Promissory Note - UC Hub Group Inc., Larry Wilcox and Buck Kumphausen
PROMISSORY NOTE
Los Angeles, California
$35,000,00 April 4, 2002
TIME Note
1. 90 days after the date of this Note, I, Larry Wilcox as an individual,
the undersigned Maker, promise to pay to the order of Buck Kumphausen ("Payee")
the sum of $35,000.00..Principal under this Note shall be paid in lawful money
of the United States. This debt is not associated to or in lieu of any other
contractual or legal obligation to Payee with an annual interest rate of 10%
(ten percent).
ACCELERATION
2. (a) All liabilities of the undersigned to the Payee, Including this
Note, will, at the option of the Payee, mature and become due and payable
immediately without presentment or notice no sooner than 90 days from the date
of this signed Note or on any date thereafter at the sole discretion of Mr.
Kumphausen, In addition, this Note and all other obligations, direct or
contingent, of any Maker or endorser of this Note to the Payee will become due
and payable immediately, without presentment or notice, If:
(1) Maker fails to make the required payment when due.
(2) Maker or any endorser, surety, or guarantor of this Note:
(i) Fails, after demand, to furnish financial information or to permit
inspection of any books or records.
(ii) Suspends business.
(iii) Becomes insolvent or offers settlement to any creditors.
(iv) Files a petition in bankruptcy, either voluntary or involuntary.
(v) Institutes any proceeding under any bankruptcy or insolvency laws
relating to the relief of debtors.
(vi) Gives notice of any intended bulk sale.
(vii) Makes an assignment for the benefit of creditors.
(viii) Mortgages, pledges, assigns, or transfers any accounts receivable or
other property, in trust or otherwise, without the written consent
of the Payee.
(ix) Makes any false statement or representation orally or in writing,
fails to furnish information, or fails to permit inspection of any
books or records on demand of the Payee.
(x) Fails to pay any obligation when due.
(3) Payee or holder discovers that any misrepresentation was made to payee on
or behalf of Maker to obtain credit or an extension of credit.
(4) Any legal action is commenced against Maker or any endorser, surety, or
guarantor, including:
(i) Entry of judgment.
(ii) Issuance of a writ of attachment, order of garnishment, order or
subpoena in supplementary proceedings, execution, or similar
process.
(5) A receiver is appointed for Maker, endorser, surety or guarantor.
(b) At its option, Payee may accelerate the maturity of this Note to become due
immediately if it considers the security underlying the Note to be
unsatisfactory or insufficient and the Maker does not on demand, furnish
additional collateral or make payment on account that is satisfactory to the
Payee.
(c) At its option, Payee may accelerate the maturity of the Note to become due
immediately if, in the sole
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opinion of the Payee, the financial responsibility of the Maker becomes
unsatisfactory or the obligation evidenced by this Note is in jeopardy.
Collection Costs
4. If this Note is not paid in full when It becomes due, Maker agrees to
pay all collection costs, including, but not limited to all attorney and court
fees necessary to enforce or collect this Note for nonpayment at maturity.
Waivers
5. Maker waives trial by jury in any litigation arising out of or
relating to this Note in which Payee or a holder of this Note is an adverse
party and further waives the right to interpose any defense, set-off, or
counterclaim of any nature or description, which rights are expressly waived
except as provided by law.
GOVERNING LAW
6. This Note will be governed by the laws of the State of California,
Including the Uniform Commercial Code in force in the State of California.
Maker
/s/ Larry Wilcox 4/4/02
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Larry Wilcox
An individual