Grid Note Promissory Agreement between Charleston Basics, Inc. and Michael Lieber
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Summary
Charleston Basics, Inc. has entered into a loan agreement with Michael Lieber, under which the company borrows money as needed and agrees to repay the outstanding principal plus 3.88% annual interest by December 31, 2009. The lender records each advance and repayment on an attached grid. The borrower can repay any amount at any time without penalty. The lender may assign the note to another party. This agreement replaces a previous note dated August 21, 2007.
EX-10.6 2 ex10-6.htm ex10-6.htm
Exhibit 10.6
Grid Note
FOR VALUE RECEIVED, the undersigned, CHARLESTON BASICS, INC. (the "Borrower"), hereby acknowledges itself indebted to MICHAEL LIEBER (the "Lender") and promises to pay on or prior to December 31, 2009 to or to the order of the Lender at 1701 Avenue I, Brooklyn, NY 11230, or as otherwise directed in writing by the Lender, the principal amount advanced by or at the direction of the Lender to the Borrower from time to time and remaining outstanding hereunder as recorded by the Lender in the column headed "Unpaid Principal Balance" on the record (the "Grid") attached to and forming part of this Note.
The Lender shall and is hereby unconditionally and absolutely authorized and directed by the Borrower to record on the Grid: (a) the date and amount of each advance made by the Lender hereunder and the resulting increase of the unpaid principal balance, and (b) the date and amount of each repayment on account of the principal made to the Lender hereunder and the resulting decrease of the unpaid principal balance.
The balance of the principal remaining from time to time unpaid and outstanding shall bear interest from the date hereof, both before and after maturity and both before and after default, at the rate per annum equal to 3.88 %. Interest as aforesaid shall accrue and be payable in arrears upon the earlier of maturity or repayment in full of the principal amount hereof.
The Borrower shall have the privilege of repaying any amount of the principal amount outstanding hereunder from time to time without notice or penalty.
The Borrower hereby waives presentment for payment and notice of non-payment.
The Lender may assign all of its right, title and interest in, to and under this promissory note. All payments required to be made hereunder shall be made by the Borrower without any right of set-of or counterclaim.
This Grid Note shall amend and restate in its entirety the note between the parties dated August 21, 2007.
DATED: 3/28/07
CHARLESTON BASICS, INC.
By: /s/ Andrea Bereck
Name: Andrea Bereck
Title: Secretary and Director
| Date | Amount of Advance | Amount of Payment | Unpaid Principal Balance | Recorded By | |||||||||
| 6/30/07 | 66,500 | 66,500 | M. Lieber | ||||||||||
| 8/21/07 | 150,000 | 216,500 | M. Lieber | ||||||||||
| 9/30/07 | 4,500 | 221,000 | M. Lieber | ||||||||||
| 11/1/07 | 29,000 | 192,000 | M. Lieber | ||||||||||
| 12/31/07 | 4,500 | 196,500 | M. Lieber | ||||||||||
| 1/18/08 | 60,000 | 136,500 | M. Lieber | ||||||||||
| 3/25/08 | 5,000 | 141,500 | M. Lieber | ||||||||||
