Document:

Exhibit 10.1

 

	SBA
    Loan #7040527908	Application
    #3000020655

 

LOAN
AUTHORIZATION AND AGREEMENT (LA&A)

 

A
PROPERLY SIGNED DOCUMENT IS 

REQUIRED PRIOR TO ANY 

DISBURSEMENT

 

CAREFULLY
READ THE LA&A:

 

This
document describes the terms and conditions of your loan. It is your responsibility to comply with ALL the terms and conditions
of your loan.

 

SIGNING
THE LA&A:

 

All
borrowers must sign the LA&A.

 

		●	Sign
                                         your name exactly as it appears on the LA&A. If typed incorrectly,
                                         you should sign with the correct spelling.

 

		●	If
                                         your middle initial appears on the signature line, sign with your middle initial.

 

		●	If
                                         a suffix appears on the signature line, such as Sr. or Jr., sign with your suffix.

 

		●	Corporate
                                         Signatories: Authorized representatives should sign the signature page.

 

Your
signature represents your agreement to comply

with
the terms and conditions of the loan.

  

 

 

Ref
50 30

     

     

    

	SBA
                                         Loan #7040527908	Application
    #3000020655

 

U.S.
Small Business Administration 

Economic
Injury Disaster Loan

 

LOAN
AUTHORIZATION AND AGREEMENT

 

Date:
06.17.2020 (Effective Date)

 

On
the above date, this Administration (SBA) authorized (under Section 7(b) of the Small Business Act, as amended) a Loan (SBA Loan
#7040527908) to Home Bistro Inc (Borrower) of 4014 CHASE AVE STE 212 MIAMI BEACH Florida 33140 in the amount of one hundred and
fifty thousand and 00/100 Dollars ($150,000.00), upon the following conditions:

 

PAYMENT

 

		●	Installment
                                         payments, including principal and interest, of $731.00 Monthly, will begin Twelve
                                         (12) months from the date of the promissory Note. The balance of principal and interest
                                         will be payable Thirty (30) years from the date of the promissory Note.

 

INTEREST

 

		●	Interest
                                         will accrue at the rate of 3.75% per annum and will accrue only on funds actually
                                         advanced from the date(s) of each advance.

 

PAYMENT
TERMS

 

		●	Each
                                         payment will be applied first to interest accrued to the date of receipt of each payment,
                                         and the balance, if any, will be applied to principal.

 

		●	Each
                                         payment will be made when due even if at that time the full amount of the Loan has not
                                         yet been advanced or the authorized amount of the Loan has been reduced.

 

COLLATERAL

 

		●	For loan amounts of
                                                                                                                                                                        greater than $25,000, Borrower hereby grants to SBA, the secured party hereunder, a continuing security interest in and to
                                                                                                                                                                        any and all “Collateral” as described herein to secure payment and performance of all debts, liabilities and
                                                                                                                                                                        obligations of Borrower to SBA hereunder without limitation, including but not limited to all interest, other fees and
                                                                                                                                                                        expenses (all hereinafter called “Obligations”). The Collateral includes the following property that Borrower now
                                                                                                                                                                        owns or shall acquire or create immediately upon the acquisition or creation thereof: all tangible and intangible personal
                                                                                                                                                                        property, including, but not limited to: (a) inventory, (b) equipment, (c) instruments, including promissory notes (d)
                                                                                                                                                                        chattel paper, including tangible chattel paper and electronic chattel paper, (e) documents, (f) letter of credit rights, (g)
                                                                                                                                                                        accounts, including health-care insurance receivables and credit card receivables, (h) deposit accounts, (i) commercial tort
                                                                                                                                                                        claims, (j) general intangibles, including payment intangibles and software and (k) as-extracted collateral as such terms may
                                                                                                                                                                        from time to time be defined in the Uniform Commercial Code. The security interest Borrower grants includes all accessions,
                                                                                                                                                                        attachments, accessories, parts, supplies and replacements for the Collateral, all products, proceeds and collections thereof
                                                                                                                                                                        and all records and data relating thereto.

 

		●	For
                                         loan amounts of $25,000 or less, SBA is not taking a security interest in any collateral.

