Promissory Note between Hopkins Eleventh Avenue LLC and MagStar Technologies, Inc. dated February 21, 2003
Hopkins Eleventh Avenue LLC promises to pay MagStar Technologies, Inc. $510,851.97 with 6% annual interest starting April 1, 2003. The full amount, including interest, is due on demand at MagStar's address. If payment is not made, the note becomes immediately due, and Hopkins Eleventh Avenue LLC is responsible for collection costs and attorney fees. The agreement allows for extensions or renewals without notice to endorsers or guarantors, who remain liable. Certain legal formalities are waived by all parties involved.
Exhibit 10.2
Promissory Note
February 21, 2003
For value received, I promise to pay to the order of MagStar Technologies, Inc. at its banking house in 410 11th Avenue So, Hopkins, MN 55343 Five Hundred Ten Thousand Eight Hundred Fifty One and 97/100 dollars ($510,851.97) with interest at the rate of six percent (6.00%) per annum, from April 1, 2003 until paid, interest payable at maturity.
Upon any default in the payment of interest or installment, the note shall become immediately due and payable at the option of the holder hereof.
The makers, endorsers, sureties, and guarantors hereof hereby severally agree to pay all costs of collection, or a reasonable attorney’s fee in case payment shall not be made at maturity, and severally waive presentment for payment, notice of non payment, protest and notice of protest, and diligence in enforcing payment or bringing suit against any party hereto. The endorsers, sureties, and guarantors hereof, hereby severally consent that the time of payment may be extended or this note renewed from time to time without notice to them and without affecting their liability hereon.
Said sum to be paid on demand.
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| By: | Hopkins Eleventh Avenue LLC | |
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| /s/ Richard F. McNamara |
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| Its CEO | ||
