, or as a consequence of any default whether or not any legal
action is filed, Borrower immediately shall pay on demand all
reasonable attorneys’ fees and other Lender’s costs,
together with interest from the date of demand until paid at the
highest rate of interest then applicable to the unpaid principal,
as if the unpaid attorneys’ fees and costs had been added to
the principal.
(a) Borrower
hereby waives and releases all benefit that might accrue to
Borrower by virtue of any prese