Loan Agreement
Exhibit 10.2
| Between: | Morpheus Financial Corporation (“Lender”) | ||
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And:
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Interactive Multi-Media Auction Corporation (“IMMAC”), (“Borrower”)
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TERMS OF LOAN
| BORROWER | IMMAC |
| LENDER | Morpheus Financial Corporation |
| AMOUNT | Up to a Maximum of $15,000 CAD |
| INTEREST | Non-Interest Bearing |
| INVESTMENT | Unsecured Non-Recourse Loan |
| CLOSING | $7,500 at or before October 15, 2012 |
| Balance on or before April 31, 2013 | |
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LOAN RE-PAYMENT DATE
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It is understood the loan will be paid in its entirety of principal no later than October 31, 2017 unless otherwise agreed.
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Electronically Signed and dated for this day of the 13th day of July 2012 by:
Morpheus Financial Corporation
(“Lender”)
/MC/
Managing Director
IMMAC
(“Borrower”)
/AM/
President
