50 of the Top 250 law firms use our Products every day
Promissory Note
In the Amount of $ 130,000
December 15, 2005
1.
Obligation. For value
received, the undersigned (the "Borrower"),
promises to pay to the order of Data Logic International, Inc. 5608
N. 27th
Ave. Phoenix, Arizona 85017, the amount of principal payments on
the dates set
forth on Exhibit A attached to this Agreement with interest accrued
to these
principal payments as set forth in this Agreement. Interest will accrue under
this Agreement on unpaid principal at 7% as of the date of this
Agreement and
thereafter as of the last day of each calendar year. Accrued interest on the
outstanding principal amount of this Agreement will be due on the
date of each
payment or prepayment of principal and on acceleration.
2.
Payments. All payments
under this Agreement will be in lawful money of
the United States and in same day or immediately available funds.
Whenever
any payment due under this Agreement falls due on a day other than
a business
day, such payment will be made on the next succeeding business day,
and such
extension of time will be included in the computation of interest.
If any
amounts required to be paid by the Borrower under this Agreement
remain unpaid
after such amounts are due, the Borrower will pay interest on the
combined,
outstanding balance of such amounts from the date due until those
amounts are
paid in full at a per annum rate equal to 1% over the interest rate
then in
effect. The Borrower
may prepay all or any portion of the indebtedness due
under this Agreement without penalty.
3.
Security. As security
for payment of this Agreement, the Borrower gives
to the Lender a security interest in MBSi Capital Corp, Inc. as
described by
the Security Agreement between Borrower and Lender.
4. Events
of Default. The
occurrence or existence of any one or more of
the following will constitute an "Event of Default" under this
Agreement:
(a)
the Borrower will fail
to pay when due any principal, interest or
other amount payable under the terms of this Agreement; or
(b)
the Borrower will fail
to observe or perform any other covenant,
obligation, condition or
|
