Exhibit 10.17
THIS AGREEMENT is made as of the 1st day of September, 2003
BETWEEN:
Xxxxxxx X. X. Xxxxxxx Inc., of 1202 - 0000 Xxxxxxxxx Xxx, Xxxxxxxx, X. X. X0X
0X0 ("Telford");
AND
Essential Innovations Corporation, a company with an office at Xxxxx 000, 00000
000X Xxxxxx, Xxxxxxx, X.X. ("EIC"),
AND
Essential Innovations Technology Corp. a Nevada corporation with an office at
000 Xxxx Xxxxxxxx Xxxxxx, Xxxxx 000-000, Xxxxxxxxxx, XX 00000 ("EITC")
WHEREAS:
EIC is engaged in the business of developing certain proprietary geo thermal
products.
EITC owns 100% of the issued and outstanding share capital of EIC.
Telford is a corporation controlled by Xxxxxxx Xxxxxxx a director and officer of
EITC
NOW IT IS HEREBY AGREED as follows:
1. Interpretation
1.1 In this Agreement:
i) "Agreement" means this document and any and all
Schedules to this Agreement, as amended, modified or
supplemented from time to time in accordance with
these provisions;
2. Loan:
2.1 Telford has made loans of Cdn $5,000.00 on August 14, 2003 and
Cdn $1,000.00 on September 1, 2003 to lend EIC with terms and
conditions as per Schedule "A"
2.2 EIC agrees to repay the loan in full, together with unpaid
interest when demanded by Telford
3. Guarantee
3.1 EITC guarantees the loan and interest jointly and severally
with EIC
4. Notice
4.1 All notices required or permitted hereunder shall be in
writing and shall be transmitted by hand or by post to the
parties addressed to the addresses given at the head of this
Agreement, or such other address as the parties may designate
in writing.
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5. Miscellaneous
5.1 If any provision of this Agreement shall be held to be
invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions of this Agreement
shall not in any way be affected or impaired thereby.
5.2 The clause headings in this Agreement are inserted for
convenience only and should be ignored in construing this
Agreement.
5.3. No change in, or addition to, the terms of this Agreement
shall be valid unless in writing and signed by the parties
hereto.
5.4 This Agreement shall be governed by and construed in
accordance with the laws of the Province of British Columbia.
The Recitals and Schedules hereto form part of this Agreement.
IN WITNESS WHEREOF the parties hereto have entered into this Agreement the day
and year first above written.
For and on behalf of
Xxxxxxx X.X. Xxxxxxx Inc.
/c/ Xxxxxxx Xxxxxxx
-----------------------
Xxxxxxx Xxxxxxx
For and on behalf of
Essential Innovations Corporation
/s/ Xxxxx Xxxxxxx
-----------------------
Xxxxx Xxxxxxx
For and on behalf of
Essential Innovations Technology Corp.
/s/ Xxxxx XxXxxxxxx
-----------------------
Xxxxx XxXxxxxxx
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SCHEDULE A
LOAN OF US $6,000.00
from Xxxxxxx X.X. Xxxxxxx, Inc.
to Essential Innovations Corporation
Date of loans: August 14, 2003 $5,000.00
September 1, 2003 $1,000.00
Term: Due on Demand, demand will not be made for repayment prior to
Xxxxx 00, 0000
Xxxxxxxx: 9%, calculated monthly, payable monthly
Security: Unsecured
Initials: KT /s/ KT
EIC /s/ SW
EITC /s/ JM
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