Document:

EXHIBIT 10.9

 

NOTE EXTENSION AGREEMENT

 

 

This Note Extension Agreement (this "Extension
Agreement"), by and between Invisa, Inc., a Nevada corporation, having a business at 1800 2nd Street, Suite 965, Sarasota,
Florida 34236 (the “Borrower”), and Centurian Investors, Inc., a Delaware corporation, having an address at 1800 2nd
Street Suite 970, Sarasota, Florida 34236 (the “Lender”) is entered into as of this 7th day of March, 2014 and shall
be effective as of the date hereof (the “Effective Date”).

 

RECITALS:

 

WHEREAS, Borrower
is indebted to Lender pursuant to that certain Promissory Note, dated December 31, 2013, in the principal amount of up to Two
Hundred Thirty Two Thousand One Hundred Nine ($232,109.00) (the “Note”),

 

WHEREAS, the Note is secured by (a) an aggregate
of Three Million, Eight Hundred Forty Eight Thousand Four Hundred Eighty Five (3,848,485) shares of common stock of Borrower and
(b) a first priority lien on all of the assets of Borrower as more specifically described in the Note and that certain General
Security Agreement, dated February 28, 2007 (the “Security Agreement” the Notes and the Security Agreement, together
with all documents executed in connection therewith being hereinafter referred to collectively as the “Loan Documents”);
and

 

WHEREAS, the outstanding principal balance,
together with accrued and unpaid interest, of the Note was due and payable on March 1, 2012; and

 

WHEREAS, Lender has periodically agreed to
forebear with respect to certain provisions of the Notes; and

 

WHEREAS, Borrower has requested and Lender
agreed to extend the maturity date of the Note, upon the terms and subject to the provisions set forth herein.

 

NOW THEREFORE, for ten ($10.00) Dollars, and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

 

1. Terms used herein which are defined in
the Loan Documents shall have the same meanings when used herein unless otherwise provided herein.

 

2. The Note is hereby amended to extend the
Maturity Date of the Note from March 31, 2015 to April 15, 2018.

 

3. Lender shall attach an executed copy of
this Amendment to the original Note and all references hereafter to the Note shall be as amended hereby.

 

4. No right of Lender with respect to the
loan evidenced by the Loan Documents or any agreement, security agreement, financing statements or other documents, executed or
delivered in connection therewith are or will be in any manner, released, destroyed, diminished or otherwise adversely affected
by this Agreement, except as expressly provided herein.

 

5. Borrower understands and agrees that the
remaining provisions of the Note shall remain in full force and effect without any changes or modification except as expressly
stated herein.

 

6. The provisions set forth herein are limited
precisely as written and shall not be deemed to (a) be a consent to, or waiver or modification of, any other term or condition
of the Loan Documents, or (b) except as expressly set forth herein, prejudice any right or rights which the Lender may now have
or may have in the future under or in connection with the Loan Documents or any of the other documents referred to therein. Except
as expressly modified hereby or by express written amendments thereof, the terms and provisions of the Loan Documents or any other
documents or instruments executed in connection with any of the foregoing are and shall remain in full force and effect. In the
event of a conflict between this Agreement and any of the foregoing documents, the terms of this Agreement shall be controlling.
The representations and warranties made in each Loan Document are true and correct in all material respects on and as of the date
of this Agreement.

 

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7. None of the provisions of this Agreement
shall inure to the benefit of Borrower or any person other than Lender. Consequently, Borrower shall not be, and no person other
than the Lender shall be, entitled to rely upon or raise a claim or defense, in any manner whatsoever, the failure of Lender to
comply with the provisions of this Agreement. Lender shall not incur any liability to Borrower or any other person for any act
or omission whatsoever.

 

8. This Agreement and the documents referred
to herein represent the entire understanding of the parties hereto regarding the subject matter hereof and supersede all prior
and contemporaneous oral and written agreements of the parties hereto with respect to the subject matter hereof.

 

9. This Agreement may be executed in any number
of counterparts and by different parties on separate counterparts and all of such counterparts shall together constitute one and
the same instrument. Complete sets of counterparts shall be lodged with the Borrower and the Lender.

 

IN WITNESS WHEREOF, this Agreement is executed
as of the date first written above and shall be effective as of the Effective Date.

 

	INVISA,
    INC.	 	CENTURIAN
    INVESTORS, INC.
	 	 	 
