Exhibit 10.11 - 10QSB June 30, 2003
ONE YEAR NOTE AND LOAN AGREEMENT
Whereas this is a legally binding note and constitutes the entire agreement
between the borrower, Desert Health Products, Inc., (DHPI) and the Lender Xxxxxx
Xxxxxxx , dated this 25th day of June , 2003. This agreement will become legally
enforceable from the moment of receipt of loan funds in the amount of $350,000
(Three hundred fifty thousand US Dollars) into DHPI's bank account with wiring
instructions as follows or by check payable to Desert Health Products, Inc.
Bank One Arizona USA
Branch 244
ABA: 1221 00024
Account Name: Desert Health Products, Inc.
Account Number: 2751 0692
This agreement shall remain in force until the above-mentioned sum is completely
repaid to the Lender Xxxxxx Xxxxxxx , with full applicable interest within the
one-year period Full re-payment is due and payable to lender in one year.
The rate of interest will be 10% (Ten percent) APR to be paid annually. In
addition, the lender will receive a bonus remuneration from the borrower in the
form of 300,000 (Three hundred thousand) shares of Rule144 common stock of DHPI.
The loan period will be for one (1) year from date of signing.
DHPI agrees that at the lender's option at the end of one year the total loan
can be converted to Rule 144 common stock in the company at 80% Eighty percent)
of the bid price on the previous 30 (thirty) day average.
DHPI agrees that at the lender's option the lender can purchase 300,000 (Three
hundred thousand) shares of DHPI common stock at 80% of the bid price anytime
within twenty-four months of the date of this agreement.
DESERT HEALTH PRODUCTS, INC. XXXXXX XXXXXXX
S/S Xxxxxx Xxxxxxx 6/25/03 S/S Xxxxxx Xxxxxxx 6/25/03
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Xxxxxx Xxxxxxx, President Date Signature Date
