Document:

Promissory Note, dated July 16, 2010

 Exhibit 10.51 

PROMISSORY NOTE 
  

															
	
Principal

$500,000.00
	  	 Loan
Date
 07-16-2010
	  	
Maturity

07-16-2013
	  	Loan No	  	
Call/Call
 04A0 / 5 / BL1

	  	
Account

2920
	  	
Officer

EPH
	  	Initials
	
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or
item.
 Any item above containing “***” has been omitted due to text length limitations.

 

							
	     Borrower:
	  	     OURPET’S COMPANY

    1300 EAST STREET

    FAIRPORT HARBOR, OH 44077
	  	 Lender:
	  	     FIRSTMERIT BANK, N.A.

    COMMERCIAL BANKING #36300

    7800 REYNOLDS ROAD

    MENTOR, OH 44060

    (440) 953-2173

  

 
  

			
	 Principal Amount:    $500,000.00
	  	Date of Note:    July 16, 2010

PROMISE TO PAY. OURPET’S COMPANY (“Borrower”) promises to pay to FIRSTMERfT BANK, N.A. (“Lender”), or
order, in lawful money of the United States of America, the principal amount of Five Hundred Thousand & 00/100 Dollars ($500,000.00), together with Interest on the unpaid principal balance from July 16, 2010, calculated as described in
the; INTEREST CALCULATION METHOD” paragraph using an interest rate of 4.180% per annum based on a year of 360 days, until paid in full. The interest rate may change under the terms and conditions of the “INTEREST AFTER DEFAULT”
section. 
 PAYMENT. Borrower will pay this loan in 36 payments of $14,817.00 each payment. Borrower’s first
payment is due August 16, 2010, and all subsequent payments are due on the same day of each month after that. Borrower’s final payment will be due on July 16, 2013, and will be for all principal and all accrued interest not yet paid.
Payments include principal and interest. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid Interest; then to principal; and then to any late charges. Borrower will pay Lender at Lender’s
address shown above or at such other place as Lender may designate in writing. 
 INTEREST CALCULATION METHOD.
Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is
outstanding. All interest payable under this Note is computed using this method. 
 PREPAYMENT PENALTY. Borrower
agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. Upon
prepayment of this Note, Lender is entitled to the following prepayment penalty: BORROWER SHALL PAY THE FOLLOWING PERCENTAGE OF THE OUTSTANDING PRINCIPAL BALANCE AT THE TIME OF PREPAYMENT IF THIS NOTE IS PREPAID IN FULL “(WHETHER BY WAY OF A
PREPAYMENT OR A PAYMENT FOLLOWING ANY ACCELERATION OF THE DUE DATE THEREOF):” 3% IF PREPAID DURING THE FIRST YEAR FROM THE DATE HEREOF OR DURING THE FIRST YEAR AFTER AN INTEREST RATE CHANGE; 2% IF PREPAID DURING THE SECOND YEAR FROM THE DATE
HEREOF OR DURING THE SECOND YEAR AFTER AN INTEREST RATE CHANGE; 1% IF PREPAID DURING THE THIRD YEAR FROM THE DATE HEREOF OR DURING THE THIRD YEAR AFTER AN INTEREST RATE CHANGE. Except for the foregoing, Borrower may pay all or a portion of the
amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments under the payment schedule. Rather, early payments will reduce the
principal balance due and may result in Borrower’s making fewer payments. Borrower agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar language. If Borrower sends such a payment, Lender
may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, Including any check or other payment
instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: FIRSTMERIT
BANK, N.A.; COMMERCIAL BANKING #36300; 7800 REYNOLDS ROAD; MENTOR, OH 44060. 
 LATE CHARGE. If a payment is 10 days
or more late, Borrower will be charged 7.000% of the regularly scheduled payment or $35.00, whichever is greater. 

INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be
increased by 6.000 percentage points. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law. 

DEFAULT. Each of the following shall constitute an event of default (“Event of Default”) under this Note:
Payment Default. Borrower fails to make any payment when due under this Note. 
 Other Defaults. Borrower
fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other
agreement between Lender and Borrower. 
 Default in Favor of Third Parties. Borrower or any Grantor defaults under
any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s property or Borrower’s ability to repay this Note
or perform Borrower’s obligations under this Note or any of the related documents. 
 False Statements. Any
warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished or
becomes false or misleading at any time thereafter. 
 Insolvency. The dissolution or termination of Borrower’s
existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under
any bankruptcy or insolvency laws by or against Borrower. 
 Creditor or Forfeiture Proceedings. Commencement of
foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment of
any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the
creditor or forfeiture proceeding and If Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, In
its sole discretion, as being an adequate reserve or bond for the dispute. 
 Events Affecting Guarantor. Any of the
preceding events occurs with respect to any Guarantor of any of the indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note.

 Change In Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of
Borrower. 

 PROMISSORY NOTE 

					
		 	(Continued)	 	 Page
 2

  
  

 
  

 Adverse Change. A material adverse change occurs in Borrower’s
financial condition, or Lender believes the prospect of payment or performance of this Note is impaired, 

Insecurity. Lender in good faith believes itself insecure. 

Cure Provisions. If any default, other than a default in payment is curable and if Borrower has not been given a
notice of a breach of the same provision of this Note within the preceding twelve (12) months, it may be cured if Borrower, after Lender sends written notice to Borrower demanding cure of such default: (1) cures the default within
fifteen (15) days; or (2) if the cure requires more than fifteen (15) days. Immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default and thereafter continues and completes
all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. 
 LENDER’S
RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount. 

ATTORNEYS’ FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay.
Borrower will pay Lender that amount. This includes, subject to any limits under applicable law, Lender’s attorneys’ fees and Lender’s legal expenses, whether or not there is a lawsuit, including attorneys’ fees, expenses for
bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law. 

