CORPORATE LOAN AGREEMENT
EXHIBIT
10.1
This
Corporate Loan Agreement is made
and entered into this 3rd day of December, 2007, by and between Xxxxxxxxxx’x
Xxxx-Neath Funeral Homes, Crematorium and Cemeteries, Inc. (“Lender”) and
International Star, Inc., a Nevada corporation (“Borrower”).
For
the mutual covenants and promises
herein, and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged as received between the parties, the parties
have agreed as follows:
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1.
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Lender
hereby agrees to and does hereby lend to Borrower, and Borrower agrees
to
and does hereby borrow from Lender the sum of U.S. Five Hundred Thousand
Dollars (U.S. $500,000) principal amount, evidenced by a corporate
promissory note and security agreement, of even date herewith, on
the
following terms and conditions.
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2.
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Borrower
shall use the funds as needed from a line of credit provided by
Lender. Borrower agrees to repay the note on or before three
(3) years from the date hereof, together with any accrued and unpaid
simple interest thereon at the rate of six per cent (6%) per payable
six
(6) months in arrears after the date hereof, and then each ninety
(90)
days thereafter in arrears, with the principal and any accrued interest
due as stated.
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3.
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The
loan shall be collateralized by, and Borrower does hereby grant a
security
interest to Lender in and to the said collateral of Borrower: a
fifty-one per cent (51%) interest in the mineral rights of all mining
claims owned by or having an interest in now or in the future in
the
Detrital Wash and Wickieup properties located in Mohave County, Arizona
along with any future claims acquired by International Star,
Inc.
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4.
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The
note and security interest therein is assignable in whole or in part
by
Lender upon reasonable written notice to
Borrower.
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5.
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Borrower
hereby represents and warrants to Lender, that Borrower has all the
authority necessary to enter into this agreement; the officers signing
this agreement and the note and security agreement, has all of the
necessary corporate authority to bind Borrower to the terms and conditions
of performance recited herein.
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6.
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Any
notices called for herein shall be deemed delivered if deposited
in the U.
S. Mail, with first class postage prepaid and addressed as
follows:
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If
to
Borrower: P. O. Xxx 0000, Xxxxxxxxxx, XX 00000
If
to
Lender: P. O. Xxx 00, Xxxxxxxxxx, XX 00000
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7.
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In
the event of Borrower’s default, Lender shall be entitled to costs of
collection to enforce the note, including reasonable attorney fees
and
court costs.
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Dated
the
above date. In witness the parties have executed this
agreement.
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Borrower:
International
Star, Inc.
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Lender:
Xxxxxxxxxx’x
Xxxx-Neath Funeral Homes,
Crematorium
and Cemeteries, Inc.
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/s/
Xxxxxxxx X.
Xxxxxx
Xxxxxxxx
X. Xxxxxx, President
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/s/
Xxxxxxxx Xxxxxx
Xxxx
Xxxxxxxx
Xxxxxx Xxxx, Vice President
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Xxxxxxxx X.
Wine
Xxxxxxxx
X. Wine, Secretary/Treasurer
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