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promissory note

Promissory Note

promissory note | Document Parties: OCTUS INC | Grupo Dynastia SA You are currently viewing:
This Promissory Note involves

OCTUS INC | Grupo Dynastia SA

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Title: promissory note
Date: 8/14/2009
Industry: Software and Programming     Sector: Technology

promissory note, Parties: octus inc , grupo dynastia sa
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Exhibit10.5

 

 

Exhibit 10.5 Note Amendment with the Senior Lender.

 

Sasaima Holdings SA

APDO 0832-2745

World Trade Center

Panama City

Republic of Panama

Octus Inc.

719 Second St, Unit 9

Davis CA 95616

 

 

Dear Sirs,

 

By this letter we hereby wish to notify you that the promissory note issued by Octus to Grupo Dynastia SA has been acquired by Sasaima Holdings, a copy of the sales and transfer agreement is attached hereto.

 

We hereby agree to adjust the terms of those convertible promissory notes issued on September 30th, 2007 by Octus Inc, a Nevada corporation to Grupo Dynastia SA, a Panamanian Corporation with the face amount of $306,456 and that convertible promissory note with the face amount of $113,747 issued to Sasaima Holdings SA, a Panamanian Corporation and transferred to Grupo Dynastia (together the “notes”)  to reflect that the option to call the notes on 90 days notice is hereby removed provided the payment schedule attached hereto as Exhibit “A” and made a part of this agreement is initiated and kept current.

 

Should there be an uncured default for longer than 90 days from notice to the company all monies due, including principal and interest will become due and payable.  Further Octus agrees that a UCC-1 security instrument will be filed as a blanket lien on the general assets of the company.  The notes will not be subordinated to any other non-trade debts without specific written consent from Sasaima.

 

Further by this letter it is agreed that the Interest rate as reflected in the Promissory Notes was intended to be Eight Percent (8%) per year, compounded monthly versus the originally stated amount of Eight Percent (8%) per month, which was a typographical error.

 

All other terms and conditions of the original promissory note are to remain as first written and agreed to.

 

Executed this 31st day of March, 2009.

 

/s/ Digna Perez Martinez

 

 

 

 

Digna Perez Martinez, President

Sasaima Holdings, S.A.

 

 

 

 

 

 

 

 

 

Agreed to this 31st  day of March 2009.

 

 

 

 

 

 

 

 

 

/s/ Christian Soderquist

 

 

 

 

Christian Soderquist, President & CEO

Octus Inc.

 

 

 

 

 

1


 

SALE AND TRANSFER AGREE


 
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