Annual Report — Small Business — Form 10-KSB
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10KSB Form 10-Ksb for 3Net Systems Inc. 49± 261K
2: EX-3 Articles of Incorporation/Organization or By-Laws 2± 10K
3: EX-3 Articles of Incorporation/Organization or By-Laws 2± 9K
4: EX-10 Material Contract 7± 29K
5: EX-10 Material Contract 2± 11K
6: EX-10 Material Contract 2± 12K
7: EX-10 Material Contract 2± 12K
8: EX-10 Material Contract 27± 99K
9: EX-10 Material Contract 4± 18K
10: EX-23 Consent of Experts or Counsel 1 7K
11: EX-27 Financial Data Schedule (Pre-XBRL) 1 10K
EX-10 — Material Contract
EXHIBIT 10.44
PROMISSORY NOTE
U.S. $461,167.00 June 30, 1996
3NET SYSTEMS, INC., a Delaware corporation (the "Company"), hereby
promises to pay to the Cameron Foundation ("Cameron"), Four Hundred
Sixty-One Thousand One Hundred Sixty-Seven Dollars ($461,167.00), such
amount referred to herein as the "Principal". This Promissory Note is
given as a replacement for and in consideration of Cameron canceling the
Promissory Notes listed on the attached Schedule. Interest payments of
Seven Thousand Nine Hundred Forty-Three Dollars ($7,943.00) are to be
paid October 31, 1996, November 30, 1996 and December 31, 1996. The
Principal, together with any remaining unpaid interest accrued thereon
from June 30, 1996, at an annual rate of ten and one quarter percent
(10.25%), shall be due and payable on December 31, 1996 (the "Maturity
Date").
1. No failure by Cameron to exercise, and no delay in exercising,
any right or remedy hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise by Cameron of any right or remedy
hereunder preclude any other or further exercise thereof or the exercise
of any other right or remedy.
2. Time is of the essence of this Note.
3. If principal and interest shall not be received by Cameron
within ten (10) days after the Maturity Date, in addition to his other
remedies, Cameron may collect, and the Company shall pay on demand, a
late charge equal to two (2) percent of the amount overdue.
4. If the Company defaults in the performance of or compliance
with this Note, and such default shall not have been remedied within ten
(10) days after Cameron notifies the Company in writing of such default,
then Cameron, in addition to all remedies conferred upon Cameron by law,
shall have the option to declare this Note and any and all promissory
notes issued by the Company to Cameron to be due and payable, without
presentment, demand for payment, protest, or notice of any kind, all of
which are hereby expressly waived upon maturity by acceleration or
otherwise.
5. Except as otherwise provided herein, the Company waives
presentment, demand for payment, protest, or notice of any kind.
6. The Company may prepay this Note in whole or in part without a
prepayment charge. Partial payments shall first be applied to accrued
interest and the balance to principal.
7. Principal and accrued interest shall be payable only in the
lawful money of the United States.
8. The provisions of the Note shall be binding upon the Company
and its successors and assigns and the terms and provisions of this Note
shall inure to the benefit of Cameron and Cameron's successors and
assigns. This Note may be amended, supplemented, or changed, and any
provision hereof waived, only by a written instrument making specific
reference to this Note signed by the party against whom enforcement of
any such amendment, supplement, change, or waiver is sought. The Company
agrees to pay all costs of collection, including, without limitation,
attorney's fees, in the event this Note is not paid when due.
9. If any provision of this Note is held by a court of competent
jurisdiction to be void or unenforceable for any reason, the remaining
provisions of this Note shall continue with full force and effect.
10. This Note shall be governed by and constructed in accordance
with the laws of the State of California.
IN WITNESS WHEREOF, the Company has caused this Note to be executed
and delivered on the date and year first above written.
3NET SYSTEMS, INC.
By: GEORGE R. VAN DERVEN
Name: George Van Derven
Title: President & CEO
Dates Referenced Herein and Documents Incorporated by Reference
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