Exhibit 10.12
LOAN AGREEMENT
This Loan Agreement, dated this 24th day of November, 2003, is between NightHawk
Systems, Inc., a Nevada Corporation, with its address at 0000 Xxxx Xxxxxxx
Xxxxx, Xxxxxx Xxxxxxxx, (the "Borrower") and H. Xxxxxxx Xxxxxxxx of 00000
Xxxxxxxx, Xxx Xxxxxxx, Xxxxx 00000 (the "Lender").
In consideration of the premises, representations and warranties contained
herein, and for other good and valuable consideration, the Borrower and Lender
agree as follows:
1. LOAN TERMS
Borrower hereby promises to pay to the order of Lender the principal sum of
EIGHT THOUSAND ONE HUNDRED AND NO/100 DOLLARS ($8,100.00) at San Antonio, Texas,
or such other place as the holder hereof may designate from time to time in
writing, in lawful money of the United States of America and in immediately
available funds, together with interest on the unpaid principal balance hereof
at the rate provided herein from the date of this Note until payment in full of
the indebtedness evidenced by this Note. This Note shall be due and payable in
one lump sum on or before DECEMBER 5, 2003 ("Maturity Date").
2. INTEREST AMOUNT
The Interest for the Loan Amount shall be five percent (5%) annual interest rate
unless the principal is paid in full by December 5, 2003. If the principal
amount of the Note is paid in full by December 5, 2003 no interest shall be
charged to Borrower.
3. AGREEMENT TO REPAY
Borrower agrees to repay the Lender his Loan Amount and Interest upon receipt of
the payments for the invoices identified in Paragraph 4, below, but no later
than December 5, 2003.
4. SECURITY INTEREST
In order to secure the payment and performance of all the obligations of
Borrower to Lender, Borrower hereby grants to Lender a security interest in and
lien upon all of Borrower's right title and interest in the following Accounts
Receivable:
Duquesne Light Company Xxxxxxx # 0000000, xx the amount of: $10,000.00.
5. TERM
This Agreement shall become effective on the date hereof and shall continue in
full force and effect for a period of two (2) months from the date hereof and
will be automatically renewed for a like period unless previously terminated by
Borrower's payment to Lender of the Loan Amount and Interest.
AGREED TO BY:
/s/ Xxx Xxxxxxxx
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Xxx Xxxxxxxx
Chairman of the Board of Directors, NightHawk Systems, Inc.
