Loan Extension Agreement between Wang Qingyuan and Solarmax Technology (Shanghai) Co., Ltd.
This agreement extends the repayment period for a RMB 5,000,000 loan from Wang Qingyuan to Solarmax Technology (Shanghai) Co., Ltd. The new repayment deadline is March 31, 2020, instead of December 31, 2019. The interest rate and calculation method remain the same as in the original contract, with interest calculated quarterly and settled with the principal at the end of the extension. All other terms from the original loan agreement continue to apply. The agreement is effective upon signing by both parties.
EXHIBIT 10.82
Loan extension contract
Lender (Party A) Wang Qingyuan
Borrower (Party B) Solarmax Technology (Shanghai) Co.,Ltd
Now Party B has applied to Party A for extension of the loan period due to the expansion of production and operation. Both Party A and Party B have reached the following supplementary agreement through negotiation:
1. The funds that Party B should borrow from Party A in accordance with the original contract are RMB 5,000,000.00 which shall expire on December 31, 2019. It is now agreed to postpone the payment until March 31, 2020.
2. Borrowing rates and interest
1) The interest rate and interest of the postponed loan shall be implemented in accordance with the original contract.
2) Interest is calculated quarterly from the date of extension.
3) When the deferred repayment period expires, the deferred interest will be settled with the principal.
3. After the extension, other rights and obligations of Party A and Party B shall be implemented in related matters and in accordance with the terms stipulated in the original contract.
4. This agreement is effective from the date of signature and seal of both parties. This agreement is in duplicate, and both parties A and B shall hold one copy, which has the same legal effect.
Signed date : December 28, 2019
