Exhibit 10.22
FIRST AMENDED PROMISSORY NOTE
| $214,591.78 | Date: June 1, 2023 |
For value received, the undersigned Zero Nox Inc. (the “Borrower”), at 1343 S. Main St., Porterville, California 93257, promises to pay to the order of David Ivancovich (the “Lender”), at 23312 Zachary Ct., Porterville, CA 93257 (or at such other place as the Lender may designate in writing), the sum of $214,591.78 with interest compounded monthly from June 1, 2023, on the unpaid principal at the rate of 9% per annum.
This First Amended Promissory Note is intended to amend and replace the Promissory Note between the same Parties in the amount of $210,000.00 dated February 21, 2023.
I. TERMS OF REPAYMENT
A. Payments
It is understood that the funds provided under this Promissory Note are intended to provide short-term bridge funding until September 15, 2023 (the “Due Date”). Thus, although no Payments are required to be made until the Due Date, it is expected and understood that the Promissory Note will be paid back in full by the Due Date unless otherwise agreed to in writing by both the Borrower and Lender. Should this Promissory Note not be paid back in full by the Due Date, then there will be other financial charges incurred by the Lender for the funds being provided, for which the Borrower agrees to be fully responsible. In addition, as further incentive to help ensure that the Promissory Note is paid back in full by the Due Date, any unpaid principal after the Due Date shall accrue interest at a rate of 18% annually until paid.
B. Application of Payments
All payments on this Note shall be applied first in payment of accrued interest and any remainder in payment of principal.
II. PREPAYMENT
The Borrower reserves the right to prepay this Note (in whole or in part) prior to the Due Date with no prepayment penalty. Any such prepayment shall be applied against the installments of principal due under this note in the inverse order of their maturity and shall be accompanied by payment of accrued interest on the amount prepaid to the date of prepayment.
III. COLLECTION COSTS
If any payment obligation under this Note is not paid when due, the Borrower promises to pay all costs of collection, including reasonable attorney fees, whether or not a lawsuit is commenced as part of the collection process.
IV. SEVERABILITY OF PROVISIONS
If any one or more of the provisions of this Note are determined to be unenforceable, in whole or in part, for any reason, the remaining provisions shall remain fully operative.
IN WITNESS WHEREOF, this Agreement has been executed and delivered in the manner prescribed by law as of the date first written above.
| Borrower: | |
| Zero Nox Inc. | |
| | |
| By: | /s/ Vonn R. Christenson | |
| Vonn R. Christenson, CEO | |
| | |
| By: | /s/ Robert T. Cruess | |
| Robert T. Cruess, President | |
| | |
| Lender: | |
| David Ivancovich | |
| | |
| By: | /s/ David Ivancovich | |
| Kelley Ivancovich, on behalf of David Ivancovich | |
