Document:

ex1015multifamilynotevis

                                                                 EXHIBIT 10.15                                                            The Pointe at Vista Ridge                               MULTIFAMILY NOTE   us $30,265,000.00                                             As of May 31, 2019         FOR VALUE RECEIVED, the undersigned ("Borrower..  ) promises to pay to the order  of PNC BANK, NATIONAL ASSOCIATION, a national    banking association ("Lender"), the  principal amount of Thirty Million Two Hundred Sixty Five Thousand and 00/100 Dollars  (US $30,265,000.00) [the "Mortgage Loan"}, together with interest thereon accruing at the  Interest Rate on the unpaid principal balance from the date the Mortgage  Loan proceeds are  disbursed until fully patd in accordance with the terms hereof and of that certain Multifamily  Loan and Security Agreement dated as of the date hereof, by and between B01rnwer and Lender  {as the same may be amended, restated, replaced, supplemented or otherwise modified from time  to time, the "Loan Agreement").   1.    Defined Terms.        Capitalized terms used and not specifically defined in this Multifamily Note (this "Note")  have the meanings given to such terms in the Loan Agreement.   2.    Repayment.         Borrower agrees to pay the principal amount of the Mortgage Loan and interest on the  principal amount of the Mo1tgage Loan from time to time outstanding at the Interest Rate or such  other rate or rates and at the times specified in the Loan Agreement, together with all other  amounts due to Lender under the Loan Documents. The outstanding balance of the Mortgage  Loan and all accrued and unpaid interest thereon shall be due and payable on the Maturity Date,  together with all other amounts due to Lender under the Loan Documents.   3.    Security.         The Mortgage Loan evidenced by this Note, together with all other Indebtedness is  secured by, among other things, the Security Instrument, the Loan Agreement and the other Loan  Documents. All of the terms, covenants and conditions contained in the Loan Agreement, the  Security Instrument and the other Loan Documents are hereby made pa1t of this Note to the same  extent and with the same force as if they were fully set forth herein. In the event of a conflict or  inconsistency between the terms of this Note and the Loan Agreement, the terms and provisions  of the Loan Agreement shall govern.   4.    Acceleration.         In accordance with the Loan  Agreement, if an Event of Default has occun-ed and is  continuing, the entire unpaid principal balance of the Mortgage Loan, any accrued and unpaid  interest, including interest accruing at the Default Rate, the Prepayment Premium (if applicable),  and all other amounts payable under this Note, the Loan Agreement and any other Loan  Document shall at once become due and payable, at the option of Lender, without any prior  notice to Bon-ower, unless applicable law requires otherwise (and in such case, after satisfactory  notice has been given).    Multifamily Note                      l'o,·m 6010                         Pagel  Fannie Mac                              12-17                    ID 2017 Fannie Mac  

 

5.    Personal Liability.        The provisions of Article 3 (Personal Liability) of the Loan Agreement are hereby  incorporated by reference into this Note to the same extent and with the same force as if fully set  forth herein.   6.    Governing Law.        This Note shall be governed in accordance with the terms and provisions of Section 15.01  (Governing Law: Consent to Jurisdiction and Venue) of the Loan Agreement.   7.    Waivers.        Presentment, demand for payment, notice of nonpayment and dishonor, protest and notice  of protest, notice of acceleration, notice of intent to demand or accelerate payment or maturity,  presentment for payment, notice of nonpayment, and grace and diligence in collecting the  Indebtedness are waived by Borrower, for and on behalf of itself, Guarantor and Key Principal,  and all endorsers and guarantors of this Note and all other third party obligors or others who may  become liable for the payment of all or any part of the Indebtedness.   8.    Commercial Purpose.        Borrower represents that the Indebtedness is being inct11Ted by Borrower solely for the  purpose of carrying on a business or commercial enterprise or activity, and not for agricultural,  personal, family or household purposes.  9.    Construction; Joint and Several (or Solidary, as applicable) Liability.        (a)   Section 15.08 (Construction) of the Loan Agreement is hereby incorporated  herein as if fully set forth in the body of this Note.         (b)   If more than one Person executes this Note as Borrower, the obligations of such  Person shall be joint and several (solidary instead for purposes of Louisiana law).   10.   Notices.        All Notices required or permitted to be given by Lender to Borrower pursuant to this   Note shall be given in accordance with Section 15.02 (Notice) of the Loan Agreement.   I I.  Time is of the Essence.        Borrower agrees that, with respect to each and every obligation and covenant contained  in this Note, time is of the essence.   12.   Loan Charges Savings Clause.        Borrower agrees to pay an effective rate of interest equal to the sum of the Interest Rate  and any additional rate of interest resulting from any other charges of interest or in the nature of  interest paid or to be paid in connection with the Mortgage Loan and any other fees or amounts  to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note, the  Loan Agreement nor any of the other Loan Documents shall be construed to create a contract for  the use, forbearance or detention of money requiring payment of interest at a rate greater than the  maximum  interest rate permitted to be charged under applicable law. It is expressly stipulated   Multifamily Note                      Form 6010                           Pagc2  Fannie Mac                              12-17                   © 2017 Fannie Mae  

