Document:

Exhibit 10.89

 

 

Lender Agreement

This Lender Agreement ("Agreement") is entered into by and between OrangeHook, Inc. ("OrangeHook"), a Florida corporation with headquarter offices at 319 Barry Ave. S., Ste. 300, Wayzata, MN 55391 and Richard Bernstein ("Bernstein") of [*], MN (collectively, the "Parties") on June 22, 2017.

 

The Parties agree as follows:

	
1.

	
In consideration for this loan dated June 22, 2017 from Bernstein in the amount of $150,000 ("Loan"), OrangeHook will pay Bernstein 20 basis points per day until the Loan is repaid no later than July 21, 2017 ("Loan Period"); provided, however that the amount owed to Bernstein will be a minimum of $7,500 in interest, even if the Loan is repaid prior to twenty-five (25) days from the June 22, 2017.

	
2.

	
The maturity date of this Loan, as well as all accrued and unpaid interest, is July 21, 2017 (thirty days from the date of the Loan).

	
3.

	
Regardless of the source, the first $150,000 of funds received by OrangeHook will be paid to Bernstein upon receipt and without delay and Bernstein's receipt of such amount will constitute a payment under this agreement. The amount of the Loan will be reduced on a dollar-for-dollar basis upon Bernstein's receipt of any payments from OrangeHook under this agreement.

Agreed to and Accepted By:

OrangeHook, Inc.

 

	
/s/      David C. Carlson                                                             

	
Date:  June 22, 2017

	
           David C. Carlson

	 
	
Title:  CFO

	 
	 	 
	 	 
	 	 
	
/s/      Richard Bernstein                                                          

	
Date:  June 22, 2017

	
           Richard BernsteinExhibit 10.90

 

 

COMMERCIAL PROMISSORY NOTE

	
$250,000.00

	
Minneapolis, Minnesota

	 	
July 7, 2017

FOR VALUE RECEIVED, the undersigned, OrangeHook, Inc., a corporation organized and existing under the laws of the State of Minnesota (hereinafter referred to as the "Maker"), hereby agrees and promises to pay to the order of MEZ Capital, LLC, a limited liability company organized and existing under the laws of the State of Minnesota, its endorsees, successors, and assigns (hereinafter referred to as "Holder"), at 7241 Ohms Lane, Suite 275, Edina, MN 55439, or such place as Holder hereof may from time to time designate in writing, the principal sum of Two Hundred  Fifty Thousand and no/100 ($250,000.00) Dollars, together with interest on the unpaid principal balance of this Note outstanding from time to time, in the amounts and/or at the rate hereinafter specified.

Amounts due hereunder shall be payable in lawful money of the United States and are payable as follows:

	
1.

	
Interest shall be earned at a stated amount of Fifteen Thousand and no/100 ($15,000.00) Dollars for all or any portion of the sixty (60) days following the date hereof.

	
2.

	
On September 5, 2017 (hereinafter referred to as the "Maturity Date"), the entire unpaid principal balance together with all unpaid interest shall be payable in full.

Maker hereby acknowledges that a loan discount of Seventeen Thousand Five Hundred and no/100 ($17,500.00) Dollars is fully earned upon the disbursement of the principal balance of the loan evidenced by this Commercial Promissory Note. Upon execution of this Note, $232,500.00 shall be disbursed to the Maker. The discount fee of $17,500.00 shall be added to the disbursed amount for a total principal balance of $250,000.00.

All payments shall be applied first to interest and then to the principal, except that if any advance made by Holder under the terms of any instruments securing this Note is not repaid, any monies received, at the option of Holder, may first be applied to repay such advances, plus interest thereon at the rate of three percent (3.00%) per month, and the balance, if any, shall be applied as above.

In the event that any payment required hereunder is not paid within five (5) days of the due date, Maker agrees to pay a late charge of $0.05 per $1.00 of unpaid payment to defray the costs of Holder incident to collecting such late payment. This provision shall not be deemed to excuse a late payment or be deemed a waiver of any other rights Holder may have, including the right to declare the entire unpaid principal balance and interest immediately due and payable.

This Note is made pursuant to the laws of the State of Minnesota, and is the Note referred to in Guaranties given by Murray Klane, James L. Mandel, and Jeffrey Hattara.

Maker shall have no period of time to cure a monetary or non-monetary default. Upon a default, the entire unpaid principal balance together with all accrued interest thereon should become immediately due and payable at the option of Holder.

 

 

 

 

 

 

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Upon the occurrence of a default hereunder the rate of interest on the outstanding principal balance hereof shall increase to four percent (4%) per month on the outstanding principal balance hereof.

Time is of the essence.  No delay or omission on the part of Holder in exercising any right hereunder shall operate as a waiver of such right or of any other remedy under this Note.  A waiver on any occasion shall not be construed as a bar to or waiver of any such right or remedy on a future occasion.

Upon the occurrence of an event of default hereunder, Maker agrees to pay the costs of collection including reasonable attorneys' fees.

