Document:

exhibit10_58.htm

    AUDIT
      COMMITTEE CHARTER

     

    Purpose

     

     

     

        The
      Audit
      Committee shall assist the Board of Directors of the Company with the oversight
      of the Company’s financial reports and accounting practices to ensure that they
      are in compliance with legal and regulatory requirements and are within
      acceptable limits of sound practice.  The Audit Committee shall also
      prepare any and all reports required to be prepared and/or disclosed by the
      Audit Committee pursuant to the rules of the Securities and Exchange Commission,
      the listing standards of any exchange or national market system upon which
      the
      Company’s securities are listed for trading, or any other applicable laws or
      regulations.  

     

    Composition
      and Term of Office

     

        The
      Audit
      Committee shall be composed of at least three non-affiliated, independent
      directors appointed by the Board of Directors, provided if the Board is composed
      of less than three independent members, then the Audit committee shall be
      composed of all independent members of the Board.  Directors who have
      served as officers or employees of the Company at any time within the past
      three
      years or who have participated in the preparation of the Company’s financial
      statements at any time during the past three years are ineligible to be on
      the
      Audit Committee. Audit Committee members shall not simultaneously serve on
      the
      audit committees of more than two other public companies.  All members of
      the Audit Committee must be able to read and understand fundamental financial
      statements, including the Company’s balance sheet, income statement and cash
      flow statement.  The Board of Directors shall appoint at least one member
      to the Committee who is deemed an “audit committee financial expert” as defined
      by the SEC and demonstrates “financial sophistication” as defined in NASDAQ Rule
      4350(d)(2)(A).  The Board of Directors shall designate one of the Audit
      Committee members as the Committee Chairperson.

     

        Each
      of the
      members of the Audit Committee shall be elected for a one year term.  The
      election of members of the Audit Committee shall be held each year at the first
      meeting of the Board of Directors following the annual meeting of
      shareholders.  Any member of the Audit Committee may be removed from the
      Audit Committee by the Board of Directors at any time, with or without cause,
      and with or without prior notice.  Any vacancy in the Audit Committee
      created by removal or resignation of a member shall be filled by the Board
      of
      Directors.  

     

    Frequency of Meetings

     

        The
      Audit
      Committee shall meet as often as Committee Chairperson determines, but not
      less
      frequently than quarterly.  The Audit Committee shall meet periodically
      with management, the internal auditors and the independent auditor in separate
      executive sessions.  The Audit Committee may request any officer or
      employee of the Company or the Company’s outside counsel or independent auditor
      to attend a meeting of the Audit Committee.  The Audit Committee shall
      maintain minutes of meetings of the Audit Committee.  Members of the Audit
      Committee may participate in a meeting by means of conference telephone or
      similar communications equipment by which all persons participating in the
      meeting can hear each other and such participation shall constitute presence
      in
      person at such meeting. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Committee
      Authority and Responsibilities

     

        The
      Audit
      Committee shall have the sole authority to appoint or replace the independent
      auditor.  The Audit Committee shall be directly responsible for the
      compensation and oversight of the work of the independent auditor (including
      resolution of disagreements between management and the independent auditor
      regarding financial reporting) for the purpose of preparing or issuing an audit
      report or related work.  The independent auditor shall report directly to
      the Audit Committee.

     

        The
      Audit
      Committee shall pre-approve all auditing services and permitted non-audit
      services (including the fees and terms thereof) to be performed for the Company
      by its independent auditor, subject to the de minimus exceptions for
      non-audit services described in Section 10A(i)(1)(B) of the Exchange Act of
      1934
      which are approved by the Audit Committee prior to the completion of the audit.
      

        The Audit Committee
      shall have the authority, to the extent it deems necessary or appropriate,
      to
      retain independent legal, accounting or other advisors.  The Company shall
      provide for appropriate funding, as determined by the Audit Committee, for
      payment of compensation to the independent auditor for the purpose of rendering
      or issuing an audit report and to any advisors employed by the Audit Committee.
      