	/s/
    Edmund C. King	 	/s/
    Howard R. Curd
	Edmund C. King	 	Howard R. Curd
	Chief Executive Officer

        March 7, 2014
	 	Chief Executive Officer

        March 7, 2014

 

 

    	2ex10-1.htm

REVOLVING CREDIT GRID NOTE

$400,000

January 24, 2014

Orange, CA

On the due date for each advance (as recorded on the grid attached hereto as Schedule A or on any additional pages thereof), the undersigned Merculite Distributing, Inc., (the “Maker”), having an address 19081 N. Shelby Dr., Maricopa, AZ 85138; promises to pay to the order of Blackcraft Emoji Incorporated (the “Holder”), having an address at 1030 N Main Street. Unit B, Orange, CA 92867; or such other place as may be designated in writing by the Holder, the principal sum of up to Four Hundred Thousand Dollars ($400,000), or the aggregate amount of all unpaid revolving credit loans (“Advances”) made to the Maker by the Holder from time to time hereinafter, whichever is less, and to accrue interest (computed on the basis of a year of 360 days) from the date of this Note on the unpaid principal amount of this Note, in like money, at said address, at the interest rate set forth below, payable concurrent with the principal. All principal and accrued interest of this Note shall be due and payable on January 24, 2016 to the Holder.

1. INTEREST.      The principal amount of this Note shall bear interest at the rate of two percent (2%) per annum.

2. ENDORSEMENT.            All Advances made to the Maker by the Holder under this Note and all payments of principal amounts in respect of such Advances may be endorsed by the Holder on Schedule A attached to this Note, which endorsements shall, in the absence of manifest error, be conclusive as to the outstanding principal amount of all Advances; provided, however, that the failure to make such notation with respect to any Advance or payment shall not limit or otherwise affect the obligations of the Maker under this Note.

3. PAYMENT.                      This Note may be prepaid in whole or in part without the consent of the Holder.

4. DEFAULT.                      If all principal and interest due and owing to the Holder on this Note is not paid within thirty (30) days of demand by the Holder as set forth above, the Maker shall be deemed to be in default, and additional interest shall be deemed to have commenced to accrue from the date hereof at the rate of ten percent (10%) per annum. Upon such default, the Holder shall also be entitled to receive from the Maker all costs of collection of this Note, including without limitation, reasonable attorneys’ fees and disbursements, and costs of suit. All amounts payable pursuant to this Note shall be immediately due and payable, without presentment, demand, protest or notice of any kind, upon the occurrence of any of the following events (each, an “Event of Default”):

(a) Failure of the Maker to pay any installment of principal or interest on the date when it is due hereunder.

  

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(b) Failure of the Maker to perform or comply with any of the agreements, conditions, covenants, provisions or stipulations contained in this Note.

(c) Any assignment for the benefit of creditors made by the Maker.

(d) Appointment of a receiver, liquidator or trustee for the Maker; the filing by or against the Maker of any petition for bankruptcy pursuant to the Federal Bankruptcy Code or any similar federal or state statute (and, in the case of any such petition filed against the Maker, such petition is not dismissed within forty-five (45) days); or the institution of any proceeding for the dissolution or liquidation of the Maker.

5. WAIVER OF DEMAND.                  The undersigned hereby waives presentment, demand, notice of dishonor, protest, and all other demands and notices, in connection with the delivery, acceptance, performance, and enforcement of this Note.

6. NO ORAL MODIFICATIONS.        This Note can only be changed by an agreement in writing signed by both the Maker and the Holder.

7. SEVERABILITY.                                The invalidity or unenforceability of any provision of this Note will not in any manner affect any other provision. If any provision is determined to be invalid or unenforceable, this Note shall be construed as if the invalid or unenforceable provision were omitted.

8. GOVERNING LAW.                          This Note will be governed by the laws of the State of California without regard to conflicts of laws principals.

9. BINDING EFFECT.                            This Note shall be binding upon the Maker and any successor to the principal business interests of the Maker, whether by merger or otherwise.

10. NOTICES.                                 Any notice, request or other communication pursuant to this Note shall be deemed duly given if hand delivered or mailed by certified or registered mail, in the case of the Holder, to the address specified above, and in the case of the Maker, to the address specified above, or in the case of either party, to such other address as it may have designated as its address for receiving notices hereunder by a notice given to the party hereto in the manner herein provided.

IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed as of the date first above written.

Attest:

/S/ Steve Subick                                                            

By: Steve Subick, President

Merculite Distributing, Inc.

  

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SCHEDULE A

TO

REVOLVING CREDIT GRID NOTE

	
Date

	
Amount of Loan

	
Amount of Principal Repaid

	
Unpaid Principal Balance of Revolving Credit Grid Note

	
Name of Person Making Notation

	
01/24/14

	
$123,985

	  	
$276,015.00

	
Brandon Lane

	
02/20/14

	
$19,985

	  	
$256,030.00

	
Brandon Lane

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  

  

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