Document:

exhibit_10-3.htm

    
      

    

    EXHIBIT
10.3

    
       

      THIS
PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”).  NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN
COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO
MAKER  THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT
OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

       

      

      

      

      

      

      PROMISSORY
NOTE

       

      
        	$15,000.00  	
                 February 20,
      2008

              

      

      
      

       

      FOR VALUE
RECEIVED, the undersigned, Secured Financial Network, Inc.  (“Maker”),
promises to pay to the order of HEB, LLC, (“Payee”), the principal sum of
Fifteen Thousand and no/100 ($15,000.00), together with interest accrued thereon
(calculated on the basis of a 365-day year) at a rate of 10% per annum from the
date hereof until this Note is paid in full.

      

      
        1.           Re-Payment.  Maker
will re-pay this Note to Payee at 777 Main Street, Suite 3100, Fort Worth, Texas
76102. Note to be paid in full on or before December 31,
2008.

      

      

      2.           Original
Prepayment.  Maker may at its sole option prepay all or any
part of the principal of this Note before maturity without penalty or
premium.

      

      3.           Events of Default and
Remedies.  At the option of Payee, the entire principal balance
of, together with all accrued and unpaid interest on, this Note shall at once
become due and payable, without further notice or demand, upon the occurrence at
any time of any of the following events or default (“Events of
Default”):

      

      (i)           Failure
of Maker to make any payment of accumulated interest and principal on this Note
as and when the same becomes due and payable in accordance with the terms hereof
and such failure continues for a period of five days after the receipt by Maker
of written notice from Payee of the occurrence of such failure;

      (ii)           Maker
shall (a) become insolvent, (b) voluntarily seek, consent to, acquiesce in the
benefit or benefits of any Debtor Relief Law (as hereinafter defined) or (c)
become party to (or be made the subject of) any proceeding provided by any
Debtor Relief Law, other than as a creditor or claimant, that could suspend or
otherwise adversely affect the rights of Payee granted hereunder (unless in the
event such proceeding is involuntary, the petition instituting the same is
dismissed within 90 days of the filing of same).  As used herein, the
term “Debtor Relief Law” means the Bankruptcy Code of the United States of
America and all other applicable liquidation, conservatorship, bankruptcy,
moratorium, rearrangement, receivership, insolvency, reorganization or similar
debtor relief laws from time to time in effect affecting the rights of creditors
generally.

      

      In the event any one or more of the
Events of Default specified above shall have occurred, the holder of this Note
may proceed to protect and enforce its rights either by suit in equity and/or by
action at law, or by other appropriate proceedings, whether for the specific
performance of any covenant or agreement contained in this Note, or to enforce
any other legal and equitable right of the holder of this Note.

      

      4.           Waiver.  Except
as expressly provided herein, Maker, and each surety, endorser, guarantor and
other party ever liable for the payment of any sum of money payable on this
Note, jointly and severally waive demand, presentment, protest, notice of
non-payment, notice of intention to accelerate, notice of protest and any and
all lack of due diligence or delay in collection or the filing of suit hereon
which may occur.

      

      5.           Cumulative
Right.  No delay on the part of the holder of this Note in the
exercise of any power or right under this Note shall operate as a waiver
thereof, nor shall a single or partial exercise of any other power or
right.  Enforcement by the holder of this Note of any security for the
payment hereof shall not constitute any election by it of remedies so as to
preclude the exercise of any other remedy available to it.

      

      6.           Notices.  Any
notice or demand given hereunder by the holder hereof shall be deemed to have
been given and received (i) when actually received by Maker, if delivered in
person or by facsimile transmission, or (ii) if mailed, on the earlier of the
date actually received or (whether ever received or not) three Business Days (as
hereinafter defined) after a letter containing such notice, certified or
registered, with postage prepaid, addressed to Maker, is deposited in the United
Stated mail.  The address of Maker is 1180 SW 36th Ave, Suite 204, Pompano Beach
Florida 33069, or such other address, as Maker shall advise the holder
hereof by certified or registered letter by this same
procedure.  “Business Day’” means every day which is not a Saturday,
Sunday or legal holiday in Texas.

      

      7.           Successors and
Assigns.  This Note and all covenants, promises and agreements
contained herein shall be binding upon and inure to the benefit of the
respective legal representatives, personal representative, devisees, heirs,
successors and assigns of Payee and Maker.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      8.           GOVERNING
LAW.  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.  IN CASE ANY ONE OR
MORE OF THE PROVISIONS CONTAINED IN THIS NOTE SHALL FOR ANY REASON BE HELD TO BE
INVALID, ILLEGAL OR UNENFORCEABLE IN ANY RESPECT, SUCH INVALIDITY, ILLEGALITY OR
UNENFORCEABILITY SHALL NOT AFFECT ANY OTHER PROVISION HEREOF.

      

      9.           Attorneys’ Fees and
Costs.  In the event an Event of Default shall occur, and in
the event that thereafter this Note is placed in the hands of any attorney for
collection, or in the event this Note is collected in whole or in part through
legal proceedings of any nature, then and in any such case Maker promises to pay
all costs of collection, including, but not limited to, reasonable attorneys’
fees incurred by the holder hereof on account of such collection, whether or not
suit is filed.

      

      10.           Headings.  The
headings of the sections of this Note are inserted for convenience only and
shall not be deemed to constitute a part hereof.

      

      EXECUTED as of the day and year first
above written.

      

      Secured Financial Network,
Inc.

