Document:

Unassociated Document

    PROMISSORY
NOTE

    
       

      
        
          
            	
                    $1,000,000.00

                  	
                    October 29,
2008

                  

          

        

         

         

      

    

    FOR VALUE
RECEIVED, We, III to I Maritime Partners Cayman I, L.P. (as “Maker”), promise to
pay to the order of III to I Emerging Market Partners Real Estate Investment
Fund I, L.P. (as “Payee”), at
5580 Peterson Lane, Suite 150, Dallas, Texas 75240, the principal sum of ONE
MILLION AND 00/100 DOLLARS ($1,000,000.00),

     

    together
with interest, calculated on the basis of a year consisting of actual number of
days, on the unpaid principal balance from the date hereof to maturity at the
annual rate of interest of twelve percent (12.0%).

     

    This Note
is due and payable on demand, or if no demand, on or before October 28,
2010.

     

    All
accrued and previously unpaid interest is due and payable at maturity of this
Note. All past due principal of this Note shall bear interest at the maximum
rate of interest until paid.

     

    Maker and
Payee agree that the “maximum rate of interest,” herein referred to, to be
charged shall be eighteen percent (18%) per annum.

     

    Maker
hereof shall have the right to prepay this Note in whole or in part at any time
without penalty. All prepayments, whether designated as payments of principal or
interest, shall be applied first to the payment of accrued and unpaid interest
and the balance to the principal hereunder. Interest shall immediately cease on
any amount of principal so prepaid.

     

    This Note
is unsecured.

     

    If any
payment of principal or interest on this Note shall become due on a Saturday,
Sunday or public holiday under the laws of the State of Texas, or on any other
day on which banking institutions are authorized or obligated by law to close in
the State of Texas, such payment shall be made on the next succeeding business
day, and such extension of time shall in such case be included in computing
interest in connection with such payment.

     

    Regardless
of any provision contained in this Note, Payee shall never be entitled to
receive, collect or apply, as interest on any amount owing hereunder, any amount
in excess of the maximum rate of interest, and in the event Payee ever receives,
collects or applies, as interest, any such excess, such amount which would be
excessive interest, shall be deemed a partial prepayment of principal and
treated hereunder as such; and if the principal amount of this Note is paid in
full, any remaining excess shall forthwith be paid to the Maker. In determining
whether or not the interest paid or payable, under any specific contingency,
exceeds the maximum rate of interest, Payee shall, to the maximum extent
permitted under applicable law, (i) characterize any non-principal payment as an
expense, fee or premium rather than as interest, (ii) exclude voluntary
prepayments and the effects thereof, and (iii) compare the total amount of
interest contracted for, charged, or received with the total amount of interest
which could be contracted for, charged, or received throughout the entire
contemplated term hereof at the maximum rate of interest.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

    

    Maker
waives presentment and demand for payment, protest, notice of intention to
accelerate this Note, notice of the acceleration hereof, notice of protest and
non-payment, as to this Note and as to each and all installments
hereof.

     

    It is
especially agreed that time is of the essence hereof, and that

     

    (i)       
if default shall be made in the payment of principal or interest of this Note,
as the same becomes due and payable; or

     

    (ii)      
if Maker becomes insolvent (however such insolvency may be evidenced) or commits
an act of bankruptcy or makes an assignment for the benefit of creditors or
authorizes the filing of a voluntary petition in bankruptcy; or

     

    (iii)     
if involuntary bankruptcy proceedings are filed against Maker; or

     

    (iv)    
if any proceeding, procedure or remedy supplementary to or in enforcement of
judgment shall be resorted to or commenced against Maker, or with respect to any
property of Maker; or

     

    (v)  if any governmental
authority or any court at the instance thereof shall take possession of any
substantial part of the property of or assume control over the affairs, or
against, the property of Maker;

     

    then
Payee, at its option, may declare the entirety of this Note, together with all
accrued but unpaid interest hereon, immediately due and payable, and failure to
exercise said option shall not constitute a waiver on the part of Payee of the
right to exercise said option at any other time. Upon the occurrence of a
default, as set forth in (i) through (v) above, Payee shall also have the right
to exercise any and all other rights, remedies and recourses now or hereafter
existing in equity, at law, by virtue of statute or otherwise.

