Gee I wonder who this is: "On May 1, 1997, Momentum Asia entered into a Loan Agreement with Touchstone Transport Services, Inc., a Philippines corporation under which Momentum Asia made a loan of US$250,000) to Touchstone. Said loan is secured by a Real Estate
Mortgage against certain real property located in the City of Olongapo,
Philippines. The loan accrues interest of five percent (5.0%) per annum payable
at the end of each year. The loan has a maturity date of five (5) years from the
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date of the loan. After the first anniversary date of the loan, the principal of
the loan or fifty percent (50%) of the appraised value of the property which is
the security for said loan shall be due and payable on demand. Based on this
demand provision and the value of the property securing said loan Momentum Asia
determined that the loan was a good use of the cash resources of Momentum Asia.
On August 20, 1999, Momentum Asia agreed to extend the loan repayment date by an
additional ten years, and consented to the real estate being leased to an
outside developer. The borrower agreed to pay Momentum Asia, US$75,000 for the
extension and consent by September 30, 1999. Copies of the Loan Agreement and
Real Estate Mortgage are attached hereto and incorporated herein by this
reference. See Exhibit Index, Part III. |
