EXHIBIT 10.3
WAREHOUSING NOTE
$15,000,000 April 19, 2006
Minneapolis, Minnesota
FOR VALUE RECEIVED, EBANK MORTGAGE, LLC (the "Borrower") hereby promises to
pay to the order of U.S. BANK NATIONAL ASSOCIATION (the "Bank"), at its main
office at 000 Xxxxxxxx Xxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000, on or the before the
Maturity Date (determined under the Credit Agreement, as defined below), the
principal sum of FIFTEEN MILLION DOLLARS ($15,000,000) or the aggregate unpaid
principal amount of all Advances made by the Bank hereunder pursuant to the
Warehousing Credit Agreement, dated as of April 17, 2006, between the
undersigned and the Bank (as the same may be amended, modified or restated from
time to time, the "Credit Agreement"), whichever is less, and to pay interest
from the date hereof on the unpaid balance thereof at such times and at such
rates as set forth in the Credit Agreement, the terms of which are incorporated
herein by reference.
This Note is the Warehousing Note referred to in the Credit Agreement. This
Note is subject to mandatory prepayment requirements as described in the Credit
Agreement and the Bank and its maturity is subject to acceleration in each case
upon the terms provided in the Credit Agreement. This Note is secured by certain
Collateral referred to in the Credit Agreement. Principal and accrued interest
shall be payable on the Maturity Date. Each capitalized term used herein shall
have the meaning ascribed to such term in the Credit Agreement.
Demand and presentment for payment, notice of nonpayment, protest and
notice of protest are hereby waived. In the event of default in the payment
hereof, the undersigned agree that the holder hereof may, without notice, offset
or charge this Note against any bank account or other account maintained by the
undersigned with the holder and the undersigned further agree to pay all costs
of collection hereof including, but not limited to, reasonably attorney's fees,
whether or not suit is commenced.
This Note shall be governed by and construed in accordance with the laws of
the State of Minnesota, without giving effect to conflict of law principles
thereof, but giving effect to federal laws applicable to national banks and is
subject to the provisions regarding jursidiction and venue, and waiver of rights
to jury trial, set forth in the Credit Agreement
EBANK MORTGAGE, LLC
By /s/ Xxxxxx X. Xxxxxxxx
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Title: President
