EXHIBIT
10.26


	San
        Diego, CA 

        Miami,
        FL
	


 


 



 


PGEI


TERM
SUMMARY


CONVERTIBLE
PROMISSORY NOTE


 


	Maturity:	2
    years
	 	 
	Financing:	Up
    to $225,000 with $30,000 net wire amount at closing; up to $195,000 upon mutual consent
	 	 
	Interest:	Interest
    free if pre-paid within 90 days; otherwise, a 12% one-time interest charge
	 	 
	Origination:	10%
    Original Issue Discount (OID) on actual payments made
	 	 
	Warrants:	None
	 	 
	Conversion
    Feature:	Convertible
    at a 40% discount
	 	 
	Collateral/Security:	No
    collateral or security is required
	 	 
	Personal
    Guarantee:	No
    personal guarantee is required
	 	 
	Pre-pay
    Feature:	The
    Issuer may pre-pay with 0% interest within 90 days, and then a 12% interest charge thereafter.  The Issuer may not
    pre-pay subsequent to 90 days.
	 	 
	No
    Shorting:	Guarantee
    no shorting, as per the No Shorting clause in the agreement
	 	 
	Closing:	Immediate
    – JMJ is available to wire closing funds every Wednesday


 


***This
Term Summary is not part of the Promissory Note Agreement and is not a contractually binding agreement.


 



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	PGEI	 	CONVERTIBLE PROMISSORY
    NOTE	Interest free if paid in full
	 	 	within 3 months


 


FOR
VALUE RECEIVED, ProGreen Properties, Inc., a Delaware corporation (the “Issuer” of this Security) with at least 136,848,183
common shares issued and outstanding, issues this Security and promises to pay to JMJ Financial, a Nevada sole proprietorship,
or its Assignees (the “Investor”) the Principal Sum along with the Interest Rate and any other fees according to the
terms herein. This Note will become effective only upon execution by both parties and delivery of the first payment of Consideration
by the Investor (the “Effective Date”).


 


The
Principal Sum is up to $250,000 (two hundred fifty thousand) plus accrued and unpaid interest and any other fees. The Consideration
is $225,000 (twenty five thousand) payable by wire (there exists a $25,000 original issue discount (the “OID”)). The
Investor shall pay $30,000 of Consideration upon closing of this Note. The Investor may pay additional Consideration to the Issuer
in such amounts and at such dates as the Investor may choose, however, the Issuer has the right to reject any of those payments
within 24 hours of receipt of rejected payments. The Principal Sum due to THE Investor
shall be based on the Consideration actually paid by Investor (plus an approximate 10% original issue discount that is based on
the Consideration actually paid by the Investor as well as any other interest or fees) such
that the Issuer is only required to repay the amount funded and the Issuer is not required to repay any unfunded portion of this
Note. The Maturity Date is two years from the Effective Date of each payment (the “Maturity Date”) and
is the date upon which the Principal Sum of this Note, as well as any unpaid interest and other fees, shall be due and payable.
The Conversion Price is 60% of the average of two lowest trade prices in the 20 trading days previous to the conversion (In the
case that conversion shares are not deliverable by DWAC an additional 10% discount will apply; and if the shares are ineligible
for deposit into the DTC system and only eligible for Xclearing deposit an additional 5% discount shall apply; in the case of
both an additional cumulative 15% discount shall apply). Unless otherwise agreed in writing by both parties, at no time will the
Investor convert any amount of the Note into common stock that would result in the Investor owning more than 4.99% of the common
stock outstanding.


 


1.ZERO
Percent Interest for the First Three Months. The Issuer may repay this Note at any time on or before 90 days from
the Effective Date, after which the Issuer may not make further payments on this Note prior to the Maturity Date without written
approval from the Investor. If the Issuer repays a payment of Consideration on or before 90 days from the Effective Date of
that payment, the Interest Rate on that payment of Consideration shall be ZERO PERCENT (0%).  If the Issuer does not repay
a payment of Consideration on or before 90 days from its Effective Date, a one-time Interest charge of 12% shall be applied to
the Principal Sum. Any interest payable is in addition to the OID, and that OID remains payable regardless of time and manner
of payment by the Issuer.


