Amount: $50,000.00 Date: 12/04/2000
BORROWER PROMISES TO PAY LENDER
For the value received, the undersigned Shadows Bend Development, Inc.
(BORROWER) promises to pay to the order of Three Oaks, Manor, Inc. (LENDER)
the sum of fifty thousand dollars and no cents ($50,000.00) at such place as the LENDER may designate in
RE-PAYMENT - shall consist of the following: The original amount of note fifty thousand dollars ($50,000.00)
plus ten thousand dollars and no cents ($10,000.00) plus twenty thousand (20,000) shares of Shadows Bend
Development, Inc. stock.
DUE DATE: Payment in the amount of $60,000.00 and 20,000 shares of Shadows Bend Development, Inc.
stock shall be payable on January 02, 2003.
All payments of this NOTE shall be applied first in payment of accrued interest and any remainder in payment of
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 repay this NOTE by making payment in full of the then remaining unpaid
principal and accrued interest.
If any payment obligation under this NOTE is not paid when due, the BORROWER promises to pay all
collection, including reasonable attorney fees, whether or not a lawsuit is commenced as part of the collection
If any of the following events of default occur, this NOTE and any other obligations of the BORROWER to the
LENDER, shall become immediately due, without demand or notice.
1. the failure of the BORROWER to pay the principal and any accrued interest in full on or before the DUE
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 BO