HomeMy WebLinkAbout05 COTUIT LIQUORS PLEDGE OF LICENSE INVENTORYAlcoholic Beverages Control Commission
95 Fourth Street, Suite 3, Chelsea, MA 02150-2358
www.mass.gov/abcc
APPLICATION FOR AMENDMENT-Pledge of Collateral
Pledge of License ☐ Pledge of Stock ☑ Pledge of Inventory
For a video walk-through of this amendment application process, please click the link below:
Pledge of Collateral (License, Stock, Inventory) Amendment Application Video Guide
이
Payment Receipt
Monetary Transmittal Form
DOR Certificate of Good Standing
DUA Certificate of Compliance
Change of Pledge of License, Stock or Inventory Application
Vote of the Entity
Pledge documentation
Promissory note
1. BUSINESS ENTITY INFORMATION
Entity Name
Ocean Shores Corporation
Municipality
Barnstable
ABCC License Number
00118-PK-0070
Please provide a narrative overview of the transaction(s) being applied for. On-premises applicants should also provide a description of
the intended theme or concept of the business operation.
Pledge of License to Rockland Trust Company.
APPLICATION CONTACT
The application contact is the person who should be contacted with any questions regarding this application.Name Title Email Phone
Patrick R. Nickerson, Esq.Attorney
2. AMENDMENT-Pledge Information
Pledge of License
patrick@jwkesq.com
To whom is the pledge being made:Rockland Trust CompanyPledge of Inventory
Pledge of Stock
3. FINANCIAL DISCLOSURE
SOURCE OF FINANCING
Please provide signed financing documentation.
508-771-9300
Name of Lender Amount Type of Financing Is the lender a licensee
pursuant to M.G.L. Ch. 138.
Rockland Trust Company $717,000.00 5-Year Term Loan Yes No
Rockland Trust Company $450,000.00 Revolving Line of Credit Yes No
Yes No
Yes No
FINANCIAL INFORMATION
Provide a detailed explanation of the form(s) and source(s) of funding for the cost identified above.
Applicant executed a 5-Year Term Loan Note in the principal amount of $717,000, at a fixed rate of 6.42% per annum based on a 60
month amortization, with consecutive monthly payments of $14,032.06 starting 10/23/25 until the final payment of the remaining
principal plus accrued interest due on 9/23/30. Applicant executed a Revolving Line of Credit Note for an amount up to $450,000,
with a floating interest rate not to be less than 6.50% per annum, principal payable on demand and interest monthly in arrears.
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Deb Casale
From:
Sent:
To:
Subject:
customerservice@nCourt.com
Tuesday, July 28, 2026 10:18 AM
Deb Casale
Receipt from nCourt
YOUR RECEIPT >>
Please include the payment receipt with your application. Thank you.
Paid To
Name: Massachusetts Alcoholic Beverages Control Commission - Retail
Address 1: 95 Fourth Street, Suite 3
City: Chelsea
State: Massachusetts
Zip: 02150
Payment On Behalf Of
First Name: Margo
Address 1: 3852 Falmouth Road
City: Marstons Mills
Phone: (508) 737-1298
Description
FILING FEES-RETAIL
Applicant, Licenselor h
00118-PK-0070
Receipt Date: 7/28/2026 10:17:50 AM ET
Invoice Number: ecd9b9d8-eabc-4b8c-9e29-d596d11c1468
Billing Information
First Name John
Last Name Kenney
Address 1 137 Olde Homestead Drive
City Marstons Mills
State/Territory MA
Zip 02648
Phone Number (508) 771-9300
Email deb@jwkesq.com
IMPORTANT INFORMATION >>
Last Name: O'Brien
State/Territory: MA Zip: 02648
Amount
$200.00
Convenience Fee: $5.18
Total Amount Paid: $205.18
Credit/Debit Card Information
Card Type MasterCard
Card Number *******Q155
The Commonwealth of Massachusetts
Alcoholic Beverages Control Commission
95 Fourth Street, Suite 3, Chelsea, MA 02150-2358
www.mass.gov/abcc
RETAIL ALCOHOLIC BEVERAGES LICENSE APPLICATION
MONETARY TRANSMITTAL FORM
APPLICATION FOR AMENDMENT-Pledge of Collateral
APPLICATION SHOULD BE COMPLETED ON-LINE, PRINTED, SIGNED, AND SUBMITTED TO THE LOCAL
LICENSING AUTHORITY.