     

    Maker is
and shall be directly and primarily liable for the payment of all sums called
for hereunder, and Maker hereby expressly waives diligence in taking any action
to collect any sums owing hereon. It shall not be necessary to enforce the
obligations of Maker that Payee has made demand for payment on Maker or has
pursued collection efforts against Maker.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    The
invalidity, or unenforceability in particular circumstances, of any provision of
this Note shall not extend beyond such provision or such circumstances and no
other provision of this instrument shall be affected thereby.

     

    This
Note, to the extent of the full face amount hereof, evidences the indebtedness
of Maker to Payee by virtue of monies loaned to Maker at Maker's special
instance and request.

     

    Maker
agrees to pay to Payee an additional reasonable amount (which in no event shall
be less than ten percent (10%) of the amount then owing hereon) as attorneys' or
collection fees if this Note is placed in the hands of any attorney for
collection, or if it is collected through bankruptcy, probate or other judicial
proceedings. .

     

    This Note
shall be governed by and construed in accordance with the laws of the State of
Texas and the applicable laws of the United States of America.

     

    The term
“Payee” includes any subsequent holder of this Note and any party who may
subsequently own an interest in this Note.

     

    Maker
represents and warrants to Payee that the loan evidenced by this Note is a
contract under which credit is extended for business, commercial, investment, or
other similar purpose, and is not a loan for personal, family, household, or
agricultural use.

     

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 	“MAKER”	 
	 	 	 
	 	III to I Maritime Partners Cayman I, L.P.	 
	 	 	 
	 	by:	III
      to I International Maritime Solutions Cayman, Inc. general
      partner	 
	 	 	 	 	 
	 	 	 	 	 
	
                                     

                                  	
                                     

                                  	by:	/s/ 	 
	 	 	 	
                                    Darrell
      W. Cain, Director

                                  	 
	 	 	 	 	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        3Unassociated Document

    
       PROMISSORY
NOTE

      
         

        
          
            
              	
                      $250,000.00 

                    	
                      December 17,
2008

                    

            

          

           

        

      

    

    FOR VALUE
RECEIVED, We, III to I Maritime Partners Cayman I, L.P. (as "Maker"), promise to
pay to the order of III:I Financial Management Research, L.P. (as "Payee"), at
5580 Peterson Lane, Suite 100, Dallas, Texas 75240, the principal sum of TWO
HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS ($250,000.00),

     

    together
with interest, calculated on the basis of a year consisting of actual number of
days, on the unpaid principal balance from the date hereof to maturity at the
annual rate of interest of twelve percent (12.0%).

     

    This Note
is due and payable on demand, or if no demand, on or before December 16, 2018.
All accrued and previously unpaid interest is due and payable at maturity of
this Note. All past due principal of this Note shall bear interest at the
maximum rate of interest until paid.

     

    Maker and
Payee agree that the "maximum rate of interest," herein referred to, to be
charged shall be eighteen percent (18%) per annum.

     

    Maker
hereof shall have the right to prepay this Note in whole or in part at any time
without penalty. All prepayments, whether designated as payments of principal or
interest, shall be applied first to the payment of accrued and unpaid interest
and the balance to the principal hereunder. Interest shall immediately cease on
any amount of principal so prepaid.

     

    This Note
is unsecured.

     

    If any
payment of principal or interest on this Note shall become due on a Saturday,
Sunday or public holiday under the laws of the State of Texas, or on any other
day on which banking institutions are authorized or obligated by law to close in
the State of Texas, such payment shall be made on the next succeeding business
day, and such extension of time shall in such case be included in computing
interest in connection with such payment.

