PROMISSORY NOTE - (Terry Gourley)
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$60,000.00 5/10/00
For value received, the undersigned Terry Gourley ("Borrower") promises to pay
to the order of 3Dshopping.com ("Lender"), at 308 Washington Boulevard, Marina
del Rey, California, 90292 (or at such other place as Lender may designate in
writing), the sum of $60,000.00, with interest from the date hereof on the
unpaid principal at the rate of 10.00% annually.
1. REPAYMENT DATE: The unpaid principal and accrued interest shall be payable
immediately upon demand by Lender ("LOAN PAYMENT DATE").
2. PREPAYMENT/PAYMENT TERMS: Borrower may prepay this Note (in whole or in part)
prior to the due date with no prepayment penalty. All payments on this Note
shall be applied first in payment of accrued interest and any remainder in
payment of principal. If any payment obligation under this Note is not paid by
the Loan Payment Date, Borrower promises to pay all costs of collection,
including reasonable attorney fees, whether or not a lawsuit is commenced as
part of the collection process. All payments of principal and interest on this
Note shall be paid in the legal currency of the United States. Borrower waives
presentment for payment, protest, and notice of protest and nonpayment of this
Note.
3. DEFAULT: If any of the following events of default occur, this Note and any
other obligations of the Lender, shall become due immediately, without demand or
notice:
1) the failure of the Borrower to pay the principal and any accrued
interest in full on or before the Due Date;
2) the death of the Borrower;
3) the filing of bankruptcy proceedings involving the Borrower as a
Debtor;
4) the application for appointment of a receiver for the Borrower;
5) the making of a general assignment for the benefit of the Borrower's
creditors;
6) the insolvency of the Borrower; and
7) the misrepresentation by the Borrower to the Lender for the purpose of
obtaining or extending credit.
In addition, the Borrower shall be in default if there is a sale, transfer,
assignment, or any other disposition of any assets pledged as security for the
payment of this Note, or if there is a default in any security agreement which
secures this Note.
5. SEVERABILITY: If any one or more of the provisions of this Note are
determined to be unenforceable, in whole or in part, for any reason, the
remaining provisions shall remain fully operative.
6. NO WAIVER: No renewal or extension of this Note, delay in enforcing any right
of the Lender under this Note, or assignment by Borrower of this Note shall
affect the liability of the Borrower. All rights of Lender under this Note are
cumulative and may be exercised concurrently or consecutively at Lender's
option.
7. APPLICABLE LAW: This Note shall be construed in accordance with the laws of
the State of California.
ACCEPTED AND AGREED:
TERRY GOURLEY ("Borrower") 3DSHOPPING.COM ("Lender")
By By
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