ADM ENDEAVORS, INC. : Entering into a Material Definitive Agreement, Creating a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (Form 8-K)

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Section 1.01 Entering into a Material Definitive Agreement.

Effective from October 25, 2022, ADM Endeavors, Inc.a Nevada company (the “Company”), and Just Right Products, Inc.of the company Texas subsidiary (the “Subsidiary” and, together with the Company, the “Borrowers”), entered into a construction loan agreement (the “Loan Agreement”) with, and issued a promissory note (the “Note”) at, CapTex Banka Texas banking association (the “Lender”), under which the Lender has agreed to lend up to
$4,618,960 to the Borrowers for the construction of improvements and the refinancing of the Borrowers’ approximately 18 acres of real estate properties located at 1900 East Loop 820 Fort Worth, Tarrant County, Texas76112 (the “Property”), as well as the real estate leased to the Subsidiary and used by the Company as its registered office located at 5941 Rue Posey, City of Haltom, Tarrant County, Texas76117.

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 October 25, 2027at 1% on the WE prime rate (subject to a cap at the lesser of 18% or the maximum amount permitted by law); (ii) make monthly interest payments to the Lender commencing on November 25, 2022through and including April 25, 2024and then from May 25, 2024monthly installments of principal and interest in the amount of $26,458.87through and including October 25, 2032 (the “Maturity Date”), on which Maturity Date all unpaid principal and interest will become due; and (iii) pay an origination fee to the lender in the amount of $46,189.60 plus reasonable attorney’s fees.

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 Mark JohnsonPresident and Chief Executive Officer of the Company.

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
               Bank
10.2             Promissory Note, dated as of October 25, 2022, by ADM Endeavors,
               Inc., and Just Right Products, Inc., in favor of CapTex Bank
104            Cover Page Interactive Data File (Embedded within the Inline XBRL
               document and included in Exhibit)

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