Promissory Note September 21, 1998
$20,000.00 Orlando, Florida
FOR VALUE RECEIVED, the undersigned, (jointly and severally, if more
than one) promises to pay to COPYTEC PARTNERSHIP, or order, in the manner
hereinafter specified, the principal sum of ($20,000.00) Twenty Thousand and
00/100 Dollars with interest from date at the rate of 7% per annum on the
balance from time to time remaining unpaid. The said principal and interest
shall be payable in lawful money of the United States of America at 225 S.
Westmonte Dr. Altamonte Springs, Florida or at such place as may hereafter be
designated by written notice from the holder to the maker hereof, on the date
and in the manner following: Principal, together with accrued interest, shall be
due as excess cash flow exists above and beyond the corporate needs of
International Solubles Corporation, but under no circumstances later than
September 21, 2001.
If default be made in the payment of any of the sums or interest
mentioned herein or in said mortgage, or in the performance of any of the
agreements contained herein, then the entire principal sum and accrued interest
shall at the option of the holder hereof become at once due and collectible
without notice, time being of the essence, and said principal sum and accrued
interest shall both bear interest from such time until paid at the highest rate
allowable under the laws of the State of Florida. Failure to exercise this
option shall not constitute a waiver of the right to exercise the same in the
event of any subsequent default.
Each person liable hereon whether maker or endorser, hereby waives
presentment, protest, notice, notice of protest and notice of dishonor and
agrees to pay all costs, including a reasonable attorney's fee, whether suit be
brought or not, if, after maturity of this note or default hereunder, or under
said mortgage, counsel shall be employed to collect this note.
Whenever used herein the terms "holder, "maker" and "payee" shall be
construed in the singular or plural as the context may require or admit.
International Solubles Corporation
By: /S/L. Henry Sarmiento, President
L. Henry Sarmiento, President
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