Exhibit 10.52
Colson Services Corp. - CDC Online | Page 1 of 3 |
U.S. Small Business Administration NOTE (CDC/504 Loans) |
SBA Loan Number | 4359085009 | |
SBA Loan Name | SUPERIOR AUTO BODY AND PAINT, | |
Date | May 25, 2012 | |
Loan Amount | $1,159,000.00 | |
Borrower | MEIER PROPERTIES, SERIES LLC | |
Operating Company | SUPERIOR AUTO BODY AND PAINT, | |
CDC | 08-067 MOUNTAIN WEST SMALL BUSINESS FINANCE |
Funding Date | July 11, 2012 | *Interest Rate | 2.42197% | ||||
First Payment Due | August 01, 2012 | *P&I Amount | $6,093.51 | ||||
Note Maturity Date | July 01, 2032 | *Monthly Payment | $7,517.15 | ||||
(* blank at signing) |
1. PROMISE TO PAY
In return for the Loan, Borrower promises to pay to the order of CDC the amount of $1,159,000.00 One Million One Hundred Fifty Nine Thousand and No/100 Dollars, interest on the unpaid principal balance, the fees specified in the Servicing Agent Agreement, and all other amounts required by this Note.
2.DEFINITIONS
“Collateral” means any property taken as security for payment of this Note or any guarantee of this Note.
“Debenture” means the debenture issued by CDC to fund the Loan.
“Guarantor” means each person or entity that signs a guarantee of payment of this Note.
“Loan” means the loan evidenced by this Note.
“Loan Documents” means the documents related to this loan signed by Borrower, Guarantor, or anyone who pledges collateral.
“SBA” means the Small Business Adminstration, an Agency of the United States of America.
“Servicing Agent Agreement” means the agreement between the Borrower and the CDC that, among other things, appoints a servicing agent (“Servicing Agent”) for this Note.
SBA Form (1505) Conformed Copy | CDC Number:08-067 | Loan Number:4359085009 |
Colson Services Corp. - CDC Online | Page 2 of 3 |
3.DEBENTURE & NOTE TERMS
Date of SBA Approval:11/09/2010
(A) Debenture | (B) Note(or Lease) | |||
A. Principal Amount* | $1,159,000.00 | $1,159,000.00 | ||
B. Date | 07/11/2012 | 05/25/2012 | ||
C. Interest Rate | 2.38000% | 2.42197% ** | ||
D. Maturity Date* | 07/01/2032 | 07/01/2032 | ||
E. Payment Amount | $36,561.05 | $7,517.15 *** | ||
F. Payment Dates | Semi-Annual January and July | The first of each month beginning August 01, 2012 |
* | Item in Column A must be identical to item in Column B. |
** | The Note Rate is the interest rate charged on the Debenture, adjusted to reflect monthly amortization. |
*** | Servicing fees are added to monthly principal and interest payments to arrive at Borrower’s total monthly payment. |
4.PAYMENT
A.Borrower agrees to:
(1)Make timely monthly payments to CSA by Automatic Clearing House (ACH) or Federal Fund wire transfer if ACH is not available, or as approved by CSA in writing.
(2)Pay all fees and closing costs owed by Borrower as described in this Agreement.
B.If the Borrower fails to make timely payments, the CDC agrees to collect and send the delinquent payments it collects from the Borrower to the CSA.
5.UNDERWRITERS’ FEE
The offering of the Certificates to Investors through one or more Underwriters has been arranged.
The Underwriters’ fee for this service is Four - Tenths of one percent (0.40000%) of the total Debenture proceeds stated in Section 6.
(For calculation of Underwriters’ fee, see section B.l of the 504 Authorization.)
