ex10-8.htm


     

    EXHIBIT 10.8

    PROMISSORY NOTE

    


    
      	
              Borrower Information:
      

               

            
	
              Name: Epazz, Inc.

               

            	
              Date: June 4,
      2008

            
	
              Street Address:

              445 E. Ohio St. Suite
      250

              Chicago,
      IL 60611

               

            	
              Date of Incorporation: March 23,
      2000

            
	
              City:

              Chicago

            	
              Area code/Telephone number: 

              (312)
      955-0512

               

            
	
              State:

              IL

               

            	
              Federal
      ID:  36-4313571

            
	
              Zip:

              60611

            	 
      


    

    


    
      	
              Lender Information:
      

               

            
	
              Name: Star Financial Corporation

               

            	 
      
	 
      	 
      


    

    


    
      	
              Loan Information:
      

               

            
	
              Loan Amount: 

              $282,000

            	
              Loan Period:

              60
      months

               

            
	
              Interest Rate: 

              10%

            	
              Loan
      Origination Fee

              5%

              Payback
      amount $296,100

               

            


    

    


    


    


    


    
    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	
                Amortization Table for
      $296100.00 borrowed on Aug 1, 2008

              
	
                Month

                Year

              	
                9

                2008

              	
                10

                2008

              	
                11

                2008

              	
                12

                2008

              	
                1

                2009

              	
                2

                2009

              	
                3

                2009

              	
                4

                2009

              	
                5

                2009

              	
                6

                2009

              	
                7

                2009

              	
                8

                2009

              
	
                Payment ($)

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              
	
                Principal
      Paid ($)

              	
                3823.75

              	
                3855.61

              	
                3887.74

              	
                3920.14

              	
                3952.81

              	
                3985.75

              	
                4018.97

              	
                4052.46

              	
                4086.23

              	
                4120.28

              	
                4154.61

              	
                4189.24

              
	
                Interest
      Paid ($)

              	
                2467.50

              	
                2435.64

              	
                2403.51

              	
                2371.11

              	
                2338.44

              	
                2305.50

              	
                2272.28

              	
                2238.79

              	
                2205.02

              	
                2170.97

              	
                2136.64

              	
                2102.01

              
	
                Total
      Interest ($)

              	
                2467.50

              	
                4903.14

              	
                7306.64

              	
                9677.75

              	
                12016.19

              	
                14321.69

              	
                16593.97

              	
                18832.77

              	
                21037.79

              	
                23208.76

              	
                25345.40

              	
                27447.41

              
	
                Balance ($)

              	
                292276.25

              	
                288420.64

              	
                284532.89

              	
                280612.75

              	
                276659.94

              	
                272674.19

              	
                268655.22

              	
                264602.77

              	
                260516.54

              	
                256396.26

              	
                252241.65

              	
                248052.41

              
	
                Month

                Year

              	
                9

                2009

              	
                10

                2009

              	
                11

                2009

              	
                12

                2009

              	
                1

                2010

              	
                2

                2010

              	
                3

                2010

              	
                4

                2010

              	
                5

                2010

              	
                6

                2010

              	
                7

                2010

              	
                8

                2010

              
	
                Payment ($)

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              
	
                Principal
      Paid ($)

              	
                4224.15

              	
                4259.35

              	
                4294.84

              	
                4330.63

              	
                4366.72

              	
                4403.11

              	
                4439.80

              	
                4476.80

              	
                4514.11

              	
                4551.73

              	
                4589.66

              	
                4627.90

              
	
                Interest
      Paid ($)

              	
                2067.10

              	
                2031.90

              	
                1996.41

              	
                1960.62

              	
                1924.53

              	
                1888.14

              	
                1851.45

              	
                1814.45

              	
                1777.14

              	
                1739.52

              	
                1701.59

              	
                1663.35

              
	
                Total
      Interest ($)

