EX-10.53 54 v372588_ex10-53.htm EXHIBIT 10.53

 

Exhibit 10.53

 

Colson Services Corp. - CDC Online Page 1 of 3

 

U.S. Small Business Administration
NOTE (CDC/504 Loans)
 

 

SBA Loan Number   4359085009
SBA Loan Name   SUPERIOR AUTO BODY AND PAINT,
Date   May 25, 2012
Loan Amount   $1,159,000.00
Borrower   MEIER PROPERTIES, SERIES LLC
Operating Company   SUPERIOR AUTO BODY AND PAINT,
CDC   08-067 MOUNTAIN WEST SMALL BUSINESS FINANCE

 

Funding Date   July 11, 2012     * Interest Rate   2.42197%
First Payment Due   August 01, 2012     * P&I Amount   $6,093.51
Note Maturity Date   July 01, 2032     * Monthly Payment   $7,517.15
          (* blank at signing)    

 

1. PROMISE TO PAY

 

In return for the Loan, Borrower promises to pay to the order of CDC the amount of $1,159,000.00 One Million One Hundred Fifty Nine Thousand and No/100 Dollars, interest on the unpaid principal balance, the fees specified in the Servicing Agent Agreement, and all other amounts required by this Note.

 

2. DEFINITIONS

 

Collateral” means any property taken as security for payment of this Note or any guarantee of this Note.

Debenture” means the debenture issued by CDC to fund the Loan.

Guarantor” means each person or entity that signs a guarantee of payment of this Note.

Loan” means the loan evidenced by this Note.

Loan Documents” means the documents related to this loan signed by Borrower, Guarantor, or anyone who pledges collateral.

SBA” means the Small Business Adminstration, an Agency of the United States of America.

Servicing Agent Agreement” means the agreement between the Borrower and the CDC that, among other things, appoints a servicing agent (“Servicing Agent”) for this Note.

 

SBA Form (1505) Conformed Copy CDC Number:08-067 Loan Number:4359085009

 

 
 

 

Colson Services Corp. - CDC Online Page 2 of 3

 

3. DEBENTURE & NOTE TERMS

 

Date of SBA Approval: 11/09/2010

 

    (A) Debenture   (B) Note(or Lease)
A. Principal Amount *   $1,159,000.00   $1,159,000.00
B. Date   07/11/2012   05/25/2012
C. Interest Rate   2.38000%   2.42197% **
D. Maturity Date *   07/01/2032   07/01/2032
E. Payment Amount   $36,561.05   $7,517.15 ***
F. Payment Dates   Semi-Annual January and July   The first of each month beginning August 01, 2012

 

*Item in Column A must be identical to item in Column B.
**The Note Rate is the interest rate charged on the Debenture, adjusted to reflect monthly amortization.
***Servicing fees are added to monthly principal and interest payments to arrive at Borrower’s total monthly payment.

 

4. PAYMENT

 

A. Borrower agrees to:

 

(1) Make timely monthly payments to CSA by Automatic Clearing House (ACH) or Federal Fund wire transfer if ACH is not available, or as approved by CSA in writing.

 

(2) Pay all fees and closing costs owed by Borrower as described in this Agreement.

 

B. If the Borrower fails to make timely payments, the CDC agrees to collect and send the delinquent payments it collects from the Borrower to the CSA.

 

5. UNDERWRITERS’ FEE

 

The offering of the Certificates to Investors through one or more Underwriters has been arranged.

 

The Underwriters’ fee for this service is Four - Tenths of one percent (0.40000%) of the total Debenture proceeds stated in Section 6.

 

(For calculation of Underwriters’ fee, see section B.l of the 504 Authorization.)

