EXHIBIT 10.15
RELIV' INTERNATIONAL, INC.
DEED OF TRUST NOTE
US $950,000.00 St. Louis, Missouri
January 2, 1996
1. FOR VALUE RECEIVED, the undersigned, Reliv' International, Inc.,
(hereinafter "Maker"), promises to pay to the order of SOUTHWEST BANK OF ST.
LOUIS (hereinafter "Holder") at 700 Corporate Park Drive, Clayton, Missouri
63105, the principal sum of Nine Hundred Fifty Thousand and 00/100 DOLLARS
($950,000.00), with interest thereon from the date hereof at the rate of 8.50%
per annum (and shall be calculated on the actual number of days on the basis of
a year of 360 days), with payments to be made as follows:
Interest only on the from time to time principal amount of indebtedness
evidenced hereby at a rate of 8.50% per annum shall be payable monthly
commencing February 2, 1996 through and including April 2, l996; and commencing
May 2, 1996, Sixty (60) payments of principal and interest in the amount of
Nineteen Thousand Five Hundred Forty-Nine and 78/100 DOLLARS ($19,549.78) shall
be payable monthly, with the balance of principal and interest due and payable
April 2, 200l, each of such payments to be applied first in payment of interest
due on the entire unpaid principal, and the remainder in reduction of the
principal, with interest after maturity, by acceleration or otherwise, at the
rate of 20% per annum.
2. Maker reserves the right to prepay any or all of the principal
amount evidenced by this Note without penalty at any time.
3. If any payment under this Note is not paid within ten (10) days
after the payment is due, then Maker shall pay to Holder a late charge of ten
percent (10%) of such payment, but in any event not less than Ten Dollars
($10.00).
4. This Note is secured by a Deed of Trust and encumbering certain real
and personal property located in the County of St. Louis, State of Missouri (the
terms and provisions of which are incorporated herein by this reference), and by
any other instruments or security, now or hereafter executed by Maker or any
other party in favor of Holder, which shall constitute additional security for
this Note and Maker has also given to Holder in connection herewith an Security
Agreement (all of which are herein collectively called the "Loan Documents").
5. It is agreed that time is of the essence in the performance of all
obligations hereunder and under the Loan Documents. If Maker shall fail to make
any payment hereunder when due, or upon the occurrence of an event of default in
the performance or observance of any of the terms, agreements, covenants or
conditions contained in the Loan Documents, then, or at any time thereafter, the
entire principal balance of this Note, irrespective of the maturity date
specified herein, together with the then accrued interest thereon, shall, at the
election of the Holder hereof, and without notice of such election, become
immediately due and payable.
6. All makers, endorsers, guarantors and sureties hereof jointly and
severally waive presentment, protest, notice of dishonor, and notice of intent
to accelerate; and they also jointly and severally hereby consent to any and all
renewals, extensions or modifications of the terms hereof, including the terms
or time for payment; and further agree that any such renewal, extension or
modification of the terms hereof or time for payment or of the terms of any of
the Loan Documents or the release or substitution of any security for the
indebtedness evidenced hereby or any other indulgences shall not otherwise
affect the liability of any of said parties for the indebtedness evidenced by
this Note. Any such renewals, extensions or modifications may be made without
notice to any of said parties.
7. This Note shall be the joint and several obligation of all makers,
endorsers, guarantors, and sureties, and shall be binding upon them and their
successors and assigns and shall inure to the benefit of the successors and
assigns of Holder. All makers, endorsers, guarantors, and sureties hereof agree
jointly and severally to pay all costs of collection (including those incurred
in any bankruptcy proceedings and regardless of whether suit is filed) and
foreclosure, including reasonable attorneys' fees and costs.
8. Any forbearance of Holder in exercising any right or remedy
hereunder or under the Loan Documents, or otherwise afforded by applicable law,
shall not be a waiver of or preclude the exercise of any right or remedy. The
acceptance by Holder of payment of any sum payable hereunder after the due date
of such payment shall not be a waiver of Holder's right to either require prompt
payment when due of all other sums payable hereunder or to declare a default for
failure to make prompt payment.
9. This Note shall be governed by the laws of the State of Missouri.
IN WITNESS WHEREOF, Maker has executed this Note as of the date first above
written.
Reliv' International, Inc. Property Address:
112 Chesterfield Indust
St. Louis, MO
By:/s/ Robert L. Montgomery Maturity Date:
------------------------------- April 2, 2001
Robert L. Montgomery,
By: /s/ David G. Kreher Mailing Address:
------------------------------- P. 0. Box 405
David G. Kreher Chesterfield, MO 63006
2
STATEMENT SHEET
January 2, 1996
$950,000.00 Loan
NOTE: Disclosures in this statement are not relevant to and may be inconsistent
with disclosures required by the Federal Truth in Lending Act. Please refer to
the separate "Disclosure Statement" delivered in connection with this
transaction for such information.
AMOUNT OF LOAN $950,000.00
TITLE
SURVEY
RECORDING &
RELEASING FEES
ORIGINATION FEE
INTEREST
PAID TO Borrower $
PAID TO
PAID TO
PAID TO
PAID TO
DISBURSED
TOTAL $950,000.00 $950,000.00
SOUTHWEST BANK OF ST. LOUIS
We hereby authorize you to distribute proceeds of our Note for $950,000.00 dated
January 2, 1996, as indicated above.
Reliv' International, Inc.
By:_________________________________
Robert L. Montgomery,
By:_________________________________
David G. Kreher
3