Summary of Oral Extension Terms for R. Mizrahi Promissory Note between Registrant and R. Mizrahi
This document summarizes the orally agreed extension of a promissory note originally issued by the Registrant to R. Mizrahi. The note, dated June 10, 2008, for $15,000 at a 10% annual interest rate, was originally due on September 13, 2008. The extension moves the due date to December 31, 2008. No periodic payments are required; both principal and interest are due in full on the new due date.
EXHIBIT 10.56
Description of Oral Extension-R. Mizrahi 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 |
|
|
|
|
|
|
|
10.27 | R. Mizrahi | 06/10/2008 | 09/13/2008 | 12/31/2008 | $15,000.00 | 10% |