     

        The
      Audit
      Committee shall make regular reports to the Board of Directors.  The Audit
      Committee shall review and reassess the adequacy of this Charter annually and
      recommend any proposed changes to the Board of Directors for approval.  The
      Audit Committee shall annually review the Audit Committee’s own
      performance.

    The Audit Committee, to the extent it deems necessary or appropriate,
      shall: 

     

    Financial Statement and Disclosure
      Matters

     

    1.                 
Review and discuss with management
      and the independent auditor the
      annual audited financial statements for the year, including proposed footnotes,
      and disclosures made in management’s discussion and analysis, and recommend to
      the Board of Directors whether the audited financial statements should be
      included in the Company’s Form 10-K. Review and discuss with management and the
      independent auditor reports to be included in the Company’s proxy
      statement.

    2.                 
Review and discuss with management
      and the independent auditor the
      Company’s quarterly financial statements prior to the filing of its Form 10-Q,
      including the results of the independent auditor’s review of the quarterly
      financial statements.

    3.                 
Discuss with management and the
      independent auditor significant
      financial reporting issues and judgments made in connection with the preparation
      of the Company’s financial statements, including any significant changes in the
      Company’s selection or application of accounting principles, any major issues as
      to the adequacy of the Company’s internal controls and any special steps adopted
      in light of material control deficiencies.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.                 
Review and discuss quarterly reports
      from the independent auditors
      on:

    (a)                                       
All critical accounting policies
      and practices to be
      used.

    (b)                                      
All alternative treatments of financial
      information within
      generally accepted accounting principles that have been discussed with
      management, ramifications of the use of such alternative disclosures and
      treatments, and the treatment preferred by the independent auditor.

    (c)                                       
Other material written communications
      between the independent
      auditor and management, such as any management letter or schedule of unadjusted
      differences.  

    5.                 
Discuss with management the Company’s earnings press releases,
      including the use of “pro forma” or “adjusted” non-GAAP information, as well as
      financial information and earnings guidance provided to analysts and rating
      agencies.  Such discussion may be done generally (consisting of discussing
      the types of information to be disclosed and the types of presentations to
      be
      made).

    6.                 
Discuss with management and the
      independent auditor the effect of
      regulatory and accounting initiatives as well as off-balance sheet structures
      on
      the Company’s financial statements.

    7.                 
Discuss with management the Company’s major financial risk
      exposures and the steps management has taken to monitor and control such
      exposures, including the Company’s risk assessment and risk management
      policies.

    8.                 
Review and report to the board of
      directors any changes in
      accounting policies and accounting and reporting proposals made by the
      independent auditors.

    9.                 
Discuss with the independent auditor
      the matters required to be
      discussed by Statement on Auditing Standards No. 61 relating to the conduct
      of
      the audit, including any difficulties encountered in the course of the audit
      work, any restrictions on the scope of activities or access to requested
      information, and any significant disagreements with management.

    10.             
Review disclosures made to the Audit
      Committee by the Company’s CEO
      and CFO during their certification process for the Form 10-K and Form 10-Q
      about
      any significant deficiencies in the design or operation of internal controls
      or
      material weaknesses therein and any fraud involving management or other
      employees who have a significant role in the Company’s internal
      controls.

    Oversight of the Company’s Relationship
      with the Independent Auditor

     

    11.             
Review and evaluate the lead partner
      of the independent auditor
      team.

    12.             
Obtain and review a report from
      the independent auditor at least
      annually regarding (a) the independent auditor’s internal quality-control
      procedures, (b) any material issues raised by the most recent internal
      quality-control review, or peer review, of the firm, or by any inquiry or
      investigation by governmental or professional authorities within the preceding
      five years respecting one or more independent audits carried out by the firm,
      (c) any steps taken to deal with any such issues, and (d) all relationships
      between the independent auditor and the Company.  Evaluate the
      qualifications, performance and independence of the independent auditor,
      including considering whether the auditor’s quality controls are adequate and
      the provision of permitted non-audit services is compatible with maintaining
      the
      auditor’s independence, and taking into account the opinions of management and
      internal auditors.  The Audit Committee shall present its conclusions with
      respect to the independent auditor to the Board of Directors.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    13.             
Ensure the rotation of the lead
      (or coordinating) audit partner
      having primary responsibility for the audit and the audit partner responsible
      for reviewing the audit as required by law.  Consider whether, in order to
      assure continuing auditor independence, it is appropriate to adopt a policy
      of
      rotating the independent auditing firm on a regular basis.

