Exhibit 99.1 Promissory Note
Nonrecourse Dated: June 5, 2000
$30,000
PROMISSORY NOTE
FOR VALUE RECEIVED, shopathomekids.com, Inc., a Texas Corporation ("Maker"),
promises to pay to Carol Jean Gehlke, a resident of California ("Holder"), or
order, Thirty Thousand Dollars (30,000).
1. Payments. The principal on the obligation represented hereby (the
"Principal") shall be repaid in one lump sum, payable on June 5, 2002,
which date is two years from the date hereof (the "Maturity Date").
2. Interest. This obligation shall bear simple interest, which shall be at the
rate of 10% per annum, payable on the Maturity Date.
3. 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 or his order at Maker's principal place of business.
4. Prepayment. Advance payment or payments may be made on the principal,
without penalty of forfeiture. There shall be no penalty for prepayment.
5. Default. Upon the occurrence or during the continuance of any one or more
of the events hereinafter enumerated, Holder or the holder of this Note may
forthwith or at any time thereafter during the continuance of any such
event, 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 become and shall 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 the payment of the principal and interest of this Note or any
portion thereof when the same shall become due and payable, whether at
maturity as herein expressed, by acceleration, or otherwise, 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 any act of Congress relating to bankruptcy or to any act
purporting to be amendatory thereof, or shall be adjudicated bankrupt, or
shall make an assignment for the benefit of creditors, or shall apply for
or consent to the appointment of any receiver or trustee for Maker, or of
all or any substantial portion of its property, or Maker shall make an
assignment to an agent authorized to liquidate any substantial part of its
assets; or
(c) An order shall be entered pursuant to any act of Congress relating to
bankruptcy or to any act purporting to be amendatory thereof approving any
involuntary petition seeking reorganization of the Maker, or any order of
any court shall be entered appointing any receiver or trustee of or for
Maker, or any receiver of trustee of all or any substantial portion of
property of Maker, or a writ or warrant of attachment or any similar
process shall be issued by any court against all or any substantial portion
of the property of Maker, and such order approving a petition seeking
reorganization or appointing a receiver or trustee is not vacated or
stayed, or such writ, warrant of attachment, or similar process is not
released or bonded within 60 days after its entry or levy.
6. Attorney's Fees. If this notice is placed with an attorney for collection,
or if suit be instituted for collection, or if any other remedy permitted
by law is pursued by Holder, because of any default in the terms and
conditions herein, then in such event, the undersigned agrees to pay
reasonable attorney's fees, costs, or other expenses incurred by Holder in
so doing.
7. Construction. This Note shall be governed by and construed in accordance
with the laws of the State of Texas.
8. Security. This Note shall be a nonrecourse obligation of
shopathomekids.com, Inc.
Shopathomekids.com, Inc.
By:____________________
Romie Krickbaum, Pres/Dir
