Grid Note
Exhibit 10.6
FOR VALUE
RECEIVED, the undersigned, CHARLESTON BASICS, INC. (the "Borrower"), hereby
acknowledges itself indebted to XXXXXXX XXXXXX (the "Lender") and
promises to pay on or prior to December 31, 2009 to or to the order
of the Lender at 0000 Xxxxxx X, Xxxxxxxx, XX 00000, or as otherwise
directed in writing by the Lender, the principal amount advanced by or at the
direction of the Lender to the Borrower from time to time and remaining
outstanding hereunder as recorded by the Lender in the column headed "Unpaid
Principal Balance" on the record (the "Grid") attached to and forming part of
this Note.
The
Lender shall and is hereby unconditionally and absolutely authorized and
directed by the Borrower to record on the Grid: (a) the date and amount of each
advance made by the Lender hereunder and the resulting increase of the unpaid
principal balance, and (b) the date and amount of each repayment on account of
the principal made to the Lender hereunder and the resulting decrease of
the unpaid principal balance.
The
balance of the principal remaining from time to time unpaid and outstanding
shall bear interest
from the date hereof, both before and after maturity and both before and after
default, at the rate per annum equal to 3.88 %. Interest as aforesaid
shall accrue and be payable in arrears upon the earlier of maturity or repayment
in full of the principal amount hereof.
The
Borrower shall have the privilege of repaying any amount of the principal amount
outstanding hereunder from time to time without notice or
penalty.
The
Borrower hereby waives presentment for payment and notice of
non-payment.
The
Lender may assign all of its right, title and interest in, to and under this
promissory note. All payments required to be made hereunder shall be made by the
Borrower without any right of set-of or counterclaim.
This Grid
Note shall amend and restate in its entirety the note between the parties dated
August 21, 2007.
DATED:
3/28/07
CHARLESTON BASICS,
INC.
By: /s/
Xxxxxx
Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Secretary and
Director
|
Date
|
Amount
of Advance
|
Amount
of Payment
|
Unpaid
Principal Balance
|
Recorded
By
|
|||||||||
|
6/30/07
|
66,500 | 66,500 |
X.
Xxxxxx
|
||||||||||
|
8/21/07
|
150,000 | 216,500 |
X.
Xxxxxx
|
||||||||||
|
9/30/07
|
4,500 | 221,000 |
X.
Xxxxxx
|
||||||||||
|
11/1/07
|
29,000 | 192,000 |
X.
Xxxxxx
|
||||||||||
|
12/31/07
|
4,500 | 196,500 |
X.
Xxxxxx
|
||||||||||
|
1/18/08
|
60,000 | 136,500 |
X.
Xxxxxx
|
||||||||||
|
3/25/08
|
5,000 | 141,500 |
X.
Xxxxxx
|
||||||||||
