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Title: |
Secured Promissory Note |
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Entities: |
Natalma Industries Inc. |
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Date: |
2006 |
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Size: |
7KB total |
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Price: |
$40 |
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ID: |
#2676682 |
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Start of
Preview |
SECURED PROMISSORY NOTE
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Dated as of: June 30, 2006 |
$1,100,000 |
FOR VALUE RECEIVED, the undersigned, AeroGroup Incorporated, a Utah corporation (the Maker), hereby promises to pay to the order of Mark T. Daniels (Payee), in lawful money of the United States of America, the sum of ONE MILLION ONE HUNDRED THOUSAND AND 00/100 ($1,100,000.00) DOLLARS, plus any accrued interest owed to Payee prior to the date hereof, based on the date of cash advances made by Payee, together with interest thereon at the rate of Twelve (12%) Percent per annum, until paid in full, at the times and installments set forth below. All capitalized terms not defined herein shall have the meanings set forth in the Asset Purchase Agreement (as hereinafter defined).
Beginning on July 1st 2008 and monthly thereafter, (the first date thereof being referred to as the Maturity Date), Maker shall pay to Payee a total of Thirty Six (36) monthly installments of principal, each in the amount of THIRTY THOUSAND FIVE HUNDRED AND FIFTY FIVE AND 55/100 ($30,555.55) DOLLARS, each such installment of principle to be accompanied by payment of accrued and unpaid interest on the then unpaid principal balance of this Note.
Notwithstanding any provision contained herein, the total liability of Maker for payment of interest pursuant hereto, including late charges, shall not exceed the maximum amount of such interest permitted by law to be charged, collected, or received from Maker, and if any payments by Maker include interest in excess of such a maximum amount, Payee shall apply such excess to the reduction of the unpaid principal amount due pursuant hereto, or if none is due, such excess shall be refunded to Maker.
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