LOAN AGREEMENT
Exhibit 10.3
This Loan Agreement ("Agreement") is made and effective the 28th day of August 2010
| BETWEEN: |
Xxxxxxxx Xxxxxxxx (the "Lender"), an individual with his main address located at and existing under the laws of the State of California, with its head office located at:
0000 Xxxxxxxx Xxxx # 000
Xxxxx Xxxxxx, XX, 00000
|
|
AND:
|
Respect Your Universe, Inc (the "Borrower"), a corporation organized and existing under the laws of the State of Nevada, with its head office located at:
0000 Xxxxxx Xxx
Xxx Xxxxx, XX, 00000
|
1. PROMISE TO PAY
Within 3 months from today, Borrower promises to pay to Lender the sum of $20,000, and interest and other charges stated below.
2. RESPONSIBILITY
Although this Agreement may be signed below by more than one person, Borrower understands that we are each as individuals responsible for paying back the full amount.
3. BREAKDOWN OF LOAN
|
Amount of Loan:
|
$20,000.00 |
| Other (Describe) | $ 0.00 |
| Amount financed: | $20,000.00 |
| Finance charge: | $ 0.00 |
| Total of payments: | 1 |
| Annual Rate: | 0 |
4. REPAYMENT
This is how Borrower will repay: Borrower will repay the amount of this note in 1 equal uninterrupted payment of $20,000.00 by November 28, 2010.
5. PREPAYMENT
Borrower has the right to prepay the whole outstanding amount at any time. If Borrower does, or if this loan is refinanced - that is, replaced by a new note - Lender will refund the unearned finance charge, figured by the [RULE] - a commonly used formula for figuring rebates on installment loans.
6. LATE CHARGE
Any installment not paid within 10 days of its due date shall be subject to a late charge of 10% of the payment, not to exceed $2,000.00 for any such late installment.
7. SECURITY
To protect Lender, Borrower gives what is known as a security interest or mortgage in:
Respect Your Universe, Inc
8. DEFAULT
If for any reason Borrower fail to make any payment on time, Borrower shall be in default. The Lender can then demand immediate payment of the entire remaining unpaid balance of this loan, without giving anyone further notice. If Borrower has not paid the full amount of the loan when the final payment is due, the Lender will charge me interest on the unpaid balance at 20% per year.
9. RIGHT OF OFFSET
If this loan becomes past due, the Lender will have the right to pay this loan from any deposit or security Borrower have with this Lender without notice to me. If the Lender gives me an extension of time to pay this loan, Borrower still must repay the entire loan.
10. COLLECTION FEES
If this note is placed with an attorney for collection, then Borrower agree to pay an attorney's fee of 20% of the unpaid balance. This fee will be added to the unpaid balance of the loan.
11. CO-BORROWERS
If Borrower is signing this Agreement as a co-borrower, Borrower agrees to be equally responsible with the Borrower for this loan.
| LENDER | BORROWER | |
| /s/ Xxxxxxxx Xxxxxxxx | /s/ Xxxxxxxx Xxxxxxxx | |
| Authorized Signature | Authorized Signature | |
| Xxxxxxxx Xxxxxxxx | Xxxxxxxx Xxxxxxxx / President | |
| Print Name and Title | Print Name and Title |
Consumer Loan Agreement
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