     

    Regardless
of any provision contained in this Note, Payee shall never be entitled to
receive, collect or apply, as interest on any amount owing hereunder, any amount
in excess of the maximum rate of interest, and in the event Payee ever receives,
collects or applies, as interest, any such excess, such amount which would be
excessive interest, shall be deemed a partial prepayment of principal and
treated hereunder as such; and if the principal amount of this Note is paid in
full, any remaining excess shall forthwith be paid to the Maker. In determining
whether or not the interest paid or payable, under any specific
contingency, exceeds the maximum rate of interest, Payee shall, to the maximum
extent permitted under applicable law, (i) characterize any non-principal
payment as an expense, fee or premium rather than as interest, (ii) exclude
voluntary prepayments and the effects thereof, and (iii) compare the total
amount of interest contracted for, charged, or received with the total amount of
interest which could be contracted for, charged, or received throughout the
entire contemplated term hereof at the maximum rate of
interest.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

    

    Maker
waives presentment and demand for payment, protest, notice of intention to
accelerate this Note, notice of the acceleration hereof, notice of protest and
non-payment, as to this Note and as to each and all installments
hereof.

     

    It is
especially agreed that time is of the essence hereof, and that

     

    (i)           
if default shall be made in the payment of principal or interest of this Note,
as the same becomes due and payable; or

     

    (ii)           if
Maker becomes insolvent (however such insolvency may be evidenced) or commits an
act of bankruptcy or makes an assignment for the benefit of creditors or
authorizes the filing of a voluntary petition in bankruptcy; or

     

    (iii)           if
involuntary bankruptcy proceedings are filed against Maker; or

     

    (iv)           if
any proceeding, procedure or remedy supplementary to or in enforcement of
judgment shall be resorted to or commenced against Maker, or with respect to any
property of Maker; or

     

    (v)           if
any governmental authority or any court at the instance thereof shall take
possession of any substantial part of the property of or assume control over the
affairs, or against, the property of Maker;

     

    then
Payee, at its option, may declare the entirety of this Note, together with all
accrued but unpaid interest hereon, immediately due and payable, and failure to
exercise said option shall not constitute a waiver on the part of Payee of the
right to exercise said option at any other time. Upon the occurrence of a
default, as set forth in (i) through (v) above, Payee shall also have the right
to exercise any and all other rights, remedies and recourses now or hereafter
existing in equity, at law, by virtue of statute or otherwise.

     

    Maker is and shall be directly and
primarily liable for the payment of all sums called for hereunder, and Maker
hereby expressly waives diligence in taking any action to collect any sums
owing hereon. It shall not be necessary to enforce the obligations of
Maker that Payee has made demand for payment on Maker or has pursued collection
efforts against Maker.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    The
invalidity, or unenforceability in particular circumstances, of any provision of
this Note shall not extend beyond such provision or such circumstances and no
other provision of this instrument shall be affected thereby.

     

    This
Note, to the extent of the full face amount hereof, evidences the indebtedness
of Maker to Payee by virtue of monies loaned to Maker at Maker's special
instance and request.

     

    Maker
agrees to pay to Payee an additional reasonable amount (which in no event shall
be less than ten percent (10%) of the amount then owing hereon) as attorneys' or
collection fees if this Note is placed in the hands of any attorney for
collection, or if it is collected through bankruptcy, probate or other judicial
proceedings.

     

     

    This Note
shall be governed by and construed in accordance with the laws of the State of
Texas and the applicable laws of the United States of America.

     

    The term
"Payee" includes any subsequent holder of this Note and any party who may
subsequently own an interest in this Note.

     

    Maker
represents and warrants to Payee that the loan evidenced by this Note is a
contract under which credit is extended for business, commercial, investment, or
other similar purpose, and is not a loan for personal, family, household, or
agricultural use.

     

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	 	“MAKER”	 
	 	 	 
	 	III to I Maritime Partners Cayman I, L.P.	 
	 	 	 
	 	by:	      
                                      III to I International
      Maritime Solutions Cayman, Inc., a Cayman Islands corporation, General
      Partner

                                    	 
	 	 	 	 	 
	 	 	 	 	 
	
                                       

                                    	
                                       

                                    	by:	/s/ 	 
	 	 	 	
                                      Darrell
      W. Cain, Director

                                    	 
	 	 	 	 	 

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
           

        

        
          3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]