LOAN AGREEMENT
Exhibit 10.1
| THIS LOAN AGREEMENT (this "Agreement") dated this 1st day of December, 2014 |
| BETWEEN: |
| Xxxxxxx Xxxxxxxx Inc, a New York Corporation, | |
(the "Lender") |
| OF THE FIRST PART |
| AND |
| American Education Center Inc, a New York Corporation | |
| (the "Borrower") |
| OF THE SECOND PART |
| IN CONSIDERATION OF the Lender loaning certain monies (the "Loan") to the Borrower, and the Borrower repaying the Loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement: |
| Loan Amount & Interest |
| 1. The Lender promises to loan $295,578.76 USD to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 10% percent per annum, calculated yearly not in advance. |
| Payment |
| 2. This Loan principal will be paid in full on December 13th, 2019. Interests will be paid on the last day of each quarter of each year from 2015 to 2018, and on March 31, 2019, June 30, 2019, September 30, 2019 and December 12, 2019. |
| Use of Loan |
| 3. The purpose of this loan is for pay off the security deposit and first month rent for the new location at 0 Xxxx Xxxxxx 0xx Xxxxx, Xxx Xxxx XX 00000. |
| Default |
| 4. Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable. |
| Governing Law |
| 5. This Agreement will be construed in accordance with and governed by the laws of the State of New York. |
| Costs |
| 6. All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower. |
| Binding Effect |
| 7. This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of nonpayment, protest, and notice of protest. |
| Amendments |
| 8. This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender. |
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