 

and agreed to be the intent of Borrower and Lender at all times to comply with all applicable  laws governing the maximum rate or amount of interest payable on the Indebtedness evidenced  by this Note and the other Loan Documents. If any applicable law limiting the amount of  interest or other charges permitted to be collected from Borrower is interpreted so that any  interest or other charge or amount provided for in any Loan Document, whether considered  separately or together with other charges or amounts provided for in any other Loan Document,  or otherwise charged, taken, reserved or received in connection with the Mortgage Loan, or on  acceleration of the maturity of the Mortgage Loan or as a result of any prepayment by Borrower  or otherwise, violates that law, and Borrower is entitled to the benefit of that law, that interest or  charge is hereby reduced to the extent necessary to eliminate any such violation. Amounts, if  any, previously paid to Lender in excess of the permitted amounts shall be applied by Lender to  reduce the unpaid principal balance of the M011gage Loan without the payment of any  prepayment premium ( or, if the M011gage Loan has been or would thereby be paid in full, shall  be refunded to Borrower), and the provisions of the Loan Agreement and any other Loan  Documents immediately shall be deemed reformed and the amounts thereafter collectible under  the Loan Agreement and any other Loan Documents reduced, without the necessity of the  execution of any new documents, so as to comply with any applicable law, but so as to pem1it  the recovery of the fullest amount otherwise payable under the Loan Documents. For the  purpose of determining whether any applicable law limiting the amount of interest or other  charges permitted to be collected from Borrower has been violated, all Indebtedness that  constitutes interest, as well as all other charges made in connection with the Indebtedness that  constitute interest, and any amount paid or agreed to be paid to Lender for the use, forbearance  or detention of the Indebtedness, shall be deemed to be allocated and spread ratably over the  stated term of the M011gage Loan. Unless otherwise required by applicable law, such allocation  and spreading shall be effected in such a manner that the rate of interest so computed is unifom1  throughout the stated term of the Mortgage Loan.  13.   WAIVER OF TRIAL BY JURY.        TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH OF             BORROWER  AND  LENDER (A)  AGREES NOT TO ELECT A TRIAL BY JURY WITH        RESPECT TO  ANY  ISSUE  ARISING  OUT   OF THIS  NOTE   OR THE   RELATIONSHIP    BETWEEN  THE PARTIES   AS LENDER AND    BORROWER THAT rs      TRIABLE OF   RIGHT  BY A  ,JURY AND   (B) WAIVES  ANY  RIGHT   TO  TRIAL  BY  JURY  WITH   RESPECT   TO  SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN             THE  FUTURE.   THIS WAIVER OF    RIGHT  TO TRIAL BY JURY rs   SEPARATELY GIVEN  BY  EACH  PARTY,   KNOWINGLY     AND  VOLUNTARILY     \VITH THE   BENEFIT  OF  COMPETENT LEGAL COUNSEL.  14.   Receipt of Loan Documents.         Borrower acknowledges receipt of a copy of each of the Loan Documents.   15.   Incorporation of Schedules.         The schedules, if any, attached to this Note are incorporated fully into this Note by this  reference and each constitutes a substantive pm1 of this Note.   16.   Defined Terms.         (a)   As used hereunder, the tern1 "Maximum Lawful Rate" shall mean the maximum  lawful rate of interest which may be contracted for, charged, taken, received or reserved by  Lender in accordance with the applicable laws of the State of Texas (or applicable United States   Multifamily Note                      Form 6010                           Page3  Fannie Mac                              12-17                   © 2017 Fannie Mae  

