Exhibit 10.3
PROMISSORY NOTE
$10,000.00 Date November 27, 2000
For value received, the undersigned GetToner.com (the "Borrower"), at 30
Hillside Avenue, Springfield, New Jersey 07081, promises to pay to the order of
American Precious Metals, Inc., (the "Lender"), at 260 Garibaldi Avenue, Lodi,
New Jersey 07644, (or at such other place as the Lender may designate in
writing) the sum of $10,000.00 with interest from November 27, 2000, on the
unpaid principal at the rate of 12% per annum.
Unpaid principal after the Due Date shown below shall accrue interest at a
rate of 18% annually until paid.
The unpaid principal and accrued interest shall be payable in full on
November 27, 2002 (the "Due Date").
All payments on this Note shall be applied first in payment of accrued
interest and any remainder in payment of principal.
If the principal and accrued interest are paid in full on or before
November 27, 2001, the Borrower shall be entitled to a discount equal to 0.00%
of the unpaid principal immediately prior to such payment.
If any installment is not paid when due, the remaining unpaid balance and
accrued interest shall become due immediately at the option of the Lender.
The Borrower reserves the right to prepay this Note (in whole or in part)
prior to the due date with no prepayment penalty.
If any payment obligation under this Note is not paid when due, the
Borrower promises to pay all costs of collection, including reasonable attorney
fees, whether or not a lawsuit is commenced as part of the collection process.
If any of the following events of default occur, this Note and any other
obligations of the Borrower to the Lender, shall become due immediately, without
demand or notice
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1) the failure of the Borrower to pay the principal and any accrued
interest in full on or before the Due Date;
2) the death of the Borrower(s) or Lender(s);
3) the filing of bankruptcy proceedings involving the Borrower as a Debtor;
4) the application for appointment of a receiver for the Borrower;
5) the making of a general assignment for the benefit of the Borrower's
creditors;
6) the insolvency of the Borrower; or
7) the misrepresentation by the Borrower to the Lender for the purpose of
obtaining or extending credit.
In addition, the Borrower shall be in default if there is a sale, transfer,
assignment, or any other disposition of any assets pledged as security for the
payment of this Note, or if there is a default in any security agreement which
secures this Note.
Borrower is required to maintain term life insurance payable to the Lender
in an amount sufficient to pay the principal and accrued interest in full in the
event of Borrower's death.
If any one or more of the provisions of this Note are determined to be
unenforceable, in whole or in part, for any reason, the remaining provisions
shall remain fully operative.
All payments of principal and interest on this Note shall be paid in the
legal currency of the United States. Borrower waives presentment for payment,
protest, and notice of protest and nonpayment of this Note.
No renewal or extension of this Note, delay in enforcing any right of the
Lender under this Note, or assignment by Lender of this Note shall affect the
liability of the Borrower. All rights of the Lender under this Note are
cumulative and may be exercised concurrently or consecutively at the Lender's
option.
This Note shall be construed in accordance with the laws of the State of
New Jersey.
Signed this 27th day of November, 2000,
Borrower
GetToner.com
By:/s/Dominic Taglialatella
---------------------------
Dominic Taglialatella
By:/s/Anthony Lauro
-------------------
Anthony Lauro
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ASSIGNMENT
[ONLY COMPLETE THE FOLLOWING INFORMATION TO ASSIGN PAYMENTS TO A NEW PARTY.]
For value received, the above Note is assigned and transferred to
____________________________________________, ("Assignee") of
_________________________, _________________________,
(City) (State/province)
________________________.
(County)
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