Promissory Note between Jolley Marketing Inc. and McKinley Enterprise Profit Sharing Plan (November 7, 2013)
Jolley Marketing Inc., represented by its President Steven White, agrees to repay McKinley Enterprise Profit Sharing Plan $9,300 with 8% annual interest. The full amount is due within 24 months from November 7, 2013. There is no penalty for early repayment. If Jolley Marketing Inc. defaults, the entire balance becomes immediately due, and the company must cover any legal costs or attorney fees for collection. The agreement is governed by Utah law, and any legal disputes will be handled in Utah County, Utah.
Exhibit 10.25
$9,300.00 | November 7, 2013 |
PROMISSORY NOTE
As hereinafter agreed Jolley Marketing Inc., jointly and severally, promises to pay to the order of McKinley Enterprise Profit Sharing Plan, Nine Thousand Three Hundred Dollars and no cents. ($9,300.00). It is hereby agreed that the said amount shall be payable in full twenty-four months from the date of the note. Interest shall accrue at the rate of Eight Percent (8%) per annum will be charged on the unpaid balance until the whole amount of the principal and interest is paid. There shall be no penalty for early payment of this note.
Should default be made in the payment of the demand note then the whole unpaid amount shall become immediately due and payable; and in the event default is made and said note is placed in the hands of an attorney for collection or suit is brought on the same, then the undersigned agrees to pay all costs and attorney’s fees that might be incurred. If there is a lawsuit, borrower agrees upon lenders request to submit to the jurisdiction of the county of Utah County, the State of Utah. This Note shall be governed by and construed in accordance with the laws of the State of Utah.
| UNDERSIGNED: |
| Steven White |
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| /s/ Steve White |
| Steven White, President |
| Jolley Marketing, Inc. |
