Exhibit 10.4
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DEMAND GRID NOTE
U.S. $ 508,904.67 Due: On Demand
FOR VALUE RECEIVED, the undersigned, Condor Capital, Inc. (the "Borrower"),
hereby acknowledges itself indebted to Shefik Hassan (the "Lender") and promises
to pay ON DEMAND to or to the order of the Lender at Las Vegas, Nevada or as
otherwise directed in writing by the Lender, the principal amount advanced by or
at the direction of the Lender to the Borrower from time to time and remaining
outstanding hereunder as recorded by the Lender in the column headed "Unpaid
Principal balance" on the record (the "Grid") attached to and forming part of
this Note, in lawful money of the United States of America.
The Lender shall and is hereby unconditionally and absolutely authorized and
directed by the Borrower to record on the Grid: (a) the date and amount of each
advance made by the Lender hereunder and the resulting increase of the unpaid
principal balance, and (b) the date and amount of each repayment on account of
the principal made to the Lender hereunder and the resulting decrease of the
unpaid principal balance.
The balance of the principal remaining from time to time unpaid and outstanding
shall bear interest from the date hereof, both before and after maturity and
both before and after default, at the rate per annum equal to 12%. Interest as
aforesaid shall accrue and be calculated daily and be payable monthly in arrears
on the first day of each and every month until repayment in full of the
principal amount hereof. Any overdue payment of interest shall bear interest at
the rate aforementioned and be calculated and payable as aforesaid.
The Borrower shall have the privilege of repaying any amount of the principal
amount outstanding hereunder from time to time without notice or penalty.
The Borrower hereby waives presentment for payment and notice of non-payment.
The Lender may assign all of its right, title and interest in, to and under this
promissory note. All payments required to be made hereunder shall be made by the
Borrower without any right of set-off or counterclaim.
Dated this 24th day of, November, 2000 at Vancouver, B.C., Canada.
CONDOR CAPITAL, INC.
PER:
/S/ P. L. Hammond
-----------------------------------
P. L. Hammond, C.A., CFO
<PAGE>
The record set forth below is the "Grid" referred to in, and forming part of the
Grid Note dated November 24, 2000 to which this page is attached.
<TABLE>
<CAPTION>
Amount of Principal Principal Unpaid Principal
Date Advance Repayments Balance Recorded By
--------------- ------------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
March 31, 2000 5,000.00 5,000.00 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
April 18, 2000 12,000.00 17,000.00 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
April 19, 2000 163,000.00 180,000.00 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
May 10, 2000 5,500.00 185,500.00 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
May 16, 2000 10,000.00 195,500.00 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
May 23, 2000 7,500.00 203,000.00 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
June 9, 2000 10,000.00 213,000.00 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
June 12, 2000 10,000.00 223,000.00 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
June 21, 2000 14,974.92 237,974.92 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
July 14, 2000 27,000.00 264,974.92 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
August 9, 2000 1,011.53 265,986.45 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
August 15, 2000 673.49 266,659.94 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
August 16, 2000 5,000.00 271,659.94 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
August 17, 2000 2,500.00 274,159.94 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
August 29, 2000 7,721.23 281,881.17 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
August 29, 2000 8,000.00 289,881.17 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
August 30, 2000 29,000.00 318,881.17 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
September 8,
2000 25,000.00 343,881.17 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
September 22,
2000 37,000.00 380,881.17 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
</TABLE>
<TABLE>
<CAPTION>
Amount of Principal Principal Unpaid Principal
Date Advance Repayments Balance Recorded By
--------------- ------------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
October 10,
2000 18,000.00 398,881.17 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
October 19,
2000 5,023.50 403,904.67 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
October 23,
2000 80,000.00 483,904.67 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
October 25,
2000 15,000.00 498,904.67 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
October 30,
2000 10,000.00 508,904.67 P. L. Hammond
--------------- ------------------- --------------- ---------------- ---------------
</TABLE>
