Promissory Note between Kenergy Scientific, Inc. and Stuart W. DeJonge dated June 15, 2011

Contract Categories: Business Finance › Note Agreements
Summary

Kenergy Scientific, Inc. has borrowed $25,000 from Stuart W. DeJonge. The company agrees to repay the full amount plus 9% annual interest by January 15, 2012. If Kenergy Scientific, Inc. does not pay by that date, the lender can take legal action to recover the debt, and interest will continue to accrue at 9% per year, along with attorney’s fees. The agreement is signed by the CEO of Kenergy Scientific, Inc.

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EX-10.2 3 exh10_2.htm EXHIBIT 10.2 exh10_2.htm
 
 
Exhibit 10.2
 
PROMISSORY NOTE
 
 
June 15, 2011  $ 25,000.00 
 
Whereas Stuart W. DeJonge (“Lender”), having an address of 804 Heron Point, DeLand, FL 32724, has loaned $ 25,000.00 to Kenergy Scientific, Inc. (“Borrower”), a New Jersey corporation, having an address of 6 Minneakoning Rd., Flemington, NJ 08822  on this 15th day of June, 2011, receipt of which is acknowledged;

Now, Therefore, the parties agree as follows:

Borrower shall pay Lender the full sum of $ 25,000.00, plus 9 % per annum interest on or before January 15, 2012.  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 9 % per annum interest and attorney’s fees.
 
 
June 15, 2011 Kenergy Scientific, Inc.
   
 
______________________
Kenneth P. Glynn, CEO