PROMISSORY
NOTE
Principal
amount $ 50,000.00 March 11, 2005
FOR VALUE
RECEIVED, the undersigned, eRXSYS Incorporated, hereinafter referred to as
“Borrower”, located at 18021 Sky Park Circle, Suite G2, Irvine, CA 92614, hereby
jointly and severally promise to pay to the order of Weil Consulting
Corporation, a California Company with its principal place of business at 234
South Hamilton Drive, Suite 209, Beverly Hills, CA 90211, hereinafter referred
to as “Lender”, the sum of FIFTY THOUSAND Dollars ($50,000.00), together with
interest thereon at the rate of 7.5% (Wall Street Journal Prime Rate of 5.5%
[March 11, 2005] plus 2%) per annum on the unpaid balance. Said sum shall be
paid in 60 days in the manner following:
60 DAY LOAN PROGRAM
|
Loan
Amount= $50,000.00 |
March
11, 2005 |
|
Payment
in 60 Days= $50,625.00 |
May
11, 2005 |
All
payments shall be first applied to interest and the balance to principal. This
note may be prepaid, at any time, in whole or in part, without
penalty.
This note
shall at the option of any holder thereof be immediately due and payable upon
the occurrence of any of the following: 1) Failure to make any payment due
hereunder within 30 days of its due date. 2) Breach of any condition of any
security interest, loan agreement, pledge agreement or guarantee granted as
collateral security for this note.
The
undersigned and all other parties to this note, whether as endorsers, guarantors
or sureties, agree to remain fully bound until this note shall be fully paid and
waive demand, presentment and protest and all notices hereto and further agree
to remain bound, notwithstanding any extension, modification, waiver, or other
indulgence or discharge or release of any obligor hereunder or exchange,
substitution, or release of any collateral granted as security for this note. No
modification or indulgence by any holder hereof shall be binding unless in
writing; and any indulgence on any one occasion shall not be an indulgence for
any other or future occasion. Any modification of change in terms, hereunder
granted by any holder hereof, shall be valid and binding upon each of the
undersigned, notwithstanding the acknowledgement of any of the undersigned, and
each of the undersigned does hereby irrevocably grant to each of the others a
power of attorney to enter into any such modification on their behalf. The
rights of any holder hereof shall be cumulative and necessarily successive. This
note shall take effect as a sealed instrument and shall be construed, governed
and enforced in accordance with the laws of the State of
California.
/s/
Weil Consulting Corp/Douglas
Weil/President
/s/ Robert J.
DelVecchio
CEO
Lendor Date Borrower
- Robert J.
DelVecchio
Title
Weil
Consulting Corp. / Douglas Weil
on behalf of eRXSYS Inc.
President