Back to top

PROMISSORY NOTE DATED APRIL 1, 2005

Promissory Note

PROMISSORY NOTE DATED APRIL 1, 2005 | Document Parties: INTEGRATED ENVIRONMENTAL You are currently viewing:
This Promissory Note involves

INTEGRATED ENVIRONMENTAL

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: PROMISSORY NOTE DATED APRIL 1, 2005
Governing Law: South Carolina     Date: 4/13/2005

PROMISSORY NOTE DATED APRIL 1, 2005, Parties: integrated environmental
50 of the Top 250 law firms use our Products every day

Borrower:

Integrated Environmental Technologies, Ltd.

Loan Number: 000000001

Address:

4235 Commerce Street

Date: April 1, 2005

 

Little River, South Carolina 27909

 

 

 

 

 

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


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more