      

      By:  Jeffrey L.
Schultz                                  

              By:
Jeffrey L. Schultz, President/CEO

      

      

      

      

      

      

      

      

      

      

      

      

      
 

       

       

       

       

      2exhibit_10-4.htm

    
      

    

    EXHIBIT
10.4

     

    THIS
PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”).  NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN
COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO
MAKER  THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT
OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

     

    
 

    

    

    

    PROMISSORY
NOTE

     

    
      	$20,000.00 	
               February 27,
      2008

            

    

    
    

     

    FOR VALUE
RECEIVED, the undersigned, Secured Financial Network, Inc.  (“Maker”),
promises to pay to the order of HEB, LLC, (“Payee”), the principal sum of Twenty
Thousand and no/100 ($20,000.00), together with interest accrued thereon
(calculated on the basis of a 365-day year) at a rate of 10% per annum from the
date hereof until this Note is paid in full.

    

    
      1.           Re-Payment.  Maker
will re-pay this Note to Payee at 777 Main Street, Suite 3100, Fort Worth, Texas
76102. Note to be paid in full on or before December 31,
2008.

    

    

    2.           Original
Prepayment.  Maker may at its sole option prepay all or any
part of the principal of this Note before maturity without penalty or
premium.

    

    3.           Events of Default and
Remedies.  At the option of Payee, the entire principal balance
of, together with all accrued and unpaid interest on, this Note shall at once
become due and payable, without further notice or demand, upon the occurrence at
any time of any of the following events or default (“Events of
Default”):

    

    (i)           Failure
of Maker to make any payment of accumulated interest and principal on this Note
as and when the same becomes due and payable in accordance with the terms hereof
and such failure continues for a period of five days after the receipt by Maker
of written notice from Payee of the occurrence of such failure;

    (ii)           Maker
shall (a) become insolvent, (b) voluntarily seek, consent to, acquiesce in the
benefit or benefits of any Debtor Relief Law (as hereinafter defined) or (c)
become party to (or be made the subject of) any proceeding provided by any
Debtor Relief Law, other than as a creditor or claimant, that could suspend or
otherwise adversely affect the rights of Payee granted hereunder (unless in the
event such proceeding is involuntary, the petition instituting the same is
dismissed within 90 days of the filing of same).  As used herein, the
term “Debtor Relief Law” means the Bankruptcy Code of the United States of
America and all other applicable liquidation, conservatorship, bankruptcy,
moratorium, rearrangement, receivership, insolvency, reorganization or similar
debtor relief laws from time to time in effect affecting the rights of creditors
generally.

    

    In the event any one or more of the
Events of Default specified above shall have occurred, the holder of this Note
may proceed to protect and enforce its rights either by suit in equity and/or by
action at law, or by other appropriate proceedings, whether for the specific
performance of any covenant or agreement contained in this Note, or to enforce
any other legal and equitable right of the holder of this Note.

    

    4.           Waiver.  Except
as expressly provided herein, Maker, and each surety, endorser, guarantor and
other party ever liable for the payment of any sum of money payable on this
Note, jointly and severally waive demand, presentment, protest, notice of
non-payment, notice of intention to accelerate, notice of protest and any and
all lack of due diligence or delay in collection or the filing of suit hereon
which may occur.

    

    5.           Cumulative
Right.  No delay on the part of the holder of this Note in the
exercise of any power or right under this Note shall operate as a waiver
thereof, nor shall a single or partial exercise of any other power or
right.  Enforcement by the holder of this Note of any security for the
payment hereof shall not constitute any election by it of remedies so as to
preclude the exercise of any other remedy available to it.

    

    6.           Notices.  Any
notice or demand given hereunder by the holder hereof shall be deemed to have
been given and received (i) when actually received by Maker, if delivered in
person or by facsimile transmission, or (ii) if mailed, on the earlier of the
date actually received or (whether ever received or not) three Business Days (as
hereinafter defined) after a letter containing such notice, certified or
registered, with postage prepaid, addressed to Maker, is deposited in the United
Stated mail.  The address of Maker is 1180 SW 36th Ave, Suite 204, Pompano Beach
Florida 33069, or such other address, as Maker shall advise the holder
hereof by certified or registered letter by this same
procedure.  “Business Day’” means every day which is not a Saturday,
Sunday or legal holiday in Texas.

    

    7.           Successors and
Assigns.  This Note and all covenants, promises and agreements
contained herein shall be binding upon and inure to the benefit of the
respective legal representatives, personal representative, devisees, heirs,
successors and assigns of Payee and Maker.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    8.           GOVERNING
LAW.  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.  IN CASE ANY ONE OR
MORE OF THE PROVISIONS CONTAINED IN THIS NOTE SHALL FOR ANY REASON BE HELD TO BE
INVALID, ILLEGAL OR UNENFORCEABLE IN ANY RESPECT, SUCH INVALIDITY, ILLEGALITY OR
UNENFORCEABILITY SHALL NOT AFFECT ANY OTHER PROVISION HEREOF.

    

    9.           Attorneys’ Fees and
Costs.  In the event an Event of Default shall occur, and in
the event that thereafter this Note is placed in the hands of any attorney for
collection, or in the event this Note is collected in whole or in part through
legal proceedings of any nature, then and in any such case Maker promises to pay
all costs of collection, including, but not limited to, reasonable attorneys’
fees incurred by the holder hereof on account of such collection, whether or not
suit is filed.

    

    10.           Headings.  The
headings of the sections of this Note are inserted for convenience only and
shall not be deemed to constitute a part hereof.

    

    EXECUTED as of the day and year first
above written.

    

    Secured Financial Network,
Inc.

    

    By:  Jeffrey L.
Schultz                                   

            By:
Jeffrey L. Schultz, President/CEO

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    2

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