Demand Promissory Note between Median Enterprises Ltd. and James Payton dated October 1, 2014

Contract Categories: Business Finance › Note Agreements
Summary

Median Enterprises Ltd. promises to repay James Payton a principal amount of C$200,000, with interest at 12% per year, under this demand promissory note. The lender can require full repayment at any time. Interest is due annually on January 1 and must be paid by September 30, 2015. The agreement is governed by the laws of British Columbia, Canada. The borrower waives certain legal rights related to payment demands and notices.

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EX-10.8 9 ex10-8.htm EXHIBIT 10.8 ex10-8.htm
Exhibit 10.8
Demand Promissory Note
FOR VALUE RECEIVED, Median Enterprises Ltd. (the 'Borrower') hereby promises to pay the principal sum of C$200.000.00 in lawful money of Canada (the 'Principal'), and interest calculated thereon in the same currency on the unpaid portion from time to time of the Principal at the rate of 12% per annum, calculated yearly, not in advance, as well after as before maturity and both before and after default and judgment to James Payton (the 'Lender') on demand.
The Principal shall become due and be paid in full on demand. Interest, calculated at the aforesaid rate and in the aforesaid manner shall become due and payable annually on the first day of January each year and must be paid no later than September 30,2015.
Interest payable hereunder will be payable without allowance or deduction for deemed reinvestment or otherwise, and such interest will accrue from time to time at the rate and in the manner specified herein both before and after maturity, default and/or judgment, if any, until payment thereof, and interest will accrue and be payable on overdue interest at the same rate, compounded monthly.
The Borrower hereby waives the benefits of division and discussion, demand and presentment for payment, notice of non-payment, protest and notice of protest of this Demand Promissory Note.
This Demand Promissory Note will be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.
DATED as of this 1st day of October, 2014.
 
 
 
 
Witness
 
Signature of Borrower
 
 
 
Wendy Williams
 
Ken Williams
Name (Please Print)
 
Name (Please print)