Monaker Group, Inc. 8-K


 


Exhibit 10.1


PROMISSORY
NOTE


 


	$300,000	 June 2, 2016


 


FOR VALUE RECEIVED, the undersigned, Monaker
Group, Inc, a Nevada company, having an address at 2690 Weston Road, Suite 200, Weston FL 33331 (“Borrower”),
promises to pay to the order of DONALD P. MONACO INSURANCE TRUST (“Lender”), located at 201 Secretariat Court,
Wheaton, IL 60189, the principal sum of THREE
HUNDRED Thousand Dollars ($300,000)
(the “Principal Amount”), together with interest on the unpaid Principal Amount thereof from the
date of the execution (the “Execution Date”), at the rates provided herein until August 1, 2016 (the “Maturity
Date”); provided, however, that from and after (i) the Maturity Date, whether upon stated maturity, acceleration
or otherwise, or (ii) the date on which the interest rate hereunder is increased to the Default Rate (as hereinafter defined)
as provided herein, such additional interest shall be computed at the Default Rate. The Term Period for this Promissory Note is
60 days.


As used herein, the term “Default
Rate” shall mean a rate of interest of twelve percent (12.0%) per annum, but in no event shall the Default Rate be in excess
of the Maximum Rate (as hereinafter defined).


Principal and interest hereunder shall
be payable from the Execution Date, interest on the Principal Amount outstanding hereof shall accrue at the rate of Six (6.0%)
percent per annum, for the period beginning on and including the Execution Date to the Maturity Date of the Loan. All principal,
interest and other sums due hereunder shall be due the due and payable on the earlier of net revenues equal to the Principal Amount
from operations of NextTrip.com, alternate financing in excess of the Principal Amount or the Maturity Date.


This Note may be prepaid in whole or in
part at any time, without penalty or premium.


Borrower hereby waives all demands for
payment, presentations for payment, notices of intention to accelerate maturity, notices of acceleration of maturity, demand for
payment, protest, notice of protest and notice of dishonor, to the extent permitted by law. Borrower further waives trial by jury.
No extension of time for payment of this Note or any installment hereof, no alteration, amendment or waiver of any provision of
this Note and no release or substitution of any collateral securing Borrower’s obligations hereunder shall release, modify,
amend, waive, extend, change, discharge, terminate or affect the liability of Borrower under this Note.




    	 



    	 



    

Any forbearance by the holder of this
Note in exercising any right or remedy hereunder or under any other agreement or instrument in connection with the Loan or otherwise
afforded by applicable law, shall not be a waiver or preclude the exercise of any right or remedy by the holder of this Note. The
acceptance by the holder of this Note of payment of any sum payable hereunder after the due date of such payment shall not be a
waiver of the right of the holder of this Note to require prompt payment when due of all other sums payable hereunder or to declare
a default for failure to make prompt payment.


If this Note is placed in the hands of
an attorney for collection, Borrower shall pay all costs incurred and reasonable attorneys’ fees for legal services in the
collection effort, whether or not suit be brought.


At the election of the holder of this
Note, all payments due hereunder may be accelerated, and this Note shall become immediately due and payable without notice or demand,
upon the occurrence of any of the following events (each an “Event of Default”): (1) Borrower fails to pay on
or before the date due, any amount of principal and/or interest payable hereunder; (2) Borrower fails to perform or observe any
other term or provision of this Note with respect to payment; provided, however, that Borrower shall be provided
with a ten (10) calendar day period to cure same; (3) Borrower fails to perform or observe any other term or provision of this
Note; provided, however, that Borrower shall be provided with written notice from Lender of any non-monetary default
under this Note and a thirty (30) calendar day period to cure same; or (4) there exists a default under or misrepresentation contained
in any other agreement, document or certificate of Borrower in connection with the Loan, which default is not cured within any
grace period expressly provided therefor in such document. In addition to the rights and remedies provided herein, the holder of
this Note may exercise any other right or remedy in any other document, instrument or agreement evidencing, securing or otherwise
relating to the indebtedness evidenced hereby in accordance with the terms thereof, or under applicable law, all of which rights
and remedies shall be cumulative.


If this Note is transferred in any manner,
the right, option or other provisions herein shall apply with equal effect in favor of any subsequent holder hereof.


