Promissory Note, issued May 1, 2019 to David Yourist
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EX-4.16 16 ex4-16.htm
Exhibit 4.16
PROMISSORY NOTE
FOR VALUE RECEIVED, Grapefruit Boulevard Investments, Inc., a California cotporation, (“Borrower”) promises to pay to the order of David Yourist (“Lender”) or its assigns, the sum of Forty Thousand Dollars and No Cents ($40,000.00) in principal, plus interest at a rate of 10% annually on the unpaid balance as set forth herein.
| 1. | PAYMENT TERMS: Borrower shall pay a lump sum on October 1, 2019 or before. | |
| 2. | PREPAYMENT: Borrower may prepay the loan without any penalty. | |
| 3. | PAYMENT APPLICATION; All payments shall first be applied to interest and then to principal. | |
| 4. | ATTORNEYS’ FEES AND COSTS: If the Lender prevails in any action to collect on this note, Borrower shall pay Lender’s reasonable costs and attorneys’ fees. | |
| 5. | STATE LAW: This note shall be governed in accordance with the laws of the State of California. | |
| 6. | MODIFICATIONS: Any modifications of or amendments to the terms herein shall be made in writing by all of the parties hereto. |
IN WITNESS WHEREOF the Lender and Borrower have executed this Note as of the 1st day of May, 2019.
| GRAPEFRUIT BOULEVARD INVESTMENTS, INC. | |
| /s/ Bradley J. Yourist | |
| Borrower Signature: Bradley J. Yourist, CEO | |
| /s/ David Yourist | |
| Lender Signature: David Yourist |
confidential
