ADDENDUM TO SHAREHOLDER LOAN AGREEMENT
Exhibit 10.6
ADDENDUM TO SHAREHOLDER LOAN AGREEMENT
THIS ADDENDUM made and entered into on this 31st day of December, 2012 by and between Soul and Vibe Entertainment, Inc. (the "Corporation") and Xxxxx Xxxxxxx Xxxxxx (the “Shareholder”), an individual.
1. | Loan Amount and Interest: The Shareholder will increase the loan amount to a maximum of $100,000 to the Corporation, when necessary, to provide sufficient cash flow and maintain operations and the Corporation promises to repay the principal amount to the Shareholder with interest payable on the unpaid balance at the rate of 3.50 percent per annum, calculated annually not in advance. |
2. | Payment: Repayment shall be made when either additional funding is received or a profit exists. The Corporation will retain the right to prepay the entire outstanding amount at any time without penalty. |
CORPORATION | SHAREHOLDER | |