 

SBA Form (1506) Conformed Copy CDC Number:08-067 Loan Number:4359085009

 

 
 

 

Colson Services Corp. - CDC Online Page 3 of 3

 

6. DISBURSEMENT AUTHORIZATION

 

(Complete all information: enter “N/A” if not applicable) 

Dollar Amount

Please round to the nearest dollar

 
Total Debenture Amount  $1,159,000.00 
A. The Underwriters’ fee withheld prior to CSA receipt of funds  $4,636.00 
B. Amount received by CSA  $1,154,364.00 
C. The CSA will disburse the following:

(1) Net Debenture Proceeds

(by wire transfer)

  $1,142,456.00 

(2) Fees and Closing Costs

(Sum of (A) through (D) below)

  $11,041.34 

(A) SBA Guaranty Fee

(0.005 times Net Debenture Proceeds)

  $0.00 

(B) Funding Fee

(0.0025 times Net Debenture Proceeds)

  $2,856.14 

(C) CDC Processing Fee

(0.015 times net debenture proceeds)

  $0.00 
(D) CDC Closing Costs and Fees  $8,185.20 
(3) Balance, if any, to the Borrower  $866.66 

(4) Total CSA Disbursement

(Sum of (1), (2) and (3))

  $1,154,364.00 

 

7. WIRE TRANSFER INSTRUCTIONS

 

A. Recipient Bank For Wire Of Net Debenture Proceeds

 

Name of
Recipient Bank
  MOUNTAIN AMERICAN
FEDERAL CREI
  City and
State
  WEST JORDAN, UT
             
Account Name   MEIER MANAGEMENT COMPANY, LLC   Account Number   802600-5000.0000 SUP
             
Routing Symbol & Transaction Code   32407955   Attention of:   SBA DEPT.
(must be 9 digits )            

 

B. Correspondent Bank (Complete the following only if recipient bank is not a Fed wire member)

 

Correspondent Bank City and
Name State
   
Account Name Account Number
   
Routing Symbol &  

Transaction Code

( must be 9 digits )

Attention

of:

 

SBA Form (1506) Conformed Copy CDC Number:08-067 Loan Number:4359085009

 

 
 

 

U.S GOVERNMENT GUARANTEED

 

2.3800% DEVELOPMENT COMPANY PARTICIPATION CERTIFICATES

SERIES 2012-20G

 

DEBENTURE PREPAYMENT PREMIUM SCHEDULE

 

SMALL BUSINESS CONCERN: SUPERIOR AUTO BODY AND PAINT, LLC

 

ISSUER: MOUNTAIN WEST SMALL BUSINESS FINANCE

 

DEBENTURE NUMBER:   2012-20G/08-067-000107418
SBA LOAN NUMBER:   4359085009
DEBENTURE PRINCIPAL:   $ 1159000.00

 

PAYMENT  PREMIUM AMOUNT   PREPAYMENT 
DATE  *SEE NOTE (1)   RATE (%) 
JAN. 1, 2013   27024.06    2.38000 
JUL. 1, 2013   26475.50    2.38000 
           
JAN. 1, 2014   23328.36    2.14200 
JUL. 1, 2014   22822.83    2.14200 
           
JAN. 1, 2015   19832.25    1.90400 
JUL. 1, 2015   19372.13    1.90400 
           
JAN. 1, 2016   16543.22    1.66600 
JUL. 1, 2016   16130.98    1.66600 
           
JAN. 1, 2017   13469.00    1.42800 
JUL. 1, 2017   13107.19    1.42800 
           
JAN. 1, 2018   10617.56    1.19000 
JUL. 1, 2018   10308.83    1.19000 
           
JAN. 1, 2019   7997.14    0.95200 
JUL. 1, 2019   7744.25    0.95200 
           
JAN. 1, 2020   5616.26    0.71400 
JUL. 1, 2020   5422.05    0.71400 
           
JAN. 1, 2021   3483.68    0.47600 
JUL. 1, 2021   3351.11    0.47600 
           
JAN. 1, 2022   1608.48    0.23800 
JUL. 1, 2022   1540.60    0.23800 

 

*NOTE (1) PREMIUM AMOUNT IS BASED ON DEBENTURE BALANCE.

NO PREPAYMENT PREMIUM AFTER THE TENTH YEAR.