Time Note Agreement between FORTEL Inc. and Robert E. Fortelka

Summary

FORTEL Inc. agrees to repay Robert E. Fortelka $50,000 plus 18% annual interest by September 21, 2001. If FORTEL Inc. fails to pay on time, it must also cover reasonable attorney fees and collection costs. The agreement is signed by FORTEL Inc.'s President & CEO and Acting CFO.

EX-10.32 3 a2068723zex-10_32.htm TIME NOTE - FORTELKA Prepared by MERRILL CORPORATION
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Exhibit 10.32

TIME NOTE

For the value received, FORTEL Inc. promises to pay to the order of Robert E. Fortelka, the sum of Fifty Thousand ($50,000.00) dollars, payable with interest thereon at the rate of 18% per annum on the unpaid balance.

The entire sum of principal and accrued interest shall be fully payable on September 21, 2001.

In the event of default, FORTEL Inc. agrees to pay all reasonable attorney fees and costs of collection.

Signed under seal this 23rd day of June, 2001.

	FORTEL Inc.
	By:		/s/ ASA W. LANUM Asa W. Lanum, President & CEO
	By:		/s/ ROMEO R. DIZON Romeo R. Dizon, Acting CFO

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