EX-10.1
from 8-K
6 pages
1. Promise to Pay. Borrower Promises to Pay to the Order of Lender the Note Amount, Pius Interest on the Unpaid Principal Balance at the Note Rate, and All Other Amounts Required by This Note. 2. Definitions. “Cares Act” Means the Coronavirus Aid, Relief, and Economic Security Act. “Deferral Period” Means the Six Month Period Beginning on the Date of This Note. “Loan” Means the Loan Evidenced by This Note. “Maturity Date” Means Twenty-Four (24) Months From the Date of This Note. “Note Rate” Means an Interest Rate of 0.98% Per Annum and Interest Shall Accrue on the Unpaid Principal Balance Computed on the Basis of the Actual Number of Days Elapsed in a Year of 360 Days. “Per Annum” Means for a Year Deemed to Be Comprised of 360 Days. “Sba” Means the Small Business Administration, an Agency of the United States of America. 3. Conditions Precedent to Funding of Loan. Before the Funding of the Loan, the Following Conditions Must Be Satisfied: A. Lender Has Approved the Request for the Loan. B. Lender Has Received Approval From Sba to Fund the Loan. 4. Payment Terms. Borrower Will Pay This Note as Follows: A. No Payments During Deferral Period. There Shall Be No Payments Due by Borrower During the Deferral Period
12/34/56
