Promissory Note between Southland Holdings, Inc. and Frankie S. Renda dated March 15, 2024
Southland Holdings, Inc. has issued a promissory note to Frankie S. Renda for a loan of $3,844,254.21. The company promises to repay the full amount, plus 7% annual interest, by March 15, 2027. Early repayment is allowed without penalty. If payments are late, a higher interest rate applies. The agreement outlines what happens if the company defaults, including immediate repayment of the loan. The note also covers how payments are made and the responsibilities of both parties in case of legal enforcement.
Exhibit 10.24
PROMISSORY NOTE
$3,844,254.21March 15, 2024
FOR VALUE RECEIVED, Southland Holdings, Inc., a Delaware corporation (the "Borrower"), hereby unconditionally promises to pay to the order of Frankie S. Renda (the "Noteholder") the principal amount of $3,844,254.21 (the "Loan"), together with all accrued interest thereon, as provided in this Promissory Note (this "Note").
Payment Dates.
2. | Interest. |
3. | Payment Mechanics. |
(c) | Bankruptcy; Insolvency. |
The Borrower makes a general assignment for the benefit of its
hereunder shall be sent to the following addresses, or to such other address as such party shall specify in writing:
(a) | If to the Borrower: |
Southland Holdings, Inc.
Attention: Mr. Cody Gallarda, Chief Financial Officer 1100 Kubota Drive
Grapevine, Texas 76051
3700 Scenic View Dr.
Flower Mound, Texas 75022
[Remainder of Page Intentionally Left Blank; Signature Page Follows]
IN WITNESS WHEREOF, the Borrower has executed this Note as of March 15, 2024.
SOUTHLAND HOLDINGS, INC.
By: /s/ Cody Gallarda j
Name: Cody Gallarda
Title: Chief Financial Officer
ACKNOWLEGED AND ACCEPTED BY
/s/ Frankie S. Renda j
Frankie S. Renda