    14.             
Recommend to the Board of Directors
      policies for the Company’s
      hiring of employees or former employees of the independent auditor who
      participated in any capacity in the audit of the Company.

    15.             
Discuss with the national office
      of the independent auditor issues
      on which they were consulted by the Company’s audit team and matters of audit
      quality and consistency.  

    16.             
Meet with the independent auditor
      prior to the audit to discuss the
      planning and staffing of the audit.

    Oversight of the Company’s Internal Audit
      Function

     

    17.             
Review the appointment and replacement
      of the senior internal
      auditing executive.

    18.             
Review the significant reports to
      management prepared by the
      internal auditing department and management’s responses.

    19.             
Discuss with the independent auditor
      and management the internal
      audit department responsibilities and processes, budget and staffing and any
      recommended changes in the planned scope of the internal audit. 

    Compliance Oversight
      Responsibilities

     

    20.             
Obtain from the independent auditor
      assurance that Section 10A(b)
      of the Exchange Act of 1934 has not been implicated.

    21.             
Obtain reports from management,
      the Company’s senior internal
      auditing executive and the independent auditor that the Company and its
      subsidiary/foreign affiliated entities are in conformity with applicable legal
      requirements and the Company’s Code of Business Conduct and Ethics.  Review
      reports and disclosures of insider and affiliated party transactions. 
Advise the Board of Directors with respect to the Company’s policies and
      procedures regarding compliance with applicable laws and regulations and with
      the Company’s Code of Business Conduct and Ethics.

    22.             
Establish and review the adequacy
      of procedures for the receipt,
      retention and treatment of complaints received by the Company regarding
      accounting, internal accounting controls or auditing matters, and the
      confidential, anonymous submission by employees of concerns regarding
      questionable accounting or auditing matters.  Review, assess and report to
      the Board of the Directors any such complaints.

    23.             
Discuss with management and the
      independent auditor any
      correspondence with regulators or governmental agencies or independent auditors,
      and any published reports which raise material issues regarding the Company’s
      financial statements or accounting policies.  

    24.             
Discuss with the Company’s legal advisors legal matters that
      may
      have a material impact on the financial statements or the Company’s compliance
      policies. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Limitations 

     

    The
      Audit Committee is responsible for the duties set forth in this Charter but
      is
      not responsible for either the preparation of the financial statements or the
      auditing of the financial statements.  Management has the responsibility
      for preparing the financial statements and implementing internal controls and
      the independent accountants have the responsibility for auditing the financial
      statements and monitoring the effectiveness of the internal controls. 

     

    Amendment

     

    Any
      amendment or other modification of this Charter shall be made and approved
      by
      the Board of Directors of the Company.

     

    Disclosure
      of Charter

     

    This
      Charter shall be made available to the public on the Company’s web site or as an
      exhibit to the Company’s filings with the SEC.exhibit10_59.htm

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    SENIOR
      SECURED PROMISSORY NOTE

     

    $
      150,000.00 March 28, 2008

    Sarasota,
      Florida

     

    FOR
      VALUE
      RECEIVED, the undersigned, INVISA, INC., a Nevada corporation
      (“Borrower”) having an address at 290 Cocoanut Avenue,
      Sarasota, Florida, 34236 promises to pay to the order of Centurian Investors,
      Inc, a Delaware corporation (“Lender”), having an office
      at 290  Cocoanut Avenue, Sarasota, Florida 34236, or such other place
      as the Lender may designate inwriting, the principal amount up to and not to
      exceed ONE HUNDRED FIFTY THOUSAND United States Dollars (U.S. $150,000.00),
      to
      the extent advanced hereunder and then outstanding, with interest on the unpaid
      principal balance from the date of this Senior Secured Promissory Note (this
      “Promissory Note”), until paid, at the Interest Rate (as
      hereinafter defined) provided herein. 

