BUSINESS NOTE
(Use only for business purpose loans)
GENROCO, INC. OCTOBER 07, 1999 $110,000.00
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(MAKER) (DATE)
1.PROMISE TO PAY AND PAYMENT SCHEDULE. The undersigned ("Maker," whether one or
more) promises to pay to the order of M&I BANK OF MENOMONEE FALLS ("Lender")
at N82 ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, the sum of
$110,000.00
[CHECK (A), (B), (C) OR (D); ONLY ONE SHALL APPLY.]
(a) --- SINGLE PAYMENT. In one payment on N/A, PLUS interest payable as set
forth below unless interest is shown on line 4 below.
(b) -X- INSTALLMENTS OF PRINCIPAL AND INTEREST. In 57 equal payments of
$2,290.08 due on January 07, 2000, and on -X- the same day(s) of each
CONSECUTIVE month thereafter --- every 7th day thereafter --- every 14th day
thereafter, PLUS a final payment of the unpaid balance and accrued interest due
on October 07, 2004, all subject to modification as set forth in 2(b) below, if
applicable. All payments include principal and interest.
(c) --- INSTALLMENTS OF PRINCIPAL. In N/A equal payments of principal of $ N/A
due on N/A, and on --- the same day(s) of each N/A month thereafter --- every
7th day thereafter --- every 14th day thereafter, PLUS a final payment of the
unpaid principal due on N/A, PLUS interest payable as set forth below.
(d) --- OTHER. N/A
2.INTEREST CALCULATION. If the amount of interest is now shown on line 4 below,
this Note bears interest on the unpaid principal balance before maturity:
[CHECK (A) OR (B) OR COMPLETE LINE 4 BELOW; ONLY ONE SHALL APPLY.]
(a) -X- FIXED RATE. At the rate of 8.400% per year.
(b) --- VARIABLE RATE. At the annual rate which is equal to the following
Index Rate, --- plus --- minus N/A percentage points ("Note Rate"), and the Note
Rate shall be adjusted as provided below. The Index Rate is:
--- The prime rate --- The reference rate --- The base rate adopted by ---
Lender --- N/A from time to time as its base or reference rate for interest rate
determinations. The Index Rate may or may not be the lowest rate charged by
▇▇▇▇▇▇. --- N/A
The initial Note Rate is N/A%. An adjustment in the Note Rate will result in an
increase or decrease in (1) --- the amount of each payment of interest, (2) ---
the amount of the final payment, (4) --- the number of scheduled periodic
payments sufficient to repay this Note in substantially equal payments, (4) ---
The amount of each remaining payment of principal and interest so that those
remaining payments will be substantially equal and sufficient to repay this
Note by its scheduled maturity date, (5) --- the amount of each remaining
payment of principal and interest (other than the final payment) so that those
remaining payments will be substantially equal and sufficient to repay this Note
by its scheduled maturity date based on the original amortization schedule used
by Lender, plus the final payment of principal and interest, or (6) --- N/A. In
addition, Lender is authorized to change the amount of periodic payments if and
to the extent necessary to pay in full all accrued interest owing on this Note.
The Maker agrees to pay any resulting payments or amounts. The Note Rate shall
be adjusted only on the following change dates: --- the first day of each month
--- each scheduled payment date --- as and when the Index Rate changes --- N/A.
Interest is computed for the actual number of days principal is unpaid on the
basis of -X- a 360 day year --- a 365 day year.
3. INTEREST PAYMENT. Interest is payable on November 7, 1999, and on --- the
same day of each CONSECUTIVE month thereafter, --- every 7th day thereafter, ---
every 14th day thereafter, and at maturity, or, if box 1(b) is checked, at the
times so indicated.
4. OTHER CHARGES. If any payment (other than the final payment) is not made on
or before the 10th day after its due date, Lender may collect a delinquency
charge of 5% of the unpaid amount. Unpaid principal and interest bear interest
after maturity until paid (whether by acceleration or lapse of time) at the rate
-X- which would otherwise be applicable plus 3 percentage points --- of N/A% per
year, computed on the basis of -X- a 360 day year --- a 365 day year. ▇▇▇▇▇
agrees to pay a charge of $15.00 for each check presented for payment under this
Note which is returned unsatisfied.
