Loan Agreement
Exhibit 10.2 Loan
Agreement
This
Agreement is made and dated as of April 1, 2008.
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Between: Sona
Resources Inc. (the “Company”)
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of 2/41
Timurty OM Housing Society,
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Sion,
Chunnabhatti,
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Xxxxxx,
Xxxxx, 000000
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And:
Xxxxxx Xxxxxxxx (the
“Lender”)
of 8/11 First
Floor
Municipal
Bldg.,
Xxxxxxx Xxxx,
Aoarwada
Sion, Xxxxxx, Xxxxx ,
000000
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WHEREAS:
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A.
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The
Lender, who is President of the Company, recognizes that the Company is in
the early stages of its development and thus it may not be in a position
to raise needed working capital from other
sources;
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B.
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The
Lender has provided the Company with cash advances totalling $5,993 to
date and is willing to provide the Company with working capital, in the
form of additional cash advances not exceeding $25,000, from time to time
hereafter;
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C.
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The
Lender recognizes that the Company may not be able to repay these cash
advances for some time, if ever;
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D.
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The
parties wish to formalize the agreement between them concerning the past
and future cash advances,
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Now
therefore in consideration of the premises and the mutual covenants and
agreements between the parties, the parties hereto herby agree as
follows:
1.
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In
order to provide working capital for the Company, and in an effort to
ensure the Company will have sufficient cash to meet its budgeted expenses
over at least the next twelve (12) months, the Lender agrees to make cash
advances to the Company on an as needed basis totalling up to $25,000 (the
“New Loan”) in the event the Company is unable to raise capital to finance
its operations from other sources.
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2.
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The
Company acknowledges receipt of $5,933 in cash advances (the “Prior
Loan”), which is in addition to the New Loan, from the Lender as of the
date hereof.
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3.
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The
parties agree that the Prior Loan and the New Loan will not bear interest
and have no fixed terms of repayment; provided that the Lender may make
demand for repayment of the Prior and/or New Loan, or so much of either as
may then have been advanced to the Company at the time demand is made, at
any time hereafter, by written notice to the Company delivered to the
address set forth above.
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4.
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This
Agreement shall be binding upon the parties hereto and the heirs,
executors administrators and assigns of the Lender and the successors and
assigns of the Company.
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In
witness whereof the parties hereto have hereunto affixed their respective hands
and seals, or corporate seals, as the case may be, as of the day and year first
above written.
Signed
By: /S/
XXXXXX XXXXX
Xxxxxx
Xxxxx
Secretary
Treasurer and Director
The
Lender
Signed:
/S/ XXXXXX
XXXXXXXX
Xxxxxx
Xxxxxxxx
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