1
EXHIBIT 10.15
959 Maiden Lane
Ann Arbor, MI 48105
August 16, 1999
NOTE
For value received, University Bancorp, Inc. (the ("Obligor") promises
to pay to Ranzini Family Trust (the "Holder or "Lender"), on your order, at the
address above, the principal sum of: FOURTY-NINE THOUSAND NINE HUNDRED
EIGHTY-SEVEN AND 98/100 Dollars ($ 49,987.98).
1. Payment. Obligor will make no periodic payments under this note,
with a Final Payment in the amount of the principal plus all accrued interest at
maturity. The amount of the Final Payment shall be paid solely through the sale
of common stock of University Bancorp, Inc. by the Obligor (subject to
completion of a separate private placement agreement in accordance with the
rules of the Securities & Exchange Commission), in the event that an anticipated
rights offering of University Bancorp, Inc. common stock is not completed prior
to maturity.
2. Interest. Interest accrues on a Actual/365 basis. Post-maturity
interest will accrue at the same rate as prior to maturity on the balance of
this note not paid at maturity, including maturity, including maturity by
acceleration. Interest shall be accrued but not paid until maturity from August
16, 1999 at the Wall Street Journal Prime Rate of 8.25% until maturity.
3. Purpose. The purpose of this loan is to fund working capital
requirements of the Obligor.
4. Security. This note is unsecured.
5. Prepayment. If Obligor pays off this Note early, it will not have to
pay a penalty.
6. Signatures. Obligor agrees to the terms set out on page 1 and page 2
of this agreement. Obligor has received a copy of this document on today's date.
Signature: University Bancorp, Inc.
By: /s/Stephen Lange Ranzini
--------------------------------
Its: President & CEO
Ranzini Family Trust dated 12/20/89
By: /s/Stephen Lange Ranzini
--------------------------------
Its: Trustee
2
959 Maiden Lane
Ann Arbor, MI 48105
August 18, 1999
NOTE
For value received, University Bancorp, Inc. (the ("Obligor") promises
to pay to Ranzini Family Trust (the "Holder or "Lender"), on your order, at the
address above, the principal sum of: THIRTY-SEVEN THOUSAND TWELVE AND 2/100
Dollars ($37,012.02).
1. Payment. Obligor will make no periodic payments under this note,
with a Final Payment in the amount of the principal plus all accrued interest at
maturity. The amount of the Final Payment shall be paid solely through the sale
of common stock of University Bancorp, Inc. by the Obligor (subject to
completion of a separate private placement agreement in accordance with the
rules of the Securities & Exchange Commission), in the event that an anticipated
rights offering of University Bancorp, Inc. common stock is not completed prior
to maturity.
2. Interest. Interest accrues on a Actual/365 basis. Post-maturity
interest will accrue at the same rate as prior to maturity on the balance of
this note not paid at maturity, including maturity, including maturity by
acceleration. Interest shall be accrued but not paid until maturity from August
18, 1999 at the Wall Street Journal Prime Rate of 8.25% until maturity.
3. Purpose. The purpose of this loan is to fund working capital
requirements of the Obligor.
4. Security. This note is unsecured.
5. Prepayment. If Obligor pays off this Note early, it will not have to
pay a penalty.
6. Signatures. Obligor agrees to the terms set out on page 1 and page 2
of this agreement. Obligor has received a copy of this document on today's date.
Signature: University Bancorp, Inc.
By: /s/Stephen Lange Ranzini
--------------------------------
Its: President & CEO
Ranzini Family Trust dated 12/20/89
By: /s/Stephen Lange Ranzini
--------------------------------
Its: Trustee
3
959 Maiden Lane
Ann Arbor, MI 48105
August 18, 1999
NOTE
For value received, University Bancorp, Inc. (the ("Obligor") promises
to pay to Mildred Ranzini Trust (the "Holder or "Lender"), on your order, at the
address above, the principal sum of: NINE THOUSAND AND NO/100 Dollars
($9,000.00).
1. Payment. Obligor will make no periodic payments under this note,
with a Final Payment in the amount of the principal plus all accrued interest at
maturity. The amount of the Final Payment shall be paid solely through the sale
of common stock of University Bancorp, Inc. by the Obligor (subject to
completion of a separate private placement agreement in accordance with the
rules of the Securities & Exchange Commission), in the event that an anticipated
rights offering of University Bancorp, Inc. common stock is not completed prior
to maturity.
2. Interest. Interest accrues on a Actual/365 basis. Post-maturity
interest will accrue at the same rate as prior to maturity on the balance of
this note not paid at maturity, including maturity, including maturity by
acceleration. Interest shall be accrued but not paid until maturity from August
18, 1999 at the Wall Street Journal Prime Rate of 8.25% until maturity.
3. Purpose. The purpose of this loan is to fund working capital
requirements of the Obligor.
4. Security. This note is unsecured.
5. Prepayment. If Obligor pays off this Note early, it will not have to
pay a penalty.
6. Signatures. Obligor agrees to the terms set out on page 1 and page 2
of this agreement. Obligor has received a copy of this document on today's date.
Signature: University Bancorp, Inc.
