EXHIBIT 10.7
Unsecured Promissory Note
$265,500.00
Borrower: IVDESK MINNESOTA. INC.
0000 Xxxxxxx Xxxxxx XX, Xxxxx 000
Xxxxxxxxxxx, XX 00000
("Borrower")
Lender: 5X PARTNERS
0000 Xxxxxxx Xxxxxx XX, Xxxxx 000
Xxxxxxxxxxx, XX 00000
("Lender")
I. PROMISE TO PAY
Borrower has an Unsecured Promissory Note due Lender totaling $265,500.00 as of
December 19, 2013, and both parties desire to extend the term of the Note to
January 19, 2016.
Payment will be delivered to Lender to its Mailing Address above or other
address mutually agreed upon by both parties.
II. INTEREST RATE
Interest will be charged based on LIBOR plus 3%. Based on today's one-year LIBOR
rate of 0.578l%, the effective interest rate will be 3.5781%.
III. REPAYMENT
Payment will be due on January 19, 2016 as one balloon payment of principal and
accrued interest. There will be no prepayment penalty.
Unsecured Promissory Note
(Installment Payments)
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IV. ADDITIONAL COSTS
In case of default in the payment of any principal or interest of this
Promissory Note, Borrower will pay to Lender such further amount as will be
sufficient to cover the cost and expenses of collection, including, without
limitation, reasonable attorney's fees, expenses, and disbursements. These costs
will be added to the outstanding principal and will become immediately due.
V. TRANSFER OF THE PROMISSORY NOTE
Borrower hereby waives any notice of the transfer of this Note by Lender or by
any subsequent holder of this Note, agrees to remain bound by the terms of this
Note subsequent to any transfer, and agrees that the terms of this Note may be
fully enforced by any subsequent holder of this Note.
VI. AMENDMENT; MODIFICATION; WAIVER
No amendment, modification or waiver of any provision of this Promissory Note or
consent to departure therefrom shall be effective unless by written agreement
signed by both Borrower and Lender.
VII. Successors
The terms and conditions of this Promissory Note shall inure to the benefit of
and be binding jointly and severally upon the successors, assigns, heirs,
survivors and personal representatives of Borrower and shall inure to the
benefit of any holder, its legal representatives, successors and assigns.
VII. BREACH OF PROMISSORY NOTE
No breach of any provision of this Promissory Note shall be deemed waived unless
it is waived in writing. No course of dealing and no delay on the part of Lender
in exercising any right will operate as a waiver thereof or otherwise prejudice
Lender's rights, powers, or remedies. No right, power, or remedy
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(Installment Payments)
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conferred by this Promissory Note upon Lender will be exclusive of any other
rights, power, or remedy referred to in this Note, or now or hereafter available
at law, in equity, by statute, or otherwise.
IX. GOVERNING LAW
The validity, construction and performance of this Promissory Note will be
governed by the laws of Minnesota, excluding that body of law pertaining to
conflicts of law. Borrower hereby waives presentment, notice of non-payment,
notice of dishonor, protest, demand and diligence.
The parties hereby indicate by their signatures below that they have read and
agree with the terms and conditions of this agreement in its entirety.
Borrower Signature:___________________________________________________________
By:_______________________________________ Its: __________________________
Lender Signature:_____________________________________________________________
Date: 03/19/2014
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(Installment Payments)
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