Document:

Exhibit
10.3

 

 

RENEWAL
INTEREST BEARING INSTALLMENT Note

(Equipment)

 

	$886,666.88	January 31, 2013
	 	 

1.Promise
to Pay.

 

For
Value Received, the undersigned, AEROSONIC CORPORATION, a Delaware corporation (the “Borrower”), promises
to pay to the order of BMO HARRIS BANK N.A., a national bank, as successor by merger to M&I
Marshall & Ilsley Bank (the “Bank”), in lawful money of the United States of America, in immediately
available funds, at the office of the Bank at 501 East Kennedy Boulevard, Suite 900, Tampa, Florida 33602, or at such other location
as the Bank may designate from time to time, the principal amount of EIGHT HUNDRED EIGHTY-SIX THOUSAND SIX HUNDRED SIXTY-SIX AND
88/100 Dollars ($886,666.88), together with interest thereon, as described in this
Renewal Interest Bearing Installment Note (Equipment) (the “Note”). This Note represents a renewal, amendment
and restatement of that certain Interest Bearing Installment Note (Equipment) dated April 30, 2010 issued by Borrower to Bank in
the original principal amount of One Million Nine Hundred Thousand and No/100 Dollars ($1,900,000.00) of
which Eight Hundred Eighty-Six Thousand Six Hundred Sixty-Six and 88/100 Dollars ($886,666.88)
remains outstanding as of the date hereof and does not, and is not intended to, constitute a novation of the indebtedness
evidenced by such note.

 

2.Maturity
Date.

 

The entire principal
amount of this Note together with all accrued, unpaid interest shall be payable in full on May 1, 2015 (the “Maturity
Date”).

 

3.Loan
Agreement; Loan Documents.

 

This Note is delivered
pursuant and subject to the terms of that certain Loan Agreement dated April 30, 2010 as amended by that certain (i) First Amendment
to Loan Agreement dated January 6, 2011; (ii) Joint Amendment to Loan Agreement and Revolving Line of Credit Note dated April 29,
2011; (iii) Joint Amendment to Loan Agreement and Revolving Line of Credit Note dated June 27, 2011; (iv) Second Amendment to Loan
Agreement dated September 26, 2011; and (v) Third Amendment to Loan Agreement dated as of even date hereof (as may be further amended,
restated, modified or supplemented and in effect from time to time, the “Loan Agreement”), and payment and performance
under this Note is secured by, among other things, the Security Agreement, Mortgage, Collateral Assignment, Negative Pledge, Guaranty,
and Guarantor Security Agreement executed and delivered pursuant to the Loan Agreement. Capitalized terms not otherwise defined
herein shall have the meanings assigned to such terms in the Loan Agreement.

 

4.Interest
Prior to Default.

 

Prior to an Event of
Default, commencing on the date of this Note and continuing through and including the Maturity Date, interest shall accrue on the
outstanding principal balance of this Note at the rate specified in the Loan Agreement.

 

 

    	

    	 

    
 

5.Default
Rate of Interest.

 

From and after the
Maturity Date or upon the occurrence and during the continuance of an Event of Default, interest shall accrue on the balance of
principal remaining unpaid during any such period at the default rate specified in the Loan Agreement.

 

6.Payment
Terms.

 

Payments of principal
and interest due under this Note, if not sooner declared to be due in accordance with the provisions of this Note, shall be due
and payable as follows:

 

6.1Payment
of Interest. Commencing on February 1, 2013, and continuing on the same day of each and every calendar month thereafter through
and including the month in which the Maturity Date occurs, payments of accrued and unpaid interest on the principal balance of
this Note outstanding from time to time shall be due and payable in full.

 

6.2Payment
of Principal.

 

(a)Borrower
shall repay principal in equal installments of $31,666.66 commencing on February 1, 2013 and continuing on the same day of each
and every calendar month thereafter until the Maturity Date. On the Maturity Date, Borrower shall repay the remaining unpaid principal
balance of this Note, together with all accrued and unpaid interest payable thereon, and any other amounts due and payable by Borrower
under this Note or under any of the other Loan Documents.

