Exhibit 10.24
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FAITH WALK DESIGNS, INC. Sterling Bank Loan Number 22200065
00000 XXXXXX XXXX XXXXX X P.O. Box 924009 Date: 2/22/00
XXXXXXX XX 00000 0000 Xxxxxxx, Xxxxx 00000 4009 Maturity Date 2/22/02
Loan Amount $9,599.10
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 NINE THOUSAND FIVE HUNDRED NINETY NINE AND
10/100 Dollars $9,599.10
[X] Single Advance: I will receive all of this principal sum on 2/22/00. 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
2/22/00 at the rate of 9.750% per year until MATURITY DATE.
[ ] Variable Rate: This rate may then change as stated below.
[ ] Index Rate: The future rate will be ___ the following index rate: ___.
[ ] Calling Rate: The interest rate ceiling for this note is the _________
ceiling rate announced by the Credit Commissioner from time to time.
[ ] Frequency and Timing: The rate on this note may change as often as
__________. A change In the interest rate will take effect __________.
[ ] 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 [ ] 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
[X] LATE CHARGE: If a payment is made more than ten (10) days after it is due,
I agree to pay a late charge of five percent (5%) of the payment amount.
[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:
FILING FEE I/A/O $13.00
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 24 payments. The first payment
will be in the amount of $442.50 and will be due March 22, 2000. A payment
of $442.50 will be due on the 22nd day of each month thereafter. The final
payment of the entire unpaid balance of principal and interest will be due
February 22, 2002.
ADDITIONAL TERMS:
GUARANTY EXECUTED BY XXXX XXXXXX [X] SECURITY: This note is separately
GUARANTY EXECUTED BY XXXXX XXXXXX secured by (describe separate document
by type and date):
SECURITY AGREEMENT
DATED: 2/22/00
(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 PURCHASE CARGO TRAILER
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE SIGNATURES: I AGREE TO THE TERMS OF
PARTIES. THIS NOTE (INCLUDING THOSE ON PAGE 2).
I have received a copy on today's
THERE ARE NO UNWRITTEN ORAL date. FAITH WALK DESIGNS, INC.
AGREEMENTS BETWEEN THE PARTIES.
_____________________________________
Signature for Lender XXXX XXXXXXX XXXXXX PRESIDENT
_______________________________ _____________________________________
XXXX X. XXXXX
_______________________________ _____________________________________
SVP
FAITH WALK DESIGNS, INC. Sterling Bank
00000 XXXXXX XXXX XXXXX X P.0. Xxx 000000
XXXXXXX XX 00000 0000 Xxxxxxx, Xxxxx 00000-0000
DEBTOR'S NAME, ADDRESS AND SSN OR TIN SECURED PARTY'S NAME AND ADDRESS
("I" means each Debtor who signs.) ("You" means the Secured Party,
its successors and assigns.)
I am entering into this security agreement with you on February 22, 2000 (date).
SECURED DEBTS. I agree that this security agreement will secure the payment and
performance of the debts, liabilities or obligations described below that (Check
one) [ ] I [X] (name)FAITH WALK DESIGNS, INC. owes) to you now or in the future:
(Check one below):
[ ] Specific Debt(s). The debt(s), liability or obligations evidenced by
(describe): __________________ and all extensions, renewals, refinancings,
modifications and replacements of the debt, liability or obligation.
[X] All Debt(s). Except In those cases listed In the "LIMITATIONS" paragraph on
page 2, each and every debt, liability and obligation of every type and
description (whether such debt, liability or obligation now exists or is
Incurred or created in the future and whether it is or may be direct or
indirect, due or to become due, absolute or contingent, primary or
secondary, liquidated or unliquidated, or joint, several or joint and
several).
Security Interest. To secure the payment and performance of the above described
Secured Debts, liabilities and obligations, I give you a security interest in
all of the property described below that I now own and that I may own in the
future (including, but not limited to, all parts, accessories, repairs,
improvements, and accessions to the property), wherever the property Is or may
be located, and all proceeds and products from the property.
[ ] Inventory: All inventory which I hold for ultimate sale or lease, or which
has been or will be supplied under contracts of service, or which are raw
materials, work In process, or materials used or consumed in my business.
[ ] Equipment: All equipment including, but not limited to, all machinery,
vehicles, furniture, fixtures, manufacturing equipment, farm machinery and
equipment, shop equipment, office and recordkeeping equipment, and parts
and tools. All equipment described In a list or schedule which I give to
you will also be included in the secured property, but such a list Is not
necessary for a valid security Interest in my equipment.
[ ] Farm Products: All farm products including, but not limited to: (a) all
poultry and livestock and their young, along with their products, produce
and replacements; (b) all crops, annual or perennial, and all products of
the crops; and (c) all feed, seed, fertilizer medicines, and other supplies
used or produced in my farming operations.
[ ] Accounts, Instruments, Documents, Chattel Paper and Other Rights to
Payment: All rights I have now and that I may have In the future to the
payment of money including, but not limited to:
(a) payment for goods and other property sold or leased or for services
rendered, whether or not I have earned such payment by performance;
and
(b) rights to payment arising out of all present and future debt
instruments, chattel paper and loans and obligations receivable. The
above include any rights and interests (including all liens and
security interests) which I may have by law or agreement against any
account debtor or obligor of mine.
[ ] General Intangibles: All general intangibles including, but not limited to,
tax refunds, applications for patents, patents, copyrights, trademarks,
trade secrets, good will, trade names, customer lists, permits and
franchises, and the right to use my name.
[ ] Government Payments and Programs: All payments, accounts, general
intangibles, or other benefits (including, but not limited to, payments in
kind, deficiency payments, letters of entitlement, warehouse receipts,
storage payments, emergency assistance payments, diversion payments, and
conservation reserve payments) in which I now have and in the future may
have any rights or interest and which arise under or as a result of any
preexisting, current or future Federal or state governmental program
(including, but not limited to, all programs administered by the Commodity
Credit Corporation and the ASCS).
[X] The secured property Includes, but is not limited by, the following:
2000 CARGO CRAFT GOOSENECK TRAILER MODEL #GN8322
VIN 0X0XX0000XX000000
If this agreement covers timber to be cut, minerals (including oil and gas),
fixtures or crops growing or to be grown, the legal description is:
I am a(n) [ ] individual [ ] partnership I AGREE TO THE TERMS SET OUT ON BOTH
[X] corporation [ ] __________ PAGE 1 AND PAGE 2 OF THIS AGREEMENT. I
have received a copy of this document
[ ] If checked, file this agreement in on today's date.
the real estate records.
Record Owner (if not me):_______________ FAITH WALK DESIGNS, INC.
________________________________________ -------------------------------------
________________________________________ (Debtor's Names)
The property will be used for [ ] personal By:
[X] business [ ] agricultural -------------------------------------
[ ]__________ reasons. XXXX XXXXXXX XXXXXX
Sterling Bank Title: PRESIDENT
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(Secured Party's Name)
By: By:
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XXXX X. XXXXX
Title: SVP Title:
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