 

    	
	Page 2 of 11	

	SBA Form 1391 (5-00)	 	Ref 50 30

    	SBA Loan #7040527908	Application #3000020655

    

 

REQUIREMENTS
RELATIVE TO COLLATERAL

 

		●	Borrower
                                         will not sell or transfer any collateral (except normal inventory turnover in the ordinary
                                         course of business) described in the “Collateral” paragraph hereof without
                                         the prior written consent of SBA.

 

		●	Borrower
                                         will neither seek nor accept future advances under any superior liens on the collateral
                                         securing this Loan without the prior written consent of SBA.

 

USE
OF LOAN PROCEEDS

 

		●	Borrower
will use all the proceeds of this Loan solely as working capital to alleviate economic injury caused by disaster occurring in
the month of January 31, 2020 and continuing thereafter and to pay Uniform Commercial Code (UCC) lien filing fees and a third-party
UCC handling charge of $100 which will be deducted from the Loan amount stated above.

 

REQUIREMENTS
FOR USE OF LOAN PROCEEDS AND RECEIPTS

 

		●	Borrower
                                         will obtain and itemize receipts (paid receipts, paid invoices or cancelled checks) and
                                         contracts for all Loan funds spent and retain these receipts for 3 years from the date
                                         of the final disbursement. Prior to each subsequent disbursement (if any) and whenever
                                         requested by SBA, Borrower will submit to SBA such itemization together with copies of
                                         the receipts.

 

		●	Borrower
                                         will not use, directly or indirectly, any portion of the proceeds of this Loan to relocate
                                         without the prior written permission of SBA. The law prohibits the use of any portion
                                         of the proceeds of this Loan for voluntary relocation from the business area in which
                                         the disaster occurred. To request SBA’s prior written permission to relocate, Borrower
                                         will present to SBA the reasons therefore and a description or address of the relocation
                                         site. Determinations of (1) whether a relocation is voluntary or otherwise, and (2) whether
                                         any site other than the disaster-affected location is within the business area in which
                                         the disaster occurred, will be made solely by SBA.

 

		●	Borrower
                                         will, to the extent feasible, purchase only American-made equipment and products with
                                         the proceeds of this Loan.

 

		●	Borrower
                                         will make any request for a loan increase for additional disaster-related damages as
                                         soon as possible after the need for a loan increase is discovered. The SBA will not consider
                                         a request for a loan increase received more than two (2) years from the date of
                                         loan approval unless, in the sole discretion of the SBA, there are extraordinary and
                                         unforeseeable circumstances beyond the control of the borrower.

 

DEADLINE
FOR RETURN OF LOAN CLOSING DOCUMENTS

 

		●	Borrower
                                         will sign and return the loan closing documents to SBA within 2 months of the date of
                                         this Loan Authorization and Agreement. By notifying the Borrower in writing, SBA
                                         may cancel this Loan if the Borrower fails to meet this requirement. The Borrower may
                                         submit and the SBA may, in its sole discretion, accept documents after 2 months of the
                                         date of this Loan Authorization and Agreement.

 

    	
	Page 3 of 11	

	SBA Form 1391 (5-00)	 	Ref 50 30

    	SBA Loan #7040527908	Application #3000020655

    

 

COMPENSATION
FROM OTHER SOURCES

 

		●	Eligibility
for this disaster Loan is limited to disaster losses that are not compensated by other sources. Other sources include but are
not limited to: (1) proceeds of policies of insurance or other indemnifications, (2) grants or other reimbursement (including
loans) from government agencies or private organizations, (3) claims for civil liability against other individuals, organizations
or governmental entities, and (4) salvage (including any sale or re-use) of items of damaged property.

 

		●	Borrower
                                         will promptly notify SBA of the existence and status of any claim or application for
                                         such other compensation, and of the receipt of any such compensation, and Borrower will
                                         promptly submit the proceeds of same (not exceeding the outstanding balance of this Loan)
                                         to SBA.

 

		●	Borrower
                                         hereby assigns to SBA the proceeds of any such compensation from other sources and authorizes
                                         the payor of same to deliver said proceeds to SBA at such time and place as SBA shall
                                         designate.

