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REPLACEMENT REVOLVING LOAN

Revolving Credit Agreement

REPLACEMENT REVOLVING LOAN | Document Parties: COMMUNITY SHORES BANK CORP | LASALLE BANK NATIONAL ASSOCIATION You are currently viewing:
This Revolving Credit Agreement involves

COMMUNITY SHORES BANK CORP | LASALLE BANK NATIONAL ASSOCIATION

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Title: REPLACEMENT REVOLVING LOAN
Date: 12/16/2005
Industry: Regional Banks     Sector: Financial

REPLACEMENT REVOLVING LOAN, Parties: community shores bank corp , lasalle bank national association
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                                                                    Exhibit 10.1

 

                           REPLACEMENT REVOLVING NOTE

 

$5,000,000                                             Dated as of August 1, 2005

                                                              Due: August 1, 2006

 

     FOR VALUE RECEIVED, COMMUNITY SHORES BANK CORPORATION, a Michigan

corporation (the "Maker"), promises to pay to the order of LASALLE BANK NATIONAL

ASSOCIATION (the "Bank") the lesser of the principal sum of Five Million Dollars

($5,000,000) or the aggregate unpaid principal amount outstanding under the

Agreement (as hereinafter defined) made available by the Bank to the Maker at

the maturity or maturities and in the amount or amounts as stated on the records

of the Bank together with interest (computed on actual days elapsed on the basis

of a 360 day year) on any and all principal amounts outstanding hereunder from

time to time from the date hereof until maturity. Interest shall be payable at

the rate of interest and the times set forth in the Revolving Loan Agreement

dated as of July 23, 2004 between Maker and the Bank, as amended from time to

time (the "Agreement"). In no event shall any


 
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