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| $50,000 | February 16, 2007 |
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|   | (i) | Maker shall fail to make any required prepayment of this Note in full in accordance with its terms and conditions; or |
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|   | (ii) | Maker shall fail to make any other payment of the principal and accrued interest due on this Note, when and as the same shall become due and payable, and such default shall continue for a period of thirty (30) days after written notice thereof to Maker; or |
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|   | (iii) | Maker shall admit in writing its inability to pay its debts as the same become due, or shall make a general assignment for the benefit of creditors; or |
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|   | (iv) | Maker or any other person shall file a petition seeking entry or decree or order by a court adjudging Maker as bankrupt or insolvent, or the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of Maker, or the institution by Maker of proceedings to be adjudicated as bankrupt or insolvent, or commencing against Maker of any involuntary proceeding to be adjudicated as bankrupt or insolvent if such proceeding is not dismissed or terminated within sixty (60) days, or upon the cessation of business by Maker as a going concern, or the adoption or execution of any plan of dissolution or liquidation of Maker; the Payee, by written notice to Maker, may declare this Note to be forthwith due andpayab1e, without presentment, demand for payment, notice of dishonor, protest and notice of protest, and any and all other notices or demand of any kind, all of which are hereby expressly waived by Maker, whereupon this Note shall be forthwith due and payable. |
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