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BKSHF > SEC Filings for BKSHF > Form 8-K on 14-Jun-2013All Recent SEC Filings

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Creation of a Direct Financial Obligation or an Obligation under an Off-Bal

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On June 13, 2013, Berkshire Homes, Inc. (the "Company") sold $2,150,000 of its 5% unsecured promissory note (the "Note") to an accredited investor pursuant to the terms of a Note Purchase Agreement (the "Note Purchase Agreement") with gross proceeds to the Company of $2,150,000. The Note accrues interest at the rate of 5% per annum and is due and payable twenty four months from the date of issuance, subject to acceleration in the event of default and may be prepaid in whole or in part without penalty or premium.

The foregoing is a summary description of the terms and conditions of the sale of the Note and does not purport to be complete and is qualified in its entirety by reference to the Note Purchase Agreement and the form of Note, which are filed as Exhibits 10.1 and 10.2, respectively, respectively, to this Current Report on Form 8-K and incorporated by reference herein

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
10.1 Form of Note Purchase Agreement dated June 13, 2013

10.2 Form of Note

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