Commercial Short Term Loan Agreement among Allied Mining and Supply, LLC, Sunergy, Inc., and Lender

Summary

Allied Mining and Supply, LLC is borrowing $15,000 from a lender to finance gold and mineral dredging operations in Sierra Leone. The loan will be repaid in 90 days with a total payment of $17,500. As added security, Sunergy, Inc., the parent company, guarantees the loan and offers 300,000 restricted shares and warrants to the lender, plus collateral of 5,000,000 shares and warrants. If Allied defaults, Sunergy is responsible for a daily penalty and any outstanding debt. Disputes will be resolved by arbitration in Nevada.

EX-10.2 3 ex10-2.txt FORM OF SHORT TERM LOAN AGREEMENT Exhibit 10.2 [LETTERHEAD OF SUNERGY, INC.] Commercial Short Term Loan Agreement March __,2011 Between: Allied Mining and Supply, LLC, Borrower 14362 N Frank Lloyd Wright Blvd Suite 1000 Scottsdale, AZ 85260 And: Sunergy, Inc, Guarantor 14362 N Frank Lloyd Wright Blvd Suite 1000 Scottsdale, AZ 85260 And ___________________________________ Lender ___________________________________ ___________________________________ Allied Mining and Supply, LLC, a Sunergy wholly owned subsidiary, has purchased 3 commercial dredges custom built for recovering gold, diamonds and rare earth elements (REE's) on its Pampana River Concession in Sierra Leone, West Africa. Allied is desirous of obtaining short term loan financing for operating these dredges. The dredge operations should produce adequate cash flow to repay this loan. Allied is offering the following terms for financing: Upon receipt of $ 15,000, Allied will repay in 90 days an amount equal to $17,500 as full payment plus interest. As an inducement to lender to enter into this agreement, Sunergy, Inc., the parent company of Allied , will issue 300,000 restricted common shares with 300,000 share purchase warrants priced at $0.0075 valid for 1 year immediately upon receipt of the $15,000. In addition, as additional security, should lender not receive his payment in full on or before the due date, Sunergy, Inc, as guarantor, will be responsible for a $100/ day default penalty and remain fully responsible for any and all outstanding debt owed to lender under this agreement. This loan is collateralized by 5,000,000 common shares plus 5,000,000 share purchase warrants at $0.0075 exercisable for 1 year. In the event of any default, lender shall be able to convert the outstanding balance owed to the common share collateral provided by Sunergy. Jurisdiction for any disputes pertaining to this agreement is in the State of Nevada and shall be resolved by Arbitration. This is the entire agreement between the parties. Agreed and accepted on the date above referenced by: -------------------------------------------------------------------- Allied Mining and Supply, LLC, Borrower Dale Bourassa, President ###-###-#### ***@*** -------------------------------------------------------------------- Sunergy, Inc, Guarantor Bryan Miller, President ###-###-#### ***@*** -------------------------------------------------------------------- Lender Attached as a part of this agreement: Purchase agreement for Dredge Sunergy, Inc Bank Info for wiring funds: Chase Bank NA 11355 E Via Linda Scottsdale AZ 85259 Account ABA ###-###-#### Sunergy Inc 14362 N. Frank Lloyd Wright Blvd Scottsdale, AZ 85260 ###-###-####