Time Note Agreement between FORTEL Inc. and Theodore M. Ewing dated June 28, 2001
FORTEL Inc. agrees to pay Theodore M. Ewing $50,000 plus 18% annual interest, with the full amount due by September 26, 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.
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Exhibit 10.33
TIME NOTE
For the value received, FORTEL Inc. promises to pay to the order of Theodore M. Ewing, 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 26, 2001.
In the event of default, FORTEL Inc. agrees to pay all reasonable attorney fees and costs of collection.
Signed under seal this 28th 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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- Exhibit 10.33
