PROMISSORY NOTE

 
On 11th Feburary 2021, hereinafter known as the "Start Date", Mr. Raju P.V residing at old No.10, New
No.23/1, Ambal Nagar Main Road, Ekkattuthanga, Chennai - 600 032, hereinafter known as the “Borrower”,
has received and promises to payback Mr. Prasanna Jayagopi, Franchisee of M/s. CK’s Foods Private Limited
residing at No.9/3, Pillaiyar Kovil Street, Pallavaram, Chennai 600 043 hereinafter known as the “Lender”, the
principal sum of Rs.40,000/- (Rupees Forty Thousand only) paid for TNEB deposit by the lender on behalf of
the borrower, hereinafter known as the "Borrowed Money", beginning as of the Start Date in the manner
as follows:
 
1. PAYMENTS: The full balance of this Note, is due and payable on date of providing the notice to TNEB for
cancelling the electricity sanction provided for the premises situated at old No.10, New No.23/1, Ambal Nagar
Main Road, Ekkattuthanga, Chennai - 600 032, hereinafter known as the "Due Date". 

If the borrower fails to pay the promised amount of Rs.40,000/-on the due date, the borrower shall pay along
with the interest of 24% per month for the accrued/delayed period.
 

Lender Borrower
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2. SECURITY: The property situated at old No.10, New No.23/1, Ambal Nagar Main Road, Ekkattuthanga,
Chennai - 600 032 hereinafter known as the “Security”, which shall transfer to the possession and ownership
of the Lender for the payment due under this agreement. The Security may not be sold or transferred without
the Lender’s consent until the Due Date. If Borrower breaches this provision, Lender may declare all sums due
under this Note immediately due and payable, unless prohibited by applicable law. The Lender shall have the
sole-option to accept the Security as full-payment for the Borrowed Money without further liabilities or
obligations. If the market value of the Security does not exceed the Borrowed Money, the Borrower
shall remain liable for the balance due while accruing interest at the maximum rate allowed by law.
 
3. DISPUTE RESOLUTION: Any dispute, difference or question, issues arising out of this agreement
including matters pertaining to the validity, enforce-ability of the terms of the agreement shall be referred to
the Arbitration of a sole Arbitrator to be appointed by Kovise Foundation Conflict Resolution International
(KFCRI) on the request of either of the parties.

The award of the Arbitration shall be final and binding on the parties. The Arbitration proceedings shall take
place at Chennai and shall be governed by the Arbitration and Conciliation Act, 1996 and the rules appended
thereto or any statutory modification or amendment thereof for the time being in force and this arbitration shall
be held in English Language. Each party shall bear its own cost of Arbitration.

The proceedings shall be held at Chennai and conducted in the English language. The Courts in Chennai shall
alone have jurisdiction with regard to this Lease.
  
4. NON-WAIVER: No failure or delay by Lender in exercising Lender’s rights under this Note shall be
considered a waiver of such rights.
 
5. SEVERABILITY: In the event that any provision herein is determined to be void or unenforceable for any
reason, such determination shall not affect the validity or enforceability of any other provision, all of which
shall remain in full force and effect.
 
6. SIGNATURE AREA
 
1. Mr. Prasanna Jayagopi

Signature ______________________ Date ___________________

2. Mr. Raju P.V

Borrower’s Signature ______________________ Date ___________________

IN WITNESS WHEREOF THE LESSOR/s AND THE LESSEE HAVE SET THEIR RESPECTIVE HANDS
ON THIS AGREEMENT ON THE DATE, MONTH AND YEAR FIRST ABOVE MENTIONED, IN THE
PRESENCE OF:
 
Witness:
1. 2.

Lender Borrower
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