Loan Agreement
Exhibit
10
This
Agreement is made and dated as of March 14, 2007.
Between:
Xxxxxxxxx Xxxxxx Resources Inc. (the “Company”) of #00 - 0000 Xxxxxx Xxxx,
Xxxxxxxxxxx, Xxxxxxx, Xxxxxx, X0X 0X0
And:
B.
Xxxxxx Xxxxxx (the “Lender”) of 00 Xxxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxxx,
Xxxxxx, X0X 0X0
Whereas:
| A. |
The
Lender is the President of the Company and has provided
the Company with
working capital, in the form of cash advances, from time
to time prior to
the date hereof;
|
| B. |
The
Lender has agreed to provide additional cash advances
to the
Company;
|
| C. |
The
Lender recognizes that the Company is in the early stages
of its
development and may not be in a position to repay these
cash advances for
some time, if ever;
|
| D. |
The
parties wish to formalize agreement between them concerning
these past and
future cash advances,
|
Now
therefore in consideration of the premises and the mutual covenants
and
agreements between the parties, the parties agree as follows:
| 1. |
In
order to provide working capital to the Company, the
President agrees to
make cash advances totalling $40,000 (the Loan Amount”) to the Company,
$20,000 of which has been advanced to date and the balance
of which will
be advanced to the Company on or before May 31,
2007.
|
| 2. |
The
Company acknowledges receipt of $20,000 in cash advances,
on account of
the Loan Amount, from the President as of the date
hereof.
|
| 3. |
The
parties agree that the Loan Amount will not bear interest
and has no fixed
terms of repayment provided that the President may make
demand for
repayment of the Loan Amount, or so much of it as may
then have been
advanced to the Company, by written notice to the Company
delivered to the
address set forth above.
|
Xxxxxxxxx
Xxxxxx Resources, Inc.
By:
XXXXX
X. XXXXX
Secretary
Treasure and Director
The
Lender
Signed:
B.
XXXXXX XXXXXX
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