Exhibit 7 — Marshall v. Prestamos CDFI, LLC (Dkt. 163-9, E.D. Pa. No. 5:21-cv-04337)

Record facts

U.S. District Court for the Eastern District of Pennsylvania · No. 5:21-cv-04337-JMG · Doc. 163-9 · 2025-05-21 · Docket on CourtListener

Full text

EX. 7 -- THE LOAN DOCUMENT 
CONTRACT BETWEEN PRESTAMOS AND 
PLAINTIFF JOHNSON 
Pla Appx 0085
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DocuSign Envelope ID: CBE21C8A-3751-4B01-8E50-7A63BC
205953.
we
Reed
U.S. Small Business Administration
NOTE
SBA Loan #
1437009005
SBA Loan Name
Paycheck Protection Program
Date
5/18/2021
Loan Amount
$ 20780
Interest Rate
Fixed at 1%
Borrower
.
Alyshia Johnson
Operating Company
Alyshia Johnson
Lender
Prestamos CDF, LLC
1,
PROMISE TO PAY:
In return for the Loan, Borrower promises to pay to the order ofLender the amount of
$ 20780
Dollars,
interest on the unpaid principal balance. and all other amounts required by this Note.
2.
DEFINITIONS:
“Collateral” means any property taken as security for payment ofthis Note or any guarantee ofthis Note.
“Guarantor” means each person or entity that signs a guarantee ofpayment ofthis Note.
“Loan” means the losan evidenced by this Note.
“Loan Documents” means the documents related to this loan signed by Borrower, any Guarantor, or anyone who
pledges collateral.
“SBA” means the Small Business Administration, an Agency ofthe United States ofAmerica.
SBA Form 147 (06/03/02) Version 4.1
Page 1/6
PRESTAMOS-00316597
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DocuSign Envelope ID: CBE21C8A-3751-4B01-8E50-7A63BC
205953.
3.
PAYMENT TERMS:
Borrower must make all payments at the place Lender designates. The payment terms for this Note are:
Initial Deferment Period: No payments are due on this loan beginning on the date offirst disbursement ofthis loan until
the loan forgiveness payment is remitted to the Lender by the SBA. Interest will continue to accrue during the deferment
period.
Loan Forgiveness:
First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered
period following loan disbursement:
oEmployee and compensation levels are maintained
oThe loan proceeds are spent on payroll costs and other eligible expenses; and
oAt least 60 percent oftheproceeds are spent on payroll costs
Second Draw PPP Loans made to eligible borrowers qualify for full loan forgivenessifduring the 8 to 24 week covered
period following loan disbursement:
oEmployce and compensation levels are maintained in the same manner as required for the First Draw PPP loan
oThe loan proceeds are spent on payroll costs and other eligible expenses; and
oAt least 60 percent ofthe proceeds are spent on payroll costs
The amount of loan forgiveness shall be calculated (and may be reduced) in accordance with the requirements ofthe
Paycheck Protection Program, including the provisions of Section 1106 ofthe Coronavirus Aid, Relief, and Economic
Security Act (CARES Act). Not more than 40% of the amount forgiven can be attributable to non-payroll costs.
Maturity: This Note will mature five years from date of first disbursement ofthis loan.
Repayment Terms: The interest rate on this Note is one percent per year. The interest rate is fixed and will not be
changed during the life ofthe loan.
For any amounts that remain owing on this Note after the SBA remits the forgiveness payment, Borrower must pay
principal and interest payments, in such amount as is required to fully amortize the unpaid balanceofthis Note over the
remaining term, beginning one (1) month following the SBA's forgiveness payment. If'a forgiveness application is not
made within ten (10) months ofthe last dayofthe covered period, Borrower must pay principal and interest payments in
such amount as is required to fully amortize the unpaid balance ofthis Note over the remaining term. Payments must be
made on the 1st calendar day in the months they are due.
Lender will apply cach installment payment first to pay interest accrued to the day Lender received the payment, then to
bring principal current, and will apply any remaining balance to reduce principal.
Loan Prepayment: Notwithstanding any provision in this Note to the contrary:
Borrower may prepay this Note at any time without penalty. Borrower may prepay 20 percent or less of the unpaid
principal balance at any time without notice. If Borrower prepays more than 20 percent and the Loan has been sold on the
secondary market, Borrower must: a. Give Lender written notice; b. Pay all accrued interest; and c. If the prepayment is
received less than 21 days from the date Lender received the notice, pay an amount equal to 21 days interest from the date
lender received the notice, less any interest accrued during the 21 days and paid under b. ofthis paragraph. IfBorrower
does not prepay within 30 days from the date Lender received the notice, Borrower must give Lender a new notice.
Non-Recourse: Lender and SBA shall have no recourse against any individual shareholder, member or partner of
Borrower for non-payment ofthe loan, except to the extent that such shareholder, memberor partner uses the loan
proceeds for an unauthorized purpose.
SBA Form 147 (06/03/02) Version 4.1
Page 2/6
PRESTAMOS-00316598
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DocuSign Envelope ID: CBE21C8A-3751-4B01-8E50-7A63BC
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4.
DEFAULT:
Borrower is in default under this Note if Borrower does not make a payment when due under this Note, orifBorrower
or Operating Company:
=mOO
w >
Aare
Fails to do anything required by this Note and other Loan Documents:
Defaults on any other loan with Lender;
Does not preserve, or account to Lender’s satisfaction for, any ofthe Collateral orits proceeds;
Does not disclose, or anyone acting on their behalfdoes not disclose, any material fact to Lender or SBA:
