EXHIBIT 10.2
PROMISSORY NOTE AGREEMENT
$15,000 in principal at 7% interest per annum
Effective May 6, 2002
due and payable in full in 3 years
or on or after May 7, 2005
K.H.F. Technologies, a Nevada corporation ("Promissor"), on
or before three (3) years from the date hereof, namely, May 7,
2005, without grace, for value received, promises to pay to the
order of Xxxx X. Xxxxx, or his successors, assigns and heirs
(hereinafter "Payee"), whose address is: 0000 Xxxxx 0000 Xxxx,
Xxx, Xxxx 00000, fifteen thousand dollars ($15,000.00) in
principal in lawful money of the United States of America with
interest to accrue thereon from and after May 7, 2002, at the
rate of seven percent (7%) per annum.
No regular interest payments shall be due and payable under
this Note.
Payee has agreed to such interest rate, a rate lower than
Payee might possibly obtain elsewhere with full knowledge of the
current financial and other status or condition of Promissor.
Payee warrants that he is an "accredited investor" as that
term is defined in all relevant state and federal securities
laws, particularly inasmuch as he is an officer and director of
Promissor and thus has access to the kind of information
concerning Promissor that would be available in a registration
statement; further, that he is capable of bearing the entire risk
of loss of what he has loaned under this Note.
Payee also understands and acknowledges that the purpose of
this Note is to pay the costs, fees and expenses involved in
making K.H.F. Technologies a "reporting company" under the
Securities Exchange Act of 1934, an event that will have no
bearing on Promissor's ability to re-pay this Note when it
becomes due.
This Note is callable on and after May 7, 2005, the date it
matures.
This Note may be extended at the same or a lower interest
rate at the exclusive option of Payee.
Promissor shall have every right to make advance payments or
to pay-off the entire Note at any time in advance of the due date
without penalty.
This Note is fully assignable by the Payee but only upon
advance notice to Promissor and in the event that Promissor
becomes delinquent on or after May 7, 2005, the legal holder of
this Note may declare the entire balance due and payable and
proceed at once, without notice, demand or presentment, to
collect both principal and interest from and against the
Promissor on the balance of the Note.
In the event suit is brought to collect this Note or any
part thereof or any efforts are made to dispose of any collateral
at any time given or pledged by Promissor in the future by means
of any amendment hereto, the undersigned Promissor agrees to pay
all of Payee's attorney's fees, accountant's fees, collection
fees, and all costs of court, including all service of process
fees, etc.
The undersigned hereby warrants that he has been given the
power and authority to sign this Note in and on behalf of the
Promissor, K.H.F. Technologies, a Nevada corporation.
DATED this 6th day of May, 2002.
K.H.F. TECHNOLOGIES
/s/ Xxxx X. Xxxxx
_________________________ _________________________
Witness By: Xxxx X. Xxxxx
Its: President and a Director
PROMISSORY NOTE AGREEMENT
$5,000 in principal at 7% interest per annum
Effective October 2, 2002
due and payable in full in 3 years
or on or after October 2, 2005
K.H.F. Technologies, a Nevada corporation ("Promissor"), on
or before three (3) years from the date hereof, namely, October
2, 2005, without grace, for value received, promises to pay to
the order of Xxxx X. Xxxxx, or his successors, assigns and heirs
(hereinafter "Payee"), whose address is: 0000 Xxxxx 0000 Xxxx,
Xxx, Xxxx 00000, five thousand dollars ($5,000.00) in principal
in lawful money of the United States of America with interest to
accrue thereon from and after October 2, 2002, at the rate of
seven percent (7%) per annum.
No regular interest payments shall be due and payable under
this Note.
Payee has agreed to such interest rate, a rate lower than
Payee might possibly obtain elsewhere with full knowledge of the
current financial and other status or condition of Promissor.
Payee warrants that he is an "accredited investor" as that
term is defined in all relevant state and federal securities
laws, particularly inasmuch as he is an officer and director of
Promissor and thus has access to the kind of information
concerning Promissor that would be available in a registration
statement; further, that he is capable of bearing the entire risk
of loss of what he has loaned under this Note.
