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Officer's Loan Agreement
Agreement dated June 15, 2006 entered into by and between the following
parties.
EconoShare, Inc. a Company organized under the laws of the State of Nevada
located at 0000 00 Xx. Xxxxxxxx, XX 00000.
and Xxxxx Xxxxxxxx, the President and principal officer of EconoShare, Inc.
residing at 0000 00 Xx. Xxxxxxxx, XX 00000.
WHEREAS, The Company requires a $25,000 credit facility as a backup to its
existing resources to finance the business for the period commencing June 15,
2006 until October 30, 2007.
WHEREAS, Xx. Xxxxx Xxxxxxxx is willing to provide a credit facility to the
Company for a maximum sum of $25,000 for the period commencing June 1, 2006
until October 30, 2007.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter stated, it
agreed as follows:
- Xxxxx Xxxxxxxx hereby grants a line of credit to the Company for a maximum
sum of $25,000.
- The Company may draw down on the loan anytime from the date of this agreement
until October 15, 2007. . This unsecured loan is payable October 30, 2007 and
bears an interest rate of prime plus one (1) calculated on an annual basis
payable annually in arrears with first payment due June 14, 2007 and second
payment due at maturity on October 30, 2007, unless extended by mutual consent
of the parties
General Provisions:
(a) No waiver, modification or amendment of any provisions of this agreement
shall be valid unless made in writing, signed by both parties, and specifying
with particularity the nature and extent of such a waiver, modification or
amendment. Any such waiver, modification or amendment shall , in no event, be
construed to be a general waiver, abandonment, modification or amendment of any
of the terms, conditions or provisions of this Agreement, but such waiver shall
be strictly limited and restricted tot he extent and occasion specified in such
signed writing.
(b) If either party employs attorneys to enforce any rights arising out of or
relating to this Agreement, the prevailing party shall be entitled to recover
reasonable attorneys' fees. This Agreement shall be construed, adjudicated and
controlled by the by the laws of the State of New York and any dispute hereunder
shall be brought before JAMS Dispute Resolution in New York City. Their decision
shall be binding and the parties waive all rights to appeal.
(c) This Agreement is the complete and exclusive statement regarding the subject
matter of this Agreement and supersedes all prior agreements, understandings and
communications, oral or written, between the parties regarding the subject
matter of this Agreement.
(d) Neither party shall assign any of its rights or obligations hereunder,
except to the Affiliate or successor in interest, without the prior written
consent of the other party, which consent shall not be unreasonably withheld.
(e) No failure or delay in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, power or privilege hereunder
(f) If any provision of this Agreement is found to be unenforceable, the
remainder shall be enforced as fully as possible and the unenforceable provision
shall be deemed modified to the extent required to permit its enforcement in a
manner most closely representing the intention of the parties as expressed
herein.
(g) A Facsimile copy of the Agreement shall have the same legal effect as an
original of the same.
IN WITNESS WHEREOF, the parties have hereunto executed this Agreement 1st
day of June 2006.
Agreed:
EconoShare, Inc.
/s/ Xxxxx Xxxxxxxx
Xxxxx Xxxxxxxx
/s/ Xxxxx Xxxxxxxx
