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NOTE
At the dates hereinafter stated, for value received, the undersigned,
Payday Check Advance, Inc. promises to pay to the order of Richard J. And
Jeanette Andresen, at such place as the payee or legal holder hereof may in
writing appoint, the principal sum of Fifty Thousand 00/100 together with
accrued interest at the rate of eighteen percent (18%) per annum, to be paid in
installments (interest only) of $750.00 per month, beginning on the 10th day of
July, 1998, and on the 10th day of each successive month for a total period of 9
months. The undersigned shall have until the 15th of each month as a grace
period. Any payments after that include a $25.00 late fee.
Payment are made as follows:
$750.00 to the payee for 9 months, this sum represents payments of interest
only. After 9 months, the entire balance of $50,000.00 shall be due and payable
unless this note is extended by all parties for a like period of time or
converted into Sonoma Holding Corp. (Vmax) shares at makers option at a price
per share of $.15.
All payments on account of the indebtedness represented by this Note
shall be applied first to accrues and unpaid interest and the remainder of
principal. Any sum not paid when due shall bear interest after maturity at the
rate of fifteen percent (15%) per annum. The undersigned may prepay this
Installment Note in whole or in part without penalty.
At the election of the note holder or legal holder hereof and without
notice, the principle sum remaining unpaid herein, together with accrued
interest thereon, shall become at once due and payable to the place of payment
aforesaid in case of an uncured default in the payment, when due, of any
installment of principle or interest. In the event of an uncured default, the
note holder or legal holder hereof shall be entitled to reasonable costs of
collection, including reasonable attorney's fees.
6-10-98 Payday Check Advance, Inc.
---------------- Sonoma Holding Corp.
Date -----------------------------
/s/ Frank Contaldo
-----------------------------
CEO
Payment Instructions
Payments are for 9 months, payable to See Attached.
_______________________ ------------------------
Reference code: 377-1551
