SEC Contract Filing

Filing Date: 2017-07-14

Document Content:
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<TYPE>EX-10.54
<SEQUENCE>7
<FILENAME>e616381_ex10-54.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&#9;PROMISSORY NOTE</B></P>

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 <TD STYLE="width: 50%">$7,500.00</TD>
 <TD STYLE="width: 50%; text-align: right">May 31, 2017</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>FOR VALUE RECEIVED</B>,
the undersigned, <B>Magna-Lab Inc.</B>, a New York corporation (&ldquo;<B>Borrower</B>&rdquo;), <B>HEREBY PROMISES TO PAY</B> to
the order of <B>Magna Acquisition LLC </B>or its registered assigns ( &ldquo;<B>Lender</B>&rdquo;), in lawful money of the United
States of America, in the manner and at the times provided hereinafter, the principal sum of Seven Thousand Five Hundred Dollars
(US$7,500), together with Interest (as hereinafter defined) and Default Interest (as hereinafter defined) and all other amounts
due and payable pursuant to and in accordance with terms of this Note.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest shall accrue
on the unpaid principal amount of this Note from the date hereof until such principal amount is paid in full. &ldquo;<B>Interest</B>&rdquo;
shall mean twelve percent (12%) per annum. Interest shall be computed on the actual number of days elapsed, predicated on a year
consisting of three hundred and sixty (360) days.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Default Interest, if
any, shall be payable on demand. &ldquo;<B>Default Interest</B>&rdquo; shall mean interest computed at fifteen percent (15%) per
annum, on (i) the entire principal balance of this Note from time to time unpaid from and after such amounts becomes due and payable
(whether upon maturity, by acceleration or otherwise), and (ii) any and all other unpaid amounts due pursuant to the terms and
provisions of this Note (including, but not limited to, accrued and unpaid Interest) from and after the respective date(s) on which
those amounts become due and payable, whether upon maturity, by acceleration or otherwise; in each case from and after the expiration
of any applicable grace period. Default Interest shall be computed on the actual number of days elapsed, predicated on a year consisting
of three hundred and sixty (360) days. Notwithstanding anything to the contrary contained herein, for any period in which Default
Interest is accruing on the entire unpaid principal balance hereunder, Interest shall not accrue. Default Interest shall compound
on an annual basis.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise accelerated
pursuant to the terms hereof, this Note shall mature and all outstanding and unpaid principal and Interest shall be due and payable
on the date that is 120 days from and after the date hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note may be prepaid,
in whole or in part, at any time by Borrower without premium or penalty. Any prepayment of this Note shall be accompanied by payment
of any Interest accrued and unpaid through the date of such prepayment, and all Default Interest, if any, accrued and unpaid through
the date of such prepayment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
to the contrary contained herein, upon the occurrence of any one or more of: (i) a default in the payment of any amounts due hereunder
and a failure to cure such default within five (5) business days, or (ii) a default hereunder, and the expiration of any grace
period applicable to any default as set forth herein, then at the sole option and discretion of Lender, and without further demand
or notice of any kind, the following shall become immediately due and payable:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">the aggregate principal amount of this Note outstanding and remaining unpaid hereunder;</TD></TR></TABLE>

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