 

		●	SBA
                                         will in its sole discretion determine whether any such compensation from other sources
                                         is a duplication of benefits. SBA will use the proceeds of any such duplication to reduce
                                         the outstanding balance of this Loan, and Borrower agrees that such proceeds will not
                                         be applied in lieu of scheduled payments.

 

DUTY
TO MAINTAIN HAZARD INSURANCE

 

		●	Within
                                         12 months from the date of this Loan Authorization and Agreement the Borrower will provide
                                         proof of an active and in effect hazard insurance policy including fire, lightning, and
                                         extended coverage on all items used to secure this loan to at least 80% of the insurable
                                         value. Borrower will not cancel such coverage and will maintain such coverage throughout
                                         the entire term of this Loan. BORROWER MAY NOT BE ELIGIBLE FOR EITHER ANY FUTURE DISASTER
                                         ASSISTANCE OR SBA FINANCIAL ASSISTANCE IF THIS INSURANCE IS NOT MAINTAINED AS STIPULATED
                                         HEREIN THROUGHOUT THE ENTIRE TERM OF THIS LOAN. Please submit proof of insurance
                                         to: U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport
                                         Rd, Fort Worth, TX. 76155.

 

BOOKS
AND RECORDS

 

		●	Borrower
                                         will maintain current and proper books of account in a manner satisfactory to SBA for
                                         the most recent 5 years until 3 years after the date of maturity, including extensions,
                                         or the date this Loan is paid in full, whichever occurs first. Such books will include
                                         Borrower’s financial and operating statements, insurance policies, tax returns and related
                                         filings, records of earnings distributed and dividends paid and records of compensation
                                         to officers, directors, holders of 10% or more of Borrower’s capital stock, members,
                                         partners and proprietors.

 

		●	Borrower
                                         authorizes SBA to make or cause to be made, at Borrower’s expense and in such a manner
                                         and at such times as SBA may require: (1) inspections and audits of any books, records
                                         and paper in the custody or control of Borrower or others relating to Borrower’s financial
                                         or business conditions, including the making of copies thereof and extracts therefrom,
                                         and (2) inspections and appraisals of any of Borrower’s assets.

 

		●	Borrower
                                         will furnish to SBA, not later than 3 months following the expiration of Borrower’s fiscal
                                         year and in such form as SBA may require, Borrower’s financial statements.

 

		●	Upon
                                         written request of SBA, Borrower will accompany such statements with an ‘Accountant’s
                                         Review Report’ prepared by an independent public accountant at Borrower’s expense.

 

		●	Borrower
                                         authorizes all Federal, State and municipal authorities to furnish reports of examination,
                                         records and other information relating to the conditions and affairs of Borrower and
                                         any desired information from such reports, returns, files, and records of such authorities
                                         upon request of SBA.

 

    	
	Page 4 of 11	

	SBA Form 1391 (5-00)	 	Ref 50 30

    	SBA Loan #7040527908	Application #3000020655

    

 

LIMITS
ON DISTRIBUTION OF ASSETS

 

		●	Borrower
                                         will not, without the prior written consent of SBA, make any distribution of Borrower’s
                                         assets, or give any preferential treatment, make any advance, directly or indirectly,
                                         by way of loan, gift, bonus, or otherwise, to any owner or partner or any of its employees,
                                         or to any company directly or indirectly controlling or affiliated with or controlled
                                         by Borrower, or any other company.

 

EQUAL
OPPORTUNITY REQUIREMENT

 

		●	If
                                         Borrower has or intends to have employees, Borrower will post SBA Form 722, Equal Opportunity
                                         Poster (copy attached), in Borrower’s place of business where it will be clearly visible
                                         to employees, applicants for employment, and the general public.

 

DISCLOSURE
OF LOBBYING ACTIVITIES

 

		●	Borrower
agrees to the attached Certification Regarding Lobbying Activities 

 

BORROWER’S CERTIFICATIONS

 

Borrower
certifies that:

 

		●	There
                                         has been no substantial adverse change in Borrower’s financial condition (and organization,
                                         in case of a business borrower) since the date of the application for this Loan. (Adverse
                                         changes include, but are not limited to: judgment liens, tax liens, mechanic’s liens,
                                         bankruptcy, financial reverses, arrest or conviction of felony, etc.)

