October 3, 2022 Promissory Note between Integrated Holding Solutions, Inc. and Eugene Caiazzo
EXHIBIT 10.3
Promissory Note
Date: |
| October 3, 2022 |
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Borrower: |
| Integrated Holding Solutions, Inc. (the “Company”) |
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Principal Amount: |
| $250,000 |
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Lender: |
| Eugene Caiazzo |
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Borrower’s Mailing Address: |
| 6810 N. State Road 7, Coconut Creek, Fl. 33073 |
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Lender’s Mailing Address: |
| 1300 N. Florida Mango Road, Suite 30, West Palm, Beach, Florida 33409 |
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Method of Payment: |
| Payment will be made by direct deposit into Borrower’s account |
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Annual Interest Rate: |
| 7.5% |
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Maturity Date: |
| April 3, 2023 |
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Annual Interest Rate on |
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Matured |
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Unpaid Amounts: |
| 15% |
Consideration In the
Event of Default
1. | Terms of Payment (principal and interest): The Principal Amount and accrued interest are due and payable no later than the Maturity Date. Payments will be applied to accrued interest and the remainder to the reduction of the Principal Amount. |
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2. | Borrower promises to pay to the order of Lender the Principal Amount plus interest at the Annual Interest Rate. This Note is payable to Lender by the Method of Payment and according to the Terms of Payment. All unpaid amounts are due by the Maturity Date. After maturity, Borrower promises to pay any unpaid principal balance plus interest at the 15% Annual Interest Rate on Matured, Unpaid Amounts. |
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3. | Arbitration of Claims. The Parties consent to any dispute resolution between the Parties in accordance dance with and under the auspices and rules of the American Arbitration Association (the “Arbitration Service”), including any claim that the Borrower defaults in the payment of the Note. The arbitration shall take place in Coconut Creek, Florida, unless the Parties agree to conduct the arbitration in a different location. The arbitrator’s award shall be enforceable in any court having jurisdiction thereof |
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BORROWER: |
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Integrated Holding Solutions, Inc. |
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/s/ Matthew Dwyer |
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By: Matthew Dwyer, Chief Executive Officer |
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LENDER: |
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EUGENE CAIAZZO |
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/s/ Eugene Caiazzo |
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By Eugene Caiazzo |
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