Promissory note dated October 24, 2019 payable to SMX Property, LLC1
EXHIBIT 10.18
PROMISSORY NOTE
(this “Note”)
| Borrower: |
| SolarMax Technology, Inc., |
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| 3080 12th Street, Riverside, California 92507 (the “Borrower”) |
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| Lender: |
| SMX Property, LLC |
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| 3230 Fallow Field Dr., Diamond Bar, California 91765 (the “Lender”) |
Principal Amount: $250,000.00 USD
1. FOR VALUE RECEIVED, the Borrower promises to pay to the Lender at such address as may be provided in writing to the Borrower, the principal sum of $250,000.00 USD (two hundred fifty thousand U.S. dollars and no cents), with interest payable on the unpaid principal at the rate of 6.00 percent (6.00%) per annum, calculated yearly not in advance, beginning on October 25, 2019.
2. This Note will be repaid in full on January 24, 2020 if not otherwise extended by mutual agreement.
3. The Borrower may, in whole or in part, prepay the Note without penalty before the maturity date hereof and without prior written notice to the Lender. Each payment shall first be credited against interest accrued and due at the time of receipt of payment, with the remainder credited against unpaid principal. Interest shall cease to accrue on any principal so credited.
4. In the event that the Borrower fails to pay the Note, in full, on the due date and if not otherwise extended, unpaid principal shall accrue interest at the rate of 6.00 percent (6.00%) per annum or the maximum rate allowed by law, whichever is less, until the Borrower is no longer in default.
5. This Note will inure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the Borrower and the Lender. The Borrower waives presentment for payment, notice of non-payment, protest and notice of protest.
6. In the event that any provision herein is determined to be void or unenforceable for any reason, such determination shall not affect the validity or enforceability of any other provision, all of which shall remain in full force and effect.
7. This Note has been entered into and shall be construed in accordance with the laws of the State of California and any applicable federal statutes or regulations of the United States.
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8. For the purpose of funding the loan, a wire transfer will be made to:
| Company Name: |
| SolarMax Technology, Inc |
| Address: |
| 3080 12th Street, Riverside, CA 92507 |
| Bank Name: |
| Wells Fargo Bank, N.A. |
| Type of Acct.: |
| Checking |
| Bank Acct. # |
| xxxxxxxx |
| Routing# |
| 121000248 |
| SWIFT: |
| WFBIUS6S |
| Bank Address: |
| 420 Montgomery, San Francisco, CA 94104 |
IN WITNESS WHEREOF the parties have duly affixed their signatures on the 25th day of October, 2019.
| SMX PROPERTY, LLC | ||
| By: | /s/ Ching Liu | |
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| Ching Liu, Manager | |
| SOLARMAX TECHNOLOGY, INC. | ||
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| By: | /s/ Stephen P. Brown |
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| Stephen P. Brown, Chief Financial Officer |
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