 

		●	No
                                         fees have been paid, directly or indirectly, to any representative (attorney, accountant,
                                         etc.) for services provided or to be provided in connection with applying for or closing
                                         this Loan, other than those reported on SBA Form 5 Business Disaster Loan Application’;
                                         SBA Form 3501 COVID-19 Economic Injury Disaster Loan Application; or SBA Form 159, ‘Compensation
                                         Agreement’. All fees not approved by SBA are prohibited.

 

		●	All
                                         representations in the Borrower’s Loan application (including all supplementary submissions)
                                         are true, correct and complete and are offered to induce SBA to make this Loan.

 

		●	No
                                         claim or application for any other compensation for disaster losses has been submitted
                                         to or requested of any source, and no such other compensation has been received, other
                                         than that which Borrower has fully disclosed to SBA.

 

		●	Neither
                                         the Borrower nor, if the Borrower is a business, any principal who owns at least 50%
                                         of the Borrower, is delinquent more than 60 days under the terms of any: (a) administrative
                                         order; (b) court order; or (c) repayment agreement that requires payment of child support.

 

		●	Borrower
                                         certifies that no fees have been paid, directly or indirectly, to any representative
                                         (attorney, accountant, etc.) for services provided or to be provided in connection with
                                         applying for or closing this Loan, other than those reported on the Loan Application.
                                         All fees not approved by SBA are prohibited. If an Applicant chooses to employ an Agent,
                                         the compensation an Agent charges to and that is paid by the Applicant must bear a necessary
                                         and reasonable relationship to the services actually performed and must be comparable
                                         to those charged by other Agents in the geographical area. Compensation cannot be contingent
                                         on loan approval. In addition, compensation must not include any expenses which are deemed
                                         by SBA to be unreasonable for services actually performed or expenses actually incurred.
                                         Compensation must not include charges prohibited
                                         in 13 CFR 103 or SOP 50-30, Appendix 1. If the compensation exceeds $500 for
                                         a disaster home loan or $2,500 for a disaster business loan, Borrower must fill out the
                                         Compensation Agreement Form 159D which will be provided for Borrower upon request or
                                         can be found on the SBA website.

 

		●	Borrower
certifies, to the best of its, his or her knowledge and belief, that the certifications and representations in the attached Certification
Regarding Lobbying are true, correct and complete and are offered to induce SBA to make this Loan.

 

    	
	Page 5 of 11	

	SBA Form 1391 (5-00)	 	Ref 50 30

    	SBA Loan #7040527908	Application #3000020655

    

 

CIVIL
AND CRIMINAL PENALTIES

 

		●	Whoever wrongfully
                                                                                                                                                                        misapplies the proceeds of an SBA disaster loan shall be civilly liable to the Administrator in an amount equal to
                                                                                                                                                                        one-and-one half times the original principal amount of the loan under 15 U.S.C. 636(b). In addition, any false statement or
                                                                                                                                                                        misrepresentation to SBA may result in criminal, civil or administrative sanctions including, but not limited to: 1) fines,
                                                                                                                                                                        imprisonment or both, under 15 U.S.C. 645, 18 U.S.C. 1001, 18 U.S.C. 1014, 18 U.S.C. 1040, 18 U.S.C. 3571, and any other
                                                                                                                                                                        applicable laws; 2) treble damages and civil penalties under the False Claims Act, 31 U.S.C. 3729; 3) double damages and
                                                                                                                                                                        civil penalties under the Program Fraud Civil Remedies Act, 31 U.S.C. 3802; and 4) suspension and/or debarment from all
                                                                                                                                                                        Federal procurement and non-procurement transactions. Statutory fines may increase if amended by the Federal Civil Penalties
                                                                                                                                                                        Inflation Adjustment Act Improvements Act of 2015.

