Summary of Oral Extension Terms for D. Richard Promissory Note (Registrant as Borrower)
This document summarizes the orally agreed extension of a promissory note between D. Richard (lender) and the registrant (borrower). The original note, dated August 22, 2008, for $70,000 at a 10% annual interest rate, was due on December 22, 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 10.59
Description of Oral Extension-D. Richard Promissory Note, Two
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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10.38 | D. Richard | 08/22/2008 | 12/22/2008 | 12/31/2008 | $70,000.00 | 10% |
