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UNSECURED PROMISSORY DEMAND NOTE

Promissory Note

UNSECURED PROMISSORY DEMAND NOTE | Document Parties: MILLSTREAM VENTURES, INC. You are currently viewing:
This Promissory Note involves

MILLSTREAM VENTURES, INC.

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Title: UNSECURED PROMISSORY DEMAND NOTE
Date: 10/28/2008

UNSECURED PROMISSORY DEMAND NOTE, Parties: millstream ventures  inc.
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Exhibit 10.1

 

UNSECURED   PROMISSORY   DEMAND   NOTE

 

FOR VALUE RECEIVED, Millstream Ventures, Inc. (“Maker”), P.O. Box 581072, Salt Lake City, Utah 84158, promises to pay Sixteen Thousand Dollars ($16,000.00) to 1 st Orion or order (“Holder”), at 9025 Oakwood Place, West Jordan, Utah 84088 (the “Note”). The Note is not being collateralized by any assets of the Company or any equity interest in the Company and is unsecured. The date of the Note is October 14, 2008.

 

1.            Payments .  The principal and any interest on the Note shall be repaid on demand (subject to the provisions below), upond Holder giving fifteen (15) days written notice to the Maker. In the event that Holder does not make demand for payment on or before March 31, 2010, such date shall be considered as the date that demand is being made and payment of the Note shall be due fifteen (15) days thereafter including any and all accrued interest. All payments being made first towards the unpaid interest balance and then as a reduction of the principal amount.

 

2.            Interest .  Interest shall commence from the date of the Note at a simple interest rate of eighteen percent (18%) per annum until all principal has been paid. Any payments made to reduce principal shall first be applied towards accrued interest and when the accrued interest has been fully paid, the remaining balance of the payment shall be applied towards the principal sum.

 

3.            Type and place of Payments .  Payment


 
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