Promissory Note



 Exhibit 10.24 

 

 

 One Keuka Business Park, Penn Yan, NY 14527 

Office (315) 694-7134 
 PROMISSORY NOTE 
  

			
	Amount of the Note:	  	$150,000
		
	Date of the Note:	  	January 6, 2011
		
	Payee:	  	Douglas James Nagel, Revocable Trust of May 1, 1989, Amended

 FOR VALUE RECEIVED, the undersigned, GreenCell, Incorporated (the “Maker”) promises to pay to the order of the Payee, (“defined as the Payee or any Holder in due course of this Note), at
such place as the Payee may from time to time designate to the Maker in writing, in legal tender of the United States, the amount of the Note, upon the following terms: 
 1. The Principal Amount of the Note shall be due and payable 12 months from the date specified above. 
 2. The Note shall accrue interest at 10% annum and shall be due and payable on January 6, 2012. The total amount due is $165,000. 

3. If, at any time, any monies due hereunder are not paid when due, or any other conditions hereof are not met, time being of the essence,
Maker shall be in default. In such event, Payee shall have all rights and remedies available to it under Florida law, and in the event that Payee is required to take any legal action to collect upon, or otherwise enforce this Note, Maker agrees to
pay all costs of collection of this Note including a reasonable attorney’s fee, and all costs, expenses and attorney’s fee for any retrial, rehearing or appeals on failure to pay any principal, interest or other sums due under this Note on
the due date thereof. In the event of default, this Note and all sums due hereunder shall bear interest at the highest lawful rate of interest permitted in the State of Florida from and after the date when such sums are due. The interest payable or
agreed to be paid hereunder shall not exceed the highest lawful rate of interest permitted in the State of Florida, and if, inadvertently, there is such excess sum, it shall be applied to reduce the Principal Amount. 

4. This Note shall be construed and enforced according to the laws of Florida. This Note may not be changed orally, but only by an
agreement in writing, signed by the party against whom enforcement of any waiver, change, modification or discharge is sought. 

5. Payee hereby agrees to loan the sum of $150,000 under the terms and conditions of this Agreement, and agrees to terms and conditions
set forth herein. Payee represents to Maker that he or she is an accredited investor, as that term is defined under applicable laws, is fully aware of the risks associated with the loan that is being made hereby, and has had full and ample
opportunity to review any and all pertinent financial and operational information relative to Maker, including all SEC filings or other documents, and 







 
has had the opportunity to seek and obtain any and all legal or financial advice or counsel relative to the making of this type of loan. All payments due hereunder shall be made to Payee at the
following address: 
  

			
	Payee:	  	Douglas James Nagel, Revocable Trust of May 1, 1989, Amended
		
	Address:	  	4590 NE Sandpebble Trace, #101
		
	City:	  	Stuart
		
	State:	  	Florida
		
	Zip Code:	  	34996

  

 
  

									
	“Maker”	 		 	“Payee”
			
	GreenCell, Incorporated	 		 	
					
		 	/s/ Dan Valladao	 		 		 	/s/ Douglas J. Nagel, Trustee
					
	By:	 	/s/ Dan Valladao	 		 	By:	 	/s/ Douglas J. Nagel
		 	Authorized Representative	 		 		 	
			
	Date: January 6, 2011	 		 	Date: January 6, 2011