              	
                29514.51

              	
                31546.41

              	
                33542.82

              	
                35503.44

              	
                37427.97

              	
                39316.11

              	
                41167.55

              	
                42982.00

              	
                44759.14

              	
                46498.67

              	
                48200.26

              	
                49863.61

              
	
                Balance ($)

              	
                243828.26

              	
                239568.92

              	
                235274.07

              	
                230943.44

              	
                226576.72

              	
                222173.61

              	
                217733.81

              	
                213257.00

              	
                208742.90

              	
                204191.17

              	
                199601.51

              	
                194973.61

              
	
                Month

                Year

              	
                9

                2010

              	
                10

                2010

              	
                11

                2010

              	
                12

                2010

              	
                1

                2011

              	
                2

                2011

              	
                3

                2011

              	
                4

                2011

              	
                5

                2011

              	
                6

                2011

              	
                7

                2011

              	
                8

                2011

              
	
                Payment ($)

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              
	
                Principal
      Paid ($)

              	
                4666.47

              	
                4705.36

              	
                4744.57

              	
                4784.11

              	
                4823.97

              	
                4864.17

              	
                4904.71

              	
                4945.58

              	
                4986.79

              	
                5028.35

              	
                5070.25

              	
                5112.51

              
	
                Interest
      Paid ($)

              	
                1624.78

              	
                1585.89

              	
                1546.68

              	
                1507.14

              	
                1467.28

              	
                1427.08

              	
                1386.54

              	
                1345.67

              	
                1304.46

              	
                1262.90

              	
                1221.00

              	
                1178.74

              
	
                Total
      Interest ($)

              	
                51488.39

              	
                53074.28

              	
                54620.96

              	
                56128.11

              	
                57595.38

              	
                59022.46

              	
                60409.00

              	
                61754.67

              	
                63059.12

              	
                64322.02

              	
                65543.02

              	
                66721.76

              
	
                Balance ($)

              	
                190307.14

              	
                185601.78

              	
                180857.21

              	
                176073.11

              	
                171249.13

              	
                166384.96

              	
                161480.25

              	
                156534.67

              	
                151547.88

              	
                146519.52

              	
                141449.27

              	
                136336.76

              
	
                Month

                Year

              	
                9

                2011

              	
                10

                2011

              	
                11

                2011

              	
                12

                2011

              	
                1

                2012

              	
                2

                2012

              	
                3

                2012

              	
                4

                2012

              	
                5

                2012

              	
                6

                2012

              	
                7

                2012

              	
                8

                2012

              
	
                Payment ($)

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              
	
                Principal
      Paid ($)

              	
                5155.11

              	
                5198.07

              	
                5241.39

              	
                5285.06

              	
                5329.11

              	
                5373.52

              	
                5418.30

              	
                5463.45

              	
                5508.98

              	
                5554.89

              	
                5601.18

              	
                5647.85

              
	
                Interest
      Paid ($)

              	
                1136.14

              	
                1093.18

              	
                1049.86

              	
                1006.18

              	
                962.14

              	
                917.73

              	
                872.95

              	
                827.80

              	
                782.27

              	
                736.36

              	
                690.07

              	
                643.40

              
	
                Total
      Interest ($)

              	
                67857.90

              	
                68951.08

              	
                70000.95

              	
                71007.13

              	
                71969.27

              	
                72887.01

              	
                73759.96

              	
                74587.76

              	
                75370.04

              	
                76106.40

              	
                76796.47

              	
                77439.87

              
	
                Balance ($)

              	
                131181.65

              	
                125983.58

              	
                120742.20

              	
                115457.13

              	
                110128.03

              	
                104754.51

              	
                99336.21

              	
                93872.77

              	
                88363.79

              	
                82808.90

              	
                77207.73

              	
                71559.88

              
	
                Month

                Year

              	
                9

                2012

              	
                10

                2012

              	
                11

                2012

              	
                12

                2012

              	
                1

                2013

              	
                2

                2013

              	
                3

                2013

              	
                4

                2013

              	
                5

                2013

              	
                6

                2013

              	
                7

                2013

              	
                8

                2013

              
	
