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PROMISSORY NOTE

 

$500,000         December 2, 2019 

 

FOR VALUE RECEIVED, the undersigned (“Maker”) promises to pay ATLANTA INCOME &
ASSET GROUP, INC., a Utah corporation (“Holder”), the sum of Five Hundred
Thousand and 00/100 United States Dollars and No Cents ($500,000.00), together
with interest at the Applicable Rate (as defined below) per annum on the unpaid
principal, payable at the times and in the manner set forth below. 

 

1.Payment.  Absent the occurrence of an Event of Default hereunder, the unpaid
principal balance hereof plus accrued but unpaid interest and all other amounts
payable by Maker hereunder shall be due and payable on January 1, 2021 (the
“Maturity Date”).  Maker may prepay amounts due under this Note in whole or in
part at any time and from time to time prior to the Maturity Date.  If payment
is due on a day other than a business day, the payment date shall be extended to
the next succeeding business day and no additional interest shall accrue as a
result of such extension if such payment is made on such succeeding business
day. 

 

2.Interest.  For the purposes of this Note, “Applicable Rate” means the minimum
applicable annual federal rate, as adjusted from time to time.  For the
avoidance of doubt, Maker shall not be required to make regular payments on
principal or interest prior to the Maturity Date. 

 

3.Application of Payments.  Unless otherwise agreed in writing or otherwise
required by applicable law, payments will be applied first to any costs of
enforcement of the terms of this Note, then to any accrued interest, and then to
principal. 

 

4.Maturity Date.  Absent the occurrence of an Event of Default hereunder, the
unpaid principal balance hereof plus accrued but unpaid interest and all other
amounts payable by Maker hereunder shall be due and payable on January 1, 2021
(the “Maturity Date”). 

 

5.Default.   The occurrence of any of the following shall be deemed to be an
event of default (“Event of Default”) hereunder:  

 

a. Failure by Maker to pay any monetary amount required hereunder within five
(5) days of written notice of failure to pay; or 

 

b.Failure by Maker to perform any other obligation under this Note, and failure
to cure such default within twenty (20) days after written notice from Holder. 

 

6.Waiver.  Maker hereby waives diligence, demand for payment, presentment for
payment, protest, notice of nonpayment, notice of protest, notice of intent to
accelerate, notice of acceleration, notice of dishonor, and notice of
nonpayment, and all other notices or demands of any kind (except notices
specifically provided for in this Note) and expressly agrees that, without in
any way affecting the liability of Maker, the Holder may extend any maturity
date or the time for payment of any installment due hereunder, or otherwise
modify the Note. 

 

7.Change, Discharge, Termination, or Waiver.  No provision of this Note may be
changed, discharged, terminated, or waived except in a writing signed by the
party against whom enforcement of the change, discharge, termination, or waiver
is sought.  No failure on the part of the Holder to exercise and no delay by the
Holder in exercising any right or remedy under this Note or under the law shall
operate as a waiver thereof. 

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8.Severability.  If any provision of this Note is unenforceable, the
enforceability of the other provisions shall not be affected and they shall
remain in full force and effect. 

 

9.Choice of Law.  This note shall be governed by and construed in accordance
with the laws of the state of Utah without giving effect to conflict of laws
principles. 

 

10.Binding Effect.  The Note will be binding upon, and inure to the benefit of,
the Holder, Maker, and their respective successors and assigns.  Maker may not
delegate its obligations under the Note.  Holder may not assign its rights under
the Note without the prior written approval of Maker. 

 

11.Time of the Essence.  Time is of the essence with regard to each provision of
the Note as to which time is a factor. 

 

12.Business Day.  For the purposes of this Note, a “Business Day” is a day other
than a Saturday, Sunday or legal holiday on which banks in Salt Lake City, Utah
are authorized or obligated, by law, governmental decree or executive order, to
be closed.  In the event the due date is not a Business Day, the due date shall
be the first Business Day thereafter.   

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Geneva Family Assets, LLC,

a Utah limited liability company

 

 

__________________________________________________ 

Date 

 

 

4844-9507-4478, v. 2

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ALLONGE #1 TO PROMISSORY NOTE

 

This Allonge #1 is attached to and made a part of that certain Promissory Note
(the “Note”) dated as of December 5, 2019, made by Geneva Family Assets, LLC, in
the principal amount of FIVE HUNDRED THOUSAND AND 00/100 UNITED STATES DOLLARS
(US$500,000.00), to the order of Atlanta Income & Asset Group, Inc., a Utah
corporation (“Atlanta”), its successors or assigns. 

 

For value received, the undersigned hereby indorses the Note as follows: 

 

Pay to the order of FIRST FEDERAL MANAGEMENT GROUP, INC., a Utah corporation
(“First Federal”), without recourse, warranty or representation of any nature
whatsoever, except as otherwise provided in that certain Contribution and
Subscription Agreement entered into by and between Atlanta, as assignor, and
First Federal, as assignee, dated as of the date hereof. 

 

 

Dated: December 5, 2019

 

ATLANTA INCOME & ASSET GROUP, INC.

a Utah corporation

 

By: _______________________________________

Name:

Title:

 

 

 

THIS ALLONGE SHOULD BE PERMANENTLY AFFIXED TO THE PROMISSORY NOTE DESCRIBED
ABOVE.

 

 

4811-5772-6638, v. 1

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ALLONGE #2 TO PROMISSORY NOTE

 

This Allonge #2 is attached to and made a part of that certain Promissory Note
(the “Note”) dated as of December 5, 2019, made by Geneva Family Assets, LLC in
the principal amount of FIVE HUNDRED THOUSAND AND 00/100 UNITED STATES DOLLARS
(US$500,000.00), to the order of Atlanta Income & Asset Group, Inc., a Utah
corporation (“Atlanta”), its successors or assigns. 

 

WHEREAS, the note was indorsed to First Federal Management Group, Inc., a Utah
corporation (“First Federal”), pursuant to that certain Allonge #1 to Promissory
Note dated as of the date hereof. 

 

For value received, the undersigned hereby indorses the Note as follows: 

 

Pay to the order of BIOETHICS, LTD., a Nevada corporation (“Bioethics”), without
recourse, warranty or representation of any nature whatsoever, except as
otherwise provided in that certain Contribution and Subscription Agreement
entered into by and between First Federal, as assignor, and Bioethics, as
assignee, dated as of the date hereof. 

 

 

Dated: December 5, 2019

 

FIRST FEDERAL MANAGEMENT GROUP, INC., a Utah corporation

 

By: _______________________________________

Name:

Title:

 

 

 

THIS ALLONGE SHOULD BE PERMANENTLY AFFIXED TO THE PROMISSORY NOTE DESCRIBED
ABOVE.

 

 

4821-5026-9358, v. 2

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