xhibit 99.1 Promissory Note
Nonrecourse Dated: June 5, 2000
$30,000
PROMISSORY NOTE
FOR VALUE RECEIVED, shopathomekids.com, Inc., a Texas Corporation ("Maker"),
promises to pay to Carol Jean Gehlke, a resident of California ("Holder"), or
order, Thirty Thousand Dollars (30,000).
1. Payments. The principal on the obligation represented hereby (the
"Principal") shall be repaid in one lump sum, payable on June 5, 2002,
which date is two years from the date hereof (the "Maturity Date").
2. Interest. This obligation shall bear simple interest, which shall be
at the rate of 10% per annum, payable on the Maturity Date.
3. Type and Place of Payments. Payments of principal and interest shall
be made in lawful money of the United States of America to the
above-named Holder or his order at Maker's principal place of
business.
4. Prepayment. Advance payment or payments may be made on the principal,
without penalty of forfeiture. There shall be no penalty for
prepayment.
5. Default. Upon the occurrence or during the continuance of any one or
more of the events hereinafter enumerated, Holder or the holder of
this Note may forthwith or at any time thereafter during the
continuance of any such event, by notice in writing to the Maker,
declare the unpaid balance of the principal and interest on the Note
to be immediately due and payable, and the principal and interest
shall become and shall be immediately due and payable without
presentation, demand, protest, notice of protest, or other notice of
dishonor, all of which are hereby expressly waived by Maker, such
events being as follows:
(a) Default in the payment of the principal and interest of this Note or
any portion thereof when the same shall become due and payable,
whether at maturity as herein expressed, by acceleration, or
otherwise, unless cured within five (5) days after notice thereof by
Holder or the holder of such Note to Maker.
(b) Maker shall file a voluntary petition in bankruptcy or a voluntary
petition seeking reorganization, or shall file an answer admitting the
jurisdiction of the court and any material allegations of an
involuntary petition filed pursuant to any act of Congress relating to
bankruptcy or to any act purporting to be amendatory thereof, or shall
be adjudicated bankrupt, or shall make an assignment for the benefit
of creditors, or shall apply for or consent to the appointment of any
receiver or trustee for Maker, or of all or any substantial portion of
its property, or Maker shall make an assignment to an agent authorized
to liquidate any substantial part of its assets; or
(c) An order shall be entered pursuant to any act of Congress relating to
bankruptcy or to any act purporting to be amendatory thereof approving
any involuntary petition seeking reorganization of the Maker, or any
order of any court shall be entered appointing any receiver or trustee
of or for Maker, or any receiver of trustee of all or any substantial
portion of property of Maker, or a writ or warrant of attachment or
any similar process shall be issued by any court against all or any
substantial portion of the property of Maker, and such order approving
a petition seeking reorganization or appointing a receiver or trustee
is not vacated or stayed, or such writ, warrant of attachment, or
similar process is not released or bonded within 60 days after its
entry or levy.
6. Attorney's Fees. If this notice is placed with an attorney for
collection, or if suit be instituted for collection, or if any other
remedy permitted by law is pursued by Holder, because of any default
in the terms and conditions herein, then in such event, the
undersigned agrees to pay reasonable attorney's fees, costs, or other
expenses incurred by Holder in so doing.
7. Construction. This Note shall be governed by and construed in
accordance with the laws of the State of Texas.
8. Security. This Note shall be a nonrecourse obligation of
shopathomekids.com, Inc.
Shopathomekids.com, Inc.
By:____________________
Romie Krickbaum, Pres/Dir