 

RESULT
OF VIOLATION OF THIS LOAN AUTHORIZATION AND AGREEMENT

 

		●	If
                                         Borrower violates any of the terms or conditions of this Loan Authorization and Agreement,
                                         the Loan will be in default and SBA may declare all or any part of the indebtedness immediately
                                         due and payable. SBA’s failure to exercise its rights under this paragraph will not constitute
                                         a waiver.

 

		●	A
                                         default (or any violation of any of the terms and conditions) of any SBA Loan(s) to Borrower
                                         and/or its affiliates will be considered a default of all such Loan(s).

 

DISBURSEMENT
OF THE LOAN

 

		●	Disbursements
                                         will be made by and at the discretion of SBA Counsel, in accordance with this Loan Authorization
                                         and Agreement and the general requirements of SBA.

 

		●	Disbursements
                                         may be made in increments as needed.

 

		●	Other
                                         conditions may be imposed by SBA pursuant to general requirements of SBA.

 

		●	Disbursement
                                         may be withheld if, in SBA’s sole discretion, there has been an adverse change in Borrower’s
                                         financial condition or in any other material fact represented in the Loan application,
                                         or if Borrower fails to meet any of the terms or conditions of this Loan Authorization
                                         and Agreement.

 

		●	NO
                                         DISBURSEMENT WILL BE MADE LATER THAN 6 MONTHS FROM THE DATE OF THIS LOAN AUTHORIZATION
                                         AND AGREEMENT UNLESS SBA, IN ITS SOLE DISCRETION, EXTENDS THIS DISBURSEMENT PERIOD.

 

    	
	Page 6 of 11	

	SBA Form 1391 (5-00)	 	Ref 50 30

    	SBA Loan #7040527908	Application #3000020655

    

 

PARTIES
AFFECTED

 

		●	This
Loan Authorization and Agreement will be binding upon Borrower and Borrower’s successors and assigns and will inure to the
benefit of SBA and its successors and assigns.

 

RESOLUTION
OF BOARD OF DIRECTORS

 

		●	Borrower
shall, within 180 days of receiving any disbursement of this Loan, submit the appropriate SBA Certificate and/or Resolution to
the U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX. 76155.

 

ENFORCEABILITY

 

		●	This
Loan Authorization and Agreement is legally binding, enforceable and approved upon Borrower’s signature, the SBA’s
approval and the Loan Proceeds being issued to Borrower by a government issued check or by electronic debit of the Loan Proceeds
to Borrower’ banking account provided by Borrower in application for this Loan.

  

	 	/s/ James E. Rivera
	 	James E. Rivera 
	 	Associate Administrator
	 	U.S. Small Business Administration

 

The
undersigned agree(s) to be bound by the terms and conditions herein during the term of this Loan, and further agree(s) that no
provision stated herein will be waived without prior written consent of SBA. Under penalty of perjury of the United States
of America, I hereby certify that I am authorized to apply for and obtain a disaster loan on behalf of Borrower, in connection
with the effects of the COVID-19 emergency.

 

	 	Home Bistro Inc	 	 
	 		 	 
	 	/s/ Scher Duchman 	 	Date: 	06.17.2020
	 	Scher Duchman, Owner/Officer	 	 

  

Note:
Corporate Borrowers must execute Loan Authorization and Agreement in corporate name, by a duly authorized officer. Partnership
Borrowers must execute in firm name, together with signature of a general partner. Limited Liability entities must execute in
the entity name by the signature of the authorized managing person.

 

    	
	Page 7 of 11	

	SBA Form 1391 (5-00)	 	Ref 50 30

    	SBA Loan #7040527908	Application #3000020655

    

 

CERTIFICATION
REGARDING LOBBYING

 

For
loans over $150,000, Congress requires recipients to agree to the following:

 

		1.	Appropriated
                                         funds may NOT be used for lobbying.

 

		2.	Payment
                                         of non-federal funds for lobbying must be reported on Form SF-LLL.

 

		3.	Language
                                         of this certification must be incorporated into all contracts and subcontracts exceeding
                                         $100,000.

 

		4.	All
contractors and subcontractors with contracts exceeding $100,000 are required to certify and disclose accordingly.

