Promissory Note, issued May 1, 2019 to David Yourist
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|