Demand Promissory Note between Aura Systems, Inc. and K. F. Properties dated May 19, 2014

Contract Categories: Business Finance › Note Agreements
Summary

Aura Systems, Inc. has signed a demand promissory note with K. F. Properties for a loan of $400,000 at an interest rate of 10% per year. The full amount, including any accrued interest, must be repaid immediately upon request by the lender. The note is signed by Aura Systems, Inc.'s CEO, Melvin Gagerman, and is effective as of May 19, 2014.

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EX-10.31 2 exhibit10_31.htm exhibit10_31.htm
 
Exhibit 10.31
 
DEMAND PROMISSORY NOTE
 
 

 
 

 
 
$400,000.00                                                                                       Date:  May 19, 2014
 
 

 
 
FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay to the order of K. F. Properties, the sum of Four Hundred Thousand Dollars and no/100 ($400,000.00), together with interest of 10% per annum on the unpaid balance.
 
 
The entire principal and any accrued interest shall be fully and immediately payable UPON DEMAND of any holder thereof.
 
 

 
 
 
 
 
 
”Borrower”
 
Aura Systems, Inc.


____________________
Melvin Gagerman
Chief Executive Officer

 
Dated: May19, 2014