     

    1.           Rate
      of Interest.  The outstanding principal balance of this
      Promissory Note shall bear interest at ten percent (10%) per annum (the
“Interest Rate”).

     

                          2.           Date
      and Time of Payment.  The outstanding principal balance
      of this Promissory Note, together with all accrued and unpaid
      interest,  shall be paid in full on earlier to occur of (a) the
      Maturity Date or (b) the date of termination of this Promissory Note, whether
      by
      its terms, by prepayment, or by acceleration.  All amounts outstanding
      hereunder shall constitute Borrower’s obligations hereunder, and such
      obligations include without limitation all principal, interest (including all
      interest which accrues after the commencement of any case or proceeding by
      or
      against Borrower in bankruptcy whether or not allowed in such case or
      proceeding), expenses, attorneys’ fees and any other sum chargeable to Borrower
      hereunder and owing to Lender under this Promissory Note (all such obligations
      and all other obligations of Borrower under this Promissory Note ,(the
“Obligations”).  No principal amount of this
      Note paid or prepaid may be reborrowed.

     

                          3.           Default
      Rate.  Notwithstanding Section 1, after the
      occurrence of any Event of Default and for so long as such Event of Default
      continues, and in any event from and after the Maturity Date, all principal,
      interest and other amounts payable under this Promissory Note shall bear
      interest until paid in full at a rate of interest equal to four percent (4%)
      above the per annum rate otherwise applicable hereunder (the “Default
      Rate”).

     

                          4.           Computation
      of Interest.  Interest on the principal amount hereof and
      all other Obligations shall be computed on the basis of a 360-day year, and
      shall be charged for the actual number of days elapsed during any month or
      other
      accrual period.

     

                          5.           Manner
      of Payment.  All payments by Borrower in respect of any
      Obligations shall be made without deduction, defense, set off or counterclaim,
      free and clear of all taxes delivered to Lender.

     

                          6.           Maturity.  To
      the extent not sooner due and payable in accordance with this Promissory Note,
      the Obigations  shall be due and payable on December 31, 2007 (the
“Maturity Date”).

     

    7.           Application
      of Payments.  All payments shall be applied to amounts
      then due and payable in the following order:  (a) to Lender’s costs
      and expenses reimbursable in connection herewith; (b) to interest accrued on
      the
      outstanding principal balance of this Promissory Note; (c) to the principal
      amount hereof; and (d) to all other Obligations, or in such other manner as
      Lender shall determine in its sole and exclusive discretion.

     

    8.           Procedure
      for Borrowing and Use of Proceeds.The proceeds of
      this Promissory Note shall be funded in multiple advances (each, an
“Advance”) by Lender to Borrower in the amounts and on
      such dates as determined by Lender based on requests from
      Borrower.  Borrower shall give Lender notice requesting that Lender
      make an Advance in accordance herewith specifying (a) the Borrowing Date, (b)
      the amount requested and (c) a detailed, itemized list of the use of such
      Advance.  Upon receipt of such notice from Borrower, Lender shall
      determine, in its sole and exclusive discretion, whether it shall make such
      amount available to Borrower on the Borrowing Date.  Upon each
      Advance, Lender shall record each Advance on Schedule I to this Promissory
      Note.  For purposes of this Section 8, the Borrowing Date shall mean
      any business day specified in the notice pursuant to this Section 8 as a date
      on
      which Borrower requests Lender to make a loan
      hereunder.    The obligation of Lender to make each
      subsequent Advance following the initial Advance hereunder is subject to the
      Lenders approval of the loan request made by Borrower in accordance with this
      Section 8 and shall be funded in the sole and exclusive discretion of
      Lender.  As of the date hereof, Borrower has received an aggregate
      Advance of Thirty Thousand Three Hundred ($30,300.00) Dollars  under
      this Note.