By: /s/Stephen Lange Ranzini
--------------------------------
Its: President & CEO
Mildred Ranzini Trust
By: /s/Stephen Lange Ranzini
--------------------------------
Its: Trustee
4
959 Maiden Lane
Ann Arbor, MI 48105
August 18, 1999
NOTE
For value received, University Bancorp, Inc. (the ("Obligor") promises
to pay to Stephen Lange Ranzini (the "Holder or "Lender"), on your order, at the
address above, the principal sum of: FIFTY-ONE THOUSAND AND NO/100 Dollars
($51,000.00).
1. Payment. Obligor will make no periodic payments under this note,
with a Final Payment in the amount of the principal plus all accrued interest at
maturity. The amount of the Final Payment shall be paid solely through the sale
of common stock of University Bancorp, Inc. by the Obligor (subject to
completion of a separate private placement agreement in accordance with the
rules of the Securities & Exchange Commission), in the event that an anticipated
rights offering of University Bancorp, Inc. common stock is not completed prior
to maturity.
2. Interest. Interest accrues on a Actual/365 basis. Post-maturity
interest will accrue at the same rate as prior to maturity on the balance of
this note not paid at maturity, including maturity, including maturity by
acceleration. Interest shall be accrued but not paid until maturity from August
18, 1999 at the Wall Street Journal Prime Rate of 8.25% until maturity.
3. Purpose. The purpose of this loan is to fund working capital
requirements of the Obligor.
4. Security. This note is unsecured.
5. Prepayment. If Obligor pays off this Note early, it will not have to
pay a penalty.
6. Signatures. Obligor agrees to the terms set out on page 1 and page 2
of this agreement. Obligor has received a copy of this document on today's date.
Signature: University Bancorp, Inc.
By: /s/Stephen Lange Ranzini
--------------------------------
Its: President & CEO
Stephen Lange Ranzini
By: /s/Stephen Lange Ranzini
--------------------------------
5
959 Maiden Lane
Ann Arbor, MI 48105
August 18, 1999
NOTE
For value received, University Bancorp, Inc. (the ("Obligor") promises
to pay to Clare Family Trust (the "Holder or "Lender"), on your order, at the
address above, the principal sum of: EIGHTY-ONE THOUSAND AND NO/100 Dollars
($81,000.00).
1. Payment. Obligor will make no periodic payments under this note,
with a Final Payment in the amount of the principal plus all accrued interest at
maturity. The amount of the Final Payment shall be paid solely through the sale
of common stock of University Bancorp, Inc. by the Obligor (subject to
completion of a separate private placement agreement in accordance with the
rules of the Securities & Exchange Commission), in the event that an anticipated
rights offering of University Bancorp, Inc. common stock is not completed prior
to maturity.
2. Interest. Interest accrues on a Actual/365 basis. Post-maturity
interest will accrue at the same rate as prior to maturity on the balance of
this note not paid at maturity, including maturity, including maturity by
acceleration. Interest shall be accrued but not paid until maturity from August
18, 1999 at the Wall Street Journal Prime Rate of 8.25% until maturity.
3. Purpose. The purpose of this loan is to fund working capital
requirements of the Obligor.
4. Security. This note is unsecured.
5. Prepayment. If Obligor pays off this Note early, it will not have to
pay a penalty.
6. Signatures. Obligor agrees to the terms set out on page 1 and page 2
of this agreement. Obligor has received a copy of this document on today's date.
Signature: University Bancorp, Inc.
By: /s/Stephen Lange Ranzini
--------------------------------
Its: President & CEO
Clare Family Trust
By: /s/Stephen Lange Ranzini
--------------------------------
Its: Trustee
6
959 Maiden Lane
Ann Arbor, MI 48105
November 12, 1999
NOTE
For value received, University Bancorp, Inc. (the ("Obligor") promises
to pay to Mildred Lange Ranzini (the "Holder or "Lender"), on your order, at the
address above, the principal sum of: SIXTY-NINE THOUSAND NINE HUNDRED NINTY-NINE
AND NO/100 Dollars ($69,999.00).
1. Payment. Obligor will make no periodic payments under this note,
with a Final Payment in the amount of the principal plus all accrued interest at
maturity. The amount of the Final Payment shall be paid solely through the sale
of common stock of University Bancorp, Inc. by the Obligor (subject to
completion of a separate private placement agreement in accordance with the
rules of the Securities & Exchange Commission), in the event that an anticipated
rights offering of University Bancorp, Inc. common stock is not completed prior
to maturity.
2. Interest. Interest accrues on a Actual/365 basis. Post-maturity
interest will accrue at the same rate as prior to maturity on the balance of
this note not paid at maturity, including maturity, including maturity by
acceleration. Interest shall be accrued but not paid until maturity from
November 12, 1999 at the Wall Street Journal Prime Rate of 8.25% until maturity.
3. Purpose. The purpose of this loan is to fund working capital
requirements of the Obligor.
4. Security. This note is unsecured.
5. Prepayment. If Obligor pays off this Note early, it will not have to
pay a penalty.
6. Signatures. Obligor agrees to the terms set out on page 1 and page 2
of this agreement. Obligor has received a copy of this document on today's date.
Signature: University Bancorp, Inc.
By: /s/Stephen Lange Ranzini
--------------------------------
Its: President & CEO
Mildred Lange Ranzini
By: /s/Mildred Lange Ranzini
--------------------------------