Promissory Note Between Passing Through, LLC and 6, LLC and Renovo Group Dated July 1, 2016
This agreement is a promissory note dated July 1, 2016, in which Passing Through, LLC lends $200,000 at a 5% annual interest rate to 6, LLC and the Renovo Group. The loan is interest-only until December 31, 2016, then converts to a 10-year term with monthly payments of principal and interest. The loan is secured by all assets of the Renovo Group and is subordinated to Hancock Bank. Early repayment is allowed without penalty, and the note becomes due immediately upon a change of ownership unless otherwise agreed. The borrowers must also cover certain filing costs within one year.
EXHIBIT 10.12
PROMISSORY NOTE
July 1, 2016
| Lender: | Passing Through, LLC |
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| 800 Morgan-Johnson Road |
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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: | $200,000.00 |
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| Rate: | 5.00% per anum |
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| Term: | Interest Only until 12/31/16 |
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| 10 Year Term Conversion on 12/31/16 |
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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 Passing Through, LLC (Lender) shall be secured by the collective assets of the Renovo Group.
Interest only due on the first of each month until 12/31/2016.
Interest and Principal shall be due and payable on the first of each month beginning 1/1/2017.
(See Attached Schedule of Payments)
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: | 7/1/16 |
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| Borrowers: | /s/ Keri A. Moritz |
| /s/ Alison Kendzior |
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| /s/ Randall A. Moritz |
| /s/ Lori M. Toomey |
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| /s/ Brian Kendzior |
| /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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| 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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| LENDER: |
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| PASSING THROUGH, LLC, a Florida limited liability company |
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| By: | /s/ James Toomey |
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| James Toomey, Manager |
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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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| LENDER: |
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| PASSING THROUGH, LLC, a Florida limited liability company |
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| By: | /s/ James Toomey |
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| James Toomey |
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