INVENTORY AGREEMENT ADDENDUM TO LOAN AGREEMENT AND SECURITY AGREEMENT DATED JUNE 25, 2008 AND DEMAND SECURED PROMISSORY NOTE DATED JUNE 25, 2008Inventory Agreement • July 1st, 2008 • Action Products International Inc • Games, toys & children's vehicles (no dolls & bicycles)
THIS AGREEMENT made this twenty-fifth day of June, 2008 by and between Action Products International, Inc., a Florida Corporation (hereinafter referred to as “Borrower”), and Presidential Financial Corporation (hereinafter referred to as “Lender”) for the purpose of Lender advancing funds based upon inventory. The terms and conditions of said advances are as follows:
MORTGAGE AND SECURITY AGREEMENTMortgage and Security Agreement • July 1st, 2008 • Action Products International Inc • Games, toys & children's vehicles (no dolls & bicycles)
THIS AGREEMENT is made this twenty-fifth day of June, 2008, by and between Action Products International, Inc., a Florida Corporation, whose address is 344 Cypress Road, Ocala, Florida 34472, (hereinafter called “Mortgagor”), and Presidential Financial Corporation, whose address is 1979 Lakeside Parkway Suite 400, Tucker, GA 30084 (hereinafter called “Mortgagee”).
LOAN AGREEMENT AND SECURITY AGREEMENTLoan Agreement • July 1st, 2008 • Action Products International Inc • Games, toys & children's vehicles (no dolls & bicycles)
The undersigned debtor (hereinafter referred to as “Borrower”), for good and valuable consideration, and to induce Presidential Financial Corporation (hereinafter referred to as “Lender”) to accept this agreement (“Agreement”) and to make the loans and advances described hereunder, hereby agrees as follows:
