Bridge Loan dated February 20, 2017 in favor of Lori Toomey, AMI Holdings, Inc., and Conch and Shell Holdings, Inc. in the principal amount of $225,000 with 6 LLC as Borrower (as amended)
EXHIBIT 10.14
BRIDGE LOAN
February 20, 2017
| Lender: | Lori M. Toomey; AMI Holdings, Inc.; Conch and Shell Holdings, Inc. |
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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: | $225,000.00 ($75,000.00 each) |
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| Rate: | 5.00% per anum |
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| Term: | 6 Month Balloon (DUE 8/20/17) |
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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 the Lori M. Toomey, AMI Holdings, Inc. and Conch And Shell Holdings, Inc. (Lenders) shall be secured by the collective assets of the Renovo Group.
Interest and Principal shall be due and payable on August 20, 2017. Payment in the amount of $76,825.00 shall be due to each Lender.
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 Lenders, within one year of this note, all applicable costs relating to recording or filing documents (DR-228) with the Florida Department of Revenue.
| Lendors’ Agent: | /s/ James K. Toomey |
| Date: | 2/20/17 |
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| Borrower: | /s/ Randall A. Moritz |
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November 1, 2018
Addendum to Bridge Loan dated February 20, 2017
This amendment to the bridge loan between the lender, 6,LLC; and the Lenders: Lori M. Toomey, AMI Holdings, Inc and Conch and Shell Holdings, Inc. is to setforth a new repayment schedule and termination date for this agreement.
6, LLC agrees to pay Lenders accrued interest on the aggregate loan value of $225,000.00 on or before August 20, 2022. All other terms and conditions of this note shall remain unchanged.
| Lendors’ Agent: | /s/ Lori M. Toomey |
| Date: | 2/21/17 |
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| Borrowers: | /s/ James K. Toomey |
| /s/ Kristen N. Toomey |
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| /s/ Randall A. Moritz |
| /s/ Keri A. Moritz |
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| /s/ Brian Kendzior |
| /s/ Alison 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/ Lori M. Toomey |
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| Lori M. Toomey |
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| AMI HOLDINGS, INC., a Florida corporation |
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| By: | /s/ Lori M. Toomey |
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| Lori M. Toomey, President |
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| CONCH AND SHELL HOLDINGS, INC., a Florida corporation |
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| By: | /s/ Lori M. Toomey |
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| Lori M. Toomey, President |
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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/ Lori M. Toomey |
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| Lori M. Toomey |
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| AMI HOLDINGS, INC., a Florida corporation |
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| By: | /s/ Lori M. Toomey |
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| Lori M. Toomey, President |
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| CONCH AND SHELL HOLDINGS, INC., a Florida corporation |
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| By: | /s/ Lori M. Toomey |
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| Lori M. Toomey, President |
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