LOAN AGREEMENT
Exhibit 10.13
This Loan Agreement (“Agreement”) is made and entered into as of May 11th, 2023, by and between Fevos A LLC, with a business address at 000 Xxxxxx Xxxx Xxxxxx, Xxx Xxxxx XX 00000 (“Lender”), and MJ Holdings Inc., with a business address at 0000 Xxx Xxxxxx Xx., Xxxxx 000, Xxx Xxxxx, XX 00000 (“Borrower”).
Loan Amount: Xxxxxx agrees to lend Xxxxxxxx the sum of $50,000 (the “Loan”).
Loan Term: The Loan shall have a term of one (1) year (the “Term”).
Interest Rate: The interest rate for the Loan shall be 15% per annum. This rate is considered fair and reasonable and directly relates to the risk associated with the current business and other related conditions of the Borrower and the repayment risk.
Interest Calculation: Interest on the Loan shall be calculated on a simple basis.
Interest Payment: The Borrower shall pay the interest at the end of the Term.
The Loan shall be used solely to fund expenses directly and exclusively related to a specific legal case in which the Borrower is a defendant, specifically identified as “Case Name: DGMD Real Estate Investments, LLC v. Xxx Xxxxxxx, et al. Case No.: A-21-831496-B”, with legal representation provided by Xxxx Xxxxxx, Esq. and Xxxxx Xxxxxxx, Esq. of Xxxxxxxx & Xxxxxx, Ltd., hereafter referred to as “The Case.”
Loan Repayment: The Borrower shall repay the Loan in full at the end of the Term.
Loan Due: The Loan shall become immediately due and payable in full, including interest, if the Borrower sells and successfully closes on the property owned by the Borrower and identified by Parcel ID 000-000-00 and 000-000-00, commonly referred to as the “Trailer Park.”
Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada.
Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements between the parties.
Amendments: This Agreement may not be amended except in writing signed by both parties.
Binding Effect: This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
IN WITNESS WHEREOF, the parties have executed this Loan Agreement as of the date and year first above written.
Fevos A LLC
000 Xxxxxx Xxxx Xxxxxx
Las Vegas NV 89107
| /s/ Xxxxx Xxxxxxxxx | |
| Xxxxx Xxxxxxxxx, President |
MJ Holdings Inc.
0000 Xxx Xxxxxx Xx., Xxxxx 000
Las Vegas, NV 89130
| /s/ Xxx Xxxxxxxxxx | ||
| By: | Xxx Xxxxxxxxxx, Interim CEO and Chairman of the Board | |
