Promissory Note dated September 29, 2014 in favor of the Loriann Marie Toomey Rev. Trust u/a 12/08/03 in the principal amount of $300,000 with 6 LLC as Borrower (as amended)

Contract Categories: Business Finance - Note Agreements
EX-10.9 12 king_ex109.htm PROMISSORY NOTE king_ex109.htm

EXHIBIT 10.9

  

PROMISSORY NOTE

 

September 29, 2014

 

Lender:

Loriann Marie Toomey Rev. Trust u/a 12/08/03

 

6425 28th Avenue East

Bradenton, FL 34208

 

 

Borrower:

6, LLC

800 Morgan-Johnson Road

Bradenton, FL 34208

 

 

Amount:

$300,000.00

 

 

Rate:

4.00% per anum

 

 

Term:

5 Year Balloon

 

 

Seniority:

Subordinated to Hancock Bank or Assignee

 

 

Collateral:

All Assets of 6, LLC and the Renovo Group (listed below)

 

This promissory note between 6,LLC and the Renovo Group (Renovo Resource Solutions, Inc; Renovo Recovery & Salvage, LLC; Camo Trailers Leasing and Rentals, LLC) (Borrower) and Loriann Marie Toomey Rev. Trust u/a 12/08/03 (Lender) shall be secured by the collective assets of the Renovo Group.

 

Interest and Principal shall be due and payable on September 24, 2019.

 

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 compensate Lender, within one year of this note, all applicable costs relating to recording or filing documents (DR-228) with the Florida Department of Revenue.

  

Lendor:

/s/ Lori M. Toomey

 

Date:

9/29/14

 

 

 

 

 

 

 

Borrowers:

/s/ Alison Kendzior

 

/s/ Randall A. Moritz

 

 

 

 

 

 

 

 

/s/ Brian Kendzior

 

/s/ James K. Toomey

 

 

 

 

 

 

 

 

/s/ Keri A. Moritz

 

 

 

 

 
 
 

 

 

 
 
 

 

IN WITNESS WHEREOF, the undersigned have hereunto caused this Agreement to be executed as of the date and year first set forth above.

 

 

BORROWERS:

 

 

 

 

 

6, LLC, a Florida limited liability company

       
By: /s/ Randall A. Moritz

 

 

Randall A. Moritz, Manager

 
     
 

RENOVO RESOURCE SOLUTIONS, INC.,

a Florida corporation

 

 

 

 

 

By:

/s/ Randall A. Moritz

 

 

 

Randall A. Moritz, Manager

 

 

 

 

 

 

LENDER

 

 

 

 

 

 

/s/ Lori M. Toomey

 

 

Lori M. Toomey, as Trustee of the Loriann Marie Toomey Rev. Trust u/a 12/08/03

 

 

 

 
 
 

 

 

 
 
 

 

IN WITNESS WHEREOF, the undersigned have hereunto caused this Agreement to be executed as of the date and year first set forth above.

 

 

BORROWERS:

 

 

 

 

 

6, LLC, a Florida limited liability company

       
By: /s/ Randall A. Moritz

 

 

Randall A. Moritz, Manager

 
     
 

RENOVO RESOURCE SOLUTIONS, INC.,

a Florida corporation

 

 

 

 

 

By:

/s/ Randall A. Moritz

 

 

 

Randall A. Moritz, Manager

 

 

 

 

 

 

LENDER

 

 

 

 

 

 

/s/ Lori M. Toomey

 

 

Lori M. Toomey, as Trustee of the Loriann

Marie Toomey Rev. Trust u/a 12/08/03