Letter Agreement to Extend Maturity Date of Promissory Note between SolarMax Technology, Inc. and Yue Lian Liang
SolarMax Technology, Inc. and Yue Lian Liang have agreed to extend the maturity date of a $2,000,000 promissory note originally due on August 31, 2022, to December 31, 2023. The note will continue to accrue interest at 6% per year, with interest payments due quarterly. The full principal and any accrued interest will be paid by SolarMax to Yue Lian Liang on the new maturity date. This agreement is effective as of August 30, 2022.
EXHIBIT 10.29
Letter Agreement
August 30, 2022
Yue Lian Liang
#9-00, Hai Ding West Xia
Hai Ding District
Beijing City, China
VIA EMAIL: ***@***
Dear Yue Lian Liang:
This letter will confirm our agreement to extend the maturity date of the Amended and Restated Promissory Note (the “Note”) dated May 4, 2020 in the principal amount of $2,000,000 from August 31, 2022 to December 31, 2023. Interest will be payable on the unpaid principal balance at the rate of 6.00 percent (6.00%) per annum, payable quarterly on the last business day of June, September, December and March. The Company will pay the principal amount of this Note, together with accrued interest, on December 31, 2023.
AGREED TO AND ACCEPTED
This 30th day of August, 2022
| YUE LIAN LIANG |
| SOLARMAX TECHNOLOGY, INC. |
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| 3080 12th Street |
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| Beijing City, China |
| Riverside, CA 92507 |
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| By: | /s/ Yue Lian Liang |
| By: | /s/ Stephen P. Brown |
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| Yue Lian Liang |
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| Stephen P. Brown |
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| Title: | Chief Financial Officer |
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