This loan contract for investment, dated as of August 13, 2024, is entered into by Water's Edge Adventures, LLC (receiver) and Investor (named below in form).
Whereas, Investor has agreed to advance the amount set forth herein to Water's Edge Adventures, LLC. to enable Water's Edge Adventures, LLC to make payment for the purchase of certain shares of stock of the company.
Whereas, Water's Edge Adventures, LLC Intends to offer the investor a minimum payment or percentage of net profit for a set term limit. Payment options detailed below.
Whereas, Investor agrees to accept as payment for its loan an assignment in kind of Water's Edge Adventures, LLC.
Now Therefore, in consideration of the premises, the sufficiency and adequacy which is hereby acknowledged, the Parties agree as follows:
Investor agrees to loan to Water's Edge Adventures, LLC an amount chosen below. Investor will deliver the Investment electronically or by check to Water's Edge Adventures, LLC within 14 days after being advised in writing by email by Water's Edge Adventures, LLC to deliver the Investment, byt in no case later than 11:59 am est on the 14th day from signing contract. The Investment shall be treated as a loan to Water's Edge Adventures, LLC and Repayment of the loan shall be made pursuant to the terms of this Agreement.
Use of Funds. Water's Edge Adventures, LLC will use the funds to advance the business and generate more revenue.
Repayment of Loan in Kind. Byer agrees that Water's Edge Adventures, LLC shall have the right to repay the principal amount of the loan, plus interest accruing on the unpaid principal amount of the investment at the rate of percentage from option chosen below. Payments will begin 6 months after boat has been completed it's first paid fishing charter.
Repayment of Loan will continue monthly for time in congruent with payment option chosen below. Payments and contract will end at the end of the monthly term agreement or until base payment has been repaid, which ever comes first.
The contract at that time can be renewed with or without modifications, should both parties agree to do so.
In Witness whereof, the parties have caused this agreement to be executed and delivered by their duly authorized representatives as of the date first written above.