Loan Extension Agreement between Heung Mei Tsui and China Pharma Holdings, Inc.

Contract Categories: Business Finance › Loan Agreements
Summary

This agreement extends the repayment date for loans totaling $1,354,567 in principal and $30,667 in interest from Ms. Heung Mei Tsui to China Pharma Holdings, Inc. The new repayment deadline is December 31, 2014. If the company has sufficient U.S. dollar funds in its overseas account before that date, it should repay the loans to Ms. Tsui as soon as possible. Both parties have agreed to these terms due to the company's temporary lack of funds.

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EX-10.7 5 ex107.htm LOAN EXTENSION ex107.htm
 
 
 
Loans Extension Agreement

Reference is made to the loans from Ms. Heung Mei Tsui to China Pharma Holdings, Inc. (the “Company”), the principal and accumulated interest totaled USD1,354,567 and USD30,667 respectively as of December 31, 2013. Due to the fact the Company temporarily did not have enough balance in its oversea account to repay the loans, both Ms. Tsui and the Company agreed to extend the loans to December 31, 2014. The Company shall  repay the principal and accumulated interest on December 31, 2014.
 
 
During the extension, if China Pharma’s oversea U.S. dollar balance is sufficient, it should repay the loans as soon as possible to Ms. Tsui.
 
 
 
 
Creditor：Heung Mei Tsui
Debtor：China Pharma Holdings, Inc.
                    December 31, 2013