Exhibit 4.10


 


Promissory Note, in the Original Unpaid Principal Amount of $15,000, of
Small Business Investment Corporation of America, Inc., Maker, to John H.
Brown, Payee, dated December 10, 2002


 


PROMISSORY NOTE


 


$15,000


 


DATE:  December 10, 2002


 


FOR
VALUE RECEIVED, SMALL BUSINESS INVESTMENT CORPORATION OF AMERICA, INC. by John
H. Brown, Chairman and Joyce L. Brown, Secretary
(hereinafter referred to as the “Maker”) promises to pay to John H. Brown (hereinafter referred to as
the “Holder”) the sum of Fifteen Thousand
Dollars ($15,000.00) (hereinafter the “Principal Amount”), with
interest at the rate of fifteen percent (15%) per annum, until paid.


 


1.                                       The
entire balance due on the Note, principal plus accrued interest, shall be
payable 180 days from the date hereof. 
All payments shall be applied first to late fees, then to administrative
charges (such as court costs, bounced check fees, attorney’s fees and other
costs of collection, if incurred), then to the payment of interest on the
amount of principal remaining unpaid, and the balance thereof credited to
payment on the outstanding principal.


2.                                       In
the event of default on any installment payment as it becomes due, the entire
balance then remaining unpaid shall, at the option of the holder thereof, become
immediately due and payable in full, after a ten (10) day written notice to
cure such default and Maker’s failure to cure within such period.  In addition, the undersigned hereby
authorizes and empowers any attorney at law to appear for him before any court
and to confess judgment or assent to the entry of judgment from the date hereof
at the rate of fifteen percent (15%) per annum, reasonable attorney’s fees and
costs of suit; and to waive all errors in pleading, notice of dishonor or
presentment, stay of execution and the benefit of all exemptions or homestead
laws.


3.                                       The
occurrence of any one or more of the following events (the “Events of Default”)
shall constitute a default hereunder:


a.               If
Maker shall fail to make any payment required hereunder. 


b.              The
filing of a voluntary or involuntary petition against the undersigned under any
of the provisions of the Federal Bankruptcy Act or amendments thereto; 


c.               The
undersigned’s assignment for the benefit of creditors; 


d.              Entry
of judgment or issuance of an Order of attachment against the undersigned or 


e.               Commencement
of any proceeding or procedure for enforcement of a money judgment against the
undersigned.


f.                 The
Maker, for themselves and their heirs, successors and assigns, hereby waive
presentment, protest, demand, diligence, notice of dishonor and of nonpayment,
and waive and renounce all rights to the benefits of any moratorium,
appraisement, exemptions and homestead now provided or which may hereafter be
provided by any federal or state statue against the enforcement and collection
of the obligations evidenced by the Note and any and all extensions, renewals
and modifications hereof. 


4.                                       The
undersigned hereby authorized any attorney at law to appear in any court of
record in the United States if the balance due provided for herein is not paid
at maturity, including any acceleration thereof as provided herein.  The Maker waives the issuance and service of
process and confesses a judgment against the Maker in favor of the Holder
hereof for the amount of the Note as may be due and unpaid hereon, with costs
of suit plus twenty percent (20%) of the amount in default as attorney’s fees,
waiving all rights of appeal, stay of execution, and all exemption laws of any
state of the United States.  The Maker
specifically consents to the filing of and maintenance of a confessed judgment
action in any court of record in the United states, Maker expressly waiving any
objection or defense as to insufficiency of process, lack of personal
jurisdiction by any said court over the person, proper venue, and specifically
consents to the registration or 


 

















 


enrollment of
the judgment by confession once granted on any other court of record in the
United States.


 


5.             No failure on the
part of Holder or other holder hereof to exercise any right or remedy
hereunder, whether before or after the happening of a default shall constitute
a waiver thereof, and no waiver of any past default shall constitute waiver of
any future default or of any other default.


6.                                       The
Maker reserves the right of prepayment in any amount at any time without
penalty.


7.                                       All
payments on this Note are payable to the Holder at the following address, or to
such other address as may be hereafter given by written notice from the Maker
to the Holder.


John H. Brown


9905 Five Oaks Road


Fairfax, Virginia 22031-1012


 


8.                                       This
Note may not be changed orally, but only by an agreement in writing signed by
the party against whom such agreement is sought to be enforced.


9.                                       All
notices sent to The Maker shall be by hand delivery or by registered or
certified mail, return receipt requested, to the Maker at 1730 Rhode Island
Avenue N.W., Suite 415, Washington, DC 20036, or to such address as may be
hereafter given by written notice from the Maker to The Holder.


10.                                 This
Note shall be governed by and construed in accordance with the laws of the
District of Columbia.


 


IN
WITNESS WHEREOF the Maker has executed this Note on
the day and year first above written.


 


SMALL
BUSINESS INVESTMENT CORPORATION OF AMERICA, INC.


 


	
  By:

  	
  /s/ John H. Brown

  	
   

  	
  By:

  	
  /s/ Joyce L.
  Brown

  	
   

  
	
   

  	
  John H.
  Brown, Chairman

  	
  Joyce L.
  Brown, Secretary

  
							



 


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