Document:

Exhibit 17 (10.14) - Unsecured Promissory Note ($150,000)

    
      

      

    

    Exhibit
      10.14

    

      UNSECURED
        PROMISSORY NOTE

      

      

      
        	
                $150,000.00

              	
                Granite
                  Bay, California

              
	 	
                August
                  31, 2006

              

      

      

      FOR
        THE
        VALUE RECEIVED, Solar Power, Inc., a California corporation, with a principal
        place of business at 4080 Cavitt Stallman Road, Suite 100, Granite Bay,
        California 95746 (the “Maker”), promises to pay to Welund Fund, Inc., a Nevada
        corporation (the “Holder”) or order, at 1940 Zinfandel Drive, Suite R, Rancho
        Cordova, California 95670, or such other place as the Holder hereof may
        designate, the principal sum of one hundred fifty thousand ($150,000.00),
        with
        interest from the date hereof on unpaid principal balance at the rate of
        eight
        percent (8%), simple interest per annum, based upon a 365 day year (the
“Interest Rate”).

      

      1.   
          The
        Note. The Maker, Holder and Welund Acquisition, Inc., a Nevada corporation
        and a wholly-owned subsidiary of the Holder (the “Merger Sub”), are parties to a
        certain Agreement and Plan of Merger dated August 23, 2006 (the “Merger
        Agreement”), which contemplates the merger of the Merger Sub into the Maker with
        the Maker surviving as the wholly-owned subsidiary of the Holder (the “Merger”).
        The Holder, in its sole and absolute discretion, separate from any obligations
        and rights set forth in the Merger Agreement, has loaned the Maker one hundred
        fifty thousand ($150,000.00), to be used for the Maker’s working capital. All
        unpaid principal and any unpaid accrued interest shall be due and payable
        to the
        Holder in accordance to the terms of this Note and in no event shall be
        conditioned upon the consummation of the Merger. 

      

      2. 
            Repayment.
        The entire unpaid balance of the principal and accrued interest thereon shall
        be
        due and payable upon demand of payment by Holder. All payments shall be credited
        first to accrued but unpaid interest due under the Note, and second, to the
        reduction of the unpaid principal. 

      

      3.  
           Prepayments.
        Maker may prepay this Note in whole or in part at any time without penalty.
        Partial prepayments shall be credited (i) first toward accrued but unpaid
        interest due under this Note and (ii) second toward the reduction of the
        unpaid
        principal.

      

      4.    
         Costs.
        In the event that (i) any payment under this Note is not made at the time
        and in
        the manner required hereunder, and (ii) the Holder hereof incurs any costs
        of
        collection or other costs reasonably necessary for the protection of the
        interest of Holder with respect to this Note, including reasonable attorney’s
        fees, Maker agrees to pay any and all costs and expenses (regardless of the
        particular nature thereof and whether incurred before or after the initiation
        of
        suit or before or after judgment) which may be incurred by the Holder hereof
        in
        connection with the enforcement of any of its rights under this Note, including
        court costs and attorneys' fees.

      

      5.   
          Waivers.
        Maker shall waive presentment by Holder for payment, demand, notice of dishonor
        and nonpayment of this Note, and consent to any and all extensions of time,
        renewals, waivers or modifications that may be granted by Holder with respect
        to
        the payment or other provisions of this Note, with or without
        substitution.

      

      6.    
         Governing
        Law. This Note is delivered in the State of California and all actions
        arising out of or in connection with this Note shall be governed by and
        construed in accordance with the laws of the State of California without
        regard
        to its conflicts of laws provisions.

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      7.  
           Severability.
        If for any reason one or more of the provisions of this Note or their
        application to any person or circumstances shall be held to be invalid, illegal
        or unenforceable in any respect or to any extent, such provisions shall
        nevertheless remain valid, legal and enforceable in all such other respects
        and
        to such extent as may be permissible. In addition, any such invalidity,
        illegality or unenforceability shall not affect any other provisions of this
        Note, but this Note shall be construed as if such invalid, illegal or
        unenforceable provision had never been contained therein.

      

      8.   
          Successors
        and Assigns; Transferability. This Note inures to the benefit of Holder and
        binds Maker and its respective successors and assigns. This Note shall not
        be
        transferable or assignable, by operation of law or otherwise, by Maker without
        the express written consent of Holder. Any transfer in violation of this
        provision shall be void ab initio. The Holder may assign this Note at any
        time
        without the consent of Maker. Following the effective date of any assignment
        by
        Holder, Holder shall provide Maker immediate notice of such assignment, which
        notice shall identify the assignee and provide the address and facsimile
        number
        of such assignee. Unless and until Maker receives a notice of an assignment,
        Maker shall be permitted to recognize the Holder as holder of the Note and
        shall
        not be liable for any payment made to Holder instead of the assignee of the
        Note. Following receipt of notice of an assignment of the Note, Maker shall
        recognize the assignee as Holder for all purposes under this Note.

      

      9.    
         Amendment.
        Any provision of this Note may be amended, waived or modified upon the written
        consent of both the Maker and Holder.

      

      10.   
        Payment.
        All payments contemplated herein shall be made in legal tender of the United
        States.

      

      IN
        WITNESS WHEREOF, the undersigned has executed this Note on the date first
        written above.

      

      
        	 	
                MAKER

              
	 	 
	 	
                Solar
                  Power, Inc. 