Makes, or anyone acting on their behalf makes, a materially false or misleading representation to Lender or SBA;
Defaults on any loan or agreement with another creditor, ifLender believes the default may materially affect
Borrower’s ability to pay this Note;
Fails to pay any taxes when due;
Becomes the subject ofa proceeding under any bankruptcy or insolvency law;
Has a receiver or liquidator appointed for any part oftheir business or property;
Makes an assignment for the benefit of creditors;
Has any adverse change in financial condition or business operation that Lender believes maymaterially affect
Borrower’s ability to pay this Note;
Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior
written consent; or
Becomes the subject ofa civil or criminal action that Lender believes may materially affect Borrower's ability to
pay this Note.
5.
LENDER’S RIGHTS IF THERE IS A DEFAULT:
Without notice or demand and without giving up any of its rights, Lender may:
A.
B.
Cc.
D.
E,
Require immediate payment of all amounts owing under this Note;
Collect all amounts owing from any Borrower or Guarantor;
File suit and obtain judgment:
Take possession of any Collateral; or
Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without advertisement.
6.
LENDER’S GENERAL POWERS:
Without notice and without Borrower’s consent, Lender may:
A.
Bid on orbuy the Collateral at its sale or the sale of another lienholder, at any price it chooses;
B. _ Incur expenses to collect amounts due under this Note, enforce the terms ofthis Note or any other Loan
Document, and preserve or dispose ofthe Collateral. Among other things, the expenses may include payments
for property taxes, prior liens,i
appraisals,
di
costs, and
attorney's
fees and costs. If Lender incurs such expenses, it may demand immediate repayment from Borrower or add the
expenses to the principal balance;
C.
Release anyone obligated to pay this Note:
D.
Compromise, release, renew, extend or substitute any of the Collateral, and
E.
Take any action necessary to protect the Collateral or collect amounts owing on this Note.
SBA Form 147 (06/03/02) Version 4.1
Page 3/6
PRESTAMOS-00316599
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DocuSign Envelope ID: CBE21C8A-3751-4B01-8E50-7A63BC
205953.
7.
WHEN FEDERAL LAW APPLIES:
When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations.
Lender orSBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing
liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local
control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law
to deny any obligation,
defeat any claim ofSBA, or preempt federal law.
8.
SUCCESSORS AND ASSIGNS:
Under this Note, Borrower and Operating Company include the successors of cach, and Lender includes its successors
and assigns.
9.
GENERAL PROVISIONS:
A.
All individuals and entities signing this Note are jointly and severally liable.
B.
Borrower waives all suretyship defenses.
C.
Borrower must sign all documents necessary at any time to comply with the Loan Documents and to enable
Lender to acquire, perfect, or maintain Lender’s liens on Collateral.
D.
Lender may exercise any ofits rights separately or together, as many times and in any order it chooses.
Lender
may delay or forgo enforcing any of its rights without giving up any of them.
E.
Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.
F.
 Ifany part ofthis Note is unenforceable, all other parts remain in effect.
G.
To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including
presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim
that Lender did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired
Collateral; or did not obtain the fair market value ofCollateral at a sale.
SBA Form 147 (06/03/02) Version 4.1
Page 4/6
PRESTAMOS-00316600
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DocuSign Envelope ID: CBE21C8A-3751-4B01-8E50-7A63BC
205953.
10.
STATE-SPECIFIC PROVISIONS:
Neone
Unless otherwise prohibited by law, the following additional provisions will apply:
Release ofLender. In consideration of the agreement of the Lender to provide this Note, and other good and
valuable consideration, which consideration is agreed by Borrower to be good and sufficient, Borrower RELEASES,
ACQUITS AND FOREVER DISCHARGES the Lender, its directors, officers, shareholders, agents, contractors,
employees, affiliates, attorneys, successors and assigns from any and all claims, demands, liens, damages, actions
or suits, of whatsoever nature or character, whether statutory (including without limitation usury and deceptive trade
practices claims), in contract or in tort, known or unknown, which have accrued or may accrue to Borrower or any
creditor or affiliate of Borrower on account of any injuries, damages or losses or otherwise arising out of or in any
way connected to (i) any extension of credit by the Lender to Borrower onor prior to the date hereof, or (ii) any
matter or thing done, omitted or suffered to be done by the Lender, its directors, officers, shareholders, agents,
employees, affiliates, attorneys, predecessors orassignors on or prior to the date hereof.
Notwithstanding anything else contained herein, this Note is not secured and there are no guarantors.
SBA Form 147 (06/03/02) Version 4.1
Page 5/6
PRESTAMOS-00316601
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DocuSign Envelope ID: CBE21C8A-3751-4B01-8E50-7A63BC
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BORROWER’S NAME(S) AND SIGNATURE(S):
By signing below, each individual or entity becomes obligated under this Note as Borrower.
BORROWER:Alyshia Johnson
Docusigned
by:
(oly
oO
5/18/2021
By
v
Date
SBA Form 147 (06/03/02) Version 4.1
Page 6/6
PRESTAMOS-00316602
Pla Appx 0091
Case 5:21-cv-04337-JMG     Document 163-9     Filed 05/21/25     Page 7 of 7

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