Exhibit 10.18
LOAN AGREEMENT
This Loan Agreement is entered into on May
13, 2009, by and between 4net
Software, Inc., a Delaware corporation, with offices located at 1
North Federal
Highway, Suite 201, Boca Raton, Florida 33432 ("Borrower") and
Steven N.
Bronson, having a business address at 1 North Federal Highway,
Suite 201, Boca
Raton, Florida 33432 (the "Lender").
WHEREAS, the Lender has loaned the
Borrower an aggregate amount of $6,000
as follows: $1,000 on February 3, 2009, $1,000 on March 25, 2009,
$2,000 on
April 2, 2009 and $2,000 on May 13, 2009 (the "Loan").
WHEREAS, the parties hereto mutually agree
that the Loan shall be shall be
subject to the following terms and conditions.
NOW, THEREFORE, in consideration of the
mutual promises set forth herein,
the parties hereto agree as follows:
1. Principal. The principal amount and all
accrued interest on this Loan is
due and payable within five (5) business days following Borrower's
receipt of a
written demand for payment from Payee or immediately upon the
occurrence of an
Event of Default, as defined herein (the "Maturity Date"). The
obligations of
the Borrower to make payments provided for in this Loan are
absolute and
unconditional and not subject to any defense, set-off,
counterclaim, rescission,
recoupment or adjustment whatsoever.
Upon payment in full of all principal and
interest payable hereunder, this
Loan shall be surrendered to the Borrower for cancellation.
2. Interest. This Loan shall bear interest
on the outstanding principal
amount from the date such principal amounts were paid to Borrower
($1,000 on
February 3, 2009, $1,000 on March 25, 2009, $2,000 on April 2, 2009
and $2,000
on May 13, 2009) until such amounts are repaid to Lender in full,
at the rate of
10% per annum. In the event any payment due hereunder shall not be
paid on the
Maturity Date, then the outstanding principal amount shall bear
interest at the
lesser of 15% per annum or the highest lawful rate permitted under
applicable
law, from the date when such payment was due until paid.
Additionally,
Borrower's failure to tender a payment, or any part thereof, in
accordance with
the schedule above shall constitute an Event of Default. If an
Event of Default
shall occur due to the Borrower's failure to make a payment on the
required
date, Payee shall have no obligation to serve a notice of default.
In the event
the Borrower fails to remedy the default within five (5) business
days after the
Event of Default (the "Default Date"), then all outstanding
principal and
accrued interest shall automatically accelerate and become
immediately due and
owing (the "Accelerated Debt"). The Accelerated Debt shall accrue
interest at
the rate of 15% per annum from the Default Date until the
Accelerated Debt is
paid in full. Payee shall have no obligation to provide notice to
Borrower
concerning the Default Date, the acceleration of the debt or the
interest rate
on the Accelerated Debt.
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This paragraph shall not be deemed to
extend or otherwise modify or amend
the date when such payments are due hereunder. The obligations of
the Borrower
under this Loan are subject to the limitation that payments of
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