Exhibit 10.26
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FAITH WALK DESIGNS, INC. Sterling Bank Loan Number 92499050
00000 XXXXXX XXXX XXXXX X P.O. Box 924009 Date: 9/24/99
XXXXXXX XX 00000 0000 Xxxxxxx, Xxxxx 00000 4009 Maturity Date 9/24/03
Loan Amount $400,000.00
BORROWER'S NAME AND ADDRESS LENDER'S NAME AND ADDRESS Renewal Of ____________
"I" Includes each borrower "You" means the lender,
above, joint and severally. its successors and assigns,
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For value received, I promise to pay to you, or your order, at your address
listed above the PRINCIPAL sum of FOUR HUNDRED THOUSAND AND NO/100 Dollars
$400,000.00
[X] Single Advance: I will receive all of this principal sum on 9/24/99. No
additional advances are contemplated under this note.
[ ] Multiple Advance: The principal sum shown above is the maximum amount of
principal I can borrow under this note. On ____________ I will receive the
amount of $___________ and future principal advances are contemplated.
Conditions: The conditions for future advances are ________________________
___________________________________________________________________________
___________________________________________________________________________
[ ] Open End Credit: You and I agree that I may borrow up to the maximum
amount of principal more than one time. This feature is subject to all
other conditions and expires on ___________________.
[ ] Closed End Credit: You and I agree that I may borrow up to the maximum
only one time (and subject to all other conditions).
INTEREST: I agree to pay interest on the outstanding principal balance from
9/24/99 at the rate of 9.250% per year until FIRST CHANGE DATE.
[X] Variable Rate: This rate may then change as stated below.
[X] Index Rate: The future rate will be EQUAL TO the following index rate:
STERLING BANK BASE RATE ANNOUNCED AND IN EFFECT FROM TIME TO TIME.
[X] Calling Rate: The interest rate ceiling for this note is the quarterly
ceiling rate announced by the Credit Commissioner from time to time.
[X] Frequency and Timing: The rate on this note may change as often as
daily. A change in the interest rate will take effect on the same day.
[ ] Limitations: During the term of this loan, the applicable annual
interest rate will not be more than ________% or less than _________%.
The rate may not change more than ____________% each ______________.
Effect of Variable Rate: A change in the interest rate will have the
following effect on the payments:
[ ] The amount of each scheduled payment [X] The amount of the final
will change. payment will change.
ACCRUAL METHOD: Interest will be calculated on a actual/360 basis.
POST MATURITY RATE: I agree to pay interest on the unpaid balance of this note
owing after maturity, and until paid in full, as stated below:
[ ] on the same fixed or variable rate basis in effect before maturity (as
indicated above).
[X] at a rate equal to Highest rate permitted by law
[ ] LATE CHARGE: If a payment is made more than ________ days after it is due,
I agree to pay a late charge of _______________________________________.
[X] ADDITIONAL CHARGES: In addition to interest, I agree to pay the following
charges which [ ] are [X] are not included in the principal amount above:
$17.00 FILING FEE.
PAYMENTS: I agree to pay this note as follows: on demand, but if no demand is
made then,
[ ] Interest: I agree to pay accrued interest _________________________________
[ ] Principal: I agree to pay the principal ___________________________________
[X] Installments: I agree to pay this note in 48 payments. The first payment
will be in the amount of $10,000.00 and will be due October 24, 1999. A
payment of $10,000.00 will be due on the 24th day of each month thereafter.
The final payment of the entire unpaid balance of principal and interest
will be due September 24, 2003.
ADDITIONAL TERMS:
GUARANTY EXECUTED BY XXXX XXXXXX [X] SECURITY: This note is separately
GUARANTY EXECUTED BY XXXXX XXXXXX secured by (describe separate document
CORP GUARANTY EXECUTED BY ODDS & ENDS by type and date):
SECURITY AGREEMENT & D/T
DATED: 9/24/99
(This section is for your internal
use. Failure to list a separate
security document does not mean the
agreement will not secure this note.)
THIS WRITTEN LOAN AGREEMENT REPRESENTS
THE FINAL AGREEMENT BETWEEN THE PURPOSE: The purpose this loan is
PARTIES AND MAY NOT BE CONTRADICTED BY COMBINE EXISTING LOANS & PROVIDE
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR WORKING CAPITAL
SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES.
SIGNATURES: I AGREE TO THE TERMS OF
THERE ARE NO UNWRITTEN ORAL THIS NOTE (INCLUDING THOSE ON PAGE 2).
AGREEMENTS BETWEEN THE PARTIES. I have received a copy on today's
date. FAITH WALK DESIGNS, INC.
Signature for Lender
_____________________________________
_______________________________ XXXX XXXXXXX XXXXXX PRESIDENT
XXXXXX X. XXXXX
_______________________________ _____________________________________
CEO
_______________________________ _____________________________________