JURY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought
by either Lender or Borrower against the other. 
 GOVERNING LAW. This Note will be governed by federal law
applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Ohio without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of Ohio. 

CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the
courts of LAKE County, State of Ohio. 
 CONFESSION OF JUDGMENT. Borrower hereby irrevocably authorizes and empowers
any attorney-at-law, including an attorney hired by Lender, to appear in any court of record and to confess judgment against Borrower for the unpaid amount of this Note as evidenced by an affidavit signed by an officer of Lender setting forth the
amount then due, attorneys’ fees plus costs of suit, and to release all errors, and waive all rights of appeal. If a copy of this Note, verified by an affidavit, shall have been filed in the proceeding, it will not be necessary to file the
original as a warrant of attorney. Borrower waives the right to any stay of execution and the benefit of all exemption laws now or hereafter in effect. No single exercise of the foregoing warrant and power to confess judgment will be deemed to
exhaust the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void; but the power will continue undiminished and may be exercised from time to time as Lender may elect until all amounts owing on this Note
have been paid in full. Borrower waives any conflict of interest that an attorney hired by Lender may have in acting on behalf of Borrower in confessing judgment against Borrower while such attorney is retained by Lender. Borrower expressly consents
to such attorney acting for Borrower in confessing judgment. 
 DISHONORED ITEM FEE. Borrower will pay a fee to
Lender of $33.00 if Borrower makes a payment on Borrower’s loan and the check or preauthorized charge with which Borrower pays is later dishonored. 

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s
accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts,
or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at Lender’s
option, to administratively freeze all such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 

FEE PROVISION. UPON RECEIPT OF A BILLING FROM LENDER, I AGREE TO PAY THE STATED LOAN FEE AND, WHEN APPLICABLE, THE STATED
DOCUMENT PREPARATION FEE. 
 BUSINESS PURPOSE. THE LOAN EVIDENCED HEREBY IS FOR COMMERCIAL OR BUSINESS PURPOSES, AND
IS NOT INTENDED AND WILL NOT BE USED FOR PERSONAL, FAMILY, HOUSEHOLD, EDUCATIONAL, CONSUMER OR AGRICULTURAL PURPOSES. 

CROSS-DEFAULT. IT SHALL ALSO BE AN EVENT OF DEFAULT HEREUNDER IF BORROWER FAILS TO PERFORM OR COMPLY WITH ANY TERM, PROVISION
OR CONDITION OF ANY OTHER AGREEMENT, DOCUMENT OR INSTRUMENT EVIDENCING, SECURING OR SUPPORTING ANY INDEBTEDNESS OWING FROM BORROWER TO LENDER. 

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal
representatives, successors and assigns, and shall Inure to the benefit of Lender and Its successors and assigns. 

GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Borrower
does not agree or intend to pay, and Lender does not agree or intend to contract for, charge, collect, take, reserve or receive (collectively referred to herein as “charge or collect”), any amount in the nature of interest or in the nature
of a fee for this loan, which would in any way or event (including demand, prepayment, or acceleration) cause Lender to charge or collect more for this loan than the maximum Lender would be permitted to charge or collect by federal law or the law of
the State of Ohio (as applicable). Any such excess interest or unauthorized fee shall, instead of anything stated to the contrary, be applied first to reduce the principal balance of this loan, and when the principal has been paid in full, be
refunded to Borrower. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment,
demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released
from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender’s security interest in
the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom
the modification is made. The obligations under this Note are joint and several. 

			
	 PROMISSORY NOTE

(Continued)
	  	Page 3

  

 
  

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. BORROWER AGREES TO THE TERMS OF THE NOTE.

 BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. 

 

	
	 NOTICE: FOR THIS NOTICE “YOU” MEANS THE
BORROWER AND “CREDITOR” AND “HIS” MEANS LENDER.
  

WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST
YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY
OTHER CAUSE.

 BORROWER: 

OURPET’S COMPANY 
  

			
	By:	 	 /s/ Steven Tsengas

		 	STEVEN TSENGAS, President of OURPET’S COMPANY

  

 
  

LASER PRO Lending, Ver. 5.45.00.004 Copr. Harland Financial Solutions, Inc. 1997, 2009. All Rights Reserved. - OH N:\CFI\LPL\D20.FC TR-34497 PR-4Extension of Mortgage

 Exhibit 10-1 

BB&T 

FLORIDA UNILATERAL LETTER RENEWAL 

July 16,
2010                         
  

	
	 PINEAPPLE HOUSE OF BREVARD, INC

	 1684 W. HIBISCUS BLVD.

	 MELBOURNE, FL 32901

 

					
	Re:	  	Account Number	  	9660933163
		  	Note Number	  	00002

 Your loan with BB&T has matured/will
mature on July 18, 2010. At this time, we are waiting for the following documentation and information in order to complete our decision to renew this credit facility: 

 

	
	 TITLE POLICY UPDATE

	  

	  

	  

This note is maturing 07/18/2010 and in order to avoid it maturing while we are waiting for this documentation, BB&T will grant you an extension on
the maturity on this credit facility for an additional 15 days. Your note will now be due and payable in full on August 2, 2010. All other terms and conditions of the note will remain unchanged. Please continue to make your regular monthly
payments under the note. By making this extension, BB&T is not waiving any default and is not waiving, modifying or extending any other term or condition of the note or any other loan document. In order to maintain the nature of this note,
please do not sign or return this letter to BB&T. 
  

	
	Sincerely yours,
	
	BRANCH BANKING AND TRUST COMPANY
	
	 /s/ Barry Forbes, SVP

	 Barry Forbes, SVP

ACCOUNT#/NOTE# 

9660933163        00002 

1797FL (0706)

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