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Document Preview Convertible Promissory Note |
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Title: |
Convertible Promissory Note |
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Date: |
2006 |
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Preview shows 4KB of 17KB total |
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Price: |
$34 |
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ID: |
#2406535 |
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CONVERTIBLE PROMISSORY NOTE
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$60,000 |
August 1, 2006 |
FOR VALUE RECEIVED, O2 Secure Wireless, Inc. (hereinafter referred to as the Maker), promises to pay to the order of Michael R. Sellars (Holder), or assigns, at 4115 Frank Neely Rd. Norcross, GA, or such other place as the Holder may from time to time designate in writing to the Maker, in lawful money of the United States of America, the principal sum of Sixty Thousand Dollars and No Cents ($60,000.00), together with interest thereon from the date of this Note at eight percent (8%) per annum, simple interest.
Payments of accrued interest only shall be made on a lump sum end of year basis from the date of this Note until maturity. This Note shall mature one year from the date of this Note, at which time all principal and accrued interest shall be payable in full. Provided, however, that this Note will become due and fully payable in the event of the earlier termination for any reason of Craig C. Sellars or T. Scott Conley.
Any payment of principal or interest on this Note that is not made when due, as herein provided, shall bear interest at the same rate specified above. In the event any payment is not made within five (5) days of its due date, the Maker shall pay a late charge of five (5%) percent of the amount of the payment, provided that only one (1) such late charge may be collected on any particular payment however long that payment shall remain past due.
The indebtedness evidenced by this Note may be prepaid in whole or in part at any time without penalty or premium after thirty (30) days prior notice to the Holder, during which time the Holder shall be entitled to convert this Note into shares of Unrestricted Registered Common Stock of the Maker as hereinafter provided.
If from any circumstances whatsoever fulfillment of any provision of this Note at the time performance of such provision shall be due shall involve transcending the limit prescribed by any applicable usury statute or any other applicable law, with regard to obligations of like character and amount, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, so that in no event shall any exaction be possible under this Note or under any other instrument evidencing or securing the indebtedness evidenced hereby, that is in excess of the current limit of such validity, but such obligation shall be fulfilled to the limit of such validity.
Presentment for payment, demand, protest and notice of demand, notice of dishonor and notice of nonpayment and all other notices are hereby waived by Maker. No failure to accelerate the debt evidenced hereby by reason of default hereunder, acceptance of a past due installment, or indulgences granted from time to time shall be construed (1) as a novation of this Note or as a restatement of the indebtedness evidenced hereby or as a waiver of such right of acceleration or of the right of the Holder thereafter to insist upon strict compliance with the terms of this Note, or (2) to prevent the exercise of such right of acceleration or any other right granted hereunder or by applicable law; and Maker hereby expressly waives the benefit of any statute or rule of law or
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