Promissory Note between Vendum Batteries, Inc. and LAURAG ASSOCIATES S.A. dated March 31, 2011

Contract Categories: Business Finance › Note Agreements
Summary

Vendum Batteries, Inc. has agreed to repay LAURAG ASSOCIATES S.A. a loan of $7,000 with 5% annual interest. The full amount, including interest, is due by April 30, 2011. The note is unsecured, meaning there is no collateral backing the loan. Both parties have signed the agreement, and Vendum Batteries, Inc. waives certain rights related to payment notices and defenses.

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EX-10.17 5 fs1ex10xvii_vendum.htm PROMISSORY NOTE fs1ex10xvii_vendum.htm
Exhibit 10.17
 

 
 
Principal Amount: $7,000.00         
 
PROMISSORY NOTE
 
 
  
FOR VALUE RECEIVED, the undersigned, Vendum Batteries, Inc., a Nevada corporation (or its successor or assigns) promises to pay to the order of $7,000.00 to LAURAG ASSOCIATES S.A, an organisation, at Trident Chambers, Road Town, P.O. Box 146, Tortola, BVI, by the holder of this Note, the principal sum of $7,000.00 in U.S. currency.
 
The entire amount of principal with five percent (5%) interest per annum shall become due and payable on 30th April 2011.
 
This Note is unsecured. The undersigned and its successors and assigns, hereby waives presentment and demand for payment, diligence, notice of dishonor, protest and notice of protest of this Note, and any defense by reason of an extension of time for payment or other indulgence. Failure of the holder to assert any right herein shall not be deemed to be a waiver thereof. 
 
 Signed this 31st day of March, 2011. 
 
  Vendum Batteries, Inc.  
     
     
  Signature: /s/ Fraser Cottington  
 
 
By:
Fraser Cottington  
       
  Its: Chief Executive Officer  
       
 
 
LAURAG ASSOCIATES S.A.  
     
Signature:
    
     
Title: