Promissory Note between Camelot Entertainment Group, Inc. and K & L International Enterprises, Inc. dated August 3, 2009

Contract Categories: Business Finance › Note Agreements
Summary

Camelot Entertainment Group, Inc. (the Issuer) has agreed to pay K & L International Enterprises, Inc. (the Investor) $200,000 in principal, as part of a debt purchase arrangement referenced in a related agreement. The Issuer must pay the full amount, plus 15% annual interest (after an initial 60-day interest-free period), by August 31, 2010. If legal action is needed to collect payment, the Issuer will cover reasonable legal costs if the Investor prevails. The agreement is governed by Florida law and includes standard provisions for notices and severability.

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EX-10.2 3 exhibit_10-2.htm PROMISSORY NOTE WITH K&L INTERNATIONAL ENTERPRISES, INC., DATED AUGUST 3, 2009 exhibit_10-2.htm  
EXHIBIT 10.2
 

 
SCHEDULE B — PROMISSORY NOTE
 
1.      Names:
 
Investor:                                 Larry Powalisz, President
 K & L International Enterprises, Inc. 1
 375 State Road 436
 Casselberry, FL 32707
 
Issuer/Affiliate:                   Robert Atwell, President
 Camelot Entertainment Group, Inc.
 8001 Irvine Center Drive, Suite 400
 Irvine, CA 92618
 
2.     Promise to Pay.
 
In consideration of the debt listed in the "Wrap Around Agreement" (incorporated herein by reference), permitting the Issuer to fulfill debt obligations due and owed to the Affiliate, the Investor agrees to purchase the debt due and owed the Affiliate from the Issuer for $200,000.00 (Two Hundred Thousand Dollars)
 
3.      Principal Payment.
 
Issuer will pay the principal in full on or before August 31, 2010 , together with any accrued interest. No interest shall accrue for the first 60 days from the date of this agreement. Outstanding principal will accrue interest at the rate of 15 % (fifteen percent) per annum.
 
4.      Collection Costs.
 
If Investor prevails in a lawsuit to collect on this note, Issuer will pay Investor's costs and lawyers' fees in an amount the court finds to be reasonable.

 
 
 
 
 
 
5. Notices.
 
All notices must be in writing. A notice may be delivered to Issuer or Investor at the address specified in Section I, above, or to a new address Issuer or Investor has designated in writing. A notice may be delivered:
 
(1) in person
 
(2) by certified mail, or
 
(3) by overnight courier.
 
6. Governing Law.
 
This promissory note will be governed by and construed in accordance with the laws of the state of Florida.
 
7. Severability.
 
If any court determines that any provision of this promissory note is invalid or unenforceable, any invalidity or unenforceability will affect only that provision and will not make any other provision of this agreement invalid or unenforceable and such provision shall be modified, amended, or limited only to the extent necessary to render it valid and enforceable.
 
Dated: August 3, 2009
 
By:/s/ Larry Powalisz
Larry Powalisz, President
K & L International Enterprises, Inc.
1375 State Road 436
Casselberry, FL 32707
 
By:/s/Robert Atwell
Robert Atwell, President
Camelot Entertainment Group, Inc.
8001 Irvine Center Drive, Suite 400
Irvine, CA 92618