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not to exceed Ten Thousand ($10,000.00) Dollars per
month. The loans will be advanced weekly, and Ray
Sowards agrees to provide System Two proof of receipt
on a weekly basis in the form of a statement or invoice
for the weekly loaned amount. The Checks will be
payable to Wealth Preservation Assistance.
Interest shall accrue at the rate of Ten percent per
annum. Robert Strong will reconcile the account
balance at the end of each year with Ray Sowards.
Robert Strong agrees that any and all liabilities, tax
or otherwise, that arise from this memorialized
transaction, will be born by System Two, Ltd. and/or
Robert Strong personally.
The Loans and accrued interest shall be repaid
according to the following terms and conditions:
1. Upon the retirement of Robert Strong on December
31, 2001, Ray Sowards will take over the management of
System Two, Ltd., and ownership of System Two’s
Financial Services business, and repay the loans at the
rate of Ten Thousand Dollars ($10,000.00) per month,
plus the accrued interest thereon, until the funds are
depleted, limited to no more than twenty Per Cent (20%)
of the gross proceeds generated by the Financial
Services Business. In the event of the demise of
Robert Strong after these payments begin, the balance
will be transferred to a trust to be created by Ray
Sowards, the terms and conditions of which are private
between Robert Strong and Ray Sowards, and not to be
disclosed. The Payments to Robert Strong will commence
January 1, 2002.
2. Upon the Demise of Robert Strong prior to January
1, 2002, the Account balance, at the time of demise,
will be transferred to a trust to be created by Ray
Sowards, the terms and conditions of which are private
between Robert Strong and Ray Sowards, and not to be
disclosed. Payments to the created trust will be on
the same basis as paragraph 1, above, beginning January
1, 2002.
3. Upon the demise of the Financial services Business
of System Two, Ltd., or System Two, or loss of control
of the business by Robert Strong, prior to January 1,
2001, the Account balance, at the time of demise, will
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