PROMISSORY NOTE
USD$ 10,000.00 AUGUST 7, 2000
FOR THE FOLLOWING: USD$10,000.00 and other good and valuable consideration,
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the receipt of which is hereby acknowledged, the Undersigned promises to pay to
Allied Growth Inc., Buckingham Square, Penthouse, Box 1159GT, Grand Cayman,
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Cayman Islands, or such address as may be designated by Allied Growth Inc., or
by any holder of this note, the sum of USD Ten Thousand Dollars, plus interest
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at the rate of 10% per annum on the unpaid balance beginning from the date
marked above until fully paid.
The repayment of this Note(including principal and interest, if any) is due
in full on August 7, 2001 (12 months from the above date).
TERMS OF REPAYMENT
1. This note may be repaid in whole or in part without penalty.
2. In the event of the failure to make any payment when due, the holder of
this Note may declare the entire principal balance and accrued interest
immediately due and payable. Any overdue payment shall bear interest at
the rate of Twelve percent (12%) per annum or the maximum rate permitted
by law, whichever is lower.
3. Security Lien. The maker of this Note hereby grants to the Holder a
security interest in any and all corporate property, including but not
limited to, real property, inventory, receivables, and office equipment.
4. All parties to this Note, including the Undersigned and any endorser or
guarantors, if any, jointly and severally waive presentment, notice or
dishonor, and diligence in collecting and all agree to remain fully
obliged under the terms of this Note even if, without notice, the time
for payment is extended, or the Note is renewed or modified, or one or
more of the parties is released or discharged, or the release or
substitution of any collateral given as security for the payment of the
Note.
5. If this note is not paid promptly in accordance with it's terms, the
undersigned agrees to pay all costs of collection, including reasonable
attorney's fees. In the event that any judgement is obtained under this
Note, the Undersigned waive, to the extent permitted under law, the
benefit of any law exempting their property, or any part of it.
EXECUTED AT: VANCOUVER, B.C.
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DYNAMIC VENTURES INC.
/S/ ERIC BOEHNKE
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PRESIDENT
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