              
	 	
                a
                  California corporation

              
	 	 
	 	
                /s/
                  Glenn
                  Carnahan                                                
                  

              
	 	
                By:
                  Glenn Carnahan

              
	 	
                Its:
                  Chief Financial Officer

              

      

      
 

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       2Exhibit 18 (10.15) - Unsecured Promissory Note ($50,000)

    
      

      

    

    Exhibit
      10.15

    

      UNSECURED
        PROMISSORY NOTE

      

      

      
        	
                $50,000.00

              	
                Granite
                  Bay, California

              
	 	
                September
                  6, 2006

              

      

      

      FOR
        THE
        VALUE RECEIVED, Solar Power, Inc., a California corporation, with a principal
        place of business at 4080 Cavitt Stallman Road, Suite 100, Granite Bay,
        California 95746 (the “Maker”), promises to pay to Welund Fund, Inc., a Nevada
        corporation (the “Holder”) or order, at 1940 Zinfandel Drive, Suite R, Rancho
        Cordova, California 95670, or such other place as the Holder hereof may
        designate, the principal sum of fifty thousand ($50,000.00), with interest
        from
        the date hereof on unpaid principal balance at the rate of eight percent
        (8%),
        simple interest per annum, based upon a 365 day year (the “Interest
        Rate”).

      

      1.   
          The
        Note. The Maker, Holder and Welund Acquisition, Inc., a Nevada corporation
        and a wholly-owned subsidiary of the Holder (the “Merger Sub”), are parties to a
        certain Agreement and Plan of Merger dated August 23, 2006 (the “Merger
        Agreement”), which contemplates the merger of the Merger Sub into the Maker with
        the Maker surviving as the wholly-owned subsidiary of the Holder (the “Merger”).
        The Holder, in its sole and absolute discretion, separate from any obligations
        and rights set forth in the Merger Agreement, has loaned the Maker fifty
        thousand ($50,000.00), to be used for the Maker’s working capital. All unpaid
        principal and any unpaid accrued interest shall be due and payable to the
        Holder
        in accordance to the terms of this Note and in no event shall be conditioned
        upon the consummation of the Merger. 

      

      2. 
            Repayment.
        The entire unpaid balance of the principal and accrued interest thereon shall
        be
        due and payable upon demand of payment by Holder. All payments shall be credited
        first to accrued but unpaid interest due under the Note, and second, to the
        reduction of the unpaid principal. 

      

      3.  
           Prepayments.
        Maker may prepay this Note in whole or in part at any time without penalty.
        Partial prepayments shall be credited (i) first toward accrued but unpaid
        interest due under this Note and (ii) second toward the reduction of the
        unpaid
        principal.

      

      4.    
         Costs.
        In the event that (i) any payment under this Note is not made at the time
        and in
        the manner required hereunder, and (ii) the Holder hereof incurs any costs
        of
        collection or other costs reasonably necessary for the protection of the
        interest of Holder with respect to this Note, including reasonable attorney’s
        fees, Maker agrees to pay any and all costs and expenses (regardless of the
        particular nature thereof and whether incurred before or after the initiation
        of
        suit or before or after judgment) which may be incurred by the Holder hereof
        in
        connection with the enforcement of any of its rights under this Note, including
        court costs and attorneys' fees.

      

      5.   
          Waivers.
        Maker shall waive presentment by Holder for payment, demand, notice of dishonor
        and nonpayment of this Note, and consent to any and all extensions of time,
        renewals, waivers or modifications that may be granted by Holder with respect
        to
        the payment or other provisions of this Note, with or without
        substitution.

      

      6.    
         Governing
        Law. This Note is delivered in the State of California and all actions
        arising out of or in connection with this Note shall be governed by and
        construed in accordance with the laws of the State of California without
        regard
        to its conflicts of laws provisions.

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      7.  
           Severability.
        If for any reason one or more of the provisions of this Note or their
        application to any person or circumstances shall be held to be invalid, illegal
        or unenforceable in any respect or to any extent, such provisions shall
        nevertheless remain valid, legal and enforceable in all such other respects
        and
        to such extent as may be permissible. In addition, any such invalidity,
        illegality or unenforceability shall not affect any other provisions of this
        Note, but this Note shall be construed as if such invalid, illegal or
        unenforceable provision had never been contained therein.

      

      8.   
          Successors
        and Assigns; Transferability. This Note inures to the benefit of Holder and
        binds Maker and its respective successors and assigns. This Note shall not
        be
        transferable or assignable, by operation of law or otherwise, by Maker without
        the express written consent of Holder. Any transfer in violation of this
        provision shall be void ab initio. The Holder may assign this Note at any
        time
        without the consent of Maker. Following the effective date of any assignment
        by
        Holder, Holder shall provide Maker immediate notice of such assignment, which
        notice shall identify the assignee and provide the address and facsimile
        number
        of such assignee. Unless and until Maker receives a notice of an assignment,
        Maker shall be permitted to recognize the Holder as holder of the Note and
        shall
        not be liable for any payment made to Holder instead of the assignee of the
        Note. Following receipt of notice of an assignment of the Note, Maker shall
        recognize the assignee as Holder for all purposes under this Note.

      

      9.    
         Amendment.
        Any provision of this Note may be amended, waived or modified upon the written
        consent of both the Maker and Holder.

      

      10.   
        Payment.
        All payments contemplated herein shall be made in legal tender of the United
        States.

      

      IN
        WITNESS WHEREOF, the undersigned has executed this Note on the date first
        written above.

      

      
        	 	
                MAKER

              
	 	 
	 	
                Solar
                  Power, Inc. 

              
	 	
                a
                  California corporation

              
	 	 
	 	
                /s/
                  Glenn
                  Carnahan                                                
                  

              
	 	
                By:
                  Glenn Carnahan

              
	 	
                Its:
                  Chief Financial Officer

              

      

      
 

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       2

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