EXHIBIT 10.86
PROMISSORY NOTE
Hallandale, Florida
$200,000.00 May 11, 2000
FOR VALUE RECEIVED, PEACHES ENTERTAINMENT CORPORATION ("Borrower"), a
Florida corporation whose principal place of business is located at 1180 East
Hallandale Beach Boulevard, Hallandale, Florida 33009, does hereby promise to
pay to the order of Bear Stearns Securities Corporation, as Custodian for Allan
Wolk Individual Retirement Account Rollover (the "Payee"), whose address is 245
Park Avenue, New York, New York 10167, the sum of TWO HUNDRED THOUSAND DOLLARS
($200,000.00), on December 20, 2000, with interest on such principal amount from
the date of disbursement to the date of repayment at the rate of twelve percent
(12%) per annum. Payment of this Note shall be made at the Payee's
above-described address in such currency of the United States of America as at
the time of payment shall constitute legal tender for the payment of public and
private debts.
Upon the occurrence of an event of default, as hereinafter defined, the
principal amount of this Note shall be due and payable immediately, in full,
together with interest accrued to the date of payment. The term "event of
default" as used herein means any one of the following occurrences:
(a) In the event that the Borrower should become insolvent, or make an
assignment for the benefit of creditors or apply for the appointment of a
receiver; or in the event of the appointment of a receiver or trustee in
bankruptcy for the Borrower; or in the event that the Borrower shall file a
petition under the U.S. Bankruptcy Code or any amendment thereof or file a
petition or seek other relief under any insolvency law providing for the relief
of debtors; or in the event that any such petition is filed against the
Borrower; or
(b) In the event of the liquidation or dissolution of the Borrower; or
(c) In the event of the cessation of the business activities for which the
Borrower was organized.
The Borrower does hereby waive presentment, protest, demand for payment,
notice of dishonor, notice of protest and all other notices or demands of any
kind in connection with the delivery, acceptance, performance or default under
this Note.
No act, delay, extension, omission or indulgence on the part of the Payee
or any other holder of this Note shall be deemed a waiver of any of the rights
of such holder against the Borrower hereunder, nor shall the failure to exercise
any such right or remedy when available on any occasion be constructed as a bar
to or waiver of any such rights on any future occasion.
If there should be a default by the Borrower in the payment of this Note or
an event of default, as defined herein, and if the Payee or any other holder of
this Note shall incur any reasonable expenses in connection with the collection
of any amount payable hereunder, including without limitation, all reasonable
legal fees and expenses, the Borrower hereby agrees to pay all such expenses,
including all such legal fees and expenses.
This Note shall be governed by and constructed in accordance with the laws
of the State of Florida. It may be prepaid by Borrower in whole or in part at
any time upon payment of the interest then accrued on the principal amount so
prepaid.
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IN WITNESS WHEREOF, the undersigned has caused this Note to be duly
executed on the above date.
PEACHES ENTERTAINMENT CORPORATION
By: /s/ Brian Wolk
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Name: Brian Wolk
Title: Executive Vice-President
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