SEC Contract Filing

Filing Date: 2018-11-20

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px;">Exhibit
10.1</font> <font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
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PROMISSORY NOTE</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">$50,000&#xA0;&#xA0;September
18, 2018</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">For
value received, True Drinks Holdings, Inc., a Nevada corporation
("<font style="font-style: italic">Borrower</font>"), promises to
pay to the order of Food Labs, Inc., a Nevada corporation, or its
assigns ("<font style="font-style: italic">Lender</font>"), the sum
of Fifty Thousand Dollars ($50,000.00) (the "<font style="font-style: italic">Principal Amount</font>"), interest at the
rate of five percent (5%) annually from the date hereof, and the
Lender&#x2019;s Fee on the Principal Amount, at the rate of interest
specified herein.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;A
Lender&#x2019;s Fee equal to one percent (1%), or Five Hundred
Dollars ($500) (the &#x201C;<font style="font-style: italic">Lender&#x2019;s Fee</font>&#x201D;), will be
payable to Lender. A final payment of the Maturity Obligations (as
hereinafter defined) shall be due and payable on December 31, 2019
(the "<font style="font-style: italic">Maturity
Date</font>").</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;As
used herein, "<font style="font-style: italic">Maturity
Obligations</font>" shall mean the entire outstanding principal
amount, together with accrued interest and the Lender&#x2019;s Fee,
as provided for herein, and all other sums due and unpaid
hereunder.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;All
payments due under this Note are payable to such place as Lender or
other holder hereof shall notify Borrower in writing.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;All
payments received by Lender on this Note shall be applied by Lender
as follows: first, to the payment of delinquency or "late" charges,
if any; second, to Lender Fee as provided in paragraph 1 hereof;
third, to the payment of accrued and unpaid interest on the
Principal Amount; and fourth, to the reduction of the Principal
Amount.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">5.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Any
portion of the Principal Amount, accrued interest thereon, or
Lender&#x2019;s Fee unpaid at maturity, or when the entire amount of
this Note is otherwise due and pa