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EXHIBIT 10.40
FORGIVABLE LOAN AGREEMENT
This agreement is made between Pampa Economic Development Corporation and United
Medicorp, Inc., for a forgivable loan in the principle amount $50,000.00. The
loan shall bear interest at the rate of 9.5%. Interest on the balance of the
loan shall not be forgiven.
The PRINCIPLE AMOUNT of this loan shall be DUE AND PAYABLE OR FORGIVEN based on
the terms and conditions of an agreement between the parties, which was executed
on July 28, 2000 and entitled Economic Development and Incentive Agreement.
Interest on the unpaid principle amount of the loan shall be due and payable at
the end of each calendar quarter at the rate of 9.5% ($13.01/day) interest.
This document constitutes the entire agreement between Pampa Economic
Development Corporation and United Medicorp, Inc.
Executed in duplicate originals this the 31st day of October, 2000.
PAMPA ECONOMIC DEVELOPMENT
CORPORATION
By: /s/ XXXXXXX X. XXXXXXX, XX.
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Xxxxxxx X. Xxxxxxx, Xx.
President
UNITED MEDICORP, INC.
By: /s/ XXXXX X. XXXXXX
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Xxxxx X. Xxxxxx,
Chairman and Chief
Executive Officer