 

(b)In the
event Borrower receives any proceeds from the sale of the Virginia Property, Borrower shall immediately remit such proceeds to
the Bank and such proceeds shall be applied as a principal payment under this Note.

 

7.Late
Payment Charge.

 

If any payment of interest
or principal due under this Note prior to the Maturity Date is not made within fifteen (15) days after such payment is due in accordance
with this Note, then, in addition to the payment of the amount due, Borrower shall pay to the Bank a “late charge”
in an amount equal to five percent (5%) of the amount so overdue to defray part of the cost to the Bank of collection and handling
such late payment. The imposition or collection of any late charge pursuant to this section does not constitute and shall not be
deemed to constitute a waiver by the Bank of any of its rights and remedies under this Note or any of the other Loan Documents.

 

8.Maximum
Amount of Interest.

 

Nothing herein, nor
any transaction related hereto, shall be construed to operate so as to require Borrower to pay interest at a greater rate than
shall be lawful. Should any interest or other charges paid by Borrower in connection with the loan evidenced by this Note result
in computation or earning of interest in excess of the maximum contract rate of interest which is legally permitted under applicable
Florida law or federal preemption statute, then any and all such excess is hereby waived by the Bank and shall be automatically
credited against and in reduction of the balance due hereunder, and any portion which exceeds such balance shall be paid by the
Bank to Borrower. Anything contained herein to the contrary notwithstanding, if for any reason the effective rate of interest on
this Note should exceed the maximum lawful rate, the effective rate shall be deemed reduced to and shall be such maximum lawful
rate. To the extent permitted by the law, all sums paid or agreed to be paid to the Bank for the use, forbearance or detention
of the indebtedness evidenced by this Note shall be amortized, prorated, allocated and spread throughout the full term of this
Note. When determining the maximum legal contract rate of interest allowed to be contracted for by applicable law as changed from
time to time, unless otherwise prescribed by law, interest shall be calculated on the basis of a three hundred sixty-five (365)
or three hundred sixty-six (366) day year, as the case may be, as compared to the payment rate which is computed on a three hundred
sixty (360) day year for actual days elapsed.

 

    	2

    	 

    
 

9.Prepayment.

 

This Note may be prepaid
in whole or in part at any time without penalty.

 

10.Event
of Default; Remedies.

 

The Bank has the right
to declare the total unpaid principal balance and all accrued but unpaid interest payable under this Note to be immediately due
and payable upon the occurrence of an Event of Default under the Loan Agreement.

 

Exercise of this right
shall be without notice to Borrower, notice of such exercise being hereby expressly waived. In addition to the right to declare
the total unpaid principal balance and all accrued but unpaid interest payable under this Note to be due and payable in full in
advance of the Maturity Date, upon the occurrence of an Event of Default, the Bank has and may exercise all other rights and remedies
available by law, statute, agreement or in equity.

 

11.Cumulative
Remedies.

 

The remedies of the
Bank under this Note are cumulative and concurrent and may be pursued singularly, successively or together, at the sole discretion
of the Bank, and may be exercised as often as occasion therefor may arise. No act of omission or commission of the Bank, including
specifically any failure to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such
waiver or release to be effected only through a written instrument executed by the Bank, and then only to the extent specifically
recited therein. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a
waiver or release of, any subsequent right, remedy or recourse as to any subsequent event.

 

12.Attorney’s
Fees.

 

Should it become necessary
to collect this Note through an attorney, Borrower shall pay all costs incurred by or accruing to the Bank in making such collection,
including a reasonable attorney’s fee. Reasonable attorney’s fees shall include, without limitation, all fees incurred
in all matters of collection and enforcement, construction and interpretation, before, during and after trial proceedings and appeals,
as well as appearances in, and connected with, any bankruptcy proceeding or creditors’ reorganization or similar proceeding.

 

13.Waivers.

