Promissory Note between 6, LLC, Renovo Group, and Conch And Shell Holdings, Inc. dated November 20, 2018
This agreement is a $250,000 promissory note between 6, LLC and the Renovo Group (the borrowers) and Conch And Shell Holdings, Inc. (the lender). The loan carries an 8% annual interest rate and is secured by all assets of the Renovo Group. The full amount, including interest, is due in five years, on November 19, 2023, but can be repaid early without penalty. The note is subordinated to Hancock Bank, is not transferable, and becomes immediately due if ownership changes unless all parties agree otherwise. Borrowers must also file required documents with the Florida Department of Revenue within 30 days.
EXHIBIT 10.17
PROMISSORY NOTE
November 20, 2018
| Lender: | Conch And Shell Holdings, Inc. |
|
| 800 Morgan-Johnson Road |
|
| Bradenton, FL 34208 |
|
|
|
| Borrower: | 6, LLC |
|
| 800 Morgan-Johnson Road |
|
| Bradenton, FL 34208 |
|
|
|
| Amount: | $250,000.00 |
|
|
|
| Rate: | 8.00% 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 (6, LLC; Renovo Resource Solutions, Inc; Renovo Recovery & Salvage, LLC; Camo Trailers Leasing and Rentals, LLC) (Borrower) and Conch And Shell Holdings, Inc. (Lender) shall be secured by the collective assets of the Renovo Group.
Interest and Principal shall be due and payable on November 19, 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 be responsible for the payment and recording of filing documents (DR-228) with the Florida Department of Revenue within 30 days of the execution of this agreement.
| Lendor: | /s/ Michael Toomey |
| Title: Manager |
| Date: | 11/20/18 |
|
|
|
|
|
|
|
|
|
|
| Borrowers: | /s/ James K. Toomey |
|
|
| /s/ Lori M. Toomey |
| |
|
|
|
|
|
|
|
|
|
|
| /s/ Kristen N. Toomey |
|
|
| /s/ Randall A. Moritz |
| |
|
|
|
|
|
|
|
|
|
| /s/ Keri A. Moritz |
| /s/ Brian Kendzior |
| /s/ Alison Kendzior |
| ||
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: |
| |
|
|
|
|
|
|
| CONCH AND SHELL HOLDINGS, INC., a Florida corporation |
| |
|
|
|
|
|
|
| By: | /s/ Lori M. Toomey |
|
|
|
| Lori M. Toomey, President |
|
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: |
| |
|
|
|
|
|
|
| CONCH AND SHELL HOLDINGS, INC., a Florida corporation |
| |
|
|
|
|
|
|
| By: | /s/ Lori M. Toomey |
|
|
|
| Lori M. Toomey, President |
|
