ex10_3.htm


 Exhibit 10.3 







 


 LOAN AGREEMENT  











 


 This Loan Agreement ("Agreement") is made and effective the 28th day of August 2010 


 


 



	 BETWEEN:  	
 Kristian Andresen (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: 


 


 1223 Wilshire Blvd # 183 


 Santa Monica, CA, 90403 


	   	   
	
 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: 


 


 6533 Octave Ave 


 Las Vegas, NV, 89139 







 


 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. 


 


 




    





    





Consumer Loan Agreement    


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 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/ Kristian Andresen    	   	 /s/ Kristian Andresen    
	 Authorized Signature   	   	 Authorized Signature 
	   	   	   
	 Kristian Andresen    	   	 Kristian Andresen / President 
	 Print Name and Title   	   	 Print Name and Title 





 


 


  









 Consumer Loan Agreement                                                                                                                         


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