EXHIBIT 10.1 - LOAN AGREEMENT WITH XXXXXXX XXX
Xxxxxxx Xxx
0000 Xxxxxxxx Xxxxxx, Xxxxx #000
Xxxxxxxxxxxx, Xxxxxxxxxxxx 00000
(000) 000-0000
November 1, 2001
Donar Enterprises, Inc.
0000 Xxxxxxxx Xxxxxx
Xxxxx #000
Xxxxxxxxxxxx, XX 00000
Dear Sirs:
I hereby agree to lend Donar Enterprises, Inc., a
Delaware corporation (the "Company"), up to $25,000 to the
extent needed and requested by the Company.
Such loans will be represented by promissory notes
bearing interest at 10% per annum and due and payable on or
before June 30, 2003 in lawful money of the United States of
America at 0000 Xxxxxxxx Xxxxxx, Xxxxx #000, Xxxxxxxxxxxx,
Xxxxxxxxxxxx 00000 or such other address as the holder may
specify by written notice to the Company. In addition, such
promissory notes shall include the following terms and conditions:
- The Company may, at its option, prepay the note in
whole or in part without premium but with accrued
interest;
- The holder, at its option, may make extensions of
the time for payments of the indebtedness or accept
a renewal note, all without notice, and the Company
consents to such extensions or renewals, all without
notice and agrees that any such action shall not
release it from any liability thereunder;
- The Company waives presentment for payment,
demand, protest, notice of dishonor, notice of
non-payment of the note and diligence in the
collection thereof, as conditions of liability under
the note and also waives trial of jury, counterclaim
or set-off in the event of litigation by holder to
enforce payment of the note;
- In the event of default under the note, holder
may take all actions in law and in equity to collect
on the note and the Company agrees to pay the holder
such further amount as shall be sufficient to cover
the costs and expenses of collection, including
without limitation, reasonable attorney's fees for
all services rendered in that connection;
- The Note may not be changed or terminated orally
and shall be construed and enforced according to the
laws of the State of Pennsylvania.
Very truly yours,
/s/ Xxxxxxx Xxx
------------------------
Xxxxxxx Xxx
-63-