5. PREPAYMENT. Full or partial prepayment of this Note -X- is permitted at any
time without penalty ---* N/A.
6. DEFAULT AND ENFORCEMENT. If any installment is not paid when due under this
Note, if a default occurs under any other obligation of any Maker to Lender or
if Lender deems itself insecure, the unpaid balance shall, at the option of
Lender, without notice, mature and become immediately payable The unpaid balance
shall automatically mature and become immediately payable in the event any
Maker, surety, indorser or guarantor becomes the subject of bankruptcy or other
insolvency proceedings. ▇▇▇▇▇▇'s receipt of any payment on this Note after the
occurrence of an event of default shall not constitute a waiver of the default
or the Lender's rights and remedies upon such default. To the extent not
prohibited by law, Maker consents that venue for any legal proceeding relating
to collection of this Note shall be, at Lender's option, the county in which
Lender has its principal office in this state, the county in which any Maker
resides or the county in which this Note was executed.
7. SECURITY. This Note is secured by all existing and future security agreements
and mortgages between Lender and Maker, between Lender and any indorser or
guarantor of this Note, and between Lender and any other person providing
collateral security for Maker's obligations, and payment may be accelerated
according to any of them. Unless a lien would be prohibited by law or would
render a nontaxable account taxable, Maker grants to Lender a security interest
and lien in any deposit account Maker may at any time have with Lender. Lender
may, at any time after an occurrence of an event of default, without notice or
demand, set-off against any deposit balances or other money now or hereafter
owed any Maker by Lender any amount unpaid under this Note.
8. RIGHTS OF LENDER. Without affecting the liability of any Maker, indorser,
surety, or guarantor, Lender may, without notice, accept partial payments,
release or impair any collateral security for the payment of this Note or agree
not to sue any party liable on it. Lender may apply prepayments, if permitted,
to such future installments as it elects. Lender may without notice to Maker
apply payments made by or for Maker to any obligations of Maker to Lender.
Without affecting the liability of any indorser, surety or guarantor, Lender may
from time to time, without notice, renew or extend the time for payment.
9. OBLIGATIONS AND AGREEMENTS OF MAKER. The obligations under this Note of all
Makers are joint and several. All Makers, indorsers, sureties, and guarantors
agree to pay all costs of collection before and after judgment, including
reasonable attorneys' fees (including those incurred in successful defense or
settlement of any counterclaim brought by Maker or incident to any action or
proceeding involving Maker brought pursuant to the United States Bankruptcy
Code) and waive presentment, protest, demand and notice of dishonor. ▇▇▇▇▇
agrees to indemnify and hold harmless Lender, its directors, officers, employees
and agents, from and against any and all claims, damages, judgments, penalties,
and expenses, including reasonable attorneys' fees, arising directly or
indirectly from credit extended under this Note or the activities of Maker. This
indemnity shall survive payment of this Note. Each Maker acknowledges that
Lender has not made any representations or warranties with respect to, and that
Lender does not assume any responsibility to Maker for, the collectability or
enforceability of this Note or the financial condition of any Maker. Each Maker
has independently determined the collectability and enforceability of this Note.
Maker authorizes ▇▇▇▇▇▇ to disclose financial and other information about Maker
to others.
10. INTERPRETATION. This Note is intended by Maker and Lender as a final
expression of this Note and as a complete and exclusive statement of its terms,
there being no conditions to the enforceability of this Note. This Note may not
be supplemented or modified except in writing.
GENROCO, INC.
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A WISCONSIN CORPORATION
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(Type of Organization)
BY: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇, VP
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▇▇▇▇▇ ▇. ▇▇▇▇, Vice President
BY: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇, President
----------------------------------(SEAL)
▇▇▇▇▇▇▇ ▇. ▇▇▇▇, President
----------------------------------(SEAL)
----------------------------------(SEAL)
255 INFO HWY
SLINGER WI 53086 ▇▇▇-▇▇▇-▇▇▇▇
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(ADDRESS) (PHONE)
* If checked, insert applicable prepayment restrictions and penalties. If
credit life or accident and sickness insurance is requested, a WBA 450 may be
required.
ACCT #: 4970845 NOTE #: 00003
JMW
B ▇▇▇▇▇▇▇▇▇ 00605
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LOAN OFFICER