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EXHIBIT 99.3
LOAN EXTENSION AGREEMENT
This LOAN EXTENSION AGREEMENT (this “
Agreement ”), dated as of November 8, 2007 (the “
Effective Date ”), is entered into by and between Texada Ventures Inc.,
a Nevada corporation (“ Borrower ”), and John
Veltheer, an individual (“ Lender ”). Borrower and
Lender may be referred to herein individually as a “
Party ”
and collectively as the “ Parties .” Capitalized
terms used but not defined herein shall have the meanings ascribed
to such terms in the Loan Agreement (as defined below).
Recitals
WHEREAS, Lender and Borrower are parties to that
certain Loan Agreement, dated as of October 18, 2006 (the
“ Loan Agreement
”), pursuant to which Lender agreed to loan
US$50,000 (the “ Principal
Amount ”) to Borrower at a rate
of interest equal to 12% per annum, payable on October 18, 2007
(the “ Loan
”);
WHEREAS, the Loan was evidenced by a Promissory
Note, dated as of October 18, 2006 (the “
Promissory Note ”), issued by Borrower to Lender;
WHEREAS, pursuant to Section 6.1 of the Loan
Agreement, the failure by Borrower to pay any monies under the
Promissory Note when due constitutes an “Event of
Default”
WHEREAS, as of the Effective Date, the Principal
Amount, and all interest thereon, remains unpaid by Borrower;
and
WHEREAS, pursuant to Section 3.2 of the Loan
Agreement, the Parties desire to extend the Loan to October 18,
2008, upon the terms and conditions set forth in this
Agreement.
Agreement
NOW, THEREFORE, in consideration of the premises and
the mutual covenants and agreements set forth herein, and other
good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Parties hereby agree as
follows:
1.
Loan Extension . The
Parties hereby
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