 

Borrower, and all natural
persons, entities, and other persons now or at any time liable, whether primarily or secondarily, for the payment of the indebtedness
evidenced by this Note, without in any way modifying, altering, releasing, affecting or limiting their respective liability or
the lien of any security instrument, for themselves, their respective heirs, legal, and personal representatives, successors and
assigns, jointly and severally: (a) waive presentment, demand for payment, notice of dishonor, protest, notice of nonpayment or
protest, and diligence in collection; (b) except as expressly provided in the Loan Documents, waive any and all notices in connection
with the delivery and acceptance of this Note, and all notices in connection with the performance, default, or enforcement of the
payment of this Note; (c) waive any and all lack of diligence and delays in the enforcement of this Note; (d) agree that the liability
of Borrower, each guarantor, endorser or obligor shall be unconditional and without regard to the liability of any other person
or entity for the payment of this Note, and shall not in any manner be affected by any indulgence or forbearance granted or consented
to by Bank to any of them with respect to this Note; (e) consent to any and all extensions of time, renewals, waivers, or modifications
that may be granted by Bank with respect to the payment or other provisions of this Note, and to the release of any security at
any time given for the payment of this Note, or any part of this Note, with or without substitution, and to the release of any
person or entity liable for the payment of this Note; (f) consent to the addition of any and all other makers, endorsers, guarantors
and other obligors for the payment of this Note, and to the acceptance of any and all other security for the payment of this Note,
and agree that the addition of any such makers, endorsers, guarantors or other obligors, or security shall not affect the liability
of Borrower, any guarantor, or any other person now or at any time liable for all or any part of the obligations evidenced by this
Note, and (g) agree that Bank, in order to enforce payment of this Note, shall not be required first to institute any suit or to
exhaust any of its remedies against Borrower or any other person to become liable hereunder.

    	3

    	 

    
 

14.Other
Provisions.

 

14.1Set-Off.
Bank has the right to set off any indebtedness or obligations of Borrower to the Bank under this Note in accordance with the terms
of the Loan Agreement.

 

14.2Banking
Days. If any payment of principal or interest is due or the Maturity Date falls on a Saturday, Sunday or on any other day on
which banks in Tampa, Florida are not open for business, such payment shall be made on the immediately preceding business day.

 

14.3Payment
Application. All payments received by the Bank under this Note shall be applied first to unpaid interest and other charges
payable by Borrower, and second to the principal balance hereof.

 

14.4Successors
and Assigns. This Note shall bind Borrower and its successors and assigns, and the benefits of this Note shall inure to the
benefit of the Bank and its successors and assigns, including any holder of this Note. All references in this Note to Borrower
or the Bank include their respective successors and assigns.

 

14.5Severability.
In the event any provision of this Note is prohibited or invalid under applicable law, that provision shall be ineffective to the
extent of such prohibition or invalidity without invalidating the remainder of this Note.

 

15.Submission
to Jurisdiction; Venue.

 

The validity, construction,
enforcement and interpretation of this Note shall be governed by the substantive laws of the State of Florida, without application
of its conflicts of law principles, and the United States of America. Any action, suit or proceeding arising out of this Note shall
be brought in the Thirteenth Judicial Circuit in and for Hillsborough County, Florida, or in the United States District Court for
the Middle District of Florida, Tampa Division, and the Bank and Borrower irrevocably consent to and submit to the jurisdiction
of those courts, and irrevocably waive any objection which the Bank and Borrower, respectively, now or hereafter may have to the
institution of any such suit, action, or proceeding in those courts, and further irrevocably waive any defense or claim that such
suit, action or proceeding in any such court has been brought in an inconvenient forum or improper venue.

 

    	4

    	 

    
 

16.Waiver
of Jury Trial.

 

Borrower
and THE Bank, knowingly, voluntarily and intentionally waive the right either may have to a trial by jury in respect of any litigation
based on this Note, or arising out of, under, or in connection with this Note, or any agreement contemplated to be executed in
conjunction with this note, or any course of conduct, course of dealing, statements (whether verbal or written), or actions of
either Borrower or Bank. This provision is a material inducement for Bank's and Borrower’s entering into the Loan evidenced
by this Note. This provision is binding upon and also applies to any holder of the Note.

