Promissory Note between Renovo Resource Solutions, Inc. and James, Lori, and Kristen Toomey dated November 20, 2018
Renovo Resource Solutions, Inc. and related entities borrowed $365,000 from James, Lori, and Kristen Toomey at a 5% annual interest rate, secured by all assets of the Renovo Group. The loan is due in full, with interest, on November 19, 2023, but may be repaid early without penalty or extended by mutual agreement. The note is subordinated to Hancock Bank, not transferable, and becomes immediately due upon a change in ownership unless otherwise agreed. The Renovo Group is responsible for filing required documents with the Florida Department of Revenue within 30 days.
EXHIBIT 10.7
PROMISSORY NOTE
November 20, 2018
| Lender: | James, Lori and Kristen Toomey (collectively) |
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| 800 Morgan-Johnson Road Bradenton, FL 34208 |
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| Borrower: | Renovo Resource Solutions, Inc. 800 Morgan-Johnson Road Bradenton, FL 34208 |
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| Amount: | $365,000.00 |
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| Rate: | 5.00% per anum |
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| Term: | 5 Year Balloon |
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| Seniority: | Subordinated to Hancock Bank or Assignee |
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| Collateral: | All Assets of Renovo Resource Solutions, Inc. and the Renovo Group (listed below) |
This promissory note between Renovo Resource Solutions and the Renovo Group (6, LLC; Renovo Resource Solutions, Inc; Renovo Recovery & Salvage, LLC; Camo Trailers Leasing and Rentals, LLC) (Borrower) and James, Lori and Kristen Toomey, collectively, (Lender) shall be secured by the collective assets of the Renovo Group.
Interest and Principal shall be due and payable on November 19, 2023.
This note may be extended upon agreement of both parties.
This note may be payable in full at any time, with accrued interest, and without penalty for early payment.
This note is NOT transferrable to other parties and is due immediately upon any change of control in ownership, unless agreed upon in writing by all parties.
The Renovo Group shall be responsible for the payment and recording of filing documents (DR-228) with the Florida Department of Revenue within 30 days of the execution of this agreement.
| Lendor: | /s/James K. Toomey |
| /s/ Lori M. Toomey |
| /s/ Kristen N. Toomey |
| Date: | 11/20/18 |
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| Borrowers: | /s/ Randall A. Moritz |
| /s/ Brian Kendzior |
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| /s/ Keri A. Moritz |
| /s/ Alison Kendzior |
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| /s/ James K. Toomey |
| /s/ Lori M. Toomey |
| /s/ Kristen N. Toomey |
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IN WITNESS WHEREOF, the undersigned have hereunto caused this Agreement to be executed as of the date and year first set forth above.
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| BORROWERS: |
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| RENOVO RESOURCE SOLUTIONS, INC., a Florida corporation | ||
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| By: | /s/ Randall A. Moritz | ||
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| Randall A. Moritz, President |
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| 6, LLC, a Florida limited liability company |
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| By: | /s/ Randall A. Moritz |
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| Randall A. Moritz, Manager |
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| LENDER: |
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| /s/ James K. Toomey |
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| James K. Toomey |
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| /s/ Lori M. Toomey |
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| Lori M. Toomey |
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| /s/ Kristen N. Toomey |
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| Kristen N. Toomey |
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IN WITNESS WHEREOF, the undersigned have hereunto caused this Agreement to be executed as of the date and year first set forth above.
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| BORROWERS: |
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| RENOVO RESOURCE SOLUTIONS, INC., a Florida corporation | ||
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| By: | /s/ Randall A. Moritz | ||
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| Randall A. Moritz, President |
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| 6, LLC, a Florida limited liability company |
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| By: | /s/ Randall A. Moritz |
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| Randall A. Moritz, Manager |
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| LENDER: |
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| /s/ James K. Toomey |
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| James K. Toomey |
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| /s/ Lori M. Toomey |
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| Lori M. Toomey |
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| /s/ Kristen N. Toomey |
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| Kristen N. Toomey |
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