PROMISSORY NOTE
July 16, 2001 $10,000
This agreement is being made between Silicon South, Inc. (hereafter
referred to as the Borrower) and World Ventures, LLC (hereafter referred to as
the Lender). For value received, the undersigned promises to pay to the order
of World Ventures, LLC at San Diego, CA, or such other place as the holder
hereof may designate, the sum of Ten Thousand dollars ($10,000) together with
interest at the rate of 12% per annum on the unpaid balance from date until
paid, principal and interest payable as follows:
Principal and interest shall be paid in full within (12) twelve months
which will be on or before July 16, 2002.
The Borrower agrees to pay a set up fee of $350.00 on the date of this
note.
If default be made in the payment of any installment under this note and if
such default is not made good within 10 days, the entire principal sum and any
outstanding interest shall at once become due and payable without notice at the
option of the holder of this note. Failure to exercise this option shall not
constitute a waiver of the right to exercise the same in the event of any
subsequent default. Presentment for payment, notice of non-payment, protest and
notice of protest are each hereby expressly and severally waived by the makers
and all endorsers hereof and in case the payment shall not be made at maturity,
it is agreed by all parties hereto that all costs of collection and a reasonable
attorney's fee may be collected as a part hereof.
By Borrower:__________________
Xxxxxx Rule,
Silicon South, Inc.
By Lender:____________________
Xxxxxxx Xxxxxxxxx, Managing Partner
World Ventures, LLC
