Notice of Non-Renewal of Secured Promissory Note from Seatac Digital Resources to AMHN, Inc.
Seatac Digital Resources, Inc. has notified AMHN, Inc. that it will not renew or extend a secured promissory note originally issued on April 1, 2010, with a principal amount of $900,000. According to the terms of the note, this written notice means the full principal and interest are due and payable on June 30, 2010. This letter serves as formal notice to AMHN, Inc. that the note will not be automatically renewed for another ninety-day period.
Exhibit 10.1
 | 555 H Street Suite H Eureka CA 95501
Phone ###-###-#### Fax ###-###-#### | |||||
June 18, 2010
Mr. Robert Cambridge, President
AMHN, Inc.
100 North First Street, Suite 104
Burbank, CA 91502
RE: Notice of intent not to extend promissory note
Dear Bob:
On April 1, 2010, AMHN, Inc. executed a secured promissory note to Seatac (the “Note”) in the principal amount of $800,000, which amount was increased to $900,000 with two additional advances of $50,000 each in April and May 2010. The terms of the Note provide for an automatic renewal on the maturity date for additional ninety (90) day periods unless ten (10) days prior to the automatic renewal, we provide written notice of our intent not to renew.
Please consider this letter as our intent not to renew or extend the Note for an additional ninety (90) day period, making the entire principal and interest under the Note due and payable on June 30, 2010.
Sincerely,
SEATAC DIGITAL RESOURCES, INC.
/s/ Robin Tjon
Robin Tjon
President