     

    9.           Security.  This
      Promissory Note shall be secured by (i) Twenty Million (20,000,000) shares
      of
      common stock of Borrower to be issued as of the date hereof and held in escrow
      and a continuing first priority security interest in all of Borrower’s right,
      title, and interest in and to, all property of Borrower (collectively, the
      “Collateral”), as more specifically set forth in the
      Security Agreement executed by Borrower in favor of Lender dated as of February
      28, 2007.  (the “Security Agreement”).

     

    10.           Priority This
      Promissory Note shall be a senior obligation of Borrower, and for so long as
      this Promissory Note shall be outstanding, (i) Borrower shall be prohibited
      from
      incurring any and all future indebtedness without the prior written consent
      of
      Lender and (ii) any and all future indebtedness approved by Borrower in writing
      shall be deemed subordinate and inferior to, all respective right, title and
      interest of Lender, in, to and under this Promissory Note, this Security
      Agreement and any and all documents and instruments evidencing, securing or
      otherwise relating to this Promissory Note.

     

                          11.           Representations
      and Warranties.  Borrower makes the
      following representations and warranties to Lender, which representations and
      warranties shall be true, correct, and complete as of the date hereof and shall
      survive the execution and delivery of this Promissory Note.

     

    (a)  Due
      Organization and Qualification.  Borrower is duly
      organized and validly existing and in good standing under the laws of the
      jurisdiction of its organization and qualified to do business in any
      jurisdiction where it is required to be so qualified, and has all requisite
      power and authority to (i) own its assets and carry on its business, and (ii)
      execute, deliver and perform its Obligations.

    (b)  Due
      Authorization; No Conflict.  The execution, delivery, and
      performance by Borrower of this Promissory Note has been duly authorized by
      all
      necessary action on the part of Borrower.  This Promissory Note has
      been duly executed and delivered by Borrower.  The execution,
      delivery, and performance by Borrower of this Promissory Note and the
      consummation of the transactions contemplated hereby, do not and will not (i)
      violate in any material respect any provision of federal, state, provincial
      or
      local law or regulation applicable to Borrower, its organizational documents,
      or
      any order, judgment, or decree of any court or other governmental authority,
      (ii) conflict with, result in a breach or termination of, or constitute (with
      due notice or lapse of time or both) a default under any material contractual
      obligation of Borrower, (iii) result in or require the creation or imposition
      of
      any lien of any nature whatsoever upon any properties or assets of Borrower,
      other than liens or security interests in favor of Lender, or (iv) require
      any
      approval of any of Borrower’s stockholders or any approval or consent of any
      other person or entity, other than consents or approvals that have been obtained
      and that are still in force and effect.  The execution, delivery, and
      performance by Borrower of this Promissory Note do not and will not require
      any
      registration with, consent, or approval of, or notice to, or other action with
      or by, any governmental authority, other than consents or approvals that have
      been obtained and that are still in force and effect.  This Promissory
      Note when executed and delivered by Borrower will be the legally valid and
      binding obligation of Borrower, enforceable against Borrower in accordance
      with
      its term, except as enforcement may be limited by equitable principles or by
      bankruptcy, insolvency, reorganization, moratorium, or similar laws relating
      to
      or limiting creditors’ rights generally.

    (c)  No
      Litigation.  No litigation, investigation or proceeding of or
      before any arbitrator or government authority is (i) pending or, to the
      knowledge of Borrower, threatened with respect to this Promissory Note or the
      Collateral or any of the transactions contemplated hereby or (ii) pending or,
      to
      the knowledge of Borrower, threatened by or against Borrower, its properties
      or
      revenues which, if adversely determined, would have a material adverse effect
      on
      its business, operations, property or financial condition, when taken as a
      whole.

    (d)  No
      Default.  Borrower is not in default under or with
      respect to any contractual obligation and no event of default has occurred
      or is
      continuing with respect to Borrower.

    (e)  Taxes.  Borrower
      has filed or caused to be filed all tax returns required to be filed by it
      and
      has paid all taxes due and payable on said returns or on any assessments made
      against Borrower or any of its property.   All other taxes, fees
      or other charges on Borrower or any of its property by any governmental
      authority have been paid and no tax liens have been filed.