 

[SIGNATURES
ON THE FOLLOWING PAGE]

    	5

    	 

    
 

IN WITNESS WHEREOF,
the undersigned has caused this Renewal Interest Bearing Installment Note (Equipment) to be duly executed and delivered as of
the day and year first above written.

 

	 	
        AEROSONIC CORPORATION

         

         

        By: ______________________________

        Its: ______________________________

        Name: ___________________________

 

 

 

 

 

 

 

 

 

THIS INSTRUMENT WAS MADE, EXECUTED AND
DELIVERED OUTSIDE THE STATE OF FLORIDA, AND NO FLORIDA DOCUMENTARY STAMP TAX IS DUE HEREON IN ACCORDANCE WITH F.A.C. 12B-4.053.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to $886,666.88 Renewal INTEREST BEARING INSTALLMENT Note (EQUIPMENT)]exhibit
10.4

 

 

RENEWAL
INTEREST BEARING INSTALLMENT Note

(Real
Estate)

 

	$2,877,777.92	January 31, 2013
	 	 

1.Promise
to Pay.

 

For
Value Received, the undersigned, AEROSONIC CORPORATION, a Delaware corporation (the “Borrower”), promises
to pay to the order of BMO HARRIS BANK N.A., a national bank, as successor by merger to M&I
Marshall & Ilsley Bank (the “Bank”), in lawful money of the United States of America, in immediately
available funds, at the office of the Bank at 501 East Kennedy Boulevard, Suite 900, Tampa, Florida 33602, or at such other location
as the Bank may designate from time to time, the principal amount of TWO MILLION EIGHT HUNDRED SEVENTY-SEVEN THOUSAND SEVEN HUNDRED
SEVENTY-SEVEN AND 92/100 Dollars ($2,877,777.92), together with interest thereon,
as described in this Renewal Interest Bearing Installment Note (Real Estate) (the “Note”). This Note represents
a renewal, amendment and restatement of that certain Interest Bearing Installment Note (Real Estate) dated April 30, 2010 issued
by Borrower to Bank in the original principal amount of Three Million Five Hundred Thousand and No/100 Dollars ($3,500,000.00)
of which Two Million Eight Hundred Seventy-Seven Thousand Seven Hundred Seventy-Seven and 92/100 Dollars
($2,877,777.92) remains outstanding as of the date hereof and does not, and is not intended to, constitute a novation of
the indebtedness evidenced by such note.

 

2.Maturity
Date.

 

The entire principal
amount of this Note together with all accrued, unpaid interest shall be payable in full on January 31, 2018 (the “Maturity
Date”).

 

3.Loan
Agreement; Loan Documents.

 

This Note is delivered
pursuant and subject to the terms of that certain Loan Agreement dated April 30, 2010 as amended by that certain (i) First Amendment
to Loan Agreement dated January 6, 2011; (ii) Joint Amendment to Loan Agreement and Revolving Line of Credit Note dated April 29,
2011; (iii) Joint Amendment to Loan Agreement and Revolving Line of Credit Note dated June 27, 2011; (iv) Second Amendment to Loan
Agreement dated September 26, 2011; and (v) Third Amendment to Loan Agreement dated as of even date hereof (as may be further amended,
restated, modified or supplemented and in effect from time to time, the “Loan Agreement”), and payment and performance
under this Note is secured by, among other things, the Security Agreement, Mortgage, Collateral Assignment, Negative Pledge, Guaranty,
and Guarantor Security Agreement executed and delivered pursuant to the Loan Agreement. Capitalized terms not otherwise defined
herein shall have the meanings assigned to such terms in the Loan Agreement.

