SEC Contract Filing

Filing Date: 2016-05-02

Document Content:
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<TYPE>EX-10
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<FILENAME>ex_10-1.htm
<DESCRIPTION>AMENDMENT 6 TO DEMAND PROMISSORY NOTE DATED 04-29-2016
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<P style="margin:0px" align=right>Exhibit 10.1</P>
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<P style="margin:0px; font-size:12pt" align=center><B><U>AMENDMENT 6 TO DEMAND PROMISSORY NOTE</U></B></P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=360.133 ></TD><TD width=359.867 ></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=360.133><P style="margin:0px; font-size:12pt; text-align: justify"><B>USD $300,000</B></P>
</TD><TD style="margin-top:0px" valign=top width=359.867><P style="margin:0px; font-size:12pt" align=right>Seattle, WA</P>
<P style="margin:0px; font-size:12pt" align=right>July 17, 2014</P>
<P style="margin:0px; font-size:12pt" align=right>Amended December 31, 2014</P>
<P style="margin:0px; font-size:12pt" align=right>Amended March 31, 2015</P>
<P style="margin:0px; font-size:12pt" align=right>Amended July 15, 2015</P>
<P style="margin:0px; font-size:12pt" align=right>Amended September 30, 2015</P>
<P style="margin:0px; font-size:12pt" align=right>Amended December 31, 2015</P>
<P style="margin:0px; font-size:12pt" align=right>Amended April 29, 2016</P>
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<P style="margin:0px; text-indent:48px; font-size:12pt; text-align: justify">FOR VALUE RECEIVED, the undersigned (&ldquo;Maker&rdquo;) promises to pay to the order of J3E2A2Z LP or its assigns (&ldquo;Holder&rdquo;), the principal sum of Three Hundred Thousand U.S. Dollars ($300,000), all as hereinafter provided and upon the following terms, agreements, and conditions:</P>
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<P style="margin:0px; text-indent:48px; font-size:12pt; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maturity Date</U>. &nbsp;No monthly or other installment payments of principal or interest shall be required hereunder. &nbsp;This Note, originally due September 30, 2014, March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016 and shall be due and payable in full on June 30, 2016.</P>
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<P style="margin:0px; text-indent:48px; font-size:12pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment</U>. &nbsp;All payments shall be made to Holder hereof at the following address:</P>
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<P style="margin:0px; margin-left:48px; font-size:12pt">500 Union Street, Suite 420</P>
<P style="margin:0px; margin-left:48px; font-size:12pt">Seattle, WA 98101</P>
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<P style="margin:0px; font-size:12pt; text-align: justify">or at such other place as Holder may specify in writing from time to time. &nbsp;Whenever any payment to be made hereunder shall be due on a day other than a business day, such payment shall be made on the next succeeding business day. &nbsp;The term &ldquo;business day&rdquo; as used herein shall mean any day other than a Saturday, Sunday, or public holiday.</P>
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<P style="margin:0px; text-indent:48px; font-size:12pt; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest</U>. Interest shall accrue at 3% per annum.</P>
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<P style="margin:0px; text-indent:48px; font-size:12pt; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Commitment Fee.</U> Maker shall not pay any commitment fee at closing.</P>
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<P style="margin:0px; text-indent:48px; font-size:12pt; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repayment</U>. &nbsp;This Note shall be paid in accordance with the terms of the Promissory Note between Maker and Holder dated as of the date hereof (the &ldquo;Note&rdquo;). </P>
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<P style="margin:0px; text-indent:48px; font-size:12pt; text-align: justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transferability of Note</U>. &nbsp;This Note and any of the rights hereunder may be not assigned, by operation of law or otherwise, by Holder without the written consent of Maker. &nbsp;The Holder or anyone who takes the Note by transfer and who is entitled to receive payments under the Note will be called the &ldquo;Note Holder.&rdquo;</P>
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<P style="margin:0px; text-indent:48px; font-size:12pt; text-align: justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Default and Remedy</U>. &nbsp;If any of the following events, hereinafter called &ldquo;events of default,&rdquo; should occur:</P>
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<P style="margin:0px; margin-left:96px; font-size:12pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any failure by Maker to pay in full when due any sums hereunder; or</P>
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<P style="margin:0px; margin-left:96px; font-size:12pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any material breach by Maker of a provision of the Loan Agreement or this Note; or</P>
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<P style="margin:0px; margin-left:96px; font-size:12pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maker shall: (i)&nbsp;apply for or consent to the appointment of a receiver, trustee, liquidator o