Promissory Note between Liquid Spins, Inc. and John Robert Munro dated June 1, 2012

Summary

Liquid Spins, Inc. agrees to repay John Robert Munro $200,000 plus 15% annual interest and a 3-point fee, with all amounts due 90 days after receiving the funds. The note can be repaid early without penalty and becomes immediately payable if payment is over 30 days late. If default occurs, the borrower must also cover collection costs. The agreement is governed by Tennessee law and any disputes will be resolved in Tennessee courts.

EX-10.15 5 ex10x15.htm EXHIBIT 10.15 ex10x15.htm

Exhibit 10.15

Promissory note

$200,000

Dated : June 1, 2012

For value received, the Borrower, Liquid Spins Inc., 5525 Erindale Drive, Suite 200, Colorado Springs, CO 80918 promises to pay to the Note holder, John Robert Munro 5018 Country Club Dr Brentwood TN 37027, the principal amount of $200,000 (two hundred thousand dollars), with interest at the rate of 15% (fifteen percent) per annum on any unpaid balance, plus 3 (three) points. Interest, points and principal are due and payable to the Note holder 90 days from receipt of the borrowed funds.

This note is a demand note and may be prepaid in whole or in part at any time without penalty. If the borrower is in default more than 30 days with any payment, this note is payable upon demand of note holder. This note is not assumable without the written consent of the Note holder. The borrower waives demand, presentment for payment, protest, and notice. In the event of such default, Borrower will also be responsible for any costs of collection on this note, including court costs and attorneys fees. This agreement is to be governed by the laws of Tennessee and if defaulted upon, litigated in Tennessee courts.

/s/ Herman C. DeBoard III		06/18/12
Liquid Spins, Inc. - Borrower

/s/ John Robert Munro		6/19/12
John Robert Munro - Note holder