Promissory Note between 6, LLC, Renovo Group, and James K. & Lori M. Toomey dated May 15, 2016
This agreement is a promissory note in which 6, LLC and the Renovo Group borrow $50,000 from James K. and Lori M. Toomey at a 4% annual interest rate. The loan is secured by all assets of the Renovo Group and is due in full, with interest, on May 15, 2021, unless extended by mutual agreement. The note can be repaid early without penalty and becomes immediately due if there is a change in ownership, unless otherwise agreed. The borrowers must also cover certain filing costs within one year. The note is not transferable to other parties.
EXHIBIT 10.11
PROMISSORY NOTE
May 15, 2016
| Lender: | James K. and Lori M. Toomey |
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| 6425 28th Avenue East |
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| Bradenton, FL 34208 |
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| Borrower: | 6, LLC |
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| 800 Morgan-Johnson Road |
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| Bradenton, FL 34208 |
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| Amount: | $50,000.00 |
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| Rate: | 4.00% 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 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 James K. & Lori M. Toomey (Lender) shall be secured by the collective assets of the Renovo Group.
Interest and Principal shall be due and payable on May 15, 2021.
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/ James K. Toomey |
| Date: | 5/15/16 |
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| Borrowers: | /s/ Keri A. Moritz |
| /s/ Kristen N. Toomey |
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| /s/ Randall A. Moritz |
| /s/ Alison Kendzior |
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| /s/ Brian Kendzior |
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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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| 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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| RENOVO RESOURCE SOLUTIONS, INC., |
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| a Florida corporation |
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| By: | /s/ Randall A. Moritz |
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| Randall A. Moritz, President |
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| LENDERS: |
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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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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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| 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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| RENOVO RESOURCE SOLUTIONS, INC., |
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| a Florida corporation |
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| By: | /s/ Randall A. Moritz |
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| Randall A. Moritz, President |
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| LENDERS: |
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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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