Notes

Loan Agreement

This Loan Agreement ("Agreement") is made on September 16th, between Doreen McAleer, residing at 215 Riverside Drive Toronto ON ("Lender") and Lynn McAleer, residing at 1030 Prairie Ave Naperville, IL ("Borrower").
Loan Amount: The Lender agrees to lend to the Borrower the sum of $40,000 ("Loan").
Interest Rate: The Loan will bear no interest.
Loan Term: The Loan term is for 10 years, but does not include any regular repayment period.
Acceptance: The Borrower acknowledges that acceptance of this Loan Agreement, including all its terms and conditions, will be indicated by accepting the wire transfer for the Loan amount. If Borrower does not agree, all funds will be refunded back to the Lender with immediate effect.
Principal Growth: The Principal Balance will not grow.
Repayment: The Borrower shall repay the Loan in accordance with the terms specified in this Agreement. For greater clarity, the Borrower will only be responsible for repayment at any time a disbursement with the Lender’s estate or at the discretion of the Lender following a disposition of any real estate asset. This repayment will include both the amount noted under this Loan Agreement in addition to prior loans totalling $20,000. For greater clarity, the total sum of all loans is agreed to be $60,000 and fully subject to all terms within this Loan Agreement.
Security: The Borrower shall provide security for the Loan by accepting a reduction in any proceeds from the Lender’s estate or portion of any disbursements upon sale of existing real estate assets.
Default: The Borrower agrees there are no repayment provisions other than to accept a reduced portion of proceeds planned for her under the Lender’s Last Will and Testament according to the attached schedule.
Currency: All currency references shall be in Canadian Dollars.
Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the Ontario.
Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements, whether written or oral, between the parties relating to the subject matter of this Agreement.
By accepting the wire transfer in the amount of this Loan, the Borrower accepts and agrees to be bound by the terms and conditions of this Loan Agreement.

Lender’s Signature: Doreen McAleer _____________________________

Witness: Diane McAleer-Burgess ________________________________

Borrower’s Signature: Per terms of wire transfer