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PROMISSORY NOTE
July 21, 1995
$300,000.00
FOR VALUE RECEIVED, Search2000, Inc., a California
Corporation (the “Maker”), promises to pay Navis
Communication (the “Holder”), at the offices of the
Holder of this Note or at such other place as the
Holder of this Note may designate, the principal sum of
$300,000.00, together with interest on the unpaid
principal balance of this Note from time to time
outstanding at the rate of 8% per year until paid in
full. The principal sum of this Note and all accrued
interest thereon shall be payable on demand. Interest
on this Note shall be computed on the basis of a year
of 365 days for the actual number of days elapsed. All
payments by the Maker under this Note shall be in
immediately available funds.
In no event shall any interest charged, collected or
reserved under this Note exceed the maximum rate then
permitted by applicable law and if any such payment is
paid by the Maker, then such sum shall be credited by
the Holder as a payment of principal.
All payments by the Maker under this Note shall be made
without set-off or counterclaim and be free and clear
and without any deduction or withholding for any taxes
or fees of any nature whatsoever, unless the obligation
to make such deduction or withholding is imposed by
law. The Maker shall pay and save the Holder harmless
from all liabilities with respect to or resulting from
any delay or omission to make any such deduction or
withholding required by law.
Whenever any amount is paid under this Note, all or
part of the amount paid may be applied to principal,
premium or interest in such order and manner as shall
be determined by the Holder in its discretion.
In the event of any actual or deemed entry or any order
for relief with respect to the Maker under the Federal
Bankruptcy Code, this Note, all interest thereon and
all other amounts payable hereunder shall automatically
become and be due and payable, without presentation,
demand, protest, or any notice of any kind, all of
which are hereby expressly waived by the Maker.
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Last modified: May 25, 2011