 


2.Conversion.
The Investor has the right, at any time after the Effective Date, at its election, to convert all or part of the outstanding and
unpaid Principal Sum and accrued interest (and any other fees) into shares of fully paid and non-assessable shares of common stock
of the Issuer as per this conversion formula: Number of shares receivable upon conversion equals the dollar conversion amount
divided by the Conversion Price. Conversions may be delivered to the Issuer by method of the Investor’s choice (including
but not limited to email, facsimile, mail, overnight courier, or personal delivery), and all conversions shall be cashless and
not require further payment from the Investor. If no objection is delivered from the Issuer to the Investor regarding any variable
or calculation of the conversion notice within 24 hours of delivery of the conversion notice, the Issuer shall have been thereafter
deemed to have irrevocably confirmed and irrevocably ratified such notice of conversion and waived any objection thereto. The
Issuer shall deliver the shares from any conversion to the Investor (in any name directed by the Investor) within 3 (three) business
days of conversion notice delivery.


 


3.Conversion
Delays. If the Issuer fails to deliver shares in accordance with the timeframe stated in Section 2, the Investor, at any time
prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular conversion attributable
to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares
returned to the Issuer (under the Investor’s and the Issuer’s expectations that any returned conversion amounts will
tack back to the original date of the Note). In addition, for each conversion, in the event that shares are not delivered by the
fourth business day (inclusive of the day of conversion), a penalty of $2,000 per day will be assessed for each day after the
third business day (inclusive of the day of the conversion) until share delivery is made; and such penalty will be added to the
Principal Sum of the Note (under the Investor’s and the Issuer’s expectations that any penalty amounts will tack back
to the original date of the Note).


 






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4.Reservation
of Shares. At all times during which this Note is convertible, the Issuer will reserve from its authorized and unissued Common
Stock to provide for the issuance of Common Stock upon the full conversion of this Note. The Issuer will at all times reserve
at least 21,000,000 shares of Common Stock for conversion (“Conversion Shares”).


 


5.This
Section 5 Intentionally left blank.


 


6.This
Section 5 Intentionally left blank.


 


7.Default.
The following are events of default under this Note: (i) the Issuer shall fail to pay any principal under the Note when due and
payable (or payable by conversion) thereunder; or (ii) the Issuer shall fail to pay any interest or any other amount under the
Note when due and payable (or payable by conversion) thereunder; or (iii) a receiver, trustee or other similar official shall
be appointed over the Issuer or a material part of its assets and such appointment shall remain uncontested for twenty (20) days
or shall not be dismissed or discharged within sixty (60) days; or (iv) the Issuer shall become insolvent or generally fails to
pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; or
(v) the Issuer shall make a general assignment for the benefit of creditors; or (vi) the Issuer shall file a petition for relief
under any bankruptcy, insolvency or similar law (domestic or foreign); or (vii) an involuntary proceeding shall be commenced or
filed against the Issuer; or (viii) the Issuer shall lose its status as “DTC Eligible” or the Issuer’s shareholders
shall lose the ability to deposit (either electronically or by physical certificates, or otherwise) shares into the DTC System;
or (ix) the Issuer shall fail to file quarterly or annual reports pursuant to the filing requirements of the Securities Exchange
Act of 1934, as amended (the “Exchange Act"); and/or the Issuer shall cease to be subject to the reporting requirements
of the Exchange Act; or (x) the Issuer shall fail to meet all requirements for availability of Rule 144 under the Securities Act
of 1933, as amended (the “Securities Act”) to the Investor or its assigns including but not limited to timely fulfillment
of its filing requirements as a fully-reporting issuer registered under the Exchange Act, requirements for XBRL filings under
the Securities Act, and any applicable requirements for disclosure of financial statements on its website.