 

federal law to the extent that such law permits Lender to contract for, charge, take, receive or  reserve a greater amount of interest than under Texas law), taking into account all Charges (as  defined below) made in connection with the transaction evidenced by this Note and the other  Loan Documents.        (b)   As used hereunder, the term "Charges" shall mean all fees, charges and/or any  other things of value, if any, contracted for, charged, taken, received or reserved by Lender in  connection with the transactions relating to this Note and the other Loan Documents, which are  treated as interest under applicable law.  17.   Procedural Obligations of Borrower.        (a)   In addition to the provisions of Section 12 above, Borrower hereby agrees that as  a condition precedent to any claim seeking usury penalties against Lender, Borrower will provide  written notice to Lender, advising Lender in reasonable detail of the nature and amount of the  violation, and Lender shall have sixty (60) days after receipt of such notice in which to correct  such usury violation, if any, by either refunding such excess interest to Borrower or crediting  such excess interest against this Note and/or the Indebtedness then owing by Borrower to  Lender. All calculations of the rate of interest contracted for, charged, taken, reserved or  received by Lender for the use, forbearance or detention of any debt evidenced by this Note  and/or any other Loan Documents, that are made for the purpose of determining whether such  rate exceeds the Maximum Lawful Rate, shall be made, to the extent permitted by applicable  law, by amortizing, prorating, allocating and spreading, using the actuarial method, all interest  contracted for, charged, taken, reserved or received by Lender throughout the full term of this  Note and/or any other Loan Documents (including any and all renewal and extension periods).        (b)   In no event shall the provisions of Chapter 346 of the Texas Finance Code (which  regulates certain revolving credit loan accounts and revolving triparty accounts) apply to this  Note and/or any Indebtedness.        (c)   Not later than the sixty-first (61st) day before the date Borrower files suit seeking  penalties for Lender's violation of the usury law (or not later than the time of Borrower filing a  counterclaim in an original action by Lender), Borrower is required to give Lender written notice  stating in reasonable detail the nature and amount of the violation. Lender is then entitled to  correct such violation within the sixty (60) day period beginning with the date such notice is  received. If the usury violation is raised on a counterclaim, Lender can petition the court to abate  the proceedings for sixty (60) days to allow Lender to cure the violation. If Lender timely  corrects such violation, Lender will not be liable to Borrower for such violation, except to  reimburse Borrower for reasonable attorneys' fees in the event the issue is raised by Borrower in  a counterclaim. Lender is also not liable to Borrower for a violation of the usury penalty statute  if Lender gives written notice to Borrower of Lender's usury violation before Borrower itself  gives written notice of the violation or files an action alleging the violation, and provided Lender  corrects such violation not later than the sixtieth (60th) day after the date Lender actually  discovered the violation that applies to the Note and/or any of the Indebtedness.  Notwithstanding anything to the contrary contained herein or in any of the other Loan  Documents, it is not the intention of Lender to accelerate the maturity of any interest that has not  accrued at the time of such acceleration or to collect unearned interest at the time of such  acceleration.  18.   Ceiling Election.        To the extent that Lender is relying on Chapter 303 of the Texas Finance Code to  determine the Maximum Lawful Rate payable on the Note and/or any other portion of the   Multifamily Note                      Form 6010                           Pagc4  Fannie Mac                              12-17                   © 2017 Fannie Mae  