Payee also understands and acknowledges that the purpose of
this Note is to pay the costs, fees and expenses involved in
making K.H.F. Technologies a "reporting company" under the
Securities Exchange Act of 1934, an event that will have no
bearing on Promissor's ability to re-pay this Note when it
becomes due.
This Note is callable on and after October 2, 2005, the date
it matures.
This Note may be extended at the same or a lower interest
rate at the exclusive option of Payee.
Promissor shall have every right to make advance payments or
to pay-off the entire Note at any time in advance of the due date
without penalty.
This Note is fully assignable by the Payee but only upon
advance notice to Promissor and in the event that Promissor
becomes delinquent on or after October 2, 2005, the legal holder
of this Note may declare the entire balance due and payable and
proceed at once, without notice, demand or presentment, to
collect both principal and interest from and against the
Promissor on the balance of the Note.
In the event suit is brought to collect this Note or any
part thereof or any efforts are made to dispose of any collateral
at any time given or pledged by Promissor in the future by means
of any amendment hereto, the undersigned Promissor agrees to pay
all of Payee's attorney's fees, accountant's fees, collection
fees, and all costs of court, including all service of process
fees, etc.
The undersigned hereby warrants that he has been given the
power and authority to sign this Note in and on behalf of the
Promissor, K.H.F. Technologies, a Nevada corporation.
DATED this 2nd day of October, 2002.
K.H.F. TECHNOLOGIES
/s/ Xxxx X. Xxxxx
_________________________ _________________________
Witness By: Xxxx X. Xxxxx
Its: President and a Director
PROMISSORY NOTE AGREEMENT
$1,000 in principal at 7% interest per annum
Effective December 23, 2002
due and payable in full in 3 years
or on or after December 23, 2005
K.H.F. Technologies, a Nevada corporation ("Promissor"), on
or before three (3) years from the date hereof, namely, December
23, 2005, without grace, for value received, promises to pay to
the order of Xxxx X. Xxxxx, or his successors, assigns and heirs
(hereinafter "Payee"), whose address is: 0000 Xxxxx 0000 Xxxx,
Xxx, Xxxx 00000, one thousand dollars ($1,000.00) in principal in
lawful money of the United States of America with interest to
accrue thereon from and after December 23, 2002, at the rate of
seven percent (7%) per annum.
No regular interest payments shall be due and payable under
this Note.
Payee has agreed to such interest rate, a rate lower than
Payee might possibly obtain elsewhere with full knowledge of the
current financial and other status or condition of Promissor.
Payee warrants that he is an "accredited investor" as that
term is defined in all relevant state and federal securities
laws, particularly inasmuch as he is an officer and director of
Promissor and thus has access to the kind of information
concerning Promissor that would be available in a registration
statement; further, that he is capable of bearing the entire risk
of loss of what he has loaned under this Note.
Payee also understands and acknowledges that the purpose of
this Note is to pay the costs, fees and expenses involved in
making K.H.F. Technologies a "reporting company" under the
Securities Exchange Act of 1934, an event that will have no
bearing on Promissor's ability to re-pay this Note when it
becomes due.
This Note is callable on and after December 23, 2005, the
date it matures.
This Note may be extended at the same or a lower interest
rate at the exclusive option of Payee.
Promissor shall have every right to make advance payments or
to pay-off the entire Note at any time in advance of the due date
without penalty.
This Note is fully assignable by the Payee but only upon
advance notice to Promissor and in the event that Promissor
becomes delinquent on or after December 23, 2005, the legal
holder of this Note may declare the entire balance due and
payable and proceed at once, without notice, demand or
presentment, to collect both principal and interest from and
against the Promissor on the balance of the Note.
In the event suit is brought to collect this Note or any
part thereof or any efforts are made to dispose of any collateral
at any time given or pledged by Promissor in the future by means
of any amendment hereto, the undersigned Promissor agrees to pay
all of Payee's attorney's fees, accountant's fees, collection
fees, and all costs of court, including all service of process
fees, etc.
The undersigned hereby warrants that he has been given the
power and authority to sign this Note in and on behalf of the
Promissor, K.H.F. Technologies, a Nevada corporation.
DATED this 23rd day of December, 2002.
K.H.F. TECHNOLOGIES
/s/ Xxxx X. Xxxxx
_________________________ _________________________
Witness By: Xxxx X. Xxxxx
Its: President and a Director
