Ex-10.5 $5,147.08 date: september 1, 2001 promissory note whereas, as of august 31, 2001, michael linn ("maker"), an officer/director/shareholder/employee of wallin engines corporation, had been advanced a total of five thousand one- hundred-forty seven ...
EX-10.5 $5,147.08 Date: September 1, 2001 PROMISSORY NOTE WHEREAS, As of August 31, 2001, Michael Linn ("Maker"), an officer/director/shareholder/employee of Wallin Engines Corporation, had been advanced a total of five thousand one- hundred-forty seven ...
$5,147.08 Date: September 1, 2001
WHEREAS, As of August 31, 2001, Michael Linn ("Maker"), an
officer/director/shareholder/employee of Wallin Engines Corporation, had been
advanced a total of five thousand one-hundred-forty seven dollars and eight
cents ($5147.08) by Wallin Engines Corporation ("Holder").
NOW THEREFORE, FOR VALUE RECEIVED, The undersigned, jointly and severally
("Maker"), promises to pay to Wallin Engines Corporation ("Holder"), a Nevada
corporation, the principal sum of five thousand one hundred-forty seven
dollars and eight cents ($5,147.08), together with interest thereon from
September 1, 2001 at the rate of seven percent (7%) per annum on the unpaid
1. Payments. The principal amount of $5,147.08 and interest on the
principal obligation represented hereby shall be repaid upon demand by
2. Type and Place of Payments. Payments of principal and interest shall be
made in lawful money of the United States of America to the above-named
Holder and mailed to PO Box 65423, Salt Lake City, Utah 84165-0423.
3. Penalty. Maker shall pay a penalty equal to one percent (1%) of the
current unpaid principal balance due for each month any payment is past
due. Advance payment or payments may be made on the principal or
interest, without penalty or forfeiture. There shall be no penalty for
4. Default. Upon the occurrence or during the continuance of any one or
more of the events listed below, Holder may, by notice in writing to the
Maker, declare the unpaid balance of the principal and interest on the
Note to be immediately due and payable, and the principal and interest
shall then be immediately due and payable without presentation, demand,
protest, notice of protest, or other notice of dishonor, all of which
are hereby expressly waived by Maker, such events being as follows:
(a) Default in any portion of the payment of the principal and
interest of this Note when the same shall become due and payable,
unless cured within five (5) days after notice thereof by Holder
or the holder of such Note to Maker.
(b) Maker shall file a voluntary petition in bankruptcy or a voluntary
petition seeking reorganization, or shall file an answer admitting
the jurisdiction of the court and any material allegations of an
involuntary petition filed pursuant to bankruptcy or any form of
insolvency, or Maker shall make an assignment to an agent
authorized to liquidate any part of its assets; or
(c) Death of Maker. In the event of Death of Maker, such notice of
default shall be made to the trustee of Maker's estate.
5. Attorneys' Fees. Maker shall be responsible to Holder for any costs
incurred by Holder in collecting on the obligation herein including
reasonable attorney's fees.
6. Construction. This Note shall be governed by and construed in
accordance with the laws of Utah.
Michael Linn ("Maker")
/S/ MICHAEL LINN
Wallin Engines Corporation ("Holder")
/S/ MICHAEL LINN
By: Michael Linn, President