Promissory Note Between Passing Through, LLC and 6, LLC and Renovo Group (November 16, 2016)
This agreement is a promissory note dated November 16, 2016, in which Passing Through, LLC lends $100,000 to 6, LLC and the Renovo Group. The loan carries a 5% annual interest rate, with interest-only payments due monthly until May 17, 2017, followed by monthly payments of both interest and principal for a five-year term. The loan is secured by all assets of the Renovo Group and is subordinated to Hancock Bank. The note can be repaid early without penalty and becomes due immediately upon a change in ownership unless otherwise agreed.
EXHIBIT 10.13
PROMISSORY NOTE
November 16, 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: | $100,000.00 |
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| Rate: | 5.00% per anum |
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| Term: | Interest Only until 5/16/17 |
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| 5 Year Term Conversion on 5/17/17 |
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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 17th of each month until 5/17/2016.
Interest and Principal shall be due and payable on the 17th of each month beginning 6/17/2017.
(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: | 11/16/16 |
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| Borrowers: | /s/ Brian Kendzior |
| /s/ Kristen N. Toomey |
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| /s/ Alison Kendzior |
| /s/ Lori M. Toomey |
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| /s/ Keri A. Moritz |
| /s/ Randall A. Moritz |
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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 K. Toomey |
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| James K. 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 K. Toomey |
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| James K. Toomey |
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