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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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