Promissory Note between La Rosa Holdings Corp. and Hilary Auerbach (with Personal Guarantee)

Contract Categories: Business Finance › Note Agreements
Summary

La Rosa Holdings Corp. has borrowed $200,000 from Hilary Auerbach at a 12.5% annual interest rate. The company will repay a total of $225,000 in three monthly payments starting November 1, 2024, with the final payment due January 1, 2025. The loan can be prepaid at any time without penalty, reducing the interest owed. The company's CEO, Joseph A. La Rosa, personally guarantees repayment, making him responsible if the company defaults. The agreement is governed by Florida law.

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EX-4.2 3 ea021602301ex4-2_larosa.htm FORM OF PROMISSORY NOTE

Exhibit 4.2

 

Promissory Note

 

Date: September 27, 2024

 

Lender: Hilary Auerbach

Borrower: La Rosa Holdings Corp.

Loan Amount: $200,000

Interest Rate: 12.5% annually

 

Terms and Conditions:

 

1.Loan Disbursement:

The Lender agrees to loan the Borrower $200,000 on September 26, 2024.

 

2.Interest:

Interest on the loan will accrue at an annual rate of 12.5%, calculated based on the outstanding principal balance.

 

3.Repayment Schedule:

The Borrower agrees to make three monthly payments of $75,000, beginning on November 1, 2024, with subsequent payments due on December 1, 2024, and January 1, 2025. The payments include both Principal and Interest.

 

4.Total Repayment:

The Borrower will repay a total of $225,000. This total includes $200,000 in principal and $25,000 in interest. After the payment on January 1, 2025, the Borrower’s obligation under this note will be fully satisfied.

 

5.Final Payment Date:

The last payment under this note is due on January 1, 2025, at which point the full amount of $225,000 (Principal + Interest) will have been repaid.

 

6.Prepayment:

The Borrower may prepay this loan at any time without penalty. Any prepayment will reduce the amount of interest owed on the loan.

 

 

 

 

7.Personal Guarantee:

CEO and Founder of La Rosa Holdings, Joseph A. La Rosa, personally guarantees this loan, meaning that Mr. La Rosa’s personal assets may be used to satisfy the debt if the Borrower fails to fulfill the obligations outlined in this note. The Borrower acknowledges that this guarantee is unconditional and irrevocable until the full loan amount and accrued interest are paid.

 

8.Governing Law:

This note shall be governed by and construed in accordance with the laws of Florida. Signatures:

 

   
Lender’s Signature  
Date:    
   
   
Borrower’s Signature  
Date: