Seller Carry Loan Note Principal Amount: Six Hundred Thousand ($600,000.00) Date: [Closing date]
Exhibit 10.2
Seller Carry Loan Note
Principal Amount: Six Hundred Thousand ($600,000.00)
Date: [Closing date]
1. Parties:
This Seller Carry Loan Note (the “Note”) is entered into between:
Seller:
Jihyuck Hwang
0000 Xxxxxxxx Xxxxxxx Xxxxxx
Las Vegas, NV 89148
Buyer:
Xxxxxxxxx XX, and Xxxxxxxxx Global Co. (collectively “Buyer”)
Address
0000 Xxxxx Xxxx. Suite D-705
Buena Park, CA 90621
2. Loan Amount:
The Buyer hereby acknowledges its obligation to the Seller in the principal sum of Six Hundred Thousand US Dollars ($600,000.00).
3. Repayment:
a. The principal sum shall be repaid by Buyer to Seller in 2 equal annual installments due April 30, 2025 and April 30, 2026.
b. Each annual installment shall be in the amount of Three Hundred Thousand US Dollars ($300,000.00).
c. Payments shall be made without the addition of interest.
d. All payments shall be made by check, wire transfer, or other mutually agreeable method.
4. Default:
In the event that the Buyer fails to make any of the payments as outlined above, the entire remaining balance shall become immediately due and payable.
5. Transferability:
This Note may not be transferred or assigned by either party without the written consent of the other party.
6. Entire Agreement:
This Note contains the entire agreement between the parties and supersedes all prior understandings, written or oral, relating to the subject matter of this Note.
7. Governing Law:
This Note shall be governed by and construed in accordance with the laws of the state of California.
IN WITNESS WHEREOF, the parties have executed this Seller Carry Loan Note as of the date first above written.
| Xxxxxxx Xxxxx (Lender) | Yoshiharu LV, Inc. (Buyer) | |
| Yoshiharu Global Co. (Buyer) |
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