 


8.Remedies.
In the event of any default, the outstanding principal amount of this Note, plus accrued but unpaid interest, liquidated damages,
fees and other amounts owing in respect thereof through the date of acceleration, shall become, at the Investor’s election,
immediately due and payable in cash at the Mandatory Default Amount. The Mandatory Default Amount means the greater of (i) the
outstanding principal amount of this Note, plus all accrued and unpaid interest, liquidated damages, fees and other amounts hereon,
divided by the Conversion Price on the date the Mandatory Default Amount is either demanded or paid in full, whichever has a lower
Conversion Price, multiplied by the VWAP on the date the Mandatory Default Amount is either demanded or paid in full, whichever
has a higher VWAP, or (ii) 150% of the outstanding principal amount of this Note, plus 100% of accrued and unpaid interest, liquidated
damages, fees and other amounts hereon. Commencing five (5) days after the occurrence of any event of default that results in
the eventual acceleration of this Note, the interest rate on this Note shall accrue at an interest rate equal to the lesser of
18% per annum or the maximum rate permitted under applicable law. In connection with such acceleration described herein, the Investor
need not provide, and the Issuer hereby waives, any presentment, demand, protest or other notice of any kind, and the Investor
may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other
remedies available to it under applicable law. Such acceleration may be rescinded and annulled by the Investor at any time prior
to payment hereunder and the Investor shall have all rights as a holder of the note until such time, if any, as the Investor receives
full payment pursuant to this Section 8. No such rescission or annulment shall affect any subsequent event of default or impair
any right consequent thereon. Nothing herein shall limit the Investor’s right to pursue any other remedies available to
it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to
the Issuer’s failure to timely deliver certificates representing shares of Common Stock upon conversion of the Note as required
pursuant to the terms hereof.


 


9.No
Shorting. The Investor agrees that so long as this Note from the Issuer to the Investor remains outstanding, the Investor
will not enter into or effect “short sales” of the Common Stock or hedging transaction which establishes a net short
position with respect to the Common Stock of the Issuer. The Issuer acknowledges and agrees that upon delivery of a conversion
notice by the Investor, the Investor immediately owns the shares of Common Stock described in the conversion notice and any sale
of those shares issuable under such conversion notice would not be considered short sales.


 






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10.Assignability.
The Issuer may not assign this Note. This Note will be binding upon the Issuer and its successors and will inure to the benefit
of the Investor and its successors and assigns and may be assigned by the Investor to anyone without the Issuer’s approval.


 


11.Governing
Law. This Note will be governed by, and construed and enforced in accordance with, the laws of the State of Nevada, without
regard to the conflict of laws principles thereof. Any action brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of Florida or in the federal courts located in Miami-Dade
County, in the State of Florida. Both parties and the individuals signing this Agreement agree to submit to the jurisdiction of
such courts.


 


12.Delivery
of Process by the Investor to the Issuer. In the event of any action or proceeding by the Investor against the Issuer, and
only by the Investor against the Issuer, service of copies of summons and/or complaint and/or any other process which may be served
in any such action or proceeding may be made by the Investor via U.S. Mail, overnight delivery service such as FedEx or UPS, email,
fax, or process server, or by mailing or otherwise delivering a copy of such process to the Issuer at its last known attorney
as set forth in its most recent SEC filing.


 


13.Attorney
Fees. If any attorney is employed by either party with regard to any legal or equitable action, arbitration or other proceeding
brought by such party for enforcement of this Note or because of an alleged dispute, breach, default or misrepresentation in connection
with any of the provisions of this Note, the prevailing party will be entitled to recover from the other party reasonable attorneys'
fees and other costs and expenses incurred, in addition to any other relief to which the prevailing party may be entitled.


 


14.Opinion
of Counsel. In the event that an opinion of counsel is needed for any matter related to this Note, the Investor has the right
to have any such opinion provided by its counsel. Investor also has the right to have any such opinion provided by Issuer’s
counsel, provided the applicable fees of Issuer’s counsel are paid.


 


15.Notices.
Any notice required or permitted hereunder (including Conversion Notices) must be in writing and either personally served, sent
by facsimile or email transmission, or sent by overnight courier. Notices will be deemed effectively delivered at the time of
transmission if by facsimile or email, and if by overnight courier the business day after such notice is deposited with the courier
service for delivery.


 





	Issuer:	 	Investor:
	 	 	 
	/s/ Jan Telander	 	/s/ Justin Keener
	Jan Telander	 	JMJ Financial
	ProGreen Properties, Inc.	 	Its Principal
	Chief Executive Officer	 	 
	 	 	 
	Date: September 2, 2015   	 	Date: September 9, 2015




 


 


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