 

THIS RENEWAL
INTEREST BEARING INSTALLMENT NOTE (REAL ESTATE) RENEWS, AMENDS, RESTATES AND REPLACES THAT CERTAIN INTEREST BEARING INSTALLMENT
NOTE (REAL ESTATE) DATED APRIL 30, 2010 ISSUED BY BORROWER TO BANK IN THE ORIGINAL PRINCIPAL AMOUNT OF THREE MILLION FIVE HUNDRED
THOUSAND AND NO/100 DOLLARS ($3,500,000.00)
(THE “PRIOR NOTE”). THE PROPER FLORIDA DOCUMENTARY STAMP TAX AND INTANGIBLE TAX HAVE BEEN PAID ON THE PRIOR
NOTE, AND EVIDENCE OF SUCH PAYMENT WITH RESPECT TO THE PRIOR NOTE APPEARS ON THAT
CERTAIN MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS DATED APRIL 30, 2010, recorded
in the Official Records of Pinellas County, Florida at O.R. Book 16909 Pages 2344-2362.

 

    	1

    	 

    
 

4.Interest
Prior to Default.

 

Prior to an Event of
Default, commencing on the date of this Note and continuing through and including the Maturity Date, interest shall accrue on the
outstanding principal balance of this Note at the rate specified in the Loan Agreement.

 

5.Default
Rate of Interest.

 

From and after the
Maturity Date or upon the occurrence and during the continuance of an Event of Default, interest shall accrue on the balance of
principal remaining unpaid during any such period at the default rate specified in the Loan Agreement.

 

6.Payment
Terms.

 

Payments of principal
and interest due under this Note, if not sooner declared to be due in accordance with the provisions of this Note, shall be due
and payable as follows:

 

6.1Payment
of Interest. Commencing on February 1, 2013, and continuing on the same day of each and every calendar month thereafter through
and including the month in which the Maturity Date occurs, payments of accrued and unpaid interest on the principal balance of
this Note outstanding from time to time shall be due and payable in full.

 

6.2Payment
of Principal. Borrower shall repay principal in equal installments of $19,444.44 commencing on February 1, 2013, and continuing
on the same day of each and every calendar month thereafter until the Maturity Date. On the Maturity Date, Borrower shall repay
the remaining unpaid principal balance of this Note, together with all accrued and unpaid interest payable thereon, and any other
amounts due and payable by Borrower under this Note or under any of the other Loan Documents.

 

7.Late
Payment Charge.

 

If any payment of interest
or principal due under this Note prior to the Maturity Date is not made within fifteen (15) days after such payment is due in accordance
with this Note, then, in addition to the payment of the amount due, Borrower shall pay to the Bank a “late charge”
in an amount equal to five percent (5%) of the amount so overdue to defray part of the cost to the Bank of collection and handling
such late payment. The imposition or collection of any late charge pursuant to this section does not constitute and shall not be
deemed to constitute a waiver by the Bank of any of its rights and remedies under this Note or any of the other Loan Documents.

 

8.Maximum
Amount of Interest.

 

Nothing herein, nor
any transaction related hereto, shall be construed to operate so as to require Borrower to pay interest at a greater rate than
shall be lawful. Should any interest or other charges paid by Borrower in connection with the loan evidenced by this Note result
in computation or earning of interest in excess of the maximum contract rate of interest which is legally permitted under applicable
Florida law or federal preemption statute, then any and all such excess is hereby waived by the Bank and shall be automatically
credited against and in reduction of the balance due hereunder, and any portion which exceeds such balance shall be paid by the
Bank to Borrower. Anything contained herein to the contrary notwithstanding, if for any reason the effective rate of interest on
this Note should exceed the maximum lawful rate, the effective rate shall be deemed reduced to and shall be such maximum lawful
rate. To the extent permitted by the law, all sums paid or agreed to be paid to the Bank for the use, forbearance or detention
of the indebtedness evidenced by this Note shall be amortized, prorated, allocated and spread throughout the full term of this
Note. When determining the maximum legal contract rate of interest allowed to be contracted for by applicable law as changed from
time to time, unless otherwise prescribed by law, interest shall be calculated on the basis of a three hundred sixty-five (365)
or three hundred sixty-six (366) day year, as the case may be, as compared to the payment rate which is computed on a three hundred
sixty (360) day year for actual days elapsed.

    	2

    	 

    
 

 

9.Prepayment.

 

This Note may be prepaid
in whole or in part at any time without penalty.

 

10.Rate
Management Agreement.

