Document:

Promissory
Note

"Note"

 

	$200,000.00	 	March 22nd, 2019 	

 

 

Borrower:Parashar
Patel and Jimmy Lee, Jointly 

_______________________________________

_______________________________________

 

Lender:Old Sawmill Partners,
LLC 7441 Tracyton Blvd

Bremerton, WA 98311

		1.	Loan
                                         Terms. Lender and Borrower agree that Borrower shall be obligated to Lender for
                                         the amount of TWO HUNDRED THOUSAND DOLLARS ($200,000.00), in connection with the payment
                                         obligation on the part of the Borrower for the Series B Preferred shares of Premier Products
                                         Group, Inc. Collateral identified in Security Agreement – Series B Preferred shares
                                         of Premier Products Group, Inc.

		2.	Payment
                                         Amount. For value received the Borrower agrees to pay to Lender or its assigns
                                         the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000.00) at 7441 Tracyton Blvd, Bremerton,
                                         WA 98311 or at such other place as Lender or its assigns may appoint, plus interest thereon
                                         as set forth herein.

		3.	Interest.
                                         No Interest shall be charged, through the June 30, 2019 due date.

		4.	Payment
                                         Terms. Due and payable in full no later than June 30, 2019.

		5.	Default.
                                         The balance due under this Note may, at the option of Lender, be declared immediately
                                         due and payable, should Borrower breach the terms of this Agreement of the Security Agreement.
                                         Borrower waives presentment for payment, protest, notice of dishonor, and notice before
                                         declaring a default. Lender may delay in enforcing its rights or in giving any notices
                                         without losing its rights.

		6.	Notices.
                                         All notices to be given to Borrower with regard to this Note must be in writing
                                         and will be deemed delivered forty-eight (48) hours after deposit in the United States
                                         mail, registered or certified, addressed to Borrower at the mailing address for Borrower
                                         or to such other address as Borrower may have specified by prior notice in writing, or
                                         receipt of notice by Escrow agent.

		7.	Attorney
                                         Fees. In the event this Note is placed in the hands of any attorney for collection,
                                         regardless of whether or not a lawsuit is filed, the Borrower shall reimburse Lender
                                         for any reasonable attorney fees incurred. In case litigation is instituted, including
                                         any bankruptcy or arbitration proceedings, arising out of this Note, the losing party
                                         shall pay the prevailing party’s reasonable attorney fees, together with all expenses
                                         which may reasonably be incurred in taking such action, including but not limited to,
                                         costs incurred in searching records, the costs of title reports and expert witness fees,
                                         and anticipated post-judgment collection services. If any appeal is taken from any judgment
                                         of the trial court, the losing party shall pay the prevailing party in the appeal its
                                         reasonable attorney’s fees and costs in such appeal.

    	 

    	 

    
		8.	Governing
                                         Law. This Note is governed by the law of the state of Washington without regard
                                         for conflict of laws principles; provided, however, that to the extent the holder of
                                         this Note has greater rights or remedies under federal law, this provision shall not
                                         be deemed to deprive the holder of such rights and remedies as may be available under
                                         federal law.

 

 

	 	 	 	BORROWERS:
	 	 	 	 
	 	 	 	PARSHAR PATEL
	 	 	 	 
	 	 	 	/s/
    Parashar Patel
	 	 	 	Signature
     
	 	 	 	 
	 	 	 	JIMMY LEE
	 	 	 	 
	 	 	 	/s/
    Jimmy Lee
	 	 	 	Signature
        
    
	 	 	 	 
	 	 	 	LENDER: 
	 	 	 	 
	 	 	 	OLD SAWMILL PARTNERS, LLC
	 	 	 	 
	 	 	 	/s/
    Terry L. Stein
	 	 	 	By:
    Terry L. Stein, Manager 
	 	 	 	SignatureSECURITY
AGREEMENT AND FINANCING STATEMENT

DEBTOR:SECURED PARTY:

	Name:
    Parashar Patel and Jimmy Lee, Jointly	Name:
    Old Sawmill Partners, LLC
	Address:
                                         850 Stephenson Hwy, #601

        Troy,
        Michigan 48038
	Address:
    7441 Tracyton Blvd

                    Bremerton, WA 98311
	 	 

 

1.
OBLIGATIONS SECURED BY THIS AGREEMENT: FUNDS FOR WHICH THE DEBTOR IS OBLIGATED: $ 200,000.00.

2.
COLLATERAL: 51 uncertificated shares of Series B Preferred stock of Premier Products Group, Inc.

Unencumbered
and remain as a block until full obligation paid.

		3.	OWNERSHIP
                                         OF COLLATERAL. The debtor is, or is to become, the owner of the collateral, and has,
                                         or will have when the collateral is acquired, the right to convey a security interest
                                         in it to the Secured Party. The collateral is, or will be when acquired, free and clear
                                         of all liens, claims, charges, encumbrances, taxes, and assessments, with the exception
                                         of the Note for which the collateral is provided.

		4.	TITLE.
                                         This agreement is not intended to affect the title to the collateral which is, or
                                         will become, vested in the Debtor.

5.       ACTS
TO BE PERFORMED BY DEBTOR. The Debtor agrees as follows:

		(a)	Payment
                                         and Performance. The Debtor shall pay and perform all of the obligations secured
                                         by this agreement according to their terms.

		(b)	Further
                                         Assurances. The Debtor shall defend the title to the collateral against all persons.
                                         On demand by the Secured Party, the Debtor shall: (1) furnish further assurance of title;
                                         (2) furnish further security for the obligations secured by this agreement; and (3) execute
                                         any written instruments or do any other acts necessary to make effective the purposes
                                         and provisions of this agreement.

		(c)	Possession
                                         and Removal. The law offices of Carl Duncan shall remain in possession of the collateral
                                         until full payment or default under this agreement. The collateral may be removed from
                                         its present location only with the written consent of the Secured Party.

		(d)	Sale
                                         and Exchange. The Debtor may not sell or exchange the collateral without the written
                                         consent of the Secured Party, and whether or not such consent has been obtained, the
                                         proceeds of such sale or exchange at the option of the Secured Party shall be: (1) applied
                                         on the obligations secured by this agreement, or (2) subject to the lien of this agreement.

		(e)	Certain
                                         Acts Required. (1) Proper care and inspection. The Debtor shall use reasonable
                                         care in the preservation of the collateral. (2) Encumbrances and Taxes. The Debtor
                                         shall keep the collateral free from all liens, claims, charges, encumbrances, taxes and
                                         assessments. The Debtor shall refrain from taking any action which would cause the collateral
                                         to no longer have voting control over the issuer. (3) Voting rights of the Preferred.
                                         Debtor shall remain the party of record for the Series B Preferred, however, Debtor may
                                         not vote items materially effecting Premier Products Group, Inc. without express written
                                         approval by Secured Party. Doing so could jeopardize the value of the security and be
                                         considered a breach of the Agreement.

		(f)	Failure
                                         to Perform Required Acts.

(1) 
Performance by Secured Party. Upon failure by the Debtor to perform the acts described in paragraph (e) above, the Secured
Party is authorized and has the option to take possession of the collateral and to perform any of said acts in any manner deemed
proper by the Secured Party, without waiving any rights to enforce this agreement.

(2) 
Advances Secured. The reasonable expenses (including the cost of any insurance and payment of taxes or other charges) paid
by the Secured Party in respect to the custody, preservation, use or operation of the collateral in his possession shall be deemed
advanced to the Debtor by the Secured Party, shall bear interest at the highest rate provided by the above described notes, and
shall be secured by this agreement.

    	 

    	 

    

		6.	WHEN
                                         OBLIGATIONS COME DUE. At the option of the Secured Party, the obligations secured
                                         by this agreement shall become immediately due and payable in full upon the happening
                                         of one or more of the following events:

		(a)	Default
                                         in Obligation. If the Debtor shall fail to perform any of the obligations secured
                                         by this agreement.