    12.  Covenants
      of
      Borrower.  As of the date hereof and so long as the
      Obligations hereunder shall be outstanding:

     

    (a)  Borrower
      will preserve
      and keep in force and effect, its corporate existence and all licenses and
      permits necessary to the proper conduct of its business;

    

    (b)  Borrower
      will promptly
      pay and discharge, all lawful taxes, assessments, charges or levies imposed
      upon
      Borrower, or upon or in respect of all or any part of the property or business
      of Borrower, all trade accounts payable in accordance with usual and customary
      business terms and all claims for work, labor or materials, which if unpaid
      might become a lien or charge upon any property of Borrower; provided,
      Borrower shall not be required to pay such tax, assessment, charge, levy,
      account payable or claim if (i) the validity, applicability or amount thereof
      is
      being contested in good faith by appropriate action or proceeding which will
      prevent the forfeiture or sale of any property of Borrower, and (ii) Borrower
      shall set aside on its books, reserves deemed by it to be adequate with respect
      thereto;

    

    (c)  Borrower
      will promptly
      comply with all laws, ordinances or governmental rules and regulation to which
      it is subject, the violations of which would materially or adversely affect
      its
      properties, business, prospects, profits or condition or would result in any
      material lien or charge upon any property of Borrower;

    

    (d)  Borrower
      will maintain,
      preserve and keep its properties which are used or useful in the conduct of
      its
      business in good repair and working order;

    

    (e)  Borrower
      will not
      create, assume or incur or in any manner become liable with respect of any
      indebtedness except this Promissory Note and any indebtedness of Borrower
      incurred prior to the date hereof.

    

    (f)  Borrower
      will not create
      or incur any mortgage, pledge, security interest, encumbrance, lien or charge
      of
      any kind (a “Lien”) on its or its property or assets, whether now owned or
      hereinafter acquired, or upon any income or profits
      therefrom  except

    

    (i)           Liens
      for property taxes and assessments or levies and liens that are not yet due
      and
      payable;

    

    (ii)           Liens
      of or resulting from any judgment or award, the time for appeal or petition
      for
      rehearing of which shall not have expired or in respect of which the Company
      shall in good faith be prosecuting an appeal or proceeding for a review and
      in
      respect of which a stay of execution pending such appeal or proceeding for
      review shall have been secured; or

    

    (iii)           Liens
      or priority claims (A) incidental to the conduct of business, (B) created by
      any
      material agreement of Borrower entered into prior to and currently in effect
      as
      of the date hereof or (C) the ownership or lease of properties and assets and
      not in connection with the borrowing of money, provided, in each case,
      the obligation secured is not overdue, or if overdue, is being contested in
      good
      faith by appropriate actions or proceedings and provided, further
that Borrower shall have received the prior written consent
      of Lender to any
      Lien described in (A) or (C) above; or

    

    13.           Events
      of Default; Remedies; Acceleration.  (a) The occurrence
      of any one or more of the following events (regardless of the reason therefor)
      shall constitute an “Event of Default”
hereunder:

     

                          (i)
      Borrower fails to make any payment of outstanding principal balance of this
      Promissory Note , or interest thereon, or any of the other Obligation when
      due
      and payable;

     

                          (ii)
      Any representation or warranty of Borrower made in this Promissory Note, the
      Security Agreeent,  or any other document made by or on behalf of
      Borrower in connection herewith and the transactions contemplated hereby proves
      to have been false or incorrect in any material respect or Borrower shall fail
      to comply in all respects with any covenant herein or therein;

     

    (iii)
      Borrower shall violate any
      provision of this Promissory Note, the Security Agreement or any other document
      made by or on behalf of Borrower in connection herewith and the transactions
      contemplated hereby, including, without limitiation, failure to comply with
      the
      terms and provisions of Section 8 of this Promissory Note;

     