 

    	
	Page 8 of 11	

	SBA Form 1391 (5-00)	 	

    	SBA Loan #7040527908	Application #3000020655

    

 

CERTIFICATION
REGARDING LOBBYING

 

Certification
for Contracts, Grants, Loans, and Cooperative Agreements

 

Borrower
and all Guarantors (if any) certify, to the best of its, his or her knowledge and belief, that:

 

(1)
No Federal appropriated funds have been paid or will be paid, by or on behalf of the undersigned, to any person for
influencing or attempting to influence an officer or employee of any agency, a Member of Congress, an officer or employee of
Congress, or an employee of a Member of Congress in connection with awarding of any Federal contract, the making of any
Federal grant, the making of any Federal loan, the entering into of any cooperative agreement, and the extension,
continuation, renewal, or modification of any Federal contract, grant, loan, or cooperative agreement.

 

(2)
If any funds other than Federal appropriated funds have been paid or will be paid to any person for influencing or attempting
to influence an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee
of a Member of Congress in connection with this Federal loan, the undersigned shall complete and submit Standard Form LLL,
“Disclosure Form to Report Lobbying,” in accordance with its instructions.

 

(3)
The undersigned shall require that the language of this certification be included in the award documents for all sub-awards
at all tiers (including subcontracts, sub-grants, and contracts under grants, loans, and co-operative agreements) and that
all sub-recipients shall certify and disclose accordingly.

 

This
certification is a material representation of fact upon which reliance was placed when this transaction was made or entered into.
Submission of this certification is a prerequisite for making or entering into this transaction imposed by Section 1352, Title
31, U.S. Code. Any person who fails to file the required certification shall be subject to a civil penalty of not less than $10,000.00
and not more than $100,000.00 for each such failure.

 

    	
	Page 9 of 11	

	SBA Form 1391 (5-00)	 	

     

    

 

		This Statement of Policy is Posted

                                                                 

                                                                In Accordance with Regulations of the

                                                                 

                                                                Small
                                         Business Administration

                                                                 

                                                                This Organization Practices
	 

  

Equal
Employment Opportunity

 

We
do not discriminate on the ground of race, color, religion, sex, age, disability or national origin in the hiring, retention,
or promotion of employees; nor in determining their rank, or the compensation or fringe benefits paid them.

 

This
Organization Practices

 

Equal
Treatment of Clients

 

We
do not discriminate on the basis of race, color, religion, sex, marital status, disability, age or national origin in services
or accommodations offered or provided to our employees, clients or guests.

 

These
policies and this notice comply with regulations of the

United
States Government.

 

Please
report violations of this policy to:

 

	 	Administrator
	 	Small Business Administration

                                Washington, D.C. 20416

  

In
order for the public and your employees to know their rights under 13 C.F.R Parts 112, 113, and 117, Small Business Administration
Regulations, and to conform with the directions of the Administrator of SBA, this poster must be displayed where it is clearly
visible to employees, applicants for employment, and the public.

 

Failure
to display the poster as required in accordance with SBA Regulations may be considered evidence of noncompliance and subject
you to the penalties contained in those Regulations.

 

 

 

	SBA FORM 722 (10-02) REF: SOP 9030 PREVIOUS EDITIONS
    ARE OBSOLETE 

    This form was electronically produced by Elite Federal Inc.	U.S. GOVERNMENT
    PRINTING OFFICE: 1994 0- 153-346
	 

 

    	
	Page 10 of 11	

     

    

 

		
        Esta Declaración De Principios
        Se Publica

         

        De Acuerdo Con Los Reglamentos De La

         

        Agencia Federal Para el Desarrollo de la
        Pequeña Empresa
	 

 

Esta
Organización Practica

 

Igual
Oportunidad De Empleo

 

No
discriminamos por razón de raza, color, religión, sexo, edad, discapacidad o nacionalidad en el empleo, retención
o ascenso de personal ni en la determinación de sus posiciones, salarios o beneficios marginales.

 

Esta
Organización Practica

 

Igualdad
En El Trato A Su Clientela

 

No
discriminamos por razón de raza, color, religión, sexo, estado civil, edad, discapacidad o nacionalidad en los servicios
o facilidades provistos para nuestros empleados, clientes o visitantes.

