Promissory Note Between Vet Online Supply Inc. and Edward Aruda Dated June 30, 2016

Contract Categories: Business Finance › Note Agreements
Summary

Vet Online Supply Inc. agrees to repay Edward Aruda $5,240 by June 30, 2017, with 10% annual interest. The loan covers specific advances made by Mr. Aruda between April and May 2016. Interest and the full loan amount are due on the payment date. If the company defaults, it must pay all collection costs, including attorney fees. The agreement allows for modifications or extensions without affecting the borrower's obligations.

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EX-10.5 3 ex105.htm PROMISSORY NOTE BETWEEN THE COMPANY AND EDWARD ARUDA DATED JUNE 30, 2016 ex105.htm

PROMISSORY NOTE

USD $5,240.00                                                                                              Date:  June 30, 2016


TO:  Edward Aruda

The undersigned, Vet Online Supply Inc. (the “Borrower”), HEREBY PROMISES TO PAY to the order of Edward Aruda no later than June 30, 2017 (the “Payment Date”), Five Thousand Two Hundred and Forty United States Dollars (USD $5,240.00) (the “Loan Amount”).  The Loan Amount shall accrue interest monthly at a rate of Ten (10%) percent per annum.  Interest shall be due and payable on the Payment Date.

Amounts advanced by Mr. Aruda up to June 30, 2016 are detailed below:

$  3,240.00
April 15, 2016
BF Borgers – accounting fees
$  1,500.00
April 28, 2016
Bank deposit
$     500.00
May 25, 2016
Bank deposit
$   5,240.00
  
Total

If suit is brought on this Note, or if it is placed in the hands of an attorney for collection, after any default in payment, the Borrower promises and agrees to pay all costs of collection, including lawyers’ fees, incurred thereby.

For value received, the Borrower waives presentment, demand, protest and notice of demand, protest and nonpayment and consents to any and all renewals and extensions of the time of payment hereof, binds himself to obligations under this Note as principals and not as sureties, and further agrees that at any time the terms of payment hereof may be modified or security released without affecting the liability of any part of this Note or any person liable or to become liable with respect to any indebtedness evidenced hereby.


/s/Edward Aruda

By: Edward Aruda
Vet Online Supply Inc.