FOR VALUE RECEIVED , the undersigned, Magna-Lab Inc. , a New York corporation (“
Borrower ”), HEREBY PROMISES TO PAY to the order of Magna Acquisition LLC or its registered
assigns ( “ Lender ”), in lawful money of the United States of America, in the manner and at the times provided
hereinafter, the principal sum of Ten Thousand Dollars (US$10,000), together with Interest (as hereinafter
defined) and Default Interest (as hereinafter defined) and all other amounts due and payable pursuant to and in
accordance with terms of this Note.
Interest shall accrue on the unpaid principal amount of this Note from the date hereof until such principal
amount is paid in full. “ Interest ” shall mean twelve percent (12%) per annum. Interest shall be computed on
the actual number of days elapsed, predicated on a year consisting of three hundred and sixty (360) days.
Default Interest, if any, shall be payable on demand. “ Default Interest ” shall mean interest computed
at fifteen percent (15%) per annum, on (i) the entire principal balance of this Note from time to time unpaid from
and after such amounts becomes due and payable (whether upon maturity, by acceleration or otherwise), and (ii)
any and all other unpaid amounts due pursuant to the terms and provisions of this Note (including, but not limited
to, accrued and unpaid Interest) from and after the respective date(s) on which those amounts become due and
payable, whether upon maturity, by acceleration or otherwise; in each case from and after the expiration of any
applicable grace period. Default Interest shall be computed on the actual number of days elapsed, predicated on
a year consisting of three hundred and sixty (360) days. Notwithstanding anything to the contrary contained
herein, for any period in which Default Interest is accruing on the entire unpaid principal balance hereunder,
Interest shall not accrue. Default Interest shall compound on an annual basis.
Unless otherwise accelerated pursuant