$XXX,000.00 March 26, 2017
Silver Spring, Maryland
Promise to Pay. For value received, John Doe, (the "Borrower") unconditionally promises to pay to the order of Bid4Assets, Inc., (the "Lender"), the principal sum of [xxx] Thousand Dollars ($XXX,000.00) ("Principal") together with interest on the unpaid principal balance (as defined below, hereinafter referred to as the “Unpaid Principal Balance”) thereof at the rate set forth below, as follows:
Payments. Beginning ten days from the date of this Demand Promissory Note (“hereinafter the “Note”), interest shall accrue on the Unpaid Principal Balance at the rate of Eighteen (18%) per annum, payable ON DEMAND. Unless sooner paid, the entire Unpaid Principal Balance and accrued interest shall be due and payable one hundred twenty (120) days from the date of this Note.
Unpaid Principal Balance (defined). The Unpaid Principal Balance is the Principal, less the deposit held by the Lender, or held by the Lender’s agent or assigns.
Manner of Payment. All payments received hereunder shall be applied first to collection expenses incurred by Lender, then to late fees, then to accrued but unpaid interest, and the balance, if any, to the Unpaid Principal Balance. The Unpaid Principal Balance and interest represented by this Note shall be payable in immediately available funds in lawful money of the United States which shall be legal tender for the payment of public and private debts at the time such payment is made. All payments hereunder shall be payable to the order of Lender and delivered to Lender at 8757 Georgia Avenue, Suite 520, Silver Spring, Maryland 20910,, or to such other address or person as may be designated in writing from time to time by Lender, during regular business hours.
Security. This Note is secured by a certain deposit made by the Borrower into the account that the Borrower has established with eDeposit Corporation (the "Deposit"). At any time the Lender may make a demand for payment of this Note and pay all or any portion of this Note with the Deposit. Said deposit shall be in the same amount as the principal amount of this note. This note shall only become due if said deposit becomes unavailable to the lender, or is in anyway voided, nullified or withdrawn. This note shall be extinguished upon the lenders voluntary return of said deposit to the borrower.
Prepayment. Borrower may prepay without penalty all or any portion of the Unpaid Principal Balance of this Note at any time, provided that any partial prepayment shall be applied to the installments due in reverse chronological order.
Costs. Borrower promises to pay all costs incurred by Lender in the collection or enforcement of this Note, whether or not suit is filed hereon, including but not limited to attorney's fees of 33% of the balance due on this note if referred to an attorney for collection.
Default. Borrower shall be in default under this Note on the occurrence of any of the following events: (a) failure of Borrower to make any payments when due; (b) the Bankruptcy of Borrower, (c) any removal or attempt to remove the Deposit or any other security provided for in this Note (d) or the happening of any event which in any way voids said deposit or makes said deposit unavailable to the lender. In the event of default, interest shall accrue at Eighteen Percent (18%) per annum.
Remedies. Upon the occurrence of any event of default, the Lender, at its sole option, may accelerate the due date of and declare the Unpaid Principal Balance of this Note to be immediately due and payable. The delay or failure of Lender to exercise its option to accelerate this Note or any other option or remedy granted to Lender hereunder, in any one or more instances, or the acceptance by Lender of partial payments or partial performance, shall not constitute a waiver of any default by the Lender, and all such options and remedies shall remain continuously in force; provided, however, that acceptance by Lender of any installment after the date such installment is due shall constitute a waiver of any default caused by failure to timely deliver such installment.
The Borrower hereby authorizes any attorney at law to appear in any court of record in the United States if the balance due provided for herein is not paid at maturity, including any acceleration thereof as provided herein, and on behalf of Borrower and without prior hearing, waive the issuance and service of process, and confess a judgment against the Borrower in Favor of the Lender hereof for the amount of this Note as may be due and unpaid hereon, with interest, costs of suit, plus reasonable attorneys' fees and ratifying all that said attorney may do. The authority and power to appear for and enter judgment against Borrower shall not be exhausted by one or more exercises thereof, or by any imperfect exercise thereof, and shall not be extinguished by any judgment entered pursuant thereto. Such authority and power may be exercised on one or more occasions, from time to time, in the same or different jurisdictions, as often as the Lender shall deem necessary or desirable, for all of which this Note shall be a sufficient warrant. Borrower specifically consents to the filing of and maintenance of a confessed judgment action in any court of record in the United States, expressly waiving any objection or defense as to insufficiency of process, lack of personal jurisdiction by any said court over the person, or proper venue, and specifically consent to the registration or enrollment of the judgment by confession once granted in any other court of record in the United States.
Borrower agrees that the authorities granted to Lender hereunder are coupled with an interest and irrevocable by Borrower.
Waiver. Borrower and all others who may become liable as Borrowers, endorsers, guarantors or accommodation parties for all or any part of this Note ("Obligor(s)") agree to: (i) waive any and all lack of diligence or delays in the collection or enforcement hereof; (ii) expressly consent to any extension of time for payment of this Note and any other indulgence or forbearance by Lender; (iii) waive presentation, demand of payment, dishonor or protest and notice of same; and (iv) waive any right to a trial by jury in any action brought by Lender to enforce payment under this Note. Any such extension, release, substitution, indulgence, or forbearance may be made without notice to any party and without in any way affecting the personal liability of any party liable hereon.
Notice. Any notice to Borrower where provided for in this Note shall be given by mailing such notice by U.S. certified mail, postage prepaid, return receipt requested, to Borrower at [address], or at such other address Borrower may designate by written notice to Lender hereof.
Miscellaneous. This Note shall be binding upon the Borrower and Borrower's successors and assigns and shall inure to the benefit of Lender and its successors, personal representatives and assigns. Any modification to this Note shall be in writing and signed by the Borrower and the Lender. This Note is executed and delivered in and shall be governed by and construed in accordance with the laws of the State of Maryland. All parties consent to personal jurisdiction in the State or Federal Courts of the State Of Maryland for all actions involving this note. In the event that any particular provision contained herein is determined to be invalid, whether in whole or in part, the remaining provisions hereof otherwise not invalid and any partially valid provision to the extent valid or enforceable shall continue in full force and effect. Any reference herein to the singular shall include the plural, any reference to gender shall include all genders
IN WITNESS WHEREOF, the undersigned, with full power and authority to do so, has caused these presents to be executed, delivered, and sealed on the day and year first above written.