 

Estos
principios y este aviso cumplen con los reglamentos del Gobierno de los Estados Unidos de América.

 

Favor
de informar violaciones a lo aquí indicado a:

 

	 	Administrador
	 	Agencia Federal Para el Desarrollo de la Pequeña Empresa
	 	Washington, D.C. 20416

  

A
fin de que el público y sus empleados conozcan sus derechos según lo expresado en las Secciones 112, 113 y 117
del Código de Regulaciaones Federales No. 13, de los Reglamentos de la Agencja Federal Para el Desarrollo de la
Pequeña Empresa y de acuerdo con las instrucciones del Administrador de dicha agencia, esta notificación debe
fijarse en un lugar claramente visible para los empleados, solicitantes de empleo y público en general. No fijar esta
notificación según lo requerido por los reglamentos de la Agencia Federal Para el Desarrollo de la
Pequeña Empresa, puede ser interpretado como evidencia de falta de cumplimiento de los mismos y conllevará la
ejecución de los castigos impuestos en estos reglamentos.

 

 

 

 

 

	SBA FORM 722 (10-02) REF: SOP 9030 PREVIOUS EDITIONS
    ARE OBSOLETE 

    This form was electronically produced by Elite Federal Inc.	U.S. GOVERNMENT
    PRINTING OFFICE: 1994 0- 153-346
	 

  

Page 11 of 11Exhibit 10.2

 

	SBA Loan #7040527908	Application #3000020655

 

NOTE

 

A PROPERLY SIGNED NOTE IS

 REQUIRED
PRIOR TO ANY 

DISBURSEMENT

 

CAREFULLY READ THE NOTE: It is your
promise to repay the loan.

 

		·	The Note is pre-dated. DO NOT CHANGE THE DATE OF THE NOTE.

		·	LOAN PAYMENTS will be due as stated in the Note.

		·	ANY CORRECTIONS OR UNAUTHORIZED MARKS MAY VOID THIS DOCUMENT.

 

SIGNING THE NOTE: All borrowers must
sign the Note.

 

		·	Sign your name exactly as it appears on the Note. If typed incorrectly, you should
sign with the correct spelling.

		·	If your middle initial appears on the signature line, sign with your middle initial.

		·	If a suffix appears on the signature line, such as Sr. or Jr., sign with your suffix.

		·	Corporate Signatories: Authorized representatives should sign the signature page.

 

    

     

    

 

	SBA Loan #7040527908	Application #3000020655

 

	
        

        
	
        U.S. Small Business Administration

         

         

        Note

         

        (secured
        disaster loans)

        
	Date: 06.17.2020
	
         

        Loan Amount: $150,000.00

	
         

        Annual Interest Rate: 3.75%

         

 

	SBA Loan # 7040527908	Application #3000020655

 

		1.	PROMISE TO PAY: In return for a loan, Borrower promises to pay to the order of SBA the amount of one hundred and
fifty thousand and 00/100 Dollars ($150,000.00), interest on the unpaid principal balance, and all other amounts required
by this Note.

 

		2.	DEFINITIONS: A) “Collateral” means any property taken as security for payment of this Note or any guarantee
of this Note. B) “Guarantor” means each person or entity that signs a guarantee of payment of this Note. C)
“Loan Documents” means the documents related to this loan signed by Borrower, any Guarantor, or anyone who pledges
collateral.

 

		3.	PAYMENT TERMS: Borrower must make all payments at the place SBA designates. Borrower may prepay this Note in part or
in full at any time, without notice or penalty. Borrower must pay principal and interest payments of $731.00 every month beginning
Twelve (12) months from the date of the Note. SBA will apply each installment payment first to pay interest accrued
to the day SBA receives the payment and will then apply any remaining balance to reduce principal. All remaining principal and
accrued interest is due and payable Thirty (30) years from the date of the Note.

