Exhibit 10.25
Loan Agreement (English
Translation)
THIS LOAN
AGREEMENT, dated April 29, 2009, is made in Changshu, People's
Republic of China ("China") by and between:
Lender (Party
A): Lifang Chen
Borrower (Party
B): Sutor Technology Group Limited
Address: No 8,
Huaye Road, Dongbang Industrial Park
Changshu, China
215534.
Background
WHEREAS,
Party B desires to receive funds for its business activities; and
Party A desires to provide Party B with a loan in the amount of
$150,000. Party A and Party B enter into this Loan Agreement (this
"Agreement") on the principle of equality and mutual
benefit.
ARTICLE I
AMOUNT AND TERM OF
LOAN
1.1.
Party A agrees, subject to the terms and conditions of this
Agreement, to extend a loan in the aggregate amount of $150,000,
with an interest rate of 5% per year payable at maturity, to Party
B (the "Loan"). In case of applicable law requires adjustment of
the interest rate, the parties shall adjust the interest rate
accordingly after friendly negotiation.
1.2.
The term of the Loan shall be three years, starting from April 29,
2009 until April 29, 2012.
1.3.
Party B shall repay the Loan and accrued interest within 15 days
after the maturity date. Party B may extend the Loan upon at least
60 day written notice to Party A before the maturity date. The
terms of the extension of the Loan shall be based on friendly
negotiation by the Parties.
ARTICLE II
METHOD OF BORROWING AND USE OF
LOAN PROCEEDS
2.1
Within 5 business days after execution of this Agreement, Party A
shall make available to Party B the full amount of the Loan to the
account designated by Party B.
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