ex101-80107.htm


    Exhibit
      10.1

     

    PROMISSORY
      NOTE

    


    Property
      address: 

    Date:
      February 14, 2007

    


    1.
      BORROWER’S PROMISE TO PAY

    


    In
      return
      for a loan that I have received, I promise to pay Eleven Thousand Five Hundred
      Dollars and 00/100 (U.S. $11,500.00) (this amount will be called “principal”),
      plus interest, to the order of the Lender. The Lender is Tedom Capital, Inc.
      I
      understand that the Lender may transfer this Note. The Lender or anyone who
      takes this Note and who is entitled to receive payments under this Note will
      be
      called the “Note Holder”.

    


    2.
      INTEREST

    


    I
      will
      pay interest at an annual rate of 7.5 %. Interest will be charged on unpaid
      principal beginning on April 1, 2007, and will continue until the full amount
      of
      principal has been paid. Interest shall continue to accrue at this rate after
      the maturity or default of this loan.

    


    3.
      PAYMENTS

    


    I
      will
      pay principal and interest by making payments each month in the sum of U.S.
      $
      176.39 (“monthly payments”).

    I
      will
      make my monthly payments on the FIRST day of each month beginning on March
      1
      2007.

    I
      will
      make monthly payments every month until I have paid all of the principal and
      interest and any other fees or charges, described below, that I may owe under
      this Note. If, on March 1, 2014, any sum still remains unpaid, I will pay what
      I
      owe in full on that date. All monthly payments received by Note Holder shall
      be
      applied first to accrued interest and the remainder, if any, to the
      principal.

    If
      I owe
      the Note Holder any late charges, or other fees or charges (“other charges”),
      they will be payable upon demand of the Note holder. Unless prohibited by law,
      the application of payments may be affected by the imposition of other charges.
      Therefore, payments of other charges, whether paid to the Note Holder in
      addition to the monthly payment or separately, will be applied in a manner
      at
      the absolute discretion for the Note Holder, subject to applicable
      law.

    I
      will
      make my monthly payments at 410 Wilshire Blvd., #183, Santa Monica, CA
      90401.

    


     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.
      BORROWER’S FAILURE TO PAY AS REQUIRED

    


    (A)
      Late Charge for Overdue Payments

    


    If
      the
      Note Holder has not received the full amount of any of my monthly payments
      by
      the end of 10 calendar days after the date it is due, I will promptly pay a
      late
      charge to the Note Holder. The amount of the charge will be 5.00 % of my full
      monthly payment. I will pay this late charge only once on any late monthly
      payment.

    


    (B)
      Notice from Note Holder

    


    If
      I do
      not pay the full amount of each monthly payment on time, the Note Holder may
      send me a written notice telling me that if I do not pay the overdue amount
      by a
      certain date I will be in default. That date must be at least 10 days after
      the
      date on which the notice is mailed to me or, if it is not mailed, 10 days after
      the date on which it is delivered to me.

    


    (C)
      Default

    


    If
      I do
      not pay the overdue amount by the date stated in the notice described in (B)
      above, I will be in default. If I am in default, the Note Holder may require
      me
      to pay immediately the full amount of principal, which has not been paid, and
      all the interest that I owe on the amount.

    Even
      if,
      at a time when I am in default, the Note Holder does not require me to pay
      immediately in full as described above, the Note Holder will still have the
      right to do so if I am in default at a later time.

    


    (D)
      Payment of Note Holder’s Cost and Expenses

    


    If
      the
      Note Holder has required me to pay immediately in full as described above,
      the
      Note Holder will have the right to be paid back for all of its costs and
      expenses to the extent not prohibited by applicable law. Those expenses include,
      for example, reasonable attorneys’ fees, foreclosure fees and court
      costs.

    


    (E)
      Check Collection Charges

    


    If
      I
      present the Note Holder with a check, negotiable order of withdrawal, share
      draft or other instrument in payment is returned or dishonored for any reason;
      I
      will pay a check collection charge to the Note Holder. The amount of the charge
      will not be greater than U.S. $ 15.00.