Maker hereby waives presentment for payment, protest and notice of non-payment and Maker hereby consents, without affecting its liability, to any extension of the time or terms of payment hereof, any renewal, any release of all or any part of the security given for the payment hereof, any acceptance of additional security of any kind, and any release of, or resort to any party liable for payment hereof.

Maker shall have the right to prepay the principal balance outstanding hereunder in full at any time during the term hereof.

All notices, approvals, consents, requests, and demands upon the respective parties hereto shall be in writing; sent by personal delivery (including, without limitation, courier services such as Federal Express), or by certified or registered mail, postage prepaid and return receipt requested; and addressed as follows:

	
To Holder:

	
MEZ Capital, LLC

	 	
7241 Ohms Lane, Suite 275

	 	
Edina, MN 55439

	 	 
	
To Maker:

	
OrangeHook, Inc.

	 	
319 Barry Avenue South, Suite 300

	 	
Wayzata, MN 55391

or to such other address as may be furnished in writing for such purpose.

 

 

[Signature Page Follows]

 

 

 

 

 

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This Note is made and executed under the laws of the State of Minnesota and is intended to be governed by the laws of said state.  Any action brought to enforce the terms of this Note shall be venued in a court of competent jurisdiction in the State of Minnesota.

ORANGEHOOK, INC.

 

 

By: /s/  David C. Carlson                                                      

 Its:        Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 3 -Exhibit 10.91

 

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT").  THIS NOTE, AND ANY EQUITY INTERESTS OF THE COMPANY WHICH MAY BE ISSUED UPON CONVERSION HEREOF, HAVE BEEN ACQUIRED AS AN INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED OR TRANSFERRED WITHOUT (i) AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE ACT, AND ALL APPLICABLE STATE SECURITIES LAWS OR (ii) REGISTRATION UNDER THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS.

ORANGEHOOK, INC.

12% UNSECURED PROMISSORY NOTE

	
$750,000

	
June 30, 2017

	 	
Minneapolis, Minnesota

FOR VALUE RECEIVED, ORANGEHOOK, INC., a Florida corporation (the "Company"), promises to pay to the order of Whitney Peyton or his successors or assigns (the "Holder"), the principal sum of Seven Hundred Fifty Thousand Dollars ($750,000) on the Maturity Date (as defined herein) with interest thereon as indicated below.

1.       Maturity.  The Company shall pay the outstanding principal and all accrued interest thereon in full on December 30, 2017 (the "Maturity Date").

2.       Interest.  Interest shall accrue from the date hereof on the unpaid principal amount of this Note from time to time outstanding at a fixed rate of twelve percent (12%) per annum.  Interest shall be computed on the actual number of days elapsed in a 365-day year and shall not be compounded.  Beginning on August 1, 2017, and on the first of each ensuing month, the Company will make monthly interest payments in the amount of $3,500. Any remaining accrued  interest shall be payable in full on the Maturity Date.

3.       Prepayment.  This Note may be prepaid in full or in part at any time without penalty, provided that all prepayments shall be applied first to accrued interest with the balance thereof to principal.

4.       Waivers.  The Company agrees to waive presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

5.       Default.  The term "Event of Default" as used herein shall mean either of the following events:

 

a.      Failure of the Company to pay the principal amount or any accrued interest when due and within five (5) days after of the Company's receipt of written notice by the Holder.

 

b.      The Company voluntarily terminates operations or consents to the appointment of a receiver, trustee or similar person with respect to all or a substantial part of its assets.

 

c.      The Company admits its inability to pay its debts as they become due.

 

d.      The Company makes a general assignment for the benefit of its creditors; or

 

e.      The Company files a voluntary petition in bankruptcy, or a decree or other order by a court of competent jurisdiction shall have been entered adjudging the Company bankrupt or insolvent under the provisions of the United States Bankruptcy Code or applicable insolvency law or statute providing for the modification or adjustment of the rights of creditors, and such degree or order shall have continued undischarged or unstayed for a period of sixty (60) days.

 

 

 

 

 

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If an Event of Default shall occur, the Holder may be written notice to the Company declare the entire unpaid principal amount and any interest accrued thereon due and payable immediately.

6.       No Recourse against Others.  A director, officer, employee or shareholder, as such, of the Company shall not have any liability for any obligations of the Company under the Note or for any claim based on, in respect of or by reason of such obligations or their creation.  The Holder, by accepting this Note, waives and releases all such liability as part of the consideration for this issue of this Note.

7.       Amendments and Waivers.  Any term of this Note may be amended only with the written consent of the Company and the Holder.

8.       Ranking.  This Note represents a general, unsecured obligation of the Company and will rank on parity with all other unsecured indebtedness of the Company.

9.       Governing Law.  This Note shall be governed by and construed in accordance with the internal laws of the State of Minnesota.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

ORANGEHOOK, INC.

By: /s/  James L. Mandel                                                                       

     James L Mandel

     President & Chief Executive Officer

 

 

 

 

 

 

 

 

  

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