Loan Agreement and Promissory Note
Loan
Agreement and Promissory Note
This
Loan
Agreement and Promissory Note is made this 1st
day of
May 2007, by and among Media Sentiment, Inc. a corporation organized under
the
laws of the State of Nevada (hereinafter known as “BORROWER”) and
Xxxxxx
Xxxx
(hereinafter
known as “LENDER”).
PROMISSORY
NOTE
FOR
VALUE
RECEIVED, BORROWER, promises to pay to the order of LENDER, the sum of
$63,000.00 together with interest at an annual rate of 10% or $6,300.00 for
12
months.
The
entire outstanding Loan Amount (including principal and interest) shall be
fully
paid by BORROWER to LENDER, or any subsequent assignee of this Notes, as
follows:
Starting
on June 1, 2007 and at any time thereafter, Lender has the option to demand
that
the Loan Amount (including principal and interest) be paid in cash or , in
lieu
of cash, Lender may request to be paid in 6,300,000 shares of common stock
of
Media Sentiment, Inc, as payment in full for all amounts due for principal
and
interest under the loan agreement. The shares shall be non dilutive with respect
to the total of 3,640,440 currently outstanding shares of Media Sentiment,
Inc
plus the shares resulting from the outstanding note to Xxxxx Xxxx-Xxxxxxx.
Lender understands that the common shares may not be registered; therefore
they
may not be tradable immediately. If Lender wishes to exercise the option of
repayment of the Loan amount in shares, Lender shall inform the company in
writing of their decision to exercise the option.
Method
of
Repayment:
BORROWER
shall pay off the loan (including principal and interest) under this agreement
by sending a check or stock certificates in case the option to convert is
exercised, to:
Xxxxxx
Xxxx
000
Xxxxxxxx Xxxxxx, Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
If
LENDER
gives written notice that a different address should be used for making the
payment to pay off this loan, BORROWER shall use the new address so given by
LENDER.
This
Agreement should be interpreted under and governed by the laws of the State
of
California.
In
WITNESS WHEREOF and acknowledging acceptance and agreement of the foregoing,
the
BORROWER and LENDER affix their signatures hereto.
BORROWER LENDER
Media
Sentiment, Inc. Xxxxxx
Xxxx
By
/s/
Xxxxxx Xxxx /s/
Xxxxxx Xxxx
Its
President and CEO
