LOAN AGREEMENT
EXHIBIT 10.5
THIS LOAN AGREEMENT (this
"Agreement") dated this 24th day of October,
2008
BETWEEN:
Xxxx
Xxxxxx
(the
"Lender")
OF
THE FIRST PART
AND
Echo
Broadcasting Group, Inc. of 0000 Xxxxx Xxxxxx Xxxxxx, Xxxxxxxx,
XX 00000
(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
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1.
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The
Lender promises to loan Fifty Thousand ($50,000.00 ) USD, to the Borrower
and the Borrower promises to repay this principal amount to the Lender, at
such address as may be provided in writing, with interest payable on the
unpaid principal at the rate of 9.00 percent per annum, calculated yearly
not in advance.
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Payment
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2.
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This
Loan will be repaid in within 30 business days from the execution of this
Agreement.
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Default
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3.
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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.
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Governing
Law
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4.
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This
Agreement will be construed in accordance with and governed by the laws of
the State of New York.
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Costs
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5.
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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.
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Assignment
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6.
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This
Agreement will pass to the benefit of and be binding upon the respective
heirs, executors, administrators, successors and assigns of the Borrower.
The Borrower waives presentment for payment, notice of non-payment,
protest, and notice of protest.
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Amendments
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7.
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This
Agreement may only be amended or modified by a written instrument executed
by both the Borrower and the
Lender.
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Severability
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8.
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The
clauses and paragraphs contained in this Agreement are intended to be read
and construed independently of each other. If any part of this Agreement
is held to be invalid, this invalidity will not affect the operation of
any other part of this Agreement.
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General
Provisions
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9.
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Headings
are inserted for the convenience of the parties only and are not to be
considered when interpreting this Agreement. Words in the singular mean
and include the plural and vice versa. Words in the masculine mean and
include the feminine and vice
versa.
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Entire
Agreement
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10.
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This
Agreement constitutes the entire agreement between the parties and there
are no further items or provisions, either oral or
otherwise.
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IN WITNESS WHEREOF, the
parties have duly affixed their signatures under hand and seal on this 24th day
of October, 2008.
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___________________________
Xx.
Xxxx Xxxxxx
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Echo
Broadcasting Group, Inc.
Per:
___________________________ (Seal)
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