EXHIBIT 10.18
PROMISSORY NOTE
$10,000.00 Dated June 25, 2002
Principal Amount State of Utah
FOR VALUE RECEIVED, the undersigned hereby promise to pay to the order
of ____________ the sum of Ten Thousand Dollars ($10,000.00) together with
interest thereon at the rate of 8% per annum, on the unpaid balance. Said sum
shall be due and payable 90 days from date in one installment of principal
together with interest earned thereon.
All payments shall be first applied to interest and the balance to
principal. This note may be prepaid, at any time, without penalty.
The within note, to be secured by a pro-rata security interest of .6%
in that certain UCC-1 filed in the State of Nevada, April 30, 2002, and hereby
incorporated as part of a total of $1,500,000 allowable thereunder, as agreed to
between the parties in that certain Security Agreement dated April 1, 2002
wherein Videolocity Technologies, Inc., a wholly owned subsidiary of Videolocity
International, Inc., assigned all of its rights in and to certain assets as
collateral, described in Exhibit "A" to that aforesaid Security Agreement, and
attached hereto and by this reference incorporated herein. A UCC-1 Financing
statement will be filed in the State of Nevada in the name of the within holder
within five (5) days of the date of this note.
As additional consideration for the loan set forth in this note, five
hundred shares of Healthcare Concierge, Inc. and one thousand shares of
Videolocity International, Inc. will be issued forthwith, fully paid, and
non-assessable however, all of said shares will bear a restrictive legend, said
shares have not been registered with any agency, state or federal and cannot be
sold without first being registered, as may be required under the United States
Securities Act of 1934 and as amended.
In the event this note shall be in default, and placed with an attorney
for collection, then the undersigned agree to pay all reasonable attorney fees
and costs of collection. Payments not made within fifteen (15) days of due date
shall be subject to a late charge of 12% of said payment. All payments hereunder
shall be made to such address as may from time to time be designated by the
holder hereof.
The undersigned and all other parties to this note, whether as
endorsers, guarantors or sureties, agree to remain fully bound hereunder until
this note shall be fully paid and waive demand, presentment and protest and all
notices thereto and further agree to remain bound, notwithstanding any
extension, renewal, modification, waiver, or other indulgence by any holder or
upon the discharge or release of any obligor hereunder or to this note, or upon
the 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
indulgency for any other or future occasion. Any modification or change of
terms, hereunder granted by any holder here 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 not necessarily successive. This note
shall take effect as a sealed instrument and shall be construed, governed and
forced in accordance with the laws of the State of Utah. The undersigned hereby
executes this note as an authorized principal.
Signed in the presence of: Videolocity International, Inc.
By: /s/ Larry R. McNeill
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Witness Larry R. McNeill, CFO