Exhibit 10.27
LOAN EXTENSION AGREEMENT
Agreement dated as of December 15, 1997 by and between Royal
Canadian Foods Corp., a Delaware corporation, with offices at 0000 Xxxxxx
Xxxxxx, Xxx Xxxx, XX 00000 ("Borrower") and Xxx Xxxxxxx, who resides at 000
Xxxxxxxx Xxxxxx, Xxxxxxxx, XX 00000 ("Lender").
RECITALS
WHEREAS, Borrower signed four Promissory Notes (collectively
referred to herein as the "Promissory Notes") to evidence four loans made by
Lender to Borrower.
WHEREAS, Lender and Borrower now wish to extend the due date
of each of the Promissory Notes from December 31, 1997 to December 31, 1998.
NOW, THEREFORE, in consideration of the premises and other
good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto agree as follows:
1. Promissory Notes. The Promissory Notes, each of which accrues interest at 12%
per annum, evidence loans made on the following dates for the following amounts:
Loan Date Principal Amount
June 5, 1996 $50,000.00
June 26, 1996 $50,000.00
September 16, 1996 $100,000.00
March 13, 1997 $70,000.00
2. Extension. The due date of each of the Promissory Notes is hereby extended
from December 31, 1997 to December 31, 1998.
3. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original but all of which together shall
constitute a single instrument.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.
ROYAL CANADIAN FOODS CORP.
By:_____________________________
Xxxxxxx Xxxxxxxx, President
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Xxx Xxxxxxx
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