Seller Carry Loan Note between Jihyuck Hwang and Yoshiharu LV, Inc. & Yoshiharu Global Co.
This agreement is a loan note in which Jihyuck Hwang (the Seller) lends $600,000 to Yoshiharu LV, Inc. and Yoshiharu Global Co. (the Buyers). The Buyers agree to repay the loan in two equal installments of $300,000 each, due on April 30, 2025, and April 30, 2026, with no interest charged. If the Buyers miss a payment, the full remaining balance becomes immediately due. The note cannot be transferred without both parties' consent and is governed by California law.
Exhibit 10.2
Seller Carry Loan Note
Principal Amount: Six Hundred Thousand ($600,000.00)
Date: [Closing date]
1. Parties:
This Seller Carry Loan Note (the “Note”) is entered into between:
Seller:
Jihyuck Hwang
9548 Chandler Springs Avenue
Las Vegas, NV 89148
Buyer:
Yoshiharu LV, and Yoshiharu Global Co. (collectively “Buyer”)
Address
Yoshiharu Global Co.
6940 Beach Blvd. Suite D-705
Buena Park, CA 90621
2. Loan Amount:
The Buyer hereby acknowledges its obligation to the Seller in the principal sum of Six Hundred Thousand US Dollars ($600,000.00).
3. Repayment:
a. The principal sum shall be repaid by Buyer to Seller in 2 equal annual installments due April 30, 2025 and April 30, 2026.
b. Each annual installment shall be in the amount of Three Hundred Thousand US Dollars ($300,000.00).
c. Payments shall be made without the addition of interest.
d. All payments shall be made by check, wire transfer, or other mutually agreeable method.
4. Default:
In the event that the Buyer fails to make any of the payments as outlined above, the entire remaining balance shall become immediately due and payable.
5. Transferability:
This Note may not be transferred or assigned by either party without the written consent of the other party.
6. Entire Agreement:
This Note contains the entire agreement between the parties and supersedes all prior understandings, written or oral, relating to the subject matter of this Note.
7. Governing Law:
This Note shall be governed by and construed in accordance with the laws of the state of California.
IN WITNESS WHEREOF, the parties have executed this Seller Carry Loan Note as of the date first above written.
Jihyuck Hwang (Lender) | Yoshiharu LV, Inc. (Buyer) | |
Yoshiharu Global Co. (Buyer) |
2 |