PROMISSORY NOTE
$900,000.00 Date 12/27/95
Elko, Nevada
FOR VALUE RECEIVED, the undersigned, OASIS INTERNATIONAL CORPORATION, a
Nevada corporation, promise to pay to the order of SOLAR LOGOS FOUNDATION, a
Nevada non-profit corporation, at Buellton, California, or wherever payment may
be demanded by the holders of this Note, the principal sum of NINE HUNDRED
THOUSAND DOLLARS ($900,000.00), with interest thereon at the rate of seven
percent (7%) per annum, from the 27th day of December, 1995, until paid, both
principal and interest payable in the following manner:
Accrued interest shall be paid on or before January 1, 1996, and a like payment,
being accrued interest on the principal amount, shall be paid on or before April
1, July 1, October 1 and January 1 each year thereafter until January 1, 1999.
$31,474.88, including interest, shall be paid on or before January 1, 19999, and
a like payment of $31,474.88, including interest shall be paid on or before
April 1, July 1, October 1 and January 1 each year thereafter until January 1,
2006, on which date the entire unpaid principal balance plus accrued interest
shall become due and payable.
Each payment shall be applied first to accrued interest and
the balance to principle as of the date of payment. Interest shall accrue only
upon the unpaid principle balance of this Note remaining from time to time. All
payments shall be in lawful money of the United States of America.
The makers shall have the right to pay all or any portion of
this Note at any time, provided, however, any additional payments shall not be
cumulative payments, but the makers shall, in all events, pay each annual
installment as it comes due until the Note is paid in full.
The makers, comakers, endorsers, guarantors and sureties,
jointly and severally, waive presentment, protest and notice of dishonor, and
waive diligence in collecting, and agree that this Note may be renewed or
extended from time to time, and that any security herefor may be released or
discharged partially or in full and that additional comakers, guarantors, and
sureties may become parties hereto, without notice to or the consent of any of
them, and without affecting their liability hereon.
If any default or deficiency be made in the payment of this
Note, or any portion or installment hereof; or in the performance of the Deed of
Trust, Security Agreement or other agreements, documents or instruments, or
other lien or encumbrance which secures the payment of this Note; or in the
payment and performance of any other deed of trust, mortgage, security agreement
or other lien or encumbrance or the note or debt secured thereby which security
affects all or any portion of the property which secures the payment of this
Note; and such default or deficiency is not cured and made good within sixty
(60) sale days in the manner and after the notice specified in NRS 107.080, as
in effect on the date of this Note, then, at the option of the holder of this
Note, the entire unpaid principle balance hereof, together with all accrued
interest and other sums payable hereunder and under the terms of the security
herefor shall become immediately due and payable in full, although the time of
maturity expressed in this Note shall not have arrived.
The maker further agrees to pay all costs, charges and
expenses, including reasonable attorney fees, incurred by the holder of this
Note, incident to the collection hereof, or any portion, in the event of default
of deficiency in the payment of this Note, or any portion hereof, or in the
performance of the Deed of Trust or other security which secures it.
The undersigned officers warrant and represent that they are
fully authorized to make, execute and deliver this Note in the name of and on
behalf of the undersigned corporation.
A Deed of Trust and Fixture Filing and Security Agreement
secure the payment of this Note.
OASIS INTERNATIONAL CORPORATION,
a Nevada Corporation
By: /s/ Steven Christensen as President
President
ATTEST:
/s/ Richard Surber, Vice President