Section 1.01 Entering into a Material Definitive Agreement.
Pursuant to the Loan Agreement and Note, the Borrowers have agreed (i) to pay interest on amounts advanced to Borrowers under the Loan Agreement at the rate of 5.5% per annum, subject to adjustment on
The Borrowers’ obligations to the Lender under the Loan Agreement and the Note are secured by indentures for the property executed by the Borrowers in favor of the Lender, and by the personal guarantee of
The above description of the Loan Agreement and Note is qualified by reference to the full text of the Loan Agreement and Note, which are filed herewith as Exhibits 10.1 and 10.2, respectively, and incorporated by reference into this Section 1.01.
Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in 1.01 above is incorporated by reference into this 2.03.
Section 9.01. Financial statements and supporting documents.
(d) Exhibits. Exhibit Number Description 10.1 Construction Loan Agreement, dated as of
October 25, 2022, by and among ADM Endeavors, Inc., Just Right Products, Inc., and CapTex Bank10.2 Promissory Note, dated as of October 25, 2022, by ADM Endeavors, Inc., and Just Right Products, Inc., in favor of CapTex Bank104 Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)
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