                          (iv)
      A case or proceeding is commenced against Borrower seeking a decree or order
      (i)
      under Title 11 of the United States Bankruptcy Code (11 U.S.C. §§101 et
      seq., as amended, and any successor statute, the “Bankruptcy
      Code”), or any other applicable federal, state or foreign
      bankruptcy or other similar law, rule or regulation, (ii) appointing a
      custodian, receiver, liquidator, assignee, trustee or sequestrator (or similar
      official) for Borrower or for any substantial part of Borrower’s assets, or
      (iii) ordering the winding-up or liquidation of the affairs of s Borrower,
      and
      such case or proceeding shall remain undismissed or unstayed for sixty (60)
      days
      or more or a decree or order granting the relief sought in such case or
      proceeding shall be entered by a court of competent jurisdiction;

     

                          (v)
      Borrower, without the prior written consent of Lender (A) files a petition
      seeking relief under the Bankruptcy Code, or any other applicable federal,
      state
      or foreign bankruptcy or other similar law, rule or regulation, (B) consents
      to
      or fails to contest in a timely and appropriate manner the institution of
      proceedings thereunder or the filing of any such petition or the appointment
      of
      or taking possession by a custodian, receiver, liquidator, assignee, trustee
      or
      sequestrator (or similar official) for Borrower or for any substantial part
      of
      Borrower’s assets, (C) makes an assignment for the benefit of creditors, (D)
      takes any action in furtherance of any of the foregoing; or (E) admits in
      writing its inability to, or is generally unable to, pay its debts as such
      debts
      become due;

     

                          (vi)  If
      this Promissory Note, the Security Agreement, or any financing statement,
      document or other instrument executed, delivered or filed in connection herewith
      or with the security interest granted to Lender hereunder, shall, for any
      reason, fail or cease to create a valid and perfected lien on or security
      interest in any or all of the Collateral or the Collateral shall be compromised,
      encumbered or, in the case of the common stock, invalid, cancelled or otherwise
      rescinded;

     

    (vi)
      If
      Borrower shall default on any material obligations of Borrower or an event
      of
      default shall occur with respect to any material agreement of Borrower, whether
      such agreement shall be in effect or effective subsequent to this Promissory
      Note.

     

    (b)  Immediately
      upon the
      occurrence of any Event of Default, all of the Obligations of Borrower
      hereunder shall become immediately due and payable to Lender and the Obligations
      shall thereafter accrue interest at the Default Rate from the date of any Event
      of Default until such Obligations are paid in full (an
“Accelleration”).  Promptly upon the occurrence of an Acceleration,
      Lender shall send Borrower written notice of the date upon which the
      Acceleration is effective and the names of  two (2) representatives of
      Lender (“Lender Nominees”) to be immediately appointed to the Board of Directors
      of Borrower (the “Default Notice”).  The Lender Nominees shall be
      appointed to the Board of Directors of Borrower not less than five days
      following the date of the Default Notice.  Except with respect to an
      Event of Default  under Section 13(a)(iv) and (v), Borrower shall have
      forty five (45) days (the forty fifth day hereinafter being the “Final Payment
      Date”) from the date of the Default Notice to pay Lender the total amount of the
      Obligations due and owning under this Promissory Note.  In the event
      that Borrower shall fail to satisfy in full all of the outstanding Obligations
      under this Promissory Note on or before the Final Payment Date, then Lender
      may
      (i) proceed to protect and enforce Lender’s rights by suit in equity, action at
      law and/or other appropriate proceeding, either for specific performance of
      any
      covenant or condition contained in this Promissory Note, the Security Agreement,
      or in any instrument or document delivered to Lender pursuant to this Promissory
      Note , or in aid of the exercise of any power granted in this Promissory Note
      or
      any such instrument or document, and (ii) proceed to enforce payment of the
      Obligations in such manner as Lender may elect, including the foreclosure of
      the
      Collateral in accordance with the terms of the Security Agreement, and to
      realize upon any and all rights of Lender hereunder.  Upon the
      occurrence of any Event of Default under Section 13(a)(iv) and (v), Lender
      shall
      have a right to immediately enforce its rights hereunder and proceed against
      or
      foreclose upon the Collateral without regard to the 45 day period set forth
      in
      this Section 13(b) To the extent not prohibited by applicable law which cannot
      be waived, all of Lender’s rights hereunder shall be
      cumulative.  Lender shall have all other rights and remedies not
      inconsistent herewith as provided under applicable law or in equity, and no
      exercise by Lender of one right or remedy shall be deemed an election, and
      no
      waiver by Lender of any Event of Default shall be deemed a continuing
      waiver.   No delay by Lender shall constitute a waiver, election
      or acquiescence by it.

