Exhibit A
LOTAYLINGKYUR, INC.
0000 Xxxxxxxx Xxx, Xxxxx 0 Xxxxx Xxxxx
Xxxx, Xxxxxx 00000 0000 Xxxxxx Xxxxxx, Xxxxx X
(000) 000-0000 (000) 000-0000
FAX (000) 000-0000 FAX (000) 000-0000
1/8/97
TO: Xxx Xxxxxxxx, CEO - BIET & BionSoil, Inc.
FROM: Xxxx X. Xxxxx, President
RE: Loan to BionSoil, Inc. ("BSI")/Security, etc.
Dear Xx. Xxxxxxxx:
Enclosed find a check to BionSoil, Inc. (BSI) in the amount of
$73,870 which represents a loan to BSI and BIET, jointly and
severally, on the following terms and conditions:
1)As security, LTLK will take title to 7,387 cubic yards of
raw unscreened BionSoil located as follows:
a)Florida (Red Top) = 675 yards;
b)New York (Ring - 1,837 yards) (Southview "B" - 3,875
yards) (Groveland - 1,000 yards) which collateral shall be
segregated and labeled as owned by LTLK at no cost to LTLK
during the term of this loan. Within 10 business days LTLK
will be provided with collateral assignment documents
together with evidence that BSI had title to the BionSoil
and that all royalties owned by BIET related to the
collateral BionSoil and all other BionSoil have been paid.
2)BSI shall have the right to reacquire title to the
collateral BionSoil (in whole or in part) by payment to LTLK
of the sum of $11.50 per cubic yard through 6/30/97 which
price shall increase by $.20 per cubic yard each month (or
part) thereafter. BionSoil shall repurchase all of the
collateral BionSoil (not previously repurchased) at a price of
$12.70 per cubic yard on or before 12/31/97. BSI shall
prepare documents regarding partial releases and reassignments
at its sole expense.
3)Formal documents including promissory note, assignments,
etc., shall be prepared by BIET and BSI at their expense and
shall be executed within ten business days.
Yours,
/s/ Xxxx X. Xxxxx
Xxxx X. Xxxxx, President
LoTayLingKyur, Inc.
AGREED:
Bion Environmental Technologies, Inc. BionSoil, Inc.
By: /s/ Xxx Xxxxxxxx By: /s/ Xxx Xxxxxxxx
Authorized Officer Authorized Officer
