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Borrower:
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Integrated
Environmental Technologies, Ltd.
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Loan Number:
000000001
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Address:
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4235 Commerce
Street
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Date: April 1, 2005
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Little River, South
Carolina 27909
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PROMISSORY
NOTE with BALLOON PAYMENT
BORROWER(S) .REPRESENTS
HEREWITH THAT THE LOAN EVIDENCED HEREBY IS BEING OBTAINED
FOR BUS/HESS/COMMERCIAL PURPOSES. For value received, the
undersigned, jointly and severally, if more than one, promises to
pay to DaVinci-Franklin Fund I, LLC (the "Lender") the sum
of One Hundred and Fifty Thousand & 00/100 Dollars
($150,000.00), plus interest according to the provisions provided
herein below in immediately available coin or currency of the
United States of America.
PAYMENTS &
INTEREST
Principal and interest
is payable in full at maturity on August 29, 2005 (120 days from
date of this Note) in the amount of One Hundred and Eighty Thousand
& 00/100 Dollars ($180,000.00). Borrower will make this payment
to Lender at the following address: 770 East Warm Springs Road,
Suite 250, Las Vegas, Nevada 89119.
Borrower has the option
to extend payment for an additional 30 days from the original
payment date of August 29, 2005 with payment due and payable in
full at maturity on September 28, 2005 in the amount of One Hundred
and Ninety Thousand & 00/100 Dollars ($190,000.00).
Borrower has the option
to extend payment for an additional 60 days from the original
payment date of August 29, 2005 with payment due and payable in
full at maturity on October 28, 2005 in the amount of Two
Hundred Thousand & 00/100 Dollars ($200,000.00).
SECURED NOTE
This Note is given by
the undersigned in connection with the following agreements (if
any) between the undersigned and the Lender:
1) Mortgage(s) granted
in favor of Lender as mortgagee / beneficiary, dated April 1, 2005
and granted by Integrated Environmental Technologies, Ltd. in the
maximum principal amount of $150,000.00.
2) Security
Agreement(s) granting a security in
to Lender dated
given by
.
All of the terms,
conditions and covenants of the above described agreements (the
"Agreements") are expressly made a part of this promissory note
(the "Note") by reference in the same manner and with the same
effect as if set forth herein at length and any holder of this Note
is entitled to the benefits of and remedies provided in the
Agreements and any other agreements by and between the undersigned
and the Lender.
NO WAIVER BY
LENDER/NOTE HOLDER
No delay or omission on
the part of the holder in exercising any right hereunder shall
operate as d waiver of such right or of any other right of such
holder, nor shall any delay, omission or waiver on anyone occasion
be deemed a bar to or waiver of the same or of any other right on
any future occasion. Everyone of the undersigned and every endorser
or guarantor of this Note regardless of the time, order or place of
signing waives presentment, demand, protest and notices of every
kind and assents to anyone or more extensions or postponements of
the time of payment or any other indulgences, to any substitutions,
exchanges or releases of collateral if at any time there be
available to the holder collateral for this Note, and to the
additions or releases of any other parties or persons primarily or
secondarily liable.
DEFAULT
The failure to pay any
part of the principal or interest when due on this Note or to fully
perform any covenant, obligation or warranty on this or on any
other liability to the Lender by any affiliate (as defined in 11
USC Section (101) (2)), or by any guarantor or surety of this Note
(said affiliate, guarantor, . and surety are herein called
"Obligor"); or if any financial statement or other representation
made to the Lender by any of the undersigned or any Obligor shall
be found to be materially incorrect or incomplete; or in the event
the default pursuant to any of the Agreements or any other
obligation of any of the undersigned or any Obligor in favor of the
Lender; or in the event the Lender demands that the undersigned
secure or provide additional security for its obligations under
this Note and security deemed adequate and sufficient by the Lender
is not given when demanded; or in the event one or more of the
undersigned or any Obligor shall die, terminate its existence,
allow the appointment of a receiver for any part of its property,
make an assignment for the benefit of creditors, or where a
proceeding under bankruptcy or insolvency laws is initiated by or
against any of the undersigned or any Obligor; or in the event the
Lender should otherwise deem itself, its security interest, or any
collateral unsafe or insecure; or should the Lender in good faith
believe that the prospect of payment or other performance is
impaired; or if there is an attachment, execution, or other
judicial seizure of all or any portion of the Borrower's or any
Obligor's assets, including an action or proceeding to seize any
funds on deposit with the Lender, and such seizure is not
discharged within 20 days; or if final judgment for the payment of
money shall be rendered against the Borrower or any Obligor which
is not covered by insurance and shall remain undischarged for a
period of 30 days unless such judgment or execution thereon is
effectively stayed; or the termination of any guaranty agreement
given in connection with this Note, then anyone of the same shall
be a