$30,000.00 DECEMBER 11, 2005
FOR VALUE RECEIVED, the undersigned, Muslim Media Network, Inc.
, a Michigan
corporation ("MAKER"), whose address is 29004 West Eight Mile Road, Farmington,
, 48336, hereby promises and agrees to pay to the order of A.S. NAKADAR,
M.D., ("Holder"), whose address is 3707 Durham Court, Bloomfield Hills,
, the principal sum of THIRTY THOUSAND DOLLARS ($30,000), together with
interest thereon at the rate of EIGHT PERCENT (8%) per annum on the unpaid
All accrued and unpaid interest and all principal balance shall be due no later
than December 11, 2006, provided, however, that if MAKER does not raise more
than $2,000,000 in a public stock offering that was commenced in 2005 then all
accrued and unpaid interest and all principal balance shall be due no later than
January 2, 2008.
Payment shall be due and payable at holder's address shown above. Payment shall
be delivered to Holder at address shown above, or shall be made as otherwise
directed by Holder in writing. Maker may prepay this Note at any time with no
prepayment penalty or premium.
Maker hereby waives presentment, demand, notice of dishonor, protest, notice of
protest and non-payment, and further waives all exemptions to which the Maker
may now or hereafter be entitled under the laws of this state or any other state
of the United States and further agrees that the holder shall have the right to
grant the Maker any extension of time for payment without in any way affecting
the liability of the Maker and the rights the holder may have hereunder. Failure
of the holder to exercise any rights or remedies shall not constitute a waiver
of such right to exercise the same at that or any other time.
In addition to payment of principal and interest, Maker promises and agrees to
pay the Holder reasonable attorney's fees, court costs, and all other costs and
expenses incurred in collecting or attempting to collect this Note if Maker is
The unpaid balance of this Note, together with all interest accrued thereon
shall become immediately due and payable upon the occurrence of any of the
following events (and "in the event of default"):
1. At the option of Holder, if Maker shall fail to pay any payment
hereunder and such failure shall continue for a period of five (5) days after
the date such payment was due;
2. Immediately, and without any further action by Holder if Maker shall:
(a) become insolvent, (b) make an assignment for the benefit of creditors, (c)
commence any procedure under any bankruptcy, reorganization, or liquidation law
of any jurisdiction, or (d) sell, transfer or otherwise dispose of substantially
all of its assets.
This Note is made and delivered in the State of Michigan
and shall be governed
by and construed in accordance with the laws of the State of Michigan
MUSLIM MEDIA NETWORK, INC.
/s/ A. S. Nakadar
By: A. S. NAKADAR, M.D.