 

Indebtedness, Lender will utilize the weekly ceiling from time to time in effect as provided in  such Chapter 303, as amended. To the extent United States federal law permits Lender to  contract for, charge, take, receive or reserve a greater amount of interest than under Texas law,  Lender will rely on United States federal law instead of such Chapter 303 for the purpose of  detem1ining the Maximum Lawful Rate. Additionally, to the extent pem1itted by applicable law  now or hereafter in effect, Lender may, at its option and from time to time, utilize any other  method of establishing the Maximum Lawful Rate under such Chapter 303 or under other  applicable law by giving notice, if required, to Borrower as provided by applicable law now or  hereafter in effect.         ATTACHED SCHEDULE.      The following Schedule is attached to this Note:              D     Schedule I  Modifications to Note        IN WITNESS   WHEREOF,    Borrower has signed and delivered this Note under seal  (where applicable) or has caused this Note to be signed and delivered under seal (where  applicable) by its duly authorized representative. Where applicable law so provides, Borrower  intends that this Note shall be deemed to be signed and delivered as a sealed instrument.                         [Remainder of Page Intentionally Blank]    Multifamily Note                      Form 6010                           Page 5  Fannie Mac                              12-17                   © 2017 Fannie Mae  

 

                                   BORRO\VER:                                     STAR III VISTA RIDGE, LLC, a Delaware                                        limited liability company                                      By: Steadfast Apmtment Advisor Ill, LLC, a                                         Delaware limited liability company, its                                         Manager                                          By:        k':.  J {f.ff-                                            ~Name:K-~i iikel=-=-'IH-ating  -                                            Title: Treasurer    l\Iultifamily Note                   Form 6010                         Pngc 6  Fannie l\htc                           12-17                  © 2017 Fnnnic i\lnc  

 

                                      PAY TO  THE ORDER    OF FANNIE   MAE,                                        WITHOUT RECOURSE.                                         PNC BANK, NATIONAL ASSOCIATION, a                                           national banking association    Fannie Mae Commitment Number:  892248    l\Iultifamily Note                      Form 6010                             Page7  Fannie I\'lnc                             12-17                     © 2017 Fannie ~IncExhibit

Exhibit 10.1

	
					
	
	 
	 
	 

	 
	 
	Warrior Met Coal

	 
	 
	16243 Highway 216

	 
	 
	Brookwood, Alabama 35444

	 
	 
	 

	 
	 
	Kelli K. Gant

	 
	 
	 
	 
	Chief Administrative Officer

	 
	 
	 
	 
	 

	 
	 
	 
	 
	kelli.gant@warriormetcoal.com

	 
	 
	 
	 
	 

June 5, 2019

Phillip C. Monroe
[Home address]

Dear Phil:

On behalf of Warrior Met Coal, Inc., a Delaware corporation (the “Company”), I am offering you the position of Vice President - Legal of the Company.  This offer of employment is conditioned on your acceptance of the terms and conditions set forth in this employment letter (this “Letter”), which overrides anything communicated to you, orally or in writing, regarding your employment with the Company.  Effective as of June 1, 2019 (the “Effective Date”), your Employment Agreement with the Company, dated March 5, 2018 (the “2018 Employment Agreement”), is hereby terminated by mutual agreement and is of no further force or effect, and you hereby waive any and all of your rights under the 2018 Employment Agreement.  

Commencing on the Effective Date, you shall serve in a full-time, exempt employee capacity as Vice President ‐ Legal of the Company, reporting to the Chief Executive Officer of the Company (the “CEO”).  The CEO shall outline your specific duties, responsibilities and performance expectations.  Generally, during the term of your employment with the Company, excluding any periods of short-term disability, vacation or sick leave to which you are entitled, you shall perform your duties faithfully and to the best of your ability and shall use reasonable best efforts to promote the interests of the Company.  In performing such duties, you shall devote substantially all business time, attention and effort to the affairs of the Company.  

