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Title: |
Loan Agreement |
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Entities: |
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Date: |
2003 |
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Size: |
Preview shows 3KB of 18KB total |
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Price: |
$31 |
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ID: |
#299211 |
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EXHIBIT
LOAN AGREEMENT
This Loan Agreement (this "Agreement"), dated as of October 13, 2001,
is entered into between George Colin ("Lender"), and EXTEN INDUSTRIES, INC.
("Borrower") as of the date first set forth above. The above information is
subject to all of the terms and conditions of this Agreement. The parties agree
as follows:
1. Loan and Payments. The Lender is making loans (collectively,
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the "Loan") to Borrower in the amount of Fifty Thousand ($50,000) Dollars. The
Loan may be prepaid at any time without penalty.
(a) Interest. Borrower shall pay interest on the Loan and
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other monetary Obligations at a fixed rate equal to twelve percent (12 %) per
annum. Interest shall be calculated on the basis of a 360-day year for the
actual number of days elapsed. Interest shall be payable monthly within seven
(7) business days of the last day of the previous month.
(b). Voluntary Conversion. Each Lender may convert the pro
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rata portion of the outstanding principal balance of the Loan, together with all
accrued but unpaid interest, owing to such Lender, and no less than such amount,
into Borrower's Common Stock, at the option of such Lender, on the terms and
conditions set forth herein. The stock will be delivered within ten (10)
business days of the conversion date and the shares will have no restrictions
relative to their sale and disposition.
(e) Penalties. Should any interest payment be late,
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certain penalties shall become effective. The conversion price of the shares of
common stock shall decline by $.01 for each week, or fraction thereof, that
interest payment is not received.
If Lender elects to exercise his right to convert then such
Lender must give written notice of his intention to convert not less than ten
(10) business days prior to the date of such intended conversion. Lender must
concurrently execute a standard form of Stock Purchase Agreement and other
agreements as are necessary to document the issuance of the Common Stock. The
Borrower shall issue and deliver to such Lender, within the same ten (10)
business days, a certificate or certificates for the number of Common Stock to
which the Lender is entitled and a check or cash with respect to any fractional
interest in any share of Common Stock. Upon receipt of the shares, Lender, by
execution hereof, agrees to deliver to the Borrower the executed original of
this Agreement, marked "cancelled," within ten (10) days of such conversion,
In the event that a Lender exercises the conversion right
described herein, he shall receive Borrower's Common Stock at a price per share
equal to $.07, if converted during the term of this Agreement. No fractional
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