Summary of Oral Extension Terms for W. Browne Promissory Note between Registrant and W. Browne
This document summarizes the orally agreed extension of a $50,000 promissory note originally issued by the Registrant to W. Browne. The original note, dated February 16, 2006, was due on November 1, 2007, but the due date has been extended to December 31, 2008. No periodic payments are required; both principal and 10% annual interest are due in full on the new due date.
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 |
|
|
|
|
|
|
Note |
|
| Original | Oral |
| Annual |
Exhibit |
| Loan | Due | Extension |
| % |
Number | Lender | Date | Date | Date | Principal | Rate |
|
|
|
|
|
|
|
10.7 | W. Browne | 2/16/2006 | 11/01/2007 | 12/31/2008 | $50,000.00 | 10% |
