Promissory Note between Sun Vacation Properties Corporation and Ann Prorath Attorney Trust Account as Escrow Agent for Pride, Inc., Alvin Roth, and Peter J. Porath

Summary

Sun Vacation Properties Corporation promises to pay $110,000 plus 5% annual interest to Ann Prorath Attorney Trust Account, acting as Escrow Agent for Pride, Inc., Alvin Roth, and Peter J. Porath. The loan is due in 60 days, with all principal and interest payable at that time. If not paid, the entire amount becomes immediately due, and a default interest rate of 18% applies. The note is personally guaranteed by Von G. Batesole and governed by Florida law. Collection costs and attorney fees may be added if payment is not made on time.

EX-10.3 5 common8kex103022103.txt PROMISSORY NOTE EXHIBIT 10.3 PROMISSORY NOTE $110,000 West Palm Beach, Florida Dated: February 7, 2003 FOR VALUE RECEIVED, the undersigned corporation, Sun Vacation Properties Corporation, a Nevada corporation, promises to pay to the order of ANN PRORATH ATTORNEY TRUST ACCOUNT, as Escrow Agent for PRIDE, INC., ALVIN ROTH, and PETER J. PORATH, the principal sum of One Hundred Ten Thousand and no/Hundreds ($110,000.00) Dollars, together with interest thereon from date at the rate of five percent (5%) per annum until maturity. Principal and interest payable in sixty (60) days from the date of this Note. Each maker and endorser severally waives demand, protest and notice of maturity, non-payment or protest and all requirements necessary to hold each of them liable as makers and endorsers. Each maker and endorser further agrees, jointly and severally, to pay all costs of collection, including a reasonable attorney's fee in case the principal of the Note or any payment on the principal or any interest thereon is not paid at the respective maturity thereof, whether suit be brought or not. This Note is secured by the personal guarantee of Von G. Batesole of even date herewith and is to be construed and enforced according to the laws of the State of Florida; upon default in the payment of principal and/or interest when due, the whole sum of principal and interest remaining unpaid shall, at the option of the holder become immediately due and payable. Default interest of eighteen (18%) Percent shall accrue until paid in full. Sun Vacation Properties Corporation By: /s/ Von G. Batesole Von G. Batesole, President Commonwealth Equities, Inc. By: /s/ Von G. Batesole Von G. Batesole, President By: /s/ Von G. Batesole Von G. Batesole, an individual Personal Guarantor