LOAN AGREEMENT

Contract Categories: Business Finance - Loan Agreements
EX-10.3 4 ex10_3.htm LOAN AGREEMENT BETWEEN THE COMPANY AND KRISTIAN ANDRESEN DATED AUGUST 28, 2010. ex10_3.htm
Exhibit 10.3

 
LOAN AGREEMENT
 
This Loan Agreement ("Agreement") is made and effective the 28th day of August 2010
 
 
BETWEEN: 
Kristian Andresen (the "Lender"), an individual with his main address located at and existing under the laws of the State of California, with its head office located at:
 
1223 Wilshire Blvd # 183
Santa Monica, CA, 90403
   
AND:
Respect Your Universe, Inc (the "Borrower"), a corporation organized and existing under the laws of the State of Nevada, with its head office located at:
 
6533 Octave Ave
Las Vegas, NV, 89139
 
1.   PROMISE TO PAY
 
Within 3 months from today, Borrower promises to pay to Lender the sum of $20,000, and interest and other charges stated below.
 
 
2.   RESPONSIBILITY
 
Although this Agreement may be signed below by more than one person, Borrower understands that we are each as individuals responsible for paying back the full amount.
 
 
3.   BREAKDOWN OF LOAN
 
Amount of Loan:
                     $20,000.00
   
Other (Describe)                      $ 0.00
   
Amount financed:                      $20,000.00
   
Finance charge:                      $ 0.00
   
Total of payments:                      1
   
Annual Rate:                      0
 
 
4.   REPAYMENT
 
This is how Borrower will repay: Borrower will repay the amount of this note in 1 equal uninterrupted payment of $20,000.00 by November 28, 2010.
 
 
 
 
Consumer Loan Agreement   
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5.   PREPAYMENT
 
Borrower has the right to prepay the whole outstanding amount at any time. If Borrower does, or if this loan is refinanced - that is, replaced by a new note - Lender will refund the unearned finance charge, figured by the [RULE] - a commonly used formula for figuring rebates on installment loans.
 
 
6.   LATE CHARGE
 
Any installment not paid within 10 days of its due date shall be subject to a late charge of 10% of the payment, not to exceed $2,000.00 for any such late installment.
 
 
7.   SECURITY
 
To protect Lender, Borrower gives what is known as a security interest or mortgage in:
 
Respect Your Universe, Inc
 
 
8.   DEFAULT
 
If for any reason Borrower fail to make any payment on time, Borrower shall be in default. The Lender can then demand immediate payment of the entire remaining unpaid balance of this loan, without giving anyone further notice. If Borrower has not paid the full amount of the loan when the final payment is due, the Lender will charge me interest on the unpaid balance at 20% per year.
 
 
9.   RIGHT OF OFFSET
 
If this loan becomes past due, the Lender will have the right to pay this loan from any deposit or security Borrower have with this Lender without notice to me. If the Lender gives me an extension of time to pay this loan, Borrower still must repay the entire loan.
 
 
10. COLLECTION FEES
 
If this note is placed with an attorney for collection, then Borrower agree to pay an attorney's fee of 20% of the unpaid balance. This fee will be added to the unpaid balance of the loan.
 
 
11. CO-BORROWERS
 
If Borrower is signing this Agreement as a co-borrower, Borrower agrees to be equally responsible with the Borrower for this loan.
 
 
LENDER      BORROWER
     
     
     
/s/ Kristian Andresen      /s/ Kristian Andresen   
Authorized Signature     Authorized Signature
     
Kristian Andresen      Kristian Andresen / President
Print Name and Title     Print Name and Title
 
 
 
Consumer Loan Agreement                                                                                                                        
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