The Company agrees that, during the period in which you are employed by the Company, you shall receive an annual base salary in an amount equal to two hundred thousand dollars ($200,000), less all applicable withholdings, which shall be paid in accordance with the customary payroll practices of the Company and prorated for partial calendar years of employment (as in effect from time to time, the “Annual Base Salary”).  Additionally, you shall be eligible to receive an annual bonus (the “Bonus”) with a target amount equal to fifty percent (50%) of the Annual Base Salary contingent upon the achievement of qualitative and quantitative performance goals approved by the Board of Directors of the Company (the “Board”).  The Bonus, if any, shall be paid in accordance with the terms of the applicable bonus plan as in effect from time to time, and shall require that you be employed with the Company on the date of payment of such Bonus.  

The term of your employment shall commence as of the Effective Date and shall end when terminated by you or the Company.  You shall be an employee-at-will, meaning that either you or the Company may terminate your employment relationship at any time, for any reason or no reason.  Except as expressly set forth herein or as otherwise required by law, neither party shall have any further obligation to the other upon the termination of your employment by the Company.  

You shall be entitled to participate in the Company’s standard employee benefit programs, plans and policies for employees of your level as in effect from time to time and in which you are eligible to participate, in each case subject to the applicable terms and conditions of the particular benefit plan or policy and/or the determination of the Company.  You shall be entitled to vacation time in accordance with the Company’s standard vacation policy as in effect from time to time.  You shall be entitled to receive 

reimbursement for all reasonable out-of-pocket expenses incurred by you in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company.  You may be entitled to receive equity awards under any equity incentive compensation plan adopted by the Company from time to time in which similarly situated employees of the Company are eligible to participate, in the sole and absolute discretion of the Board or a committee thereof.

As an employee of the Company and as a condition of your continued employment, you will be expected to comply with all Company policies and procedures as adopted from time-to-time, including but not limited to such policies as may be adopted in the Company’s employee handbook and policies relating to the Company’s compliance with applicable laws, rules and regulations.

In consideration for the termination of the 2018 Employment Agreement and as an inducement for your continued employment, the Company hereby agrees to pay you $300,000, such amount to be paid in substantially equal installments over a one-year period (in accordance with the Company’s customary payroll practices), (i) subject to and commencing 30 days following the date of your execution of this Letter, and (ii) also subject to your execution of a release in a form reasonably acceptable to the Company covering any matters arising out of or related to your recruitment, hiring and employment with the Company as well as any matters arising out of related to the 2018 Employment Agreement and existing as of the date of your execution of such release, with such release to be executed by you within the 21-day consideration period provided for in the release.  

This Letter constitutes the entire agreement between the parties and supersedes all other agreements or understandings, including the Terminated Employment Agreement.  You may not sell, assign or delegate any of your rights or obligations under this Letter.  This Letter may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument, and delivery of an executed counterpart by fax, pdf or other electronic means shall be equally effective as delivery of an original, manually executed counterpart of this Letter.

Notwithstanding anything herein to the contrary, this Letter is intended to be interpreted and applied so that the payment of the benefits set forth herein shall be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Code Section 409A”).  In no event may you, directly or indirectly, designate the calendar year of any payment to be made under this Letter or otherwise.  Notwithstanding anything in this Letter to the contrary, the Company and its officers, directors, employees or agents make no guarantee that the terms of this Letter comply with, or are exempt from, the provisions of Code Section 409A, and none of the foregoing shall have any liability for the failure of the terms of this Letter, or the administration thereof, to comply with, or be exempt from, the provisions of Code Section 409A.

If you wish to discuss any aspect of this offer, please feel free to contact me.  Please indicate your acceptance by signing and returning the enclosed copy of this Letter.
  

Warrior Met Coal, Inc.

By:         /s/ Kelli K. Gant            
Name:     Kelli K. Gant            
Title:     Chief Administrative Officer    

The foregoing terms and conditions are hereby accepted
as of June 5, 2019.

/s/ Phillip C. Monroe                
Phillip C. Monroe

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