LOANAGREEMENT

EX-10.2 3 ex10-2.htm EXHIBIT 10.2

LOAN AGREEMENT

THIS LOAN AGREEMENT (this “Agreement”) dated this 16th day of February, 2014

BETWEEN:

Laurence Wainer of 137 South Robertson Blvd. #129 Beverly Hills CA, 90211

(the “Lender”)

OF THE FIRST PART

AND

Blow & Drive Interlock

(the “Borrower”)

OF THE SECOND PART

IN CONSIDERATION OF the Lender loaning certain monies (the “Loan”) to the Borrower, an the Borrower repaying the Loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

		Loan Amount & Interest

	1.	The Lender promises to loan one hundred sixty thousand ($160,000.00) USD, to the Borrower and the Borrower promises to repay this principal amount to the Lender, at such address as may be provided in writing, with interest payable on the unpaid principal at the rate of 7.75 percent per annum, calculated yearly not in advance.

		Payment

	2.	This Loan will be repaid in 60 consecutive monthly installments of principal and interest on the first of each month commencing the month following execution of this Agreement with the balance owing under this Agreement being paid at the end of its term.

	3.	At any time while not in default under this Agreement, the Borrower may pay the outstanding balance then owing under this Agreement to the Lender without further bonus or penalty.

		Default

	4.	Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

		Governing Law

	5.	This Agreement will be construed in accordance with and governed by the laws of the State of California.

		Costs

	6.	All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement 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.

		Binding Effect

	7.	This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrowerwaives presentment for payment, notice of non-payment, protest, and notice of protest.

		Amendments

	8.	This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

		Severability

	9.	The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement 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 Agreement will in no way be affected, impaired or invalidated as a result.

		General Provisions

	10.	Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

		Entire Agreement

	11.	This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on this 16th day of February, 2014.

SIGNED, SEALED, AND DELIVERED
this 16th day of February, 2014 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		Laurence Wainer

this document


(signature of witness)

WITNESS DETAILS:

Name:	Robert Garcia
Address:	1111 Altrus Rd
	fallbrook, CA 92028

SIGNED, SEALED, AND DELIVERED
this 16th day of February, 2014 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)		Blow & Drive Interlock

WITNESS DETAILS:

Name:	Robert Garcia
Address:	1111 Altrus Rd
	92028 fallbrook, CA