    


     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.
      THIS NOTE SECURED BY A DEED OF TRUST

    


    In
      addition to the protections given to the Note Holder under this Note, a Deed
      of
      Trust (the “Security Instrument”), dated the same day as this Note, protects the
      Note Holder form possible losses which might result if I do not keep the
      promises which I make in this Note. The Security Instrument describes how and
      under what conditions I may also be required to make immediate payment in full
      of all amount I owe under this Note. Some of those conditions are as
      follow:

    


    Transfer
      of the Property or a
      Beneficial Interest in Borrower. If all or any part of the Property or
      any interest in it is sold or transferred (or if a beneficial interest in
      Borrower is sold or transferred and Borrower is not a natural person) without
      Lender’s prior written consent, Lender may, at its option, required immediate
      payment in full of all sums secured by this Security Instrument. However, Lender
      shall not exercise this option if federal law as of the date of this Security
      Instrument prohibits exercise.

    


    If
      Lender
      exercises this option, Lender shall give Borrower notice of acceleration. The
      notice shall provide a period of not less than 30 days from the date the notice
      is delivered or mailed within which Borrower must pay all sums secured by this
      Security Instrument. If Borrower fails to pay these sums prior to the expiration
      of this period, Lender may invoke any remedies permitted by this Security
      Instrument without further notice or demand on Borrower.

    


    6.
      BORROWER’S PAYMENT BEFORE THEY ARE DUE

    


    Subject
      to the application of payments described in Section 3, I have the right to
      make
      payments of principal at any time before they are due. A prepayment of all
      of
      the unpaid principal is known as a “full prepayment.” A prepayment of only part
      of the unpaid principal is known as a “partial prepayment.”

    I
      may
      make a full prepayment or a partial prepayment without paying any penalty.
      If I
      make a partial prepayment equal to one or more of my monthly payments, my due
      date may be advance no more than one month. If I make any other partial
      prepayment, I must still make each later payment as it becomes due and in the
      same amount. I may make a full prepayment at any time.

    


    7.
      BORROWER’S WAIVERS

    


    I
      waive
      my right to require the Note Holder to do certain things. Those things are:
      (A)
      to demand payment of amounts due (known as “presentment”); (B) to give notice
      that amounts due have not been paid (known as “notice of dishonor”); (C) to
      obtain an official certification of nonpayment (known as “protest”). Anyone else
      who agrees to keep the promises made in this Note, or who agrees to make
      payments to the Note Holder if I fail to keep my promises under this Note,
      or
      who signs this Note to transfer it to someone else, also waives these rights.
      These persons are known as “guarantors”, “sureties” and
“endorsers.”

    


     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.
      GIVING OF NOTICES

    


    Unless
      applicable law requires a different method, any notice that must be given to
      me
      under this Note will by given by delivering it or by mailing it by first class
      mail addressed to me at the Property Address described in the Security
      Instrument. A notice will be delivered or mailed to me at a different address
      if
      I give the Note Holder a notice of my different address.

    Any
      notice that must be given to the Note Holder under this Note will be given
      by
      mailing it by first class mail to the Note Holder at the address stated in
      Section 3. A notice will be mailed to the Note Holder at a different address
      if
      I am given a notice of that different address.

    


    9.
      RESPONSIBILITY OF PERSONS UNDER THIS NOTE

    


    If
      more
      than one person signs this Note, each of us is fully and personally obligated
      to
      pay the full amount owed and to keep all of the promises made in this Note.
      Any
      guarantor, surety, or endorser of this Note (as described in Section 7 above)
      is
      also obligated to do these things. The Note Holder may enforce its rights under
      this note against each of us individually or against all of us together. This
      means that any one of us may be required to pay all of the amounts owed under
      this Note. Any person who takes over my rights or obligations under this Note
      will have all of my rights and must keep all of my promises made in this Note.
      This Note is intended by Lender and me as a complete and exclusive statement
      of
      its terms, there being no conditions to the enforceability of this Note. This
      Note May not be supplemented or modified except in a writing signed by the
      Note
      Holder and me. This Note benefits Lender, its successors and assigns, and binds
      me and my heirs, personal representatives and assigns.

    


    NOTICE
      TO BORROWER

    Do
      not sign this Note if it contains blank spaces.

    All
      Spaces should be completed before you sign.

     

     

    
      
        	 	 	 	 	 
	 	 	 	 	 
	
                Borrower

              	 	 	
                Borrower

              	 
	 	 	 	
                 

              	 


      



     

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