 

Borrower and the Bank
may enter into a Rate Management Agreement, which accomplishes an interest rate swap for the interest payments due under this Note;
however, Borrower hereby acknowledges that at all times Borrower is obligated to perform all covenants in this Note, the Loan Agreement
and all other Loan Documents, irrespective of the terms of the Rate Management Agreement. Borrower hereby acknowledges that the
Rate Management Agreement does not alter Borrower’s obligations pursuant to this Note.

 

11.Event
of Default; Remedies.

 

The Bank has the right
to declare the total unpaid principal balance and all accrued but unpaid interest payable under this Note to be immediately due
and payable upon the occurrence of an Event of Default under the Loan Agreement.

 

 

Exercise of this right
shall be without notice to Borrower, notice of such exercise being hereby expressly waived. In addition to the right to declare
the total unpaid principal balance and all accrued but unpaid interest payable under this Note to be due and payable in full in
advance of the Maturity Date, upon the occurrence of an Event of Default, the Bank has and may exercise all other rights and remedies
available by law, statute, agreement or in equity.

 

12.Cumulative
Remedies.

 

The remedies of the
Bank under this Note are cumulative and concurrent and may be pursued singularly, successively or together, at the sole discretion
of the Bank, and may be exercised as often as occasion therefor may arise. No act of omission or commission of the Bank, including
specifically any failure to exercise any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such
waiver or release to be effected only through a written instrument executed by the Bank, and then only to the extent specifically
recited therein. A waiver or release with reference to any one event shall not be construed as continuing, as a bar to, or as a
waiver or release of, any subsequent right, remedy or recourse as to any subsequent event.

 

13.Attorney’s
Fees.

 

Should it become necessary
to collect this Note through an attorney, Borrower shall pay all costs incurred by or accruing to the Bank in making such collection,
including a reasonable attorney’s fee. Reasonable attorney’s fees shall include, without limitation, all fees incurred
in all matters of collection and enforcement, construction and interpretation, before, during and after trial proceedings and appeals,
as well as appearances in, and connected with, any bankruptcy proceeding or creditors’ reorganization or similar proceeding.

 

    	3

    	 

    

14.Waivers.

 

Borrower, and all natural
persons, entities, and other persons now or at any time liable, whether primarily or secondarily, for the payment of the indebtedness
evidenced by this Note, without in any way modifying, altering, releasing, affecting or limiting their respective liability or
the lien of any security instrument, for themselves, their respective heirs, legal, and personal representatives, successors and
assigns, jointly and severally: (a) waive presentment, demand for payment, notice of dishonor, protest, notice of nonpayment or
protest, and diligence in collection; (b) except as expressly provided in the Loan Documents, waive any and all notices in connection
with the delivery and acceptance of this Note, and all notices in connection with the performance, default, or enforcement of the
payment of this Note; (c) waive any and all lack of diligence and delays in the enforcement of this Note; (d) agree that the liability
of Borrower, each guarantor, endorser or obligor shall be unconditional and without regard to the liability of any other person
or entity for the payment of this Note, and shall not in any manner be affected by any indulgence or forbearance granted or consented
to by Bank to any of them with respect to this Note; (e) consent to any and all extensions of time, renewals, waivers, or modifications
that may be granted by Bank with respect to the payment or other provisions of this Note, and to the release of any security at
any time given for the payment of this Note, or any part of this Note, with or without substitution, and to the release of any
person or entity liable for the payment of this Note; (f) consent to the addition of any and all other makers, endorsers, guarantors
and other obligors for the payment of this Note, and to the acceptance of any and all other security for the payment of this Note,
and agree that the addition of any such makers, endorsers, guarantors or other obligors, or security shall not affect the liability
of Borrower, any guarantor, or any other person now or at any time liable for all or any part of the obligations evidenced by this
Note, and (g) agree that Bank, in order to enforce payment of this Note, shall not be required first to institute any suit or to
exhaust any of its remedies against Borrower or any other person to become liable hereunder.

 

15.Other
Provisions.

