FOR VALUE RECEIVED, the undersigned Michael Johnson, a California individual ("Maker" or "Borrower"), promises to pay to the order of Sarah Wilson ("Payee" or "Lender"), at 456 Main Street, Los Angeles, CA 90210, the principal sum of Twenty-Five Thousand Dollars ($25,000), together with interest thereon as hereinafter provided.

1. INTEREST

1.1 Interest Rate: This note shall bear interest on the unpaid principal balance at the rate of 8.5% per annum.

1.2 Interest Calculation: Interest shall be calculated on the basis of a 365-day year and shall accrue daily on the outstanding principal balance.

1.3 Compounding: Interest shall be simple and, if compound, shall be compounded monthly.

2. PAYMENT TERMS

2.1 Payment Schedule: The principal and interest shall be payable as follows:

Monthly payments of $1,200 beginning July 1, 2025, with final balloon payment of remaining balance due on maturity date

2.2 Maturity Date: The entire unpaid principal balance and all accrued interest shall be due and payable in full on June 4, 2027 (the "Maturity Date").

2.3 Payment Method: All payments shall be made in lawful money of the United States by check or electronic transfer to Payee at the address specified above or such other address as Payee may designate in writing.

2.4 Application of Payments: All payments shall be applied first to accrued interest and then to principal reduction.

3. PREPAYMENT

3.1 Prepayment Rights: Maker may prepay this note in whole or in part at any time without penalty.

3.2 Prepayment Application: Any prepayment shall be applied first to accrued interest and then to principal reduction in inverse order of maturity.

4. DEFAULT

4.1 Events of Default: The following shall constitute events of default under this note:

a) Failure to make any payment of principal or interest when due, continuing for 15 days after written notice;

b) Death, insolvency, or bankruptcy of Maker;

c) Material breach of any other agreement between the parties;

4.2 Acceleration: Upon the occurrence of any event of default, Payee may, at its option, declare the entire unpaid principal balance and all accrued interest immediately due and payable.

4.3 Default Interest: Upon default, this note shall bear interest at the rate of 12.0% per annum on the unpaid balance until paid in full.

5. COLLECTION COSTS

If this note is placed in the hands of an attorney for collection, or if suit is brought for collection, or if it is collected through probate, bankruptcy, or other judicial proceedings, Maker agrees to pay all costs of collection, including reasonable attorney's fees.

6. SECURITY

6.1 Collateral: This note is unsecured

6.2 Personal Guarantee: No personal guarantee required

7. REPRESENTATIONS AND WARRANTIES

Maker represents and warrants that:

a) Maker has full authority to execute this note;

b) The execution and performance of this note will not violate any other agreement;

c) This note constitutes a valid and binding obligation of Maker;

d) Maker has not filed for bankruptcy or made any assignment for the benefit of creditors;

8. WAIVERS

Maker and any endorsers, sureties, and guarantors of this note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest, and agree that their liability shall not be affected by any renewal, extension, or modification of the terms of payment of this note.

9. USURY SAVINGS CLAUSE

It is the intention of the parties that this note shall comply with applicable usury laws. If any provision would result in a rate of interest in excess of the maximum permitted by law, such provision shall be reformed to provide for the maximum rate permitted by law.

10. GOVERNING LAW

This note shall be governed by and construed in accordance with the laws of the State of California.

11. MODIFICATION AND WAIVER

No modification, amendment, or waiver of any provision of this note shall be effective unless in writing and signed by both parties. No waiver of any default shall constitute a waiver of any subsequent default.

12. BINDING EFFECT

This note shall be binding upon Maker and Maker's heirs, executors, administrators, successors, and assigns, and shall inure to the benefit of Payee and Payee's successors and assigns.

13. SEVERABILITY

If any provision of this note is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

14. NOTICES

Any notice required hereunder shall be in writing and shall be deemed given when delivered personally or mailed by certified mail, return receipt requested, to the parties at their respective addresses set forth below.