Oral Extension Agreement to Promissory Note between Registrant and W. Browne
This agreement documents the oral extension of a promissory note originally issued by the Registrant to W. Browne. The note, with a remaining principal of $50,000 at a 10% annual interest rate, was originally due on November 1, 2007. Under the extension, no periodic payments are required, and both principal and interest are now due on the new maturity date of December 31, 2008.
EXHIBIT 10.48
Description of Oral Extension-W. Browne Promissory Note
Summary of Terms of the Orally Agreed upon Extension to following Simple Promissory Note (with corresponding exhibit number of original note) under which Registrant is the Borrower. No periodic payments are required and principal and interest are due on the extended due date.
Original |
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Note |
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| Original | Oral |
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Exhibit |
| Loan | Due | Extension |
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Number | Lender | Date | Date | Date | Principal | Rate |
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10.7 | W. Browne | 12/21/2006 | 11/01/2007 | 12/31/2008 | $50,000.00* | 10% |
*$50,000 is the remaining principal balance of this note. The original loan amount was $75,000. However, the Company made a payment toward the principal balance ($25,000) on August 24, 2007.
