Promissory Note





LIONELL INC of PO Box 1123, LONG ISLAND CITY, NY, 11101 (the "Borrower")


LIONELL INC of PO Box 1123, LONG ISLAND CITY, NY, 11101 (the "Lender")

Principal Amount:      $18.00 USD

  1. FOR VALUE RECEIVED, The Borrower promises to pay to the Lender at such address as may be provided in writing to the Borrower, the principal sum of $18.00 USD, without interest payable on the unpaid principal, beginning on December 8, 2017.
  2. This Note will be repaid in consecutive monthly installments of $18.00 each commencing on December 8th, 2017 and continuing on the eighth of each following month until December 8th, 2017 with the balance then owing under this Note being paid at that time.
  3. At any time while not in default under this Note, the Borrower may pay the outstanding balance then owing under this Note to the Lender without further bonus or penalty.
  4. Notwithstanding anything to the contrary in this Note, if the Borrower defaults in the performance of any obligation under this Note, then the Lender may declare the principal amount owing and interest due under this Note at that time to be immediately due and payable.
  5. All costs, expenses and expenditures including, and without limitation, the complete legal costs incurred by the Lender in enforcing this Note as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.
  6. If any term, covenant, condition or provision of this Note is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Note will in no way be affected, impaired or invalidated as a result.
  7. This Note will be construed in accordance with and governed by the laws of the State of New York.
  8. This Note will enure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and assigns of the Borrower and the Lender.  The Borrower waives presentment for payment, notice of non-payment, protest and notice of protest.

IN WITNESS WHEREOF the Borrower has duly affixed their signature under seal on this 8th day of December, 2017.

this 8th day of December, 2017 in front of the person below who is over 18 years of age and not involved with the contents of this document or related to any of the parties in this document.

(signature of witness)

Name:    _______________
Address: _______________