10.5 Promissory Note dated July 20, 2001 between David Hancock and
$ 9,800.00 USD Temple, Texas Date July 20, 01
FOR VALUE RECEIVED, after date, without grace, in the manner, on the dates, and
in the amounts so herein stipulated, the Undersigned, Communicate Now.com Inc.
PROMISE TO PAY TO THE ORDER OF : David Hancock, At Temple, Texas in Bell County
THE SUM OF NINE THOUSAND EIGHT HUNDRED DOLLARS ($9,800.00)
In lawful money of the United States of America, which shall be legal tender, in
payments of all debts and dues, public and private at the time of payment, and
to pay interest thereon from the date until maturity at the rate of 6.5% per
annum, payable as stipulated herein.
THIS NOTE IS DUE AND PAYABLE AS FOLLOWS TO WIT:
Principal due on December 20, 2001, interest due on the 20th of each month
(monthly interest amount $53.08)
IT IS AGREED that time is of the essence of this agreement, and that in the
event of default in the payment of any installment of principal or interest when
due, the holder of this note may declare the entirety of the evidenced herby due
and payable without notice, and failure to exercise said option shall not
constitute a waiver on part of the holder of the right to exercise the same at
any other time.
IN THE EVENT of default in the making of any payment herein provided, either or
principal or interest, or in the event the entirety of said note evidenced
hereby is declared due, interest shall accrue at the rate of 10.0% per annum
from such time.
THE UNDERSIGNED HEREBY AGREES to pay all expenses incurred, including an
additional 10.0% on the amount of principal and interest hereof as attorney's
fees, all of which shall become part of the principal hereof, if this note is
placed in the hands of an attorney for collection, or if collected by suite or
through any probate, bankruptcy