Document:

exhibit_10-3.htm

EXHIBIT 10.3

 

 

LOAN AGREEMENT

This LOAN AGREEMENT (the "Agreement") is made as of the 12th day of December, 2007 by and between Jeffrey Weiland (the "Borrower"), and Digital Extreme Technologies, Inc., a California corporation (the "Lender").

      The parties hereby agree as follows:

SECTION 1.   AMOUNT AND TERMS OF THE LOAN

      1.1              THE LOAN. Subject to the terms of this Agreement, the Borrower shall borrow from the Lender and the Lender shall lend to the Borrower up to Sixty Thousand Dollars and no Cents ($60,000.00) (the “Loan”) for the purpose of financing Borrower.  This amount is available as a credit line to be drawn upon as necessary by the Borrower to meet his personal (non-business) living expense needs.  For ease of recordkeeping, it is expected that the Borrower will keep track of any and all such personal expenses by using his personal AMEX and submitting a monthly statement for Lender’s review and approval.  It is anticipated that all monies provided by lender pursuant to this agreement will be in the form of payments made directly to American Express. Borrower may borrow from the Lender and the Lender may lend to the Borrower additional amounts not included within the American Express statements (“Additional Loans”) as is necessary, in Lender’s sole discretion, for the purpose of financing Borrower.

      1.2              INTEREST. The Loan shall bear interest on the unpaid principal balance thereof from the date of this Agreement, December 12, 2007, until the Loan is repaid in full at a per annum rate equal to ten percent (6%) (compounded annually).

      1.3              METHOD OF PAYMENT TO LENDER. All payments of principal and interest on the Note and Additional Loans shall be paid directly to the Lender at such place as the Lender shall designate.  Borrower agrees that any earned but unpaid salaries may be offset against such loan balance until paid in full.

      1.4              TERM OF LOAN. The Loan and Additional Loans shall be due and payable on demand.  In the event of termination of the borrower’s employment from the Lender, the amount (principal and interest) becomes due and payable immediately.

 

 

SECTION 2.   DELIVERY OF LOAN PROCEEDS. Payments shall be delivered by Lender to Borrower in the form of checks issued by Lender directly to American Express upon Lender’s review and approval of monthly charge card statements.  Borrower agrees to retain any further supporting documentation, as may be required upon request by Lender. Further, the Borrower shall deliver to the Lender, a Promissory Note representing the Loan or Loans upon request by Lender.

SECTION 4.   REPRESENTATION AND WARRANTIES OF THE LENDER

  

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      4.1              PURCHASE FOR OWN ACCOUNT. The Lender represents that it is acquiring the Note(s) solely for its own account and not for sale or with a view to distribution of the Note or any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention.

      4.2              NO COMMISSIONS. The Lender represents that it has no knowledge that any commission or other remuneration is due or payable, directly or indirectly, to any arising from the transaction contemplated hereby.

SECTION 5.   MISCELLANEOUS

      5.1              NO PROHIBITION ON TRANSFER OR ASSIGNMENT. The Borrower agrees that Lender may sell, transfer, assign, or otherwise convey the Note.

      5.2              BINDING AGREEMENT. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any third party any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

      5.3              GOVERNING LAW. This Agreement and the Note shall be governed by and construed under the laws of the State of Nevada.

      5.4              COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute this Agreement.

      5.5              TITLES AND SUBTITLES. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in constructing or interpreting this Agreement.

      5.6              NOTICES. Any notice required or permitted under this Agreement shall be in writing given to the parties at such place as such party may designate.

      5.7              MODIFICATION; WAIVER. No modification or waiver of any provision of this Agreement or consent or departure therefrom shall be effective unless in writing and approved by the Borrower and the Lender.

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

 

 

	
LENDER:

Digital Extreme Technologies, Inc. 

 

By: /s/  Robert Scott Amaral   

 -------------------------------- 

Robert Scott Amaral  

CEO  

	
BORROWER:

Jeffrey Weiland

 

By: /s/  Jeffrey Weiland

 ---------------------------------

Jeffrey Weiland

President

 

 

 

2exhibit_10-4.htm

EXHIBIT 10.4

 

 

PROMISSORY NOTE

Principal Amount $14,400

Stated Interest Rate: See below

September 17, 2010

Secured Property: Vehicles described on following page

WHEREAS,

 

In September, 2010, the maker borrowed $14,400 from an officer of the Company.  This amount relates to the same figure borrowed by one of our officers from a third party lender (1-800- loan mart) based in California.  The Maker is the third party beneficiary of the amount borrowed by our officer as we received all proceeds from such loans. We also agreed to pledge two of our vehicles as a security interest in favor of the third party lender.  We resolved to make all monthly payments directly to the third party lender at the terms contracted by our officer, summarized as follows:  Loan #1: term is 36 months, monthly payment of principal and interest is $854.01, and the annual percentage rate is 101.94%; and Loan # 2: term is 30 months, monthly payment of principal and interest is $443.60, and the annual percentage rate is 97.94%. As of the date of filing of this statement, we are current with our monthly payment obligations on these notes.  Due to the high rate of interest associated with these notes, the Maker anticipates paying these notes in full as soon as practical.  The notes carry no penalty for early pre-payment.

 

NOW, THEREFORE, IT IS AGREED THAT

FOR VALUE RECEIVED, Digital Extreme Technologies, Inc (“Maker”), promises to the pay to the order of Jeffrey Weiland, Lender (“Payee”) the sum of U.S.$14,400 (the “Principal Amount”) as follows:

Loan No. 1: Maker shall make monthly payments directly to 1-800-Loan Mart, a CA corporation (third party lender) of $854.01 on 17th day of each month and continuing until the principal and interest is paid in full over the 36 month term. This note bears interest at annual percentage rate of 101.94.

Loan No. 2: Maker shall make monthly payments directly to 1-800-Loan Mart, a CA corporation (third party lender) of $443.60 on 17th day of each month and continuing until the principal and interest is paid in full over the 30 month term. This note bears interest at annual percentage rate of 97.94%.

All payments hereunder shall be made to such address as may from time to time be designated by the Payee.  The current address for payments is 800 LOAN Mart, 15821 VENTURA BLVD, STE 280,ENCINO, CA 91436. The Principal Amount may be prepaid, at any time, in whole or in part, by the Maker without penalty. Payments not received within 10 days of the due date shall be subject to a late fee equal the amount owed by the Payee to 1-800-LOAN Mart, third party lender.  Any forbearance on the part of the Payee with regard to any payment of principal or late fee shall not be deemed to be a waiver of future rights to enforce these payment obligations.

 

 

 

  

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The Maker hereby agrees to grant Payee a security interest in the underlying vehicle and agrees to execute a lien in favor of the Maker, to be filed with the CA Department of Highway Safety and Motor Vehicles. In the event Maker does not pay the Principal Amount on a timely basis, Maker shall pay all reasonable attorney fees and costs of collection.

The Maker and all other parties to this Note, whether as endorsers, guarantors or sureties (collectively the “Bound Parties”), agree to remain fully bound until this Note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver, or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this Note.  No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion.  Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the Bound Parties.

This promissory note shall be governed by the laws of the State of Nevada. In addition, the state courts of the State of Nevada shall be the proper venue for the resolution of any dispute relating to this note.

Security Interest:  The maker agrees with the pledge of a security interest in favor of 800-Loan Mart in the following vehicles: 2005 Jaguar S type automobile and 2006 Jeep Grand Cherokee.

 

 

Digital Extreme Technologies, Inc., Maker

/s/  Robert Scott Amaral                         

By, Robert Scott Amaral, its CEO

 

 

 

 

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