		(b)	Default
                                         in Security Agreement. If the Debtor shall fail to perform any covenant, condition
                                         or provision of this agreement.

		(c)	Insecurity.
                                         If the Secured Party shall at any time deem himself insecure in that the Secured
                                         Party in good faith believes that the prospect of payment or performance is impaired.

		(d)	Miscellaneous.
                                         Without in any way limiting the generality of the foregoing:

		(1)	If
                                         the debtor shall fail to comply with any statute, requirement, rule, regulation, order
                                         or decree, of any federal, state, municipal or other governmental authority relating
                                         to the collateral.

		(2)	If
                                         the collateral be levied upon by virtue of an execution issued upon any judgment or any
                                         other process.

		(3)	If
                                         the Debtor be insolvent.

		(4)	If
                                         a petition or arrangement in bankruptcy be, or is to be filed by or against the Debtor.

		(5)	If
                                         a general assignment for the benefit of creditors be made by the Debtor.

		(6)	If
                                         an application for receivership of any nature be, or is to be, filed, or a receiver of
                                         the Debtor’s property be appointed in any action or proceeding.

		(7)	If
                                         the Debtor shall die, or if the Debtor is a corporation, association or partnership and
                                         it shall be, or about to be, voluntarily or involuntarily dissolved.

		8.	REMEDIES
                                         UPON DEFAULT.

		(a)	General.
                                         In the event of default under this agreement the Debtor and the Secured Party have
                                         the rights and remedies as provided in Article 9 of the Uniform Commercial code and,
                                         in addition, those provided in this agreement.

		(b)	Duty
                                         of Debtor to Assemble Collateral. In the event of default the Debtor shall upon request
                                         of the Secured Party because the collateral to no longer be uncertificated, by causing
                                         the issuance of a physical certificate and to make it available to the Secured Party
                                         at the place designated by the Secured Party, which is reasonably convenient to both
                                         parties.

		9.	COVENANT
                                         TO PAY DEFICIENCY. Upon default if the sale or other disposition of the collateral
                                         fails to satisfy the obligations secured by this agreement and the reasonable expenses
                                         of retaking, holding, preparing for sale, selling and the like, including reasonable
                                         attorneys’ fees and legal expenses incurred by the Secured Party in connection
                                         with this agreement or the obligation it secures, the Debtor shall be liable for any
                                         deficiency.

10. MISCELLANEOUS.
The Debtor and the Secured Party agree as follows:

		(a)	No
                                         Discharge. No party to this agreement shall be discharged by any extension of time,
                                         additional advances and notes, renewals and extensions of any note, the taking of further
                                         security, releasing security, extinguishment of the security interest as to all or any
                                         part of the collateral, or any other act except a release or discharge of the secured
                                         interest upon the full payment of the obligation secured by this agreement including
                                         charges, expenses, fees, costs and interest.

		(b)	No
                                         Waiver or Estoppels. Any failure by the Secured Party to exercise any right set forth
                                         in this agreement shall not constitute a waiver thereof. Nothing in this agreement or
                                         in the obligations secured by it shall preclude any other remedy by action or otherwise
                                         for the enforcement of this agreement or the payment in full of the obligations secured
                                         by it.

		(c)	Succession.
                                         This agreement shall bind the respective executors, administrators, distributes,
                                         successors and assigns of the Debtor and the Secured Party.

		(d)	Governing
                                         Law. The rights of the parties under this agreement shall be governed by the laws
                                         of the State of Washington.

Signed this
22nd______day of March______________2019______.

	Signature
    of Debtor	 	Signature
    of Secured Party
	 	 	 
	 	 	 
	/s/Parashar
    Patel	 	/s/
    Terry L Stein, Manager
	 	 	 
	/s/
    Jimmy Lee

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