Secured Promissory Note Between AutoTradeCenter.com Inc. and Mark Moldenhauer Dated December 29, 2000

Summary

AutoTradeCenter.com Inc. agrees to repay Mark Moldenhauer $300,000 plus 12% annual interest, with all amounts due by February 28, 2001. If payment is late or certain company officers leave, the full amount can be demanded immediately, and a higher interest rate applies. The loan is secured under Arizona law and must be used for business purposes. The agreement is governed by Arizona law and can only be changed in writing by both parties.

EX-10.23 6 0006.txt SECURED PROM NOTE TO MARK MOLDENHAUER DTD 12/29/00 SECURED PROMISSORY NOTE $300,000.00 Scottsdale, Arizona December 29, 2000 FOR VALUE RECEIVED, AUTOTRADECENTER.COM INC., an Arizona corporation ("Maker"), promises to pay to Mark Moldenhauer ("Holder"), an individual, the sum of THREE HUNDRED THOUSAND and no/hundreds DOLLARS ($300,000.00) plus interest on the principal accruing from December 30, 2000 at the rate of twelve percent (12%) per annum. All principal and accrued but unpaid interest hereunder shall be due on February 28, 2001. Payments shall be made to c/o Mark Moldenhauer, 14500 N. Northsight Blvd., Suite 213, Scottsdale, AZ 85260. Time is of the essence hereof. In the event of any default in the payment of any amount due hereunder, the unpaid principal sum of this Promissory Note and accrued interest remaining unpaid may at any time thereafter, at the holder's option and without further notice or demand, be declared and become due and payable forthwith, and Maker shall pay any and all costs, expenses, and fees, including reasonable attorneys' fees, incurred in collecting or enforcing payment hereunder. Default interest on the sums due hereunder, including such attorneys' fees, shall accrue at the rate of eighteen percent (18%) per annum. Holder shall also have the right to accelerate the outstanding balance hereof without notice or demand and in the event that either Roger L. Butterwick or John E. Rowlett ceases to be officers and/or directors of Maker. At no time shall Maker be obligated or required to pay interest on the principal balance of this Note at a rate which would subject the holder hereof to either civil or criminal liability as a result of being in excess of the maximum rate which Maker is permitted by law to contract or agree to pay. If by the terms of this Note Maker is at any time required or obligated to pay interest on the principal balance of this Note at a rate in excess of such maximum rate, the rate of interest under this Note shall be deemed to be reduced immediately to such maximum rate for so long as (and only for so long as) the rate hereunder is in excess of such maximum rate, and interest paid hereunder in excess of such maximum rate shall be applied to and shall be deemed to have been payment in reduction of the principal balance of this Note or, if the principal balance shall have been paid, shall be refunded to Maker. Maker hereby acknowledges that the loan for which payment is promised hereby has been made and will be used only for business or commercial purposes other than agricultural purposes and hereby covenants that the proceeds hereof will be used only for such purposes. Maker hereby also acknowledges that the loan for which payment is promised hereby has been made, is issued pursuant, and is subject, to the Arizona Uniform Commercial Code Financing Statement - UCC-1 on file with the Secretary of State, State of Arizona. This Note may be modified or amended only by an agreement in writing signed by the party against whom enforcement of such modification or amendment is sought. Maker (and the undersigned representative of Maker, if this Note is executed by a representative) represents that Maker has full power, authority, and legal right to execute and deliver this Note and the debt hereunder constitutes a valid and binding obligation of Maker. The laws of the State of Arizona govern the interpretation and enforcement of this Note. IN WITNESS WHEREOF, Maker has executed the foregoing Promissory Note as of the date and year first written above. AUTOTRADECENTER.COM INC. an Arizona corporation By: /s/ Roger L Butterwick ------------------------- Roger L. Butterwick, its President