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PROMISSORY NOTE

Promissory Note

PROMISSORY NOTE | Document Parties: NUMOBILE, INC. You are currently viewing:
This Promissory Note involves

NUMOBILE, INC.

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Title: PROMISSORY NOTE
Governing Law: Nevada     Date: 10/16/2009
Industry: Casinos and Gaming     Sector: Services

PROMISSORY NOTE, Parties: numobile  inc.
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Exhibit 10.2

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN AVAILABLE EXEMPTION FROM REGISTRATION.

 

NUMOBILE, INC.

 

PROMISSORY NOTE

 

$16,048.48

October 7, 2009

 

FOR VALUE RECEIVED, NuMobile, Inc. , a Nevada corporation (the “ Borrower ”) promises to pay to Thomas George (“ Lender ”), or its registered assigns, in lawful money of the United States of America the principal sum of Sixteen Thousand Forty-Eight and 48/100 Dollars ($16,048.48), or such lesser amount as shall equal the outstanding principal amount hereof, together with interest from the date of this Note on the unpaid principal balance at a rate equal to eight percent (8%) 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 unpaid and accrued interest and other amounts payable hereunder, shall be due and payable on the earlier of (i) December 31, 2011 (the “ Maturity Date ”), or (ii) when, upon or after the occurrence of an Event of Default (as defined below), such amounts are declared due and payable by Lender or made automatically due and payable in accordance with the terms hereof.

 

The following is a statement of the rights of Lender and the conditions to which this Note is subject, and to which Lender, by the acceptance of this Note, agrees:

 

1.       Definitions . As used in this Note, the following capitalized terms have the following meanings:

 

(a)       the “ Borrower ” includes the corporation initially executing this Note and any Person which shall succeed to or assume the obligations of the Borrower under this Note.

 

(b)      “ Event of Default ” has the meaning given in Section 3 hereof.

 

(c)      “ Lender ” shall mean the Person specified in the introductory paragraph of this Note or any Person who shall at the time be the registered holder of this Note.

 

(d)      “ Obligations ” shall mean and include all principal, interest and obligations, howsoever arising, owed by the Borrower to Lender, now existing or hereafter arising under or pursuant to the terms of this Note.

 


 

(e)      “ Person ” shall mean and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability company, an unincorporated association, a joint venture or other entity or a governmental authority.

 

(f)       “ Securities Act ” shall mean the Securities Act of 1933, as amended.

 

(g)      “ Transaction Documents ” shall mean this Note.

 

2.       Prepayment .  Upon ten (10) days prior written notice to Lender, the Borrower may prepay this Note in whole or in part; provided that any such prepayment will be applied first to the payment of expenses due under this Note, second to interest accrued on this Note and third, if the amount of prepayment exceeds the amount of all such expenses and accrued interest, to the payment of principal of this Note.

 

3.       Events of Default .  The occurrence of any of the following shall constitute an “ Event of Default ” under this Note and the other Transaction Documents:

 

(a)       Failure to Pay .  The Borrower shall fail to pay (i) when due any principal or interest payment on the due date hereunder or (ii) any other payment required under the terms of this Note on the date due and such payment shall not have been made within five (5) days of the Borrower’s receipt of Lender’s written notice to the Borrower of such failure to pay; or

 

(b)       Voluntary Bankruptcy or Insolvency Proceedings .   The Borrower shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) become insolvent (as such term may be defined or interpreted under any applicable statute), (vi) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vii) take any action for the purpose of effecting any of the foregoing; or

 

(c)       Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Borrower or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Borrower or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within 30 days of commencement.

 

4.       Rights of Lender upon Default . Upon the occ


 
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