BRIDGE LOAN AGREEMENT
THIS
AGREEMENT
entered as of the 20th day of August,
2010.
BETWEEN: Xxxxx
Xxxxx
(herein
called the “Lender”)
OF
THE FIRST PART
AND:
COASTLINE CORPORATE SERVICES,
INC
000 X.
Xxxxx Xxxxxx Xxxxxxx
Xxxxx
000
Xxxxxxxxx,
Xxxxxx, 00000
(herein
called the “Borrower”)
OF
THE SECOND PART
WHEREAS:
A. The
Borrower is in the business of mineral property acquisition for the purposes of
gold exploration.
B. In
contemplation of the Borrower acquiring exploration properties, the Lender has
agreed to loan to the Borrower the amount of $80,000.00 on the terms and
conditions detailed herein.
NOW THEREFORE THIS AGREEMENT
WITNESSES that for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows.
1. THE
LOAN
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1.1 The
Lender hereby agrees to loan $80,000.00 (the “Loan”) to the Borrower and,
by execution of this Bridge Loan Agreement, the Borrower acknowledges
receipt of the Loan.
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1.2
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The
Loan will, for the term of the Loan, carry an interest rate of
5%.
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1.3
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The
Loan or such amount as is then due and payable is due 12 months from the
date of this agreement, herein referred to as the “Due
Date”.
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1.4
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The
Borrower may repay the entire Loan including the outstanding interest
earlier than the Due Date by advising the Lender of such intent to repay
15 days prior to the anticipated date of
repayment.
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2. GENERAL
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2.1
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The
laws of the state of Nevada and the federal laws of the United States as
applicable shall cover this Agreement
herein.
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2.2
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Time
shall be of the essence of this
Agreement.
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2.3
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The
parties hereto shall execute all such further documents and instruments
and do all such acts and things as shall be necessary to give full effect
to the intent and meaning of this
Agreement.
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2.4
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This
Agreement may not be modified or amended except by an instrument in
writing signed by both parties
hereto.
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2.5
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Any
notice given under this Agreement shall be given by prepaid registered
mail, facsimile transmission or personal delivery addressed as
follows:
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(a)
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To
the Lender:
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(b)
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To
the Borrower:
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COASTLINE CORPORATE SERVICES,
INC
000 X.
Xxxxx Xxxxxx Xxxxxxx
Xxxxx
000
Xxxxxxxxx,
Xxxxxx, 00000
or such
other address a party may from time to time designate by notice in writing to
the other parties hereto. Any notice given pursuant to this Agreement
shall be deemed to be received one hundred and twenty (120) hours after the date
of mailing if mailed, twenty-four hours after successful transmission if
delivered by facsimile transmission and on delivery if personally
delivered.
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2.6
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This
Agreement shall endure to the benefit of and be binding upon the parties
hereto, their heirs, successors and
assigns.
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2.7
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This
Agreement may be executed in several counterparts each of which shall be
deemed to be an original and all of which shall together constitute one
and the same instruments.
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2.8
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Delivery
of an executed copy of this Agreement by facsimile transmission shall be
deemed to be execution and delivery of this Agreement on the date of such
transmission by the party so delivering such
copy.
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IN WITNESS WHEREOF the parties
have executed this Agreement as of the day and year first above
written.
Lender:
__/s/__________________________
Xxxxx
Xxxxx
__/s/__________________________
Xxxxxx
Xxxxxx
President
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