Code Green Apparel Corp. 10-Q


 


Exhibit 10.6


 


LOAN
AGREEMENT


 


THIS
LOAN AGREEMENT (this “Agreement”) dated this 7/23/16 day of July, 2016


 


BETWEEN:


 


Marc
Kazarian of 339 Monarch Bay Dr. Dana Point Ca 92692
 (the “Lender”)


 


OF
THE FIRST PART


 


AND


 


Code
Green Apparel Corp of 31642 S PCH Laguna Beach Ca, 92651

(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 


	1.	The
                                         Lender promises to loan $75,000.00 USD to the Borrower and the Borrower promises to repay
                                         this principal amount to the Lender, with interest payable on the unpaid principal at
                                         the rate of 12.00 percent per annum, calculated yearly not in advance.
	 	 



		Payment	



		2.	This
                                         Loan will be repaid in full on December 31st, 2016.



  






    Page 1 of 3


     


    




 


	Loan
    Agreement	Page
    2 of 3


 


		Default
	 	 	 



	3.	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.
	 	 
	 	Additional
Clause









	 	 
	4.	In
                                         addition to the interest fee and $7500.00 processing fee is to be added to the loan.
	 	 
	 	Governing
                                         Law






	 	 
	5.	This
                                         Agreement will be construed in accordance with and governed by the laws of the State
                                         of California.
	 	 
	 	Costs
	 	 







	6.	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 then outstanding and will immediately be paid by the Borrower.
	 	 
	 	Binding Effect



	7.	This
                                         Agreement will pass to the benefit of and be binding upon the respective heirs, executors,
                                         administrators, successors and permitted assigns of the Borrower and Lender. The Borrower
                                         waives presentment for payment, notice of non-payment, protest, and notice of protest.
	 	 



		Amendments	
	 	 	 



	8.	This
                                         Agreement may only be amended or modified by a written instrument executed by both the
                                         Borrower and the Lender.
	 	 



		Severability	
	 	 	 



	9.	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.


 


     


     


    

 


	Loan
    Agreement	Page
    3 of 3


 





	 	General
                                         Provisions
	 	 
	10.	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
	 	 






	11.	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 23rd day of July, 2016. 








	 	 	 	 	 
	 	 	 
	SIGNED, SEALED, AND DELIVERED	 
	this 23rd day of July, 2016.	
	 	Marc Kazarian
	 	 
	 	 	 
	 	 	 
	SIGNED, SEALED, AND DELIVERED	Code Green Apparel Corp
	this 23rd day of July, 2016.	Per:		(SEAL)
	 	 










*** In
the event that loan is not paid off in full by 12/31/16 a monthly late fee of $5,000 will be accessed in addition to
interest at 12% for each monthly part due.


 


	 	 	
	MARC E. KAZARIAN	 	Code Green apparel Corp
	 
	 	George J. Powell III


 


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