Summary of Oral Extension Terms for D. Block Promissory Note between Registrant and D. Block
This document summarizes the orally agreed extension of a $100,000 promissory note originally issued by the Registrant to D. Block. The note, initially due on August 31, 2008, has its maturity date 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. The agreement is based on oral terms and modifies the original written note.
EXHIBIT 10.51
Description of Oral Extension-D. Block 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 |
| % |
Number | Lender | Date | Date | Date | Principal | Rate |
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10.22 | D. Block | 05/27/2008 | 08/31/08 | 12/31/2008 | $100,000.00 | 10% |
