Loan Agreement and Promissory Note between Cell MedX Corp. and Richard N. Jeffs dated July 12, 2017
Cell MedX Corp. has borrowed CAD$25,000 from Richard N. Jeffs under an agreement dated July 12, 2017. The company agrees to repay the loan on demand, with interest at 6% per year, compounded monthly. The loan can be repaid in full or in part at any time. If Cell MedX Corp. fails to repay, it is responsible for any collection costs. The agreement is formalized with a promissory note signed by both parties.
LOAN AGREEMENT
July 12, 2017
Richard N. Jeffs (the “Lender”) of 11750 Fairtide Road, Ladysmith, BC V9G 1K5, advanced CDN$25,000 (the “Principal Sum”) to Cell MedX Corp. (the “Borrower”) of 123 W. Nye Ln, Suite 446, Carson City, NV 89706. The Lender advanced the funds on July 12, 2017.
The Borrower agrees to repay the Principal Sum on demand, together with interest calculated and compounded monthly at the rate of 6% per year (the “Interest”) from July 12, 2017. The Borrower is liable for repayment for the Principal Sum and accrued Interest and any costs that the Lender incurs in trying to collect the Principal Sum and the Interest.
The Borrower will evidence the debt and its repayment of the Principal Sum and the Interest with a promissory note in the attached form.
| LENDER |
| BORROWER |
| Richard N. Jeffs |
| Cell MedX Corp. |
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| Per: |
| Per: |
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| /s/ Richard N. Jeffs |
| /s/ Yanika Silina |
| Richard N. Jeffs |
| Yanika Silina, CFO |
PROMISSORY NOTE
| Principal Amount: CAD$25,000 | July 12, 2017 |
FOR VALUE RECEIVED Cell MedX Corp., (the “Borrower”) promises to pay on demand to the order of Richard N. Jeffs (the “Lender”) the sum of $25,000 lawful money of Canada (the “Principal Sum”) together with interest on the Principal Sum from July 12, 2017 (“Effective Date”) both before and after maturity, default and judgment at the Interest Rate as defined below.
For the purposes of this promissory note, Interest Rate means 6 per cent per year. Interest at the Interest Rate must be calculated and compounded monthly not in advance from and including the Effective Date (for an effective rate of 6.2% per annum calculated monthly), and is payable together with the Principal Sum when the Principal Sum is repaid.
The Borrower may repay the Principal Sum and the Interest in whole or in part at any time.
The Borrower waives presentment, protest, notice of protest and notice of dishonour of this promissory note.
BORROWER
Cell MedX Corp.
Per:
/s/ Yanika Silina
Yanika Silina, CFO
