Promissory Note Extension Agreement between Eric Engberg and Penge Corp dated March 5, 2007

Contract Categories: Business Finance › Note Agreements
Summary

Eric Engberg and Penge Corp have agreed to extend the repayment of an $80,000 promissory note originally dated September 15, 2006. The extension is on a month-to-month basis, and either party can require repayment with 30 days' notice. The interest rate for the extended period is set at 28% per year. Both parties have signed the agreement on March 5, 2007.

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EX-10.3 4 penge_8k-ex1003.txt LETTER AGR EXHIBIT 10.3 March 5, 2007 Eric Engberg 7716 Summer Ave NE Albuquerque, New Mexico 87110 Penge Corp 3327 West Wadley, Suite 3-366 Midland, Texas 79707 ###-###-#### To Whom It May Concern: I Eric Engberg agree to extend my promissory note with Penge Corp (dated September 15, 2006) in the amount of $80,000 on a month to month basis. Either party may call the note due with 30 days notice. The interest rate will be raised to 28% annually for this extension. Thanks, PENGE CORPORATION By: /s/ KC Holmes ------------------------------------ Name: KC Holmes Title: President Date: March 5, 2007 LENDER: Signature: /s/ Eric Engberg ------------------------------------- Name: Eric Engberg Address: 7716 Summer Ave NE Albuquerque, New Mexico 87110 Date: March 5, 2007