Notwithstanding anything to the contrary
contained herein, under no circumstances shall the aggregate amount paid or agreed to be paid hereunder exceed the highest lawful
rate permitted under applicable usury law (the “Maximum Rate”) and the payment obligations of Borrower under
this Note are hereby limited accordingly. If under any circumstances, whether by reason of advancement or acceleration of the maturity
of the unpaid principal balance hereof or otherwise, the aggregate amounts paid on this Note shall include amounts which by law
are deemed interest and which would exceed the Maximum Rate, Borrower stipulates that payment and collection of such excess amounts
shall have been and will be deemed to have been the result of a mistake on the part of both Borrower and the holder of this Note,
and the party receiving such excess payments shall promptly credit such excess (to the extent only of such payments in excess of
the Maximum Rate) against the unpaid principal balance hereof and any portion of such excess payments not capable of being so credited
shall be refunded to Borrower.




    	 



    	 



    

All payments of principal and interest
hereunder are payable in lawful money of the United States of America and shall be made as instructed by Lender.


Borrower is hereby prohibited from exercising
against Lender, any right or remedy which it might otherwise be entitled to exercise against Lender, including, without limitation,
any right of setoff or any defense. Any other claim that Borrower may have, arising from or related to the transaction evidenced
by this Note shall be asserted only against the Lender.


This Note shall be binding on the parties
hereto and their respective heirs, legal representatives, executors, successors and assigns.


This Note shall be construed without any
regard to any presumption or rule requiring construction against the party causing such instrument or any portion thereof to be
drafted.


This Note shall be governed by the laws
of the State of Florida without regard to choice of law consideration. Borrower hereby irrevocably consents to the jurisdiction
of the courts of the State of Florida and of any federal court located in such State in connection with any action or proceeding
arising out of or relating to this Note or the Agreement.


This Note may not be changed or terminated
orally.


A determination that any portion of this
Note is unenforceable or invalid shall not affect the enforceability or validity of any other provision, and any determination
that the application of any provision of this Note to any person or circumstance is illegal or unenforceable shall not affect the
enforceability or validity of such provision to the extent legally permissible and otherwise as it may apply to other persons or
circumstances.


JURY TRIAL WAIVER. BORROWER AGREES
THAT ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY BORROWER OR THE HOLDER OF THIS NOTE ON OR WITH RESPECT
TO THIS NOTE OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE TRIED ONLY BY A
COURT AND NOT BY A JURY. BORROWER AND LENDER EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT TO A TRIAL BY
JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. BORROWER ACKNOWLEDGES AND AGREES THAT AS OF THE DATE HEREOF THERE ARE NO DEFENSES
OR OFFSETS TO ANY AMOUNTS DUE IN CONNECTION WITH THE LOAN. FURTHER, BORROWER WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER,
IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN, OR IN ADDITION
TO, ACTUAL DAMAGES. BORROWER ACKNOWLEDGES AND AGREES THAT THIS PARAGRAPH IS A SPECIFIC AND MATERIAL ASPECT OF THIS NOTE AND THAT
LENDER WOULD NOT EXTEND CREDIT TO BORROWER IF THE WAIVERS SET FORTH IN THIS PARAGRAPH WERE NOT A PART OF THIS NOTE.


[Remainder of this
page intentionally left blank.]




    	 



    	 



    

IN WITNESS WHEREOF, the undersigned has
executed this Note on the date set forth above.





 


	WITNESS: 	BORROWER:
	 	 
	 	 
	 	Monaker Group, Inc, a Nevada company
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	/s/
    Bill Kerby
	 	 	Title:	CEO


 


 


 


	/s/
    Gesarela Miller	 
	Name:	 


 




    	 



    	 



    



	STATE OF FLORIDA	)	 
	 	)	ss.:
	COUNTY OF	)	 


 


I certify that on June _____, 2016, ______________
came before me in person and stated to my satisfaction that he/she:


(a)


made the attached instrument;
and


(b) 


was authorized to and did execute this
instrument on behalf of and as ______________ of _______________, a ____________ company, (the “Company”), the entity
named in this instrument, as the free act and deed of the Company, by virtue of the authority granted by its operating agreement
and its members.


 


 


 


 


	 	 
	 	NOTARY PUBLIC