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EXHIBIT 10.3
Promissory Note
Name of Borrow 1: RD&G LLC - Tim Evans
Name of Borrow 2: RD&G LLC - Larry Parsons
Name of Lender: James Horning
1. For value received, Borrower promises to pay to Lender the amount of
$25,000 on December 31, 2011 at RD&G - 4880 E. Pacific Pl., Denver, CO
80222, together with interest at the rate of 6% per year from the date
this note was signed until the date it is:
[ ] paid in full (Borrower will receive credits for prepayments, reducing
the total amount of interest to be paid).
[ ] due or paid in full, whichever date occurs last (Borrower will not
receive credits for prepayments).
2. Borrower agrees that this note will be paid in installments, which include
principal and interest, of not less than $125 interest only per month, due on
the first dye of each month, until the principal and interest are paid in full.
3. If any installment payment due under this note is not received by Lender
within 30 days of its due date, the entire amount of unpaid principal will
become immediately due and payable at the option of Lender without prior notice
to Borrower.
4. If Lender prevails in a lawsuit to collect on this note, Borrower agrees to
pay Lender's attorney fees in an amount the court finds to be just and
reasonable.
5. Collateral - 2 embroidery machines plus accessories.
The term Borrower refers to one or more borrowers. If there is more than one
borrower, they agree to be jointly and severally liable. The term Lender refers
to any person who legally holds this not, including a buyer in a due course.
/s/ Timothy Evans /s/ Larry Parsons
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Borrower 1's Signature Borrower 2's Signature
4/9/10 4/9/10
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Date Date
Timothy Evans Larry Parsons
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Print Name Print Name
Denver Denver
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City and County where signed City and County where signed
4880 E. Pacific Pl. Denver, CO 80222 4880 E. Pacific Pl. Denver, CO 80222
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Address Address