Business
Keras Resources : Promissory Notes 23 May 2024
Keras Resources : Promissory Notes 23 May
About this update from Keras Resources Plc
[{"type":"text","content":"\n Promissory Note 2\n \n \n \n Amount: One Hundred Seventy-Five Thousand and 00/100 US Dollars ($175,000.00)\n Date: May 23, 2024\n Maturity Date: May 23, 2028\n For value received, Falcon Isle Resource Corp. (\"Borrower\"), having an address at 50 West Broadway, Suite 300, Salt Lake City, Utah 84101, promises to pay to the order of The Diane H. Grosso Credit Shelter Trust (\"Lender\"), located at 480 Broadway, Suite 310, Saratoga Springs, NY 12866, (or at such other place as the Lender may designate in writing) the principal amount of\n \n \n $175,000.00 (\"Loan Amount\") with interest thereon at a fixed rate of eight percent (8%) per annum from the 23rdday of May 2024, and promises to abide by the terms and conditions provided in this Loan Agreement (\"Agreement\").\n \n \n Terms of Repayment\n \n \n Payments\n \n \n Interest only payments in the amount of Fourteen Thousand and 00/100 Dollars ($14,000.00) commencing with the payment due May 23, 2025, and continuing annually thereafler until May 23, 2028, when the full principal amount of One Hundred Seventy-Five Thousand and 00/100 Dollars ($175,000.00) shall be due along with interest, late payments, and all other amounts chargeable under this note.\n \n \n Application of Payments\n \n \n All payments on this Agreement shall be applied first in payment of accrued interest and any remainder in payment of principal.\n \n \n Late Fee\n \n \n The Borrower shall also be obligated to pay a Delinquency Charge of 3% of any interest and/or principal payment more than ten (10) days late. The interest rate on this obligation after it becomes fully due and payable in accordance with its terms shall be adjusted to a rate of interest computed at a per annum rate 10% greater than the rate of interest otherwise applicable to this note; provided that in no event shall the rate be adjusted so as to exceed the maximum permitted by law.\n \n \n Acceleration of Debt\n \n \n If any payment obligation under this Agreement is not paid when due, the remaining unpaid principal balance and any accrued interest shall become due immediately at the option of the Lender.\n \n \n Prepayment\n \n \n The Borrower reserves the right to prepay this note (in whole or in part plus any accrued interest late payments and other amounts chargeable under this note) beginning on May 23, 2026 until the Maturity Date, w...