Summary of Oral Extension Terms for D. MacKool Promissory Note between Registrant and D. MacKool
This document summarizes the orally agreed extension of a promissory note between the Registrant (as borrower) and D. MacKool (as lender). The original loan of $15,000 at a 10% annual interest rate, initially due on September 13, 2008, has been extended to December 31, 2008. No periodic payments are required; both principal and interest are due in full on the new due date.
EXHIBIT 10.53
Description of Oral Extension-D. MacKool 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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10.24 | D. MacKool | 06/10/2008 | 09/13/2008 | 12/31/2008 | $15,000.00 | 10% |
