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EXHIBIT 10.7
PROMISSORY NOTE
(Commercial)
U.S. $25,000 April 6, 2016
FOR VALUE RECEIVED, United Cannabis Corporation. ("Borrower") promises to
pay to Tony Verzura or order, ("Note Holder") the principal sum of $25,000 U.S.
Dollars, with interest on the unpaid principal balance from the date of this
Note until paid, at the rate of 12% per annum. Interest shall be paid at
maturity.
This Note, together with all accrued but unpaid interest, shall be due and
payable on December 30, 2016.
Principal and interest shall be payable at 1600 Broadway, Suite 1600,
Denver, CO 80202, or such other place as the Note Holder may designate.
Borrower may prepay this Note, in whole or in part, at any time. If this
Note is repaid on or before September 30, 2016, the principal amount which is
being repaid will increase by 10%. If the Note is repaid after September 30,
2016, the principal amount which is being repaid will increase by 15%.
If this Note is not paid when due, the Note Holder shall be entitled to
collect all reasonable costs and expense of collection and/or suit, including,
but not limited to, reasonable attorneys' fees.
Payments received for application to this Note shall be applied first to
the payment of costs and expense of collection and/or suit, if any, second to
the payment of accrued interest specified above, and the balance applied in
reduction of the principal amount hereof.
UNITED CANNABIS CORPORATION
By: /s/ Chad Rub
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Chad Ruby, COO
/s/ Tony Verzura
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Tony Verzur