     

    (c)
      In the event that the Obligations
      hereunder shall be paid in full by or on behalf of Borrower, after the
      Acceleration of this Promissory Note but prior to the Final Payment Date, then
      this Promissory Note shall be deemed paid in full, Lender shall promptly release
      any lien of Lender on the Collateral, and each Lender Nominee shall immediately
      resign from the Board of Directors of Borrower.   

     

                          14.  Certain Rights
      and Waivers.  To the extent not prohibited by the
      provisions of applicable law, Borrower hereby expressly waives: (a) all
      presentments, demands for performance, notices of nonperformance (except to
      the
      extent required by this Note), protests, notices of protest and notices of
      dishonor; (b) any requirement of diligence or promptness on the part of Lender
      in the enforcement of its rights under this Note; (c) any and all notices of
      every kind and description which may be required to be given by any statute
      or
      rule of law; and (d) any defense (other than indefeasible payment in full)
      which
      it may now or hereafter have with respect to its liability under this
      Note.

     

    15.  Assignments.  Borrower
      may not assign or transfer any of its rights or obligations hereunder without
      the express, written consent of Lender.  Any such purported assignment
      or transfer by Borrower without the express, written consent of Lender shall
      be
      null and void ab initio.

    16.  Costs
      and Expenses.  Borrower agrees to pay all costs and
      expenses of Lender, including without limitation all fees and disbursements
      of
      counsel, advisors, consultants, examiners and appraisers for Lender, in
      connection with (a) the issuance of this Promissory Note and advancement of
      principal amount hereunder (which fees and disbursements associated with the
      origination of this Promissory Note shall not exceed $3,500.00), (b) any
      enforcement (whether through negotiations, legal process or otherwise) of this
      Promissory Note, (c) any workout or restructuring of this Promissory Note during
      the pendency of one or more Events of Default, (d) any bankruptcy case or
      proceeding of Borrower or any appeal thereof, and (e) upon the occurrence and
      during the continuance of an Event of Default, any efforts to verify, protect,
      evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of
      any
      of the Collateral.

               17.  CHOICE
      OF LAW. THE VALIDITY OF THIS NOTE,
      THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF
      THE
      BORROWER AND LENDER WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED
      HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE
      WITH
      THE LAWS OF THE STATE OF FLORIDA, WITHOUT REFERENCE TO
      CONFLICTS OF LAW PRINCIPLES EXCEPT TO THE EXTENT NECESSARY TO ENFORCE THIS
      CHOICE OF LAW PROVISION.

     

    18. Notices.  All
      communications hereunder shall be in writing and shall be deemed to be duly
      given and received (a) upon delivery if delivered personally or upon confirmed
      transmittal if by facsimile, (b) on the next Business Day if sent by
      overnight courier, or (c) four (4) Business Days after mailing if mailed by
      prepaid registered mail, return receipt requested, in each case to the
      appropriate notice address or facsimile number. 

     

    19.  Independent
      Arms Length Transaction.  It is understood and agreed
      that this Promissory Note, the Security Agreement and the transactions
      contemplated hereby and thereby were negotiated in an arms length transacton
      separate and distinct from any other transaction or contractual obligations
      and
      are independent of any transaction or transactions between Borrower, on the
      one
      hand, and Lender and any of its affilates or related entitles on the other
      hand.   Borrower further agrees that the contractual obligations
      of Borrower hereunder are in no way dependent or conditioned upon any other
      agreements, contracts or transactions whatsoever unless expressly stated
      herein.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Promissory Note as of the
      date first written above.

     

    
      	 	
              INVISA,
                INC.

               

              By:  /s/Edmund
                C. King__________________________

              Name:  Edmund
                C. King

              Title:  Chief
                Financial Officer

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