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Form #1450

Bridge Loan for Startup

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Bridge Loan for Startup

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Bridge Loan for Startup

 

A (state’s name) NEVADA Incorporation.

 

FORM OF SENIOR (yyyy) 2009 120 DAY PROMISSORY NOTE

$XX,000.00  (date) _____________, 2009

 

1. TERM; INTEREST. For good and valuable consideration, receipt of which is

hereby acknowledged, (name of company)__________________, Inc., (“THE Company”)  a  (state’s name) NEVADA________________ Corporation  located at

(ADDRESS) Las Vegas, NV 89107  __________________________________, promises to pay to (name of the lender) ______________________(“LENDER”), located at ____________________________________________,USA

and/or LENDER's successor(s) in interest, the sum of  (amount of loan)

($,000.00), with interest at the rate of  10 % per annum, and all accrued interest plus principal which is due and payable on or before _________, 2009; provided that (a) THE COMPANY will immediately deliver XXX shares of its unregistered common stock to LENDER in full satisfaction of payment of the cash interest that would otherwise be payable to Lender for the term of this loan; and (b) that LENDER has the option during the term of this loan to convert all or any portion of the principal balance of this loan into THE COMPANY’s unregistered common stock at $XX.00 per share, subject only to LENDER’S review of THE COMPANY’s current investor disclosure documentation and execution of a subscription agreement.

 

2. EVENTS OF DEFAULT; REMEDIES

 

2.1 Events of Default Defined; Acceleration of Maturity. If any of the

following events (herein called "Events of Default") shall have occurred and be

continuing (whatever the reason for such Event of Default and whether it shall be

voluntary or involuntary or by operation of law or otherwise), unless expressly

waived by LENDER, then the unpaid principal amount of this Promissory Note,

together with any unpaid Interest accrued thereon, shall automatically become

immediately due and payable, without LENDER’S presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by THE COMPANY:

 

2.1.1 Default shall be made in the due and punctual payment of all or any

part of the principal of, or interest on, this Promissory Note when and as the

same shall become due and payable, whether at stated maturity, by

acceleration, or otherwise; or,

 

2.1.2 THE COMPANY shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of all or a

substantial part of its property, (ii) be generally unable to pay its debts as

such debts become due, (iii) make a general assignment for the benefit of its

 

Page 2 Initials_________

 

creditors, (iv) commence a voluntary case under the Federal Bankruptcy

Code ("Bankruptcy Code") as now or hereafter in effect, (v) file a petition

seeking to take advantage of any other law providing for the relief of debtors,

(vi) fail to controvert in a timely or appropriate manner, or acquiesce in

writing to, any petition filed against it in an involuntary case under such

Bankruptcy Code, (vii) take any action under the laws of its domicile

analogous to any of the foregoing, or (viii) effect any action for the purpose

of accomplishing any of the foregoing; or

 

2.1.3 A proceeding or case shall be commenced, without the application or

consent of THE COMPANY in any court of competent jurisdiction, seeking (i) the

liquidation, reorganization, dissolution, winding up, or composition or

readjustment of its debts, (ii) the appointment of a trustee, receiver,

custodian, liquidator or the like of it or of all or any substantial part of THE COMPANY’s assets, or (iii) similar relief under any law providing for the relief of debtors, and such proceeding or case shall continue undismissed, or unstayed and in effect, for a period of sixty (60) days; or an order for relief shall be entered in an involuntary case under such Bankruptcy Code against THE COMPANY or an action under the laws of the jurisdiction of its domicile analogous to any condition or of the foregoing shall be taken and shall continue unstayed and in effect for any period of sixty (60) consecutive days.

 

2.2 Suits for Enforcement. If any Event of Default shall have occurred and be

continuing, LENDER may proceed to protect and enforce LENDER’S rights, either by suit in equity or by action at law, or both, whether for the specific performance of any covenant or agreement contained in this Promissory Note or in aid of the exercise of any power granted in this Promissory Note, and LENDER may proceed to enforce the payment of all sums due hereunder or to enforce any other legal or equitable right as the holder thereof. THE COMPANY covenants that, if it shall default in the making of any payment due under this Promissory Note or in the performance or observance of any condition or agreement contained herein, THE COMPANY will pay LENDER such further amounts, to the extent lawful, as shall be sufficient to pay the costs and expenses of collection or of otherwise enforcing LENDER's rights, including reasonable counsel fees.

 

2.3 Remedies Cumulative. No remedy herein conferred upon LENDER is

intended to be exclusive of any other remedy and each and every such remedy

shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise.

 

2.4 Remedies Not Waived. No course of dealing between THE COMPANY and LENDER and no delay or failure in exercising any rights hereunder or under this

 

Page 3 Initials_________

 

Promissory Note shall operate as a waiver of any of LENDER's rights with respect thereto.

 

2.5 Seniority Rights of Preference and Payment. THE COMPANY agrees to provide seniority in right of preference and payment of all interest and principal, and any related fees and charges, to any unsecured obligations incurred for monies borrowed by THE COMPANY subsequent to the date of this Memorandum.

 

3. MISCELLANEOUS

 

3.1 Unsecured Obligation. The obligation evidenced by this Promissory Note is

unsecured.

 

3.2 Place of Payment. THE COMPANY shall pay all amounts which become due and payable thereon to LENDER at its address set forth in Paragraph 1 hereof, or at such other place and in such other manner as LENDER may designate by notice to THE COMPANY, without prior presentation or surrender of the original of this Promissory Note.

 

3.3 Notices. All notices, opinions and other communications provided for in this

Promissory Note shall be in writing and either personally delivered or mailed, first

class postage prepaid, addressed (i) if to THE COMPANY, at its address set forth in herein, or at such other addresses as THE COMPANY may hereafter designate by notice to LENDER, or

(ii) if to LENDER, at LENDER’S address set forth in Paragraph 1 hereof, or at such other address as LENDER may hereafter designate by notice to THE COMPANY. A notice shall be deemed given ten (10) days after the date it is mailed as herein provided, or upon the date personal delivery is made.

 

3.4 Captions & Headings. The captions and headings that may be found in this

Promissory Note are inserted only as a matter of reference and in no way amplify, define, or modify the scope or intent of any such sections of  this Promissory Note or in any way affect this Promissory Note.

 

3.5 Legal Jurisdiction. This Promissory Note shall be governed by and

construed in accordance with the laws of the State of Nevada.

 

3.6 Attorneys Fees. In the event of any litigation for damages for the breach

hereof or otherwise for enforcement of any remedy hereunder, the Courts of (city/ county) Clark County, Las Vegas, (state) Nevada, shall hear jurisdiction and the prevailing party shall be entitled to recover from the other party such costs and reasonable attorneys fees as may be awarded by the Court.

 

3.7 Entirety of Agreement and Amendment. This Promissory Note supersedes any and all other agreements, either oral or in writing, between THE COMPANY

and LENDER with respect to its subject matter, and contains all of the covenants

and agreements or references all agreements between THE COMPANY and LENDER with respect to such matters, in any manner whatsoever except for as outlined in any agreement incorporated by reference into this Promissory Note. Any term, covenant, agreement or condition of this Promissory Note may be amended only by mutual agreement of THE COMPANY and LENDER in writing.

Executed at (CITY)_____________, (STATE)____________________, as of the date first set forth above.

 

By: ____________________________________

 

 Chief Executive Officer

Contributed by
FastDue.com
 
Name of Firm FastDue.com
Location Fairfield, Iowa, United States
Total Forms Contributed 74
Phone 641-209-1761
Website http://fastdue.com
Email
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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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