Promissory Note dated March 26, 2018 in favor of Passing Through, LLC in the principal amount of $100,000 with 6 LLC as Borrower (as amended)

Contract Categories: Business Finance - Note Agreements
EX-10.15 18 king_ex1015.htm PROMISSORY NOTE king_ex1015.htm

EXHIBIT 10.15

 

PROMISSORY NOTE

 

March 26, 2018

 

Lender:

Passing Through, LLC

 

800 Morgan-Johnson Road

 

Bradenton, FL 34208

 

 

Borrower:

6, LLC

 

800 Morgan-Johnson Road

 

Bradenton, FL 34208

 

 

Amount:

$100,000.00

 

 

Rate:

5.00% 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 Passing Through, LLC (Lender) shall be secured by the collective assets of the Renovo Group.

 

Interest and Principal shall be due and payable on March 27, 2023.

 

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

 

Title Secretary          

 

Date:

March 26, 2018

 

 

 

 

 

 

 

 

Borrowers:

/s/ Lori M. Toomey

 

 

 

/s/ Alison Kendzior

 

 

/s/ Brian Kendzior

 

 

 

/s/ Keri A. Moritz

 

 

/s/ Kristen N. Toomey

 

 

 

/s/ Randall A. Mortiz

 

 

 
 
 

 

 

 
 
 

 

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, President

 

 

 

 

 

 

 

LENDER:

 

 

 

 

 

 

 

 

 

PASSING THROUGH, LLC, a Florida limited liability company

 

 

 

 

 

 

 

 

By:

/s/ James K. Toomey

 

 

 

 

James K. Toomey, Manager

 

 

  

 
 
 

 

 

 
 
 

 

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, President

 

 

 

 

 

 

 

LENDER:

 

 

 

 

 

 

 

 

 

PASSING THROUGH, LLC, a Florida limited liability company

 

 

 

 

 

 

 

 

By:

/s/ James K. Toomey

 

 

 

 

James K. Toomey