Medico Real Estate, LLC
Medico receives $1,000 initial capital contribution from Richard, Scott and Abdul according to the LLC Agreement.
Medico receives additional capital contributions of $12,000 each from Richard, Scott and Abdul as capital call from the Manager of Medico Real Estate, LLC. Thereafter, the capital account balance for each Medico Member will be $13,000.
Medico pays escrow agent $30,000 for purchase of office space and Medico completes purchase of office space.
Allery Services of America, LLC
ASA will loan $12,000 to each of Richard, Scott and Abdul for a total of $36,000
Richard repays the ASA loan by reducing the balance of his loan to ASA by $12,000; Scott and Abdul will repay their respective ASA loans through a promissory note in favor of ASA with terms to repay their respective $12,000 from the proceeds of the first $12,000 of profit distributions made by ASA to Scott and Abdul.
Each ASA Loan is paid off.
Phase I
Phase II
Medico Real Estate, LLC
Each member of Medico Real Estate, LLC will execute a side letter agreement for the payment to Paragon Bank of the balance of the purchase price for the office space.
Side letter terms to repay the principal of the Paragon Bank loan with 20% of any profit distributions from Medico Real Estate, LLC to each individual Member until fully paid.
Paragon Bank Loan is paid off.