$2,000.00 Date: June 1, 2000
PROMISSORY NOTE
FOR VALUE RECEIVED, The undersigned, jointly and severally ("Maker"),
promises to pay to Tammy Gehring ("Holder"), an individual residing in Utah,
the principal sum of two thousand dollars ($2,000.00), together with interest
thereon from June 1, 2000 at the rate of ten percent (10%) per annum on the
unpaid principal.
1. Payments. The principal amount of $2,000.00 and interest of $200.00 on
the principal obligation represented hereby shall be repaid in full at
Maturity on June 1, 2001.
2. Type and Place of Payments. Payments of principal and interest shall be
made in lawful money of the United States of America to the above-named
Holder and mailed to 3434 East 7800 South, #237, Salt Lake City, Utah
84121.
3. Penalty. Maker shall pay a penalty equal to one percent (1%) of the
current unpaid principal balance due for each month any payment is past
due. Advance payment or payments may be made on the principal or
interest, without penalty or forfeiture. There shall be no penalty for
any prepayment.
4. Default. Upon the occurrence or during the continuance of any one or
more of the events listed below, Holder may, by notice in writing to the
Maker, declare the unpaid balance of the principal and interest on the
Note to be immediately due and payable, and the principal and interest
shall then be immediately due and payable without presentation, demand,
protest, notice of protest, or other notice of dishonor, all of which
are hereby expressly waived by Maker, such events being as follows:
(a) Default in any portion of the payment of the principal and
interest of this Note when the same shall become due and payable,
unless cured within five (5) days after notice thereof by Holder
or the holder of such Note to Maker.
(b) Maker shall file a voluntary petition in bankruptcy or a voluntary
petition seeking reorganization, or shall file an answer admitting
the jurisdiction of the court and any material allegations of an
involuntary petition filed pursuant to bankruptcy or any form of
insolvency, or Maker shall make an assignment to an agent
authorized to liquidate any part of its assets; or
(c) Death of Maker. In the event of Death of Maker, such notice of
default shall be made to the trustee of Maker's estate.
5. Attorneys' Fees. Maker shall be responsible to Holder for any costs
incurred by Holder in collecting on the obligation herein including
reasonable attorney's fees.
6. Construction. This Note shall be governed by and construed in
accordance with the laws of Utah.
TEQ - 1 Corporation ("Maker")
/s/ Tammy Gehring
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Tammy Gehring, President
Approved By:
/s/ Tammy Gehring
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Tammy Gehring ("Holder")
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