Description of Oral Extension-W. Browne Promissory Note
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EX-10.48 8 ex1048.htm PROMISSORY NOTE EXHIBIT 10
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 |
| Annual |
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.
