Exhibit 10.3
Promissory Note, dated June 16, 2000 between eAutoclaims.com, Inc.
and S. Reed Mattingly.
<PAGE>
PROMISSORY NOTE
$30,000.00 Columbia, South Carolina
Date: June 16, 2000
FOR VALUE RECEIVED, eAutoclaims.com, promises to pay to S. Reed
Mattingly or order, the principal sum of Thirty Thousand and no/100 ($30,000.00)
Dollars with interest at the rate of Twelve (12%) percent per annum. Payable in
eighteen (18) consecutive monthly installments beginning July 16, 2000. The
first six (6) monthly payments of Three Hundred and no/100 ($300.00) Dollars
will offset the interest only. The subsequent twelve monthly payments of Two
Thousand Six Hundred Sixty-Five and 46/100 ($2,665.46) Dollars will be applied
to both the interest and the principle. Payments shall be made to the holder
herein at 229 Cooper Ridge Road, Columbia, South Carolina 29212, or such other
place as Note Holder may designate.
If the Note Holder has not received the full amount of any monthly
payment by the end of ten (10) calendar days after the date it is due, the
undersigned agrees to pay a late charge to the Note Holder. The amount of the
charge will be Five (5%) percent of the overdue payment of principal and
interest. The undersigned will pay this late charge promptly but only once on
each late payment.
If at any time any portion of the principal or interest be past due and
unpaid, the whole amount evidenced by this Note shall, at the option of the
holder, become immediately due and payable, and the holder shall have the right
to institute any proceedings upon this Note and any lien given to secure the
same for the purpose of collecting the principal and interest, with costs and
expenses, or of protecting any security connected herewith.
In the event of default in the payment of this Note, and if it is
placed in the hands of an attorney for collections, the undersigned hereby
agrees to pay all costs of collection, including a reasonable attorney's fee.
The undersigned reserves the right to prepay in full or in part at any
time without penalty.
Presentment, protest and notice hereby are waived.
Given under the hand and seal of the party on the date above written.
Accepted by eAutoclaim.com on__________________________________________
Signature______________________________________________________________
Title__________________________________________________________________
Accepted by S. Reed Mattingly on
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