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Exhibit 10.6
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Promissory Note with Mallette Family LLC
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PROMISSORY NOTE
$1,000,000.00 August , 2000
Provo, Utah
FOR VALUE RECEIVED, the undersigned promises to pay to Alpine Aviation, Inc.,
d/b/a Alpine Air, of 3450 W. Mike Jense Pkwy., Provo, Utah 84603, or its
order, the sum of One Million and No/100 Dollars ($1,000,000.00) lawful money
of the United States of America, payable to Payee at such place as the Payee
may direct, together with interest at the rate of six and one-half percent
(6-1/2%) per annum from and after date.
SAID PRINCIPAL AND INTEREST shall be payable in within three (3) years
from the date of execution of this Note.
IF DEFAULT shall be made in the payment of any installments due hereunder at
the time and in the manner as provided herein and said default shall continue
for a period of thirty (30) days after written notice to Makers of such
default, then and in that event, at the option of the holders hereof, the
entire amount of said Note, both principal and interest, shall at once become
immediately due and payable.
THE MAKER hereof and any endorser hereon waives demand, protest and notice of
nonpayment.
IN CASE SUIT OR ACTION shall be instituted to collect this Note or any part
hereof, the Maker further promises to pay a reasonable attorney's fee to be
fixed and determined by the Court in which such action may be brought and
taxed as costs in addition to such other costs and charges as may be allowed
by law.
AS PART of the consideration for the loan, the Maker has also given the Payee
an irrevocable option to purchase the aircraft being purchased with this loan,
as more particularly set forth in the Option Agreement executed
contemporaneously herewith and made a part of this Note.
THE MAKER hereof is hereby granted the right to pay all or any part of the
unpaid principal and interest on this Note at any time after date. Any
partial prepayment of principal or interest shall not excuse any regular
scheduled payments.
MALLETTE FAMILY, L.L.C.
By
Managing Member