 

		4.	DEFAULT: Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if
Borrower: A) Fails to comply with any provision of this Note, the Loan Authorization and Agreement, or other Loan Documents;
B) Defaults on any other SBA loan; C) Sells or otherwise transfers, or does not preserve or account to SBA’s
satisfaction for, any of the Collateral or its proceeds; D) Does not disclose, or anyone acting on their behalf does not
disclose, any material fact to SBA; E) Makes, or anyone acting on their behalf makes, a materially false or misleading representation
to SBA; F) Defaults on any loan or agreement with another creditor, if SBA believes the default may materially affect Borrower’s
ability to pay this Note; G) Fails to pay any taxes when due; H) Becomes the subject of a proceeding under any bankruptcy
or insolvency law; I) Has a receiver or liquidator appointed for any part of their business or property; J) Makes
an assignment for the benefit of creditors; K) Has any adverse change in financial condition or business operation that
SBA believes may materially affect Borrower’s ability to pay this Note; L) Dies; M) Reorganizes, merges, consolidates,
or otherwise changes ownership or business structure without SBA’s prior written consent; or, N) Becomes the subject
of a civil or criminal action that SBA believes may materially affect Borrower’s ability to pay this Note.

 

		5.	SBA’S RIGHTS IF THERE IS A DEFAULT: Without notice or demand and without giving up any of its rights, SBA may:
A) Require immediate payment of all amounts owing under this Note; B) Have recourse to collect all amounts owing
from any Borrower or Guarantor (if any); C) File suit and obtain judgment; D) Take possession of any Collateral;
or E) Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without advertisement.

 

		6.	SBA’S GENERAL POWERS: Without notice and without Borrower’s consent, SBA may: A) Bid on or buy the
Collateral at its sale or the sale of another lienholder, at any price it chooses; B) Collect amounts due under this Note,
enforce the terms of this Note or any other Loan Document, and preserve or dispose of the Collateral. Among other things, the expenses
may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs, and reasonable attorney’s
fees and costs. If SBA incurs such expenses, it may demand immediate reimbursement from Borrower or add the expenses to the principal
balance; C) Release anyone obligated to pay this Note; D) Compromise, release, renew, extend or substitute any of
the Collateral; and E) Take any action necessary to protect the Collateral or collect amounts owing on this Note.

 

    	 	Page 2 of 3	 
	SBA FORM 147 B (5-00)
	 	 

     

    

 

	SBA Loan #7040527908	Application #3000020655

 

		7.	FEDERAL LAW APPLIES: When SBA is the holder, this Note will be interpreted and enforced under federal law, including
SBA regulations. SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens,
and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax,
or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat
any claim of SBA, or preempt federal law.

 

		8.	GENERAL PROVISIONS: A) All individuals and entities signing this Note are jointly and severally liable. B) Borrower
waives all suretyship defenses. C) Borrower must sign all documents required at any time to comply with the Loan Documents
and to enable SBA to acquire, perfect, or maintain SBA’s liens on Collateral. D) SBA may exercise any of its rights
separately or together, as many times and in any order it chooses. SBA may delay or forgo enforcing any of its rights without giving
up any of them. E) Borrower may not use an oral statement of SBA to contradict or alter the written terms of this Note.
F) If any part of this Note is unenforceable, all other parts remain in effect. G) To the extent allowed by law,
Borrower waives all demands and notices in connection with this Note, including presentment, demand, protest, and notice of dishonor.
Borrower also waives any defenses based upon any claim that SBA did not obtain any guarantee; did not obtain, perfect, or maintain
a lien upon Collateral; impaired Collateral; or did not obtain the fair market value of Collateral at a sale. H) SBA may
sell or otherwise transfer this Note.

 

		9.	MISUSE OF LOAN FUNDS: Anyone who wrongfully misapplies any proceeds of the loan will be civilly liable to SBA for one
and one- half times the proceeds disbursed, in addition to other remedies allowed by law.

 

		10.	BORROWER’S NAME(S) AND SIGNATURE(S): By signing below, each individual or entity acknowledges and accepts personal
obligation and full liability under the Note as Borrower.

 

	 	Home Bistro Inc	 
	 	 	 
	 	/s/ Scher Duchman	 
	 	Scher Duchman, Owner/Officer	 

 

 

Page 3 of 3

SBA FORM 147 B (5-00)

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