Exhibit 10.1
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PARK CITY GROUP,
INC.
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BAYLAKE
BANK
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TIN# 37-1454128
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3160 PINEBROOK
RD.
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Loan Number
503928
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PARK CITY, UT
84098
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P.O. BOX
9
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Date
08-01-2009
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STURGEON BAY, Wl
54235-0009
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Maturity Date
08-01-2012
Loan Amount $
2.036.871.11
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BORROWER'S NAME AND
ADDRESS
"I" includes each borrower
above,
jointly and severally.
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LENDER'S NAME AND
ADDRESS
"You" means the lender,
its successors and
assigns.
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Renewal Of
_____________
LENDER/PORT DE/047/
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For value
received, I promise to pay to you, or your order, at your address
listed above the PRINCIPAL sum of TWO MILLION THIRTY SIX
THOUSAND EIGHT HUNDRED SEVENTY ONE AND 11/100 Dollars $
2.036.871.11
o Single Advance : I will receive all of this principal sum
on __________ . No additional advances are
contemplated under this note.
x Multiple Advance : The principal sum
shown above is the maximum amount of principal I can borrow under
this note. On 08-01-2009 I will receive the amount of
$______________ and future principal advances are
contemplated.
Conditions: The conditions for
future advances are CUSTOMER SHALL GIVE LENDER WRITTEN OR VERBAL
NOTICE NO LATER THAN 3:00 P.M. FOR SAME DAY CREDIT OF ANY LOAN
REQUESTED UNDER THIS AGREEMENT. SPECIFYING THE DATE AND AMOUNT OF
THIS LOAN. LENDER WILL MAKE THE LOAN AVAILABLE TO CUSTOMER BY
CHECK.
o
Open End Credit : You and I
agree that I may borrow up to the maximum amount of principal more
than one time. This feature is subject to all other conditions and
expires on _____________.
o
Closed End Credit : You and I
agree that I may borrow up to the maximum only one time (and
subject to all other conditions).
INTEREST : I agree to pay interest on the outstanding
principal balance from 08-01-2009 at the rate of
4.250% per year until 08-01-2012
.
o
Variable Rate : This rate
may then change as stated below.
o Index Rate : The future rate will
be ______________________the following index
rate:_________
_________________________________________________________________________________
_________________________________________________________________________________
o
No Index : The future rate will not be subject to any
internal or external index. It will be entirely in your
control.
o
Frequency and Timing
: The rate on this note may change
as often as_________________.
A change in the interest rate
will take effect _________________.
o
Limitations
: During the term of this loan, the
applicable annual interest rate will not be more than _____% or
less than______________ % The rate may not change more than ____%
each ____.
Effect of Variable
Rate: A change in the
interest rate will have the following effect on the
payments.
o
The amount of each scheduled payment
will change.
o
The amount of the final payment
will change.
o
_______________ ______________.
ACCRUAL
METHOD : Interest will be
calculated on a ACTUAL/360 basis.
POST MATURITY RATE : I agree to pay interest on the unpaid balance
of this note owing after maturity, and until paid in full, as
stated below:
o
on the same fixed or variable rate
basis in effect before maturity (as indicated above).
x at a rate equal to 2.00% HIGHER THAN THE
DISCLOSED NOTE RATE COMPUTED ON THE SAME BASIS AS THE INTEREST RATE
BEFORE MATURITY .
x
LATE CHARGE : If a payment
is made more than ____ days after it is due, I agree to
pay a late charge of 5.000% OF THE LATE AMOUNT
x
RETURNED CHECK CHARGE : I
agree to pay a charge of $ 15.00 for each check
returned unsatisfied because of insufficient funds, no account, or
insufficient credit.
o
ADDITIONAL CHARGES : In
addition to interest, I agree to pay the following charges
which □ are □ are
not included in the principal amount
above:_____________
PAYMENTS : I agree to pay this note as
follows:
MONTHLY PRINCIPAL AND INTEREST PAYMENTS IN THE
AMOUNT OF $60,419.00 BEGINNING SEPTEMBER 1, 2009. FINAL PAYMENT OF
UNPAID PRINCIPAL AND INTEREST DUE AUGUST 1,2012.
PURPOSE : The purpose of this loan is
COMMFRCIAI
ADDITIONAL TERMS : LENDER, DIRECTLY OR THROUGH A THIRD PARTY, MAY
INSPECT AND/OR VALUE ANY AND ALL PROPERTY PLEDGED AS COLLATERAL FOR
THIS NOTE. BORROWER AGREES TO PAY ON DEMAND ANY COSTS OF SUCH
INSPECTION AND/OR VALUATION OR AT THE DISCRETION OF LENDER, SUCH
COSTS MAY BE ADDED TO THE UNPAID PRINCIPAL UNDER THIS
NOTE.
SPOUSAL NOTICES - WISCONSIN
RESIDENTS ONLY
□
Married Borrower. If
checked, the obligation evidenced by this note and any agreement
securing this note is incurred in the interest of my marriage or
family.
X__________________________________
(Seal)
X__________________________________ (Seal)
Non-Signing
Spouse. The undersigned
is married to the borrower signing this note, actually knows of the
credit extended under this note, and waives any notice of this
extension of credit.
X__________________________________
(Seal)
X__________________________________ (Seal)
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□
SECURITY: This note is separately secured by (describe separate
document by type and date):
{This section
is for your internal use. Failure to list a separate security
document does not mean the agreement will not secure this
note.)
/s/
David J.
Englebert
(Seal)
DAVID J.
ENGLEBERT, VP - COMMERCIAL LOANS
__________________________________
(Seal)
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BY SIGNING
UNDER SEAL, I AGREE TO THE TERMS ON PAGE 2). I have received a copy
on today's date PARK CITY GROUP, INC.
/s/ Randall
K. Fields
_________________ (Seal)
RANDALL K
FIELDS, PRESIDENT
__________________________________
(Seal)
__________________________________
(Seal)
__________________________________
(Seal)
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©1984, 1991 Bankers Systems, Inc., St.
Cloud, MN Form UN-WI 3/8/2002
DEFINITIONS: As used on page 1, "0" means the terms that
apply to this loan. "I," "me" or "my" means each Borrower who signs
this note and each other person or legal entity (including
guarantors, endorsers, and sureties) who agrees to pay this note
(together referred to as "us"). "You" or "your" means the Lender
and its successors and assigns.
APPLICABLE
LAW: The law of the state
of Wisconsin will govern this note. Any term of this note which is
contrary to applicable law will not be effective, unless the law
permits you and me to agree to such a variation. If any provision
of this agreement cannot be enforced according to its terms, this
fact will not affect the enforceability of the remainder of this
agreement. No modification of this agreement may be made without
your express written consent. Time is of the essence in this
agreement.
COMMISSIONS
OR OTHER REMUNERATION: I
understand and agree that any insurance premiums paid to insurance
companies as part of this note will involve money retained by you
or paid back to you as commissions or other remuneration.In
addition, I understand and agree that some other payments to third
parties as part of this note may also involve money retained by you
or paid back to you as commissions or
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