Promissory Note between Grapefruit Boulevard Investments, Inc. and David Yourist dated May 1, 2019
Grapefruit Boulevard Investments, Inc. (the Borrower) agrees to repay David Yourist (the Lender) $40,000 plus 10% annual interest. The full amount is due in a lump sum by October 1, 2019, but the Borrower may pay early without penalty. Payments are applied first to interest, then to principal. If legal action is needed to collect the debt and the Lender prevails, the Borrower must cover the Lender’s legal costs. The agreement is governed by California law and any changes must be in writing and signed by both parties.
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
