Promissory Note between Next Generation Energy Corp. and Knox County Minerals, LLC dated April 16, 2010

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Summary

Next Generation Energy Corp. promises to pay Knox County Minerals, LLC $600,000, plus 6% annual interest, within 60 months from April 16, 2010. If legal action is needed to enforce payment, Next Generation Energy Corp. will also cover reasonable attorney fees. The loan is secured by a mortgage on certain oil and gas mineral interests in Knox County, Kentucky.

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EX-10.3 6 ex10-3.htm EXHIBIT 10.3 ex10-3.htm
Exhibit 10.3

 
PROMISSORY NOTE


For value received, the undersigned, Next Generation Energy Corp., a Nevada Corporation, with an address of 7644 Dynatech Court, Springfield, Virginia 22153, promises to pay to the order of Knox County Minerals, LLC, a Delaware Limited Liability Company, with an address of 600 Cameron Street, Alexandria, Virginia 22314, the sum of SIX HUNDRED THOUSAND DOLLARS AND 00/100 ($600,000.00), on or before sixty (60) months from and after the date hereof with interest at SIX (6%) PERCENT per annum.
The undersigned further agrees to pay reasonable attorney fees if for any reason legal action is necessary for enforcement of this note.
Payment of the within promissory note is secured by a mortgage upon certain oil and gas mineral interests located in Knox County, Kentucky executed of even date.
Dated:  this 16 day of April, 2010.
 

  NEXT GENERATION ENERGY CORP.  
       
       
 
BY:
    
       
       
 
ITS: