Forgivable Loan Agreement between Pampa Economic Development Corporation and United Medicorp, Inc.

Summary

Pampa Economic Development Corporation is providing United Medicorp, Inc. with a $50,000 loan at a 9.5% interest rate. The principal may be forgiven depending on the terms of a separate Economic Development and Incentive Agreement dated July 28, 2000, but interest must be paid quarterly and will not be forgiven. The agreement outlines the loan terms and repayment or forgiveness conditions, and represents the full understanding between the parties.

EX-10.40 2 d81752ex10-40.txt FORGIVABLE LOAN AGREEMENT 1 EXHIBIT 10.40 FORGIVABLE LOAN AGREEMENT This agreement is made between Pampa Economic Development Corporation and United Medicorp, Inc., for a forgivable loan in the principle amount $50,000.00. The loan shall bear interest at the rate of 9.5%. Interest on the balance of the loan shall not be forgiven. The PRINCIPLE AMOUNT of this loan shall be DUE AND PAYABLE OR FORGIVEN based on the terms and conditions of an agreement between the parties, which was executed on July 28, 2000 and entitled Economic Development and Incentive Agreement. Interest on the unpaid principle amount of the loan shall be due and payable at the end of each calendar quarter at the rate of 9.5% ($13.01/day) interest. This document constitutes the entire agreement between Pampa Economic Development Corporation and United Medicorp, Inc. Executed in duplicate originals this the 31st day of October, 2000. PAMPA ECONOMIC DEVELOPMENT CORPORATION By: /s/ RICHARD W. STOWERS, JR. --------------------------- Richard W. Stowers, Jr. President UNITED MEDICORP, INC. By: /s/ PETER W. SEAMAN --------------------------- Peter W. Seaman, Chairman and Chief Executive Officer