Promissory Note between Kenergy Scientific, Inc. and Fred Erxleben dated July 22, 2012
Kenergy Scientific, Inc. has borrowed $25,000 from Fred Erxleben. The company agrees to repay the full amount plus 10% annual interest by January 25, 2013. If the company fails to pay by that date, the note goes into default, and the lender can take legal action to recover the debt, with interest continuing at 7% per year and the borrower responsible for attorney’s fees.
Exhibit 10.1
PROMISSORY NOTE
July 22, 2012 $ 25,000.00
Whereas Fred Erxleben (“Lender”), having an address of 2 Bay Harbor Blvd. Brick, New Jersey 08732, has loaned $ 25,000.00 to Kenergy Scientific, Inc., formerly SpeechSwitch, Inc. (“Borrower”), a New Jersey corporation, having an address of 6 Minneakoning Rd., Flemington, NJ 08822 on this 2nd day of August, 2012, receipt of which is acknowledged;
Now, Therefore, the parties agree as follows:
Borrower shall pay Lender the full sum of $ 25,000.00, plus 10 % per annum interest on or before January 25, 2013. In the event that Borrower fails to make payment in full on that date, then this Note shall automatically become a default instrument and Lender may take whatever action he may elect to recover his loss, including legal action, with continuing accrual of 7 % per annum interest, and attorney’s fees.
| Date: July 22, 2012 | Kenergy Scientific, Inc. |
| By: /s/ Kenneth Glynn | |
| Kenneth Glynn Chief Executive Officer and Chief Financial Officer |
