LOAN AGREEMENT
THIS LOAN AGREEMENT (the “Agreement”) dated this 16th day of May, 2023
BETWEEN:
Xxxx Xxxxxxxxxx of 0000 Xxxx Xxxx Xxxxxx Xxxxxx, Xxxxxxxxx, XX X0X 0X0, Xxxxxx
(the “Lender”)
OF THE FIRST PART
AND
Cell MedX Corp. of 000 X. Xxx Xxxx, Xxxxx 000, Xxxxxx Xxxx, XX 00000, XXX
(the “Borrower”)
OF THE SECOND PART
IN CONSIDERATION OF the Lender loaning certain monies (the “Loan”) to the Borrower, and the Borrower repaying the Loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:
Loan Amount & Interest
The Lender promises to lend fifty thousand ($50,000) USD (the “Principal Amount”), to the Borrower and the Borrower promises to repay this Principal Amount to the Lender, at such address as may be provided in writing, with interest calculated and compounded monthly on the unpaid Principal Amount at the rate of 10.0% per annum.
Payment
This Loan is payable on demand. At any time while not in default under this Agreement, the Borrower may pay the outstanding balance then owing under this Agreement to the Lender without further bonus or penalty.
Default
Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the Principal Amount owing and interest due under this Agreement at that time to be immediately due and payable.
Governing Law
This Agreement will be construed in accordance with and governed by the laws of the Province of British Columbia.
Costs
All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the Principal Amount then outstanding and any accrued interest thereon, and will immediately be paid by the Borrower.
Binding Effect
This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.
Amendments
This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.
Severability
The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties’ intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.
General Provisions
Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.
Entire Agreement
This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.
IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on this 16th day of May, 2023.
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/s/ Xxxx Xxxxxxxxxx |
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/s/ Xxxx xx Xxxxx |
Xxxx Xxxxxxxxxx |
| By: Xxxx (Xxxx) xx Xxxxx, COO |
