Exhibit
10.1
UNSECURED PROMISSORY
DEMAND NOTE
FOR VALUE RECEIVED,
Maple Mountain Pumpkins and Agriculture, Inc. (“Maker”
or “Company”), having an office location at 706 Rildah
Circle, Kaysville, UT 84037, promises to pay on demand Five
Thousand Dollars ($5,000.00), the amount advanced to the Maker up
through and including October 1, 2008 to Ken Edwards, President of
the Company, at 706 Rildah Circle, Kaysville, UT or order
(collectively “Holder”), (the “Note”). The
amount of this Note may be increased from time to time up to a
total amount of Twenty Five Thousand Dollars ($25,000.00) upon
request of the Company’s President and upon the willingness
of the Holder to make such additional loans to the Company. Any
additional loans shall be governed by the same terms and conditions
at stated in this Note. Acknowledgement of the receipt of any
additional amounts shall be made by the President of the Company at
the end of this Note. The Note is not being collateralized by any
asset of the Company or any equity interest in the Company and is
unsecured. The date of the Note is October 1, 2008, not
withstanding the date that the funds were actually deposited into
the Makers bank account, for purposes of accruing interest pursuant
to Paragraph #2 of the Note.
1.
Payments.
The principal and any
interest on the Note shall be repaid on demand of the Holder at the
address of the Holder (subject to the provisions below), upon
giving 30 days prior written notice to the Maker at the address of
the Maker. In any event, if Holder does not make demand for
payment on or before December 31, 2009, such date shall be
considered as the date that demand is being made and payment of the
Note shall be due 30 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 first
commence accruing from the date of the Note and upon the time that
additional amounts being loaned to the Company are acknowledged at
the end of this Note. Interest shall accrue at a simple interest
rate of ten percent (10%) per annum until all principal has been
repaid. Any payments made shall first be applied towards any
accrued interest and all interest has been fully paid, the
remaining balance of the payment shall be applied towards the
principal sum of the Note.
3.
Type and place of
Payments. Payment of principal and interest
shall be made in lawful money of the United States of America to
the above named Holder, at the address of the Holder given herein,
or such other location as the Holder shall advise the Maker in
writing, to the extent that such address is within the greater Salt
Lake City area. For payments o
