Promissory Note Between APP Incline Corporation and Adam Elmquist Dated April 29, 2016
Contract Categories:
Business Finance
›
Note Agreements
Summary
APP Incline Corporation promises to repay Adam Elmquist $4,700 by October 29, 2016, with interest accruing at 10% per year. Interest and the full loan amount are due on the payment date. If the company fails to pay and legal action is required, it will cover all collection costs, including attorney fees. The company also waives certain legal notices and agrees to possible changes in payment terms without affecting its obligation to repay.
EX-10.3 3 ex103.htm PROMISSORY NOTE BETWEEN THE COMPANY AND ADAM ELMQUIST DATED APRIL 29, 2016 ex103.htm
/s/Adam Elmquist
PROMISSORY NOTE
USD $4,700 Date: April 29, 2016
TO: Adam Elmquist
The undersigned, APP Incline Corporation (the “Borrower”), HEREBY PROMISES TO PAY to the order of Adam Elmquist no later than October 29, 2016 (the “Payment Date”), Four Thousand Seven Hundred United States Dollars (USD $4,700) (the “Loan Amount”). The Loan Amount shall accrue interest monthly at a rate of Ten (10%) percent per annum. Interest shall be due and payable on the Payment Date.
If suit is brought on this Note, or if it is placed in the hands of an attorney for collection, after any default in payment, the Borrower promises and agrees to pay all costs of collection, including lawyers’ fees, incurred thereby.
For value received, the Borrower waives presentment, demand, protest and notice of demand, protest and nonpayment and consents to any and all renewals and extensions of the time of payment hereof, binds himself to obligations under this Note as principals and not as sureties, and further agrees that at any time the terms of payment hereof may be modified or security released without affecting the liability of any part of this Note or any person liable or to become liable with respect to any indebtedness evidenced hereby.
/s/Adam Elmquist
By:Adam Elmquist
APP Incline Corporation
