Cognovit Promissory Note between John D. Oil and Gas Company, Inc. and Great Plains Exploration, LLC dated November 30, 2007
John D. Oil and Gas Company, Inc. promises to pay Great Plains Exploration, LLC $120,000 plus interest at LIBOR plus 1.75% per year. The full amount, including interest and any fees, is due upon demand. The note can be prepaid at any time without penalty. By signing, John D. Oil and Gas Company, Inc. waives certain legal rights, including notice and court trial, and allows a court judgment to be entered against it without prior notice if payment is not made on time.
Exhibit 10.1
COGNOVIT PROMISSORY NOTE OF
JOHN D. OIL AND GAS COMPANY, INC.
$_120,000.00
November 30, 2007
For value received, the undersigned, promises to pay to the order of GREAT PLAINS EXPLORATION, LLC the principal sum of One Hundred Twenty Thousand Dollars ($120,000.00) with interest at the rate of LIBOR plus 1.75% per annum. Payment of the principal and accrued interest is due and payable upon DEMAND.
The indebtedness evidenced hereby may be prepaid in whole or in part at any time without penalty or notice.
Notwithstanding anything to the contrary which may be provided for, or implied by, the other terms of this Note, the entire principal balance, together with all accrued and unpaid interest and any other charges, advances and fees, if any, outstanding hereunder, shall be due and payable in full on demand.
The Maker waives demand presentment for payment, protest, notice of protest and of non-payment, and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly consent to any extension of time of payment hereof, or any other indulgence of forbearance, any of which may be made without notice to any party and without in any way affecting the personal liability of any party.
The undersigned authorize any attorney-at-law to appear in any court of record in Lake County, Ohio after the indebtedness evidenced hereby becomes due in accordance with the terms hereof, whether by acceleration or otherwise, and to thereupon waive the issuing and service of process, waive presentment, demand, notice of dishonor, protest and notice of non-payment, and to confess judgment against the undersigned Makers, in favor of the holder hereof for the amount then appearing due together with the costs of this suit, and thereupon to waive all errors and all rights of appeal and stays of execution.
WARNING: BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.
JOHN D. OIL AND GAS COMPANY, INC.
By:/s/ Gregory J. Osborne
Gregory J. Osborne, President and Chief Operating Officer
