LATOR INTERNATIONAL, INC.
0000 XXXXXX XXXX, XXXXX 000
XXXX XXXXX, XXXXXXX 00000
July 17, 1997
Xxxxx Xxxxxxx, President
9006-1474, Quebec Inc.
d/b/a Xxxxxxx
XX 96 Port-Cartier, Quebec G5B2G7
Canada
RE: Loan of $225,000.00 to 9006-1474 Quebec Inc. d/b/a
Torland (the "Corporation")
Dear Xx. Xxxxxxx:
Please allow this letter to serve as our Company's intent to loan you and your
company $225,000.00 by Promissory Note bearing interest at ten (10%) percent
simple interest per annum (the "Loan"). The Loan shall be repayable by you and
your company within six (6) months and shall be secured by a Chattel
Mortgage/Movable Hypothec on approximately 34,000 xxxxx of sphagnum peat xxxx
harvested by your company in Port-Cartier. The amounts due under the Loan shall
be repaid as you ship peat to us F.O.B. Boynton Beach, Florida.
Kindly signify your acceptance to this letter agreement by signing this letter
at the bottom where indicated and returning to me via facsimile.
Very truly yours,
/s/ Xxxxx Xxxxxxx
-----------------------------
Xxxxx X. Xxxxxxx, President
MS:cg
The foregoing letter agreement is hereby acknowledged and agreed to this 17th
day of July, 1997.
By: /s/ Xxxxx Xxxxxxx
-------------------------------
Xxxxx Xxxxxxx, President
9006-1464 Quebec Inc.,
d/b/a Torland
a Corporation organized and
operating under the laws of the
Province of Quebec, Canada
and Individually