                Payment ($)

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              	
                6291.25

              
	
                Principal
      Paid ($)

              	
                5694.92

              	
                5742.38

              	
                5790.23

              	
                5838.48

              	
                5887.13

              	
                5936.19

              	
                5985.66

              	
                6035.54

              	
                6085.84

              	
                6136.55

              	
                6187.69

              	
                6239.26

              
	
                Interest
      Paid ($)

              	
                596.33

              	
                548.87

              	
                501.02

              	
                452.77

              	
                404.12

              	
                355.06

              	
                305.59

              	
                255.71

              	
                205.41

              	
                154.70

              	
                103.56

              	
                51.99

              
	
                Total
      Interest ($)

              	
                78036.20

              	
                78585.08

              	
                79086.10

              	
                79538.87

              	
                79942.99

              	
                80298.04

              	
                80603.63

              	
                80859.34

              	
                81064.75

              	
                81219.44

              	
                81323.00

              	
                81375.00

              
	
                Balance ($)

              	
                65864.96

              	
                60122.58

              	
                54332.35

              	
                48493.87

              	
                42606.74

              	
                36670.55

              	
                30684.88

              	
                24649.34

              	
                18563.50

              	
                12426.95

              	
                6239.26

              	
                0.00

              


      

    

     

     

    
    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     


     

     

    
      	 	1.	Promise to Pay. Loan Amount $282,000 plus
      5% Loan origination fee.  Borrower promises to pay Lender $296,100
      and interest at the yearly rate of 10% on the unpaid balance as specified
      below.
	 	 	 
	
               
      

            	
              2.

            	
              Installments: Borrower will pay 60
      payments of $6291.25 each monthly intervals on the first day of the
      month. 

            


    

     

     

    
      	
               
      

            	
              3.

            	
              Application of Payments:
      Payments will be applied first to interest and then to principal. 

            


    

     

     

    
      	
               
      

            	
              4.

            	
              Prepayment: Borrower may
      prepay all or any part of the principal without penalty. 

            


    

     

     

    
      	
               
      

            	
              5.

            	
              Loan Acceleration: If
      Borrower is more than 90 days late in making any payment, Lender may
      declare that the entire balance of unpaid principal is due immediately,
      together with the interest that has accrued. 

            


    

     

     

    
      	
               
      

            	
              6.

            	
              Security: This is an
      unsecured note. 

            


    

     

     

    
      	
               
      

            	
              7.

            	
              Collection Costs: If
      Lender prevails in a lawsuit to collect on this note, Borrower will pay
      Lender's costs and lawyer's fees in an amount the court finds to be
      reasonable.

            


    

     

     

    The undersigned and all other
parties to this note, whether as endorsers, guarantors or sureties, agree to
remain fully bound until this note shall be fully paid and waive demand,
presentment and protest and all notices hereto and further agree to remain bound
notwithstanding any extension, modification, waiver, or other indulgence or
discharge or release of any obligor hereunder or exchange, substitution, or
release of any collateral granted as security for this note. No modification or
indulgence by any holder hereof shall be binding unless in writing; and any
indulgence on any one occasion shall not be an indulgence for any other or
future occasion. Any modification or change in terms, hereunder granted by any
holder hereof, shall be valid and binding upon each of the undersigned,
notwithstanding the acknowledgement of any of the undersigned, and each of the
undersigned does hereby irrevocably grant to each of the others a power of
attorney to enter into any such modification on their behalf. The rights of any
holder hereof shall be cumulative and not necessarily successive. This note
shall take effect as a sealed instrument and shall be construed, governed and
enforced in accordance with the laws of the State of Illinois.

     

     

    


     

     

     

     

    Borrower:
Epazz, Inc. 445 E. Ohio St. Suite 250, Chicago, IL 60611

     

     

    Officer
Signature: /s/ Shaun
Passley                      
Date:  6/10/2008

     

    Print
Name:  Shaun Passley