 

15.1Set-Off.
Bank has the right to set off any indebtedness or obligations of Borrower to the Bank under this Note in accordance with the terms
of the Loan Agreement.

 

15.2Banking
Days. If any payment of principal or interest is due or the Maturity Date falls on a Saturday, Sunday or on any other day on
which banks in Tampa, Florida are not open for business, such payment shall be made on the immediately preceding business day.

 

15.3Payment
Application. All payments received by the Bank under this Note shall be applied first to unpaid interest and other charges
payable by Borrower, and second to the principal balance hereof.

 

15.4Successors
and Assigns. This Note shall bind Borrower and its successors and assigns, and the benefits of this Note shall inure to the
benefit of the Bank and its successors and assigns, including any holder of this Note. All references in this Note to Borrower
or the Bank include their respective successors and assigns.

 

15.5Severability.
In the event any provision of this Note is prohibited or invalid under applicable law, that provision shall be ineffective to the
extent of such prohibition or invalidity without invalidating the remainder of this Note.

 

16.Documentary
Excise Tax.

    	4

    	 

    

 

Documentary excise
taxes payable on this Note shall be paid by Borrower in accordance with the requirements of law.

 

17.Submission
to Jurisdiction; Venue.

 

The validity, construction,
enforcement and interpretation of this Note shall be governed by the substantive laws of the State of Florida, without application
of its conflicts of law principles, and the United States of America. Any action, suit or proceeding arising out of this Note shall
be brought in the Thirteenth Judicial Circuit in and for Hillsborough County, Florida, or in the United States District Court for
the Middle District of Florida, Tampa Division, and the Bank and Borrower irrevocably consent to and submit to the jurisdiction
of those courts, and irrevocably waive any objection which the Bank and Borrower, respectively, now or hereafter may have to the
institution of any such suit, action, or proceeding in those courts, and further irrevocably waive any defense or claim that such
suit, action or proceeding in any such court has been brought in an inconvenient forum or improper venue.

 

18.Waiver
of Jury Trial.

 

Borrower
and THE Bank, knowingly, voluntarily and intentionally waive the right either may have to a trial by jury in respect of any litigation
based on this Note, or arising out of, under, or in connection with this Note, or any agreement contemplated to be executed in
conjunction with this note, or any course of conduct, course of dealing, statements (whether verbal or written), or actions of
either Borrower or Bank. This provision is a material inducement for Bank's and Borrower’s entering into the Loan evidenced
by this Note. This provision is binding upon and also applies to any holder of the Note.

 

 

 

[SIGNATURES
ON THE FOLLOWING PAGE]

    	5

    	 

    
 

IN WITNESS WHEREOF,
the undersigned has caused this Renewal Interest Bearing Installment Note (Real Estate) to be duly executed and delivered as of
the day and year first above written.

 

	 	
        AEROSONIC CORPORATION

         

         

        By: ______________________________

        Its: ______________________________

        Name: ___________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to $2,877,777.92 RENEWAL INTEREST BEARING INSTALLMENT Note (REAL ESTATE)]

 

 

 

 

 

 

THIS RENEWAL
INTEREST BEARING INSTALLMENT NOTE (REAL ESTATE) RENEWS, AMENDS, RESTATES AND REPLACES THAT CERTAIN INTEREST BEARING INSTALLMENT
NOTE (REAL ESTATE) DATED APRIL 30, 2010 ISSUED BY BORROWER TO BANK IN THE ORIGINAL PRINCIPAL AMOUNT OF THREE MILLION FIVE HUNDRED
THOUSAND AND NO/100 DOLLARS ($3,500,000.00)
(THE “PRIOR NOTE”). THE PROPER FLORIDA DOCUMENTARY STAMP TAX AND INTANGIBLE TAX HAVE BEEN PAID ON THE PRIOR
NOTE, AND EVIDENCE OF SUCH PAYMENT WITH RESPECT TO THE PRIOR NOTE APPEARS ON THAT
CERTAIN MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS DATED APRIL 30, 2010, recorded
in the Official Records of Pinellas County, Florida at O.R. Book 16909 Pages 2344-2362.

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