Interactive Systems Worldwide Inc/DE – ‘10KSB’ for 9/30/97 – EX-10

As of:  Monday, 12/29/97   ·   For:  9/30/97   ·   Accession #:  1025995-98-1   ·   File #:  0-21831   ·   Correction:  This Filing’s “Filed as of” Date was Corrected and “Changed as of” 1/7/98 by the SEC on 1/7/98. ®

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Annual Report — Small Business   —   Form 10-KSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10KSB       Annual Report -- Small Business                       59±   266K 
 2: EX-10       Exhibit 10.1(A)                                        2±     9K 
 4: EX-10       Exhibit 10.16                                         24±    96K 
 5: EX-10       Exhibit 10.17                                          2±    12K 
 6: EX-10       Exhibit 10.18                                         13±    55K 
 3: EX-10       Exhibit 10.3(A)                                        2±    12K 
 7: EX-23       Exhibit 23.1                                           1      7K 
 8: EX-27       Financial Data Schedule                                1      7K 

EX-10   —   Exhibit 10.17

EXHIBIT 10.17                                                                   

PROMISSORY NOTE SECURED     
BY DEED OF TRUST      

$50,000.00                                             Las Vegas,               
Nevada                                                                          
                               October 20,
1997                                                                            

FOR VALUE RECEIVED, the undersigned ("Maker") promises to             
pay to INTERNATIONAL                                                            
SPORTS WAGERING, INC., a Delaware corporation, or to order                      
(hereinafter "Holder"), at such                                                 
place or places as may from time to time be designated by Holder,               
the principal sum of Fifty                                                      
Thousand Dollars ($50,000.00), together with interest thereon at                
the rate of ten percent (10%) per                                               
annum, payable as follows:                                                      

Principal in the amount of Five Thousand and No/100 Dollars           
($5,000.00) and accrued                                                         
interest shall be paid in consecutive monthly installments,                     
commencing on February 1, 1998, and                                             
continuing on the first day of each month thereafter, with all                  
outstanding principal and interest                                              
amounts becoming fully due and owing on  September 1, 1998;                     
provided, however, that if the real                                             
property securing this Promissory Note  (a more particular                      
description of which is attached hereto                                         
as Exhibit  A )( Real Property )  is sold, this Promissory Note                 
shall become immediately due and                                                
owing and shall be paid from the proceeds of the sale of the Real               
Property at the closing thereof.                                                

In the event Maker is late in the payment of any amount due           
hereunder, Maker shall pay                                                      
Holder interest at the rate of eighteen percent (18%) per annum                 
upon all such late payments from                                                
the date the payment should have been received by Holder to the                 
date payment was actually received                                              
by Holder.                                                                      

All payments hereunder shall be credited first to accrued             
interest and next to reducing the                                               
balance of the principal. Any and all payments hereunder shall be               
payable in lawful money of the                                                  
United States which shall be legal tender in payment of all debts               
at the time of payment.  This                                                   
Promissory Note may be prepaid in full or in part without                       
penalty.  Upon such prepayment, Maker                                           
shall also pay all accrued interest on the principal amount                     
prepaid.                                                                        

Should payment of any principal or interest not be made when          
due, or if Maker should breach                                                  
the Deed of Trust securing this Promissory Note, or if a default                
shall occur under the Guaranty                                                  
securing this Promissory Note, Maker shall be in default                        
hereunder.  In the event of such default,                                       
Maker shall have ten (10) days from the date it receives written                
notice thereof to cure such default.                                            
If Maker fails to cure a default within said ten (10) day period,               
the whole sum of principal and                                                  
interest due hereunder shall become immediately due and payable                 
at the option of Holder, and                                                    
Holder may exercise any and all rights and remedies it may                      
possess at law or in equity for the                                             
collection of this obligation.                                                  

Maker hereby waives notice of default, diligence, demand,             
presentment, notice of                                                          
nonpayment and protest.                                                         

This Promissory Note is secured by a Short Form Deed of     
Trust and Assignment of Rents                                                   
( Deed of Trust ), dated October 20, 1997, from Maker, as                       
Trustor, to Nevada Title Company, as                                            
Trustee for the benefit of Holder, and by a Guaranty dated                      
October 20, 1997, from Yarlow, Inc.,                                            
Thomas W. Yarbrough, Michael C. Sommers, and William J. Crandell                
to Holder ( Guaranty ), and                                                     
all terms of the said Deed of Trust and Guaranty are incorporated               
herein and made a part hereof by                                                
this reference.  Upon payment in full of all obligations                        
hereunder, this Note shall be marked "Paid                                      
in Full" and returned to Maker, and the Deed of Trust shall be                  
reconveyed.                                                                     

If any action is required to be taken by Holder (whether by           
Court proceeding or otherwise)                                                  
to enforce payment of this Promissory Note, the undersigned                     
promises to pay to Holder any and all                                           
costs of such action, including all reasonable attorneys' fees                  
and costs incurred therein.                                                     

"Maker"             

               T & D, a Nevada General Partnership

      By:/s/ Thomas W. Yarbrough

                    Thomas W. Yarbrough, General
Partner                                                                         

Dates Referenced Herein

This ‘10KSB’ Filing		Date		Other Filings
		9/1/98		None on these Dates
		2/1/98
Changed as of / Corrected on:		1/7/98
Filed on:		12/29/97
		10/20/97
For Period End:		9/30/97
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