Loan Agreement between Morpheus Financial Corporation and Interactive Multi-Media Auction Corporation
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Summary
Morpheus Financial Corporation is lending up to $15,000 CAD to Interactive Multi-Media Auction Corporation (IMMAC) under a non-interest bearing, unsecured, non-recourse loan. The initial $7,500 is to be provided by October 15, 2012, with the balance due by April 31, 2013. IMMAC must repay the full principal by October 31, 2017, unless both parties agree otherwise. The agreement was signed electronically on July 13, 2012.
EX-10.2 3 imma_ex102.htm LOAN AGREEMENT imma_ex102.htm
Exhibit 10.2
Loan Agreement
| Between: | Morpheus Financial Corporation (“Lender”) | ||
| And: | Interactive Multi-Media Auction Corporation (“IMMAC”), (“Borrower”) | ||
TERMS OF LOAN
| BORROWER | IMMAC |
| LENDER | Morpheus Financial Corporation |
| AMOUNT | Up to a Maximum of $15,000 CAD |
| INTEREST | Non-Interest Bearing |
| INVESTMENT | Unsecured Non-Recourse Loan |
| CLOSING | $7,500 at or before October 15, 2012 |
| Balance on or before April 31, 2013 | |
| LOAN RE-PAYMENT DATE | It is understood the loan will be paid in its entirety of principal no later than October 31, 2017 unless otherwise agreed. |
Electronically Signed and dated for this day of the 13th day of July 2012 by:
Morpheus Financial Corporation
(“Lender”)
/MC/
Managing Director
IMMAC
(“Borrower”)
/AM/
President