SBA Form (1506) Conformed Copy | CDC Number:08-067 | Loan Number:4359085009 |
Colson Services Corp. - CDC Online | Page3 of 3 |
6. DISBURSEMENT AUTHORIZATION
(Complete all information: enter “N/A” if not applicable) | Dollar Amount Please round to the nearest dollar | |||
Total Debenture Amount | $ | 1,159,000.00 | ||
A. The Underwriters’ fee withheld prior to CSA receipt of funds | $ | 4,636.00 | ||
B. Amount received by CSA | $ | 1,154,364.00 | ||
C. The CSA will disburse the following: | ||||
(1) Net Debenture Proceeds (by wire transfer) | $ | 1,142,456.00 | ||
(2) Fees and Closing Costs (Sum of (A) through (D) below) | $ | 11,041.34 | ||
(A) SBA Guaranty Fee (0.005 times Net Debenture Proceeds) | $ | 0.00 | ||
(B) Funding Fee (0.0025 times Net Debenture Proceeds) | $ | 2,856.14 | ||
(C) CDCProcessing Fee (0.015 times net debenture proceeds) | $ | 0.00 | ||
(D) CDC Closing Costs and Fees | $ | 8,185.20 | ||
(3) Balance, if any, to the Borrower | $ | 866.66 | ||
(4) Total CSA Disbursement (Sum of (1), (2) and (3)) | $ | 1,154,364.00 |
7. WIRE TRANSFER INSTRUCTIONS
A. Recipient Bank For Wire Of Net Debenture Proceeds
Name of Recipient Bank | MOUNTAIN AMERICAN FEDERAL CREI | City and State | WEST JORDAN, UT | |||
Account Name | MEIER MANAGEMENT COMPANY, LLC | Account Number | 802600-5000.0000 SUP | |||
Routing Symbol & Transaction Code | 32407955 | Attention of: | SBA DEPT. | |||
(must be 9 digits ) |
B. Correspondent Bank (Complete the following only if recipient bank is not a Fed wire member)
Correspondent Bank | City and |
Name | State |
Account Name | Account Number |
Routing Symbol & | |
Transaction Code ( must be 9 digits ) | Attention of: |
SBA Form (1506) Conformed Copy | CDC Number:08-067 | Loan Number:4359085009 |
U.S GOVERNMENT GUARANTEED
2.3800% DEVELOPMENT COMPANY PARTICIPATION CERTIFICATES
SERIES 2012-20G
DEBENTURE PREPAYMENT PREMIUM SCHEDULE
SMALL BUSINESS CONCERN: SUPERIOR AUTO BODY AND PAINT, LLC
ISSUER: MOUNTAIN WEST SMALL BUSINESS FINANCE
DEBENTURE NUMBER: | 2012-20G/08-067-000107418 | |
SBA LOAN NUMBER: | 4359085009 | |
DEBENTURE PRINCIPAL: | $ 1159000.00 |
PAYMENT | PREMIUM AMOUNT | PREPAYMENT | ||||||
DATE | *SEE NOTE (1) | RATE (%) | ||||||
JAN. 1, 2013 | 27024.06 | 2.38000 | ||||||
JUL. 1, 2013 | 26475.50 | 2.38000 | ||||||
JAN. 1, 2014 | 23328.36 | 2.14200 | ||||||
JUL. 1, 2014 | 22822.83 | 2.14200 | ||||||
JAN. 1, 2015 | 19832.25 | 1.90400 | ||||||
JUL. 1, 2015 | 19372.13 | 1.90400 | ||||||
JAN. 1, 2016 | 16543.22 | 1.66600 | ||||||
JUL. 1, 2016 | 16130.98 | 1.66600 | ||||||
JAN. 1, 2017 | 13469.00 | 1.42800 | ||||||
JUL. 1, 2017 | 13107.19 | 1.42800 | ||||||
JAN. 1, 2018 | 10617.56 | 1.19000 | ||||||
JUL. 1, 2018 | 10308.83 | 1.19000 | ||||||
JAN. 1, 2019 | 7997.14 | 0.95200 | ||||||
JUL. 1, 2019 | 7744.25 | 0.95200 | ||||||
JAN. 1, 2020 | 5616.26 | 0.71400 | ||||||
JUL. 1, 2020 | 5422.05 | 0.71400 | ||||||
JAN. 1, 2021 | 3483.68 | 0.47600 | ||||||
JUL. 1, 2021 | 3351.11 | 0.47600 | ||||||
JAN. 1, 2022 | 1608.48 | 0.23800 | ||||||
JUL. 1, 2022 | 1540.60 | 0.23800 |
*NOTE (1) PREMIUM AMOUNT IS BASED ON DEBENTURE BALANCE.
NO PREPAYMENT PREMIUM AFTER THE TENTH YEAR.