ECRT CODE: RETА
Please make $200.00 payment here: ABCC PAYMENT WEBSITE
PAYMENT MUST DENOTE THE NAME OF THE LICENSEE CORPORATION, LLC, PARTNERSHIP, OR INDIVIDUAL AND INCLUDE THE
PAYMENT RECEIPТ
ABCC LICENSE NUMBER (IF AN EXISTING LICENSEE, CAN BE OBTAINED FROM THE CITY)
ENTITY/ LICENSEE NAME Ocean Shores Corporation d/b/a Cotuit Liquors
ADDRESS 3858 Falmouth Road
00118-PK-0070
CITY/TOWN Marstons Mills STATE MA ZIP CODE 02648
For the following transactions (Check all that apply):
New License
Transfer of License
Change of Manager
Change of Location
Alteration of Licensed Premises
Change of Class (i.e. Annual/Seasonal)
Change of License Type (ie. club/restaurant)
Change Corporate Name Change of Category (ie. All Alcohol/Wine, Malt)
Change of Officers/Change of Ownership Interest
Directors/LLC Managers
Other
(LLC Members/ LLP Partners,
Trustees)
Issuance/Transfer of Stock/New Stockholder
Change Corporate Structure (te. Corp/LLC
Pledge of Collateral (e. License/Stock)
Management/Operating Agreement
Change of Hours
Change of DBA
THE LOCAL LICENSING AUTHORITY MUST SUBMIT THIS
APPLICATION ONCE APPROVED VIA THE ePLACE PORTAL
Alcoholic Beverages Control Commission
95 Fourth Street, Suite 3
Chelsea, MA 02150-2358
OCEAN SHORES CORP
3858 FALMOUTH RD
MARSTONS MILLS MA 02648-1855
Commonwealth of Massachusetts
Department of Revenue
Geoffrey E. Snyder, Commissioner
mass.gov/dor
CERTIFICATE OF GOOD STANDING AND/OR TAX COMPLIANCE
Case ID:
L0913016672
July 28, 2026
0-003-436-788
Letter ID:
Notice Date:
The Commissioner of Revenue certifies that, as of the date of this certificate, OCEAN SHORES CORP
dba:COTUIT LIQUORS is in compliance with its tax obligations under Chapter 62C of the
Massachusetts General Laws.
This certificate doesn't certify that the taxpayer is compliant in taxes such as unemployment insurance
administered by agencies other than the Department of Revenue, or taxes under any other provisions of
law.
This is not a waiver of lien issued under Chapter 62C, section 52 of the Massachusetts General
Laws.
Why did I receive this notice?
What if I have questions?
Visit us online!
Visit mass.gov/dor to learn more about Massachusetts tax laws and DOR policies and procedures,
including your Taxpayer Bill of Rights, and MassTaxConnect for easy access to your account:
• Review or update your account
• Contact us using e-message
• Sign up for e-billing to save paper
• Make payments or set up autopay
If you have questions, call us at (617) 887-6400, Monday through Friday, 9:00 a.m. to 4:00 p.m.
Edward W. Coyle, Jr., Chief
Collections Bureau000071
XX-XXX8589
L0017028563
OCEAN SHORES CORP
3858 FALMOUTH RD
MARSTONS MILLS MA 02648-1855
Commonwealth of Massachusetts
Executive Office of Labor & Workforce Development
Employer ID (FEIN):
Certificate of Compliance
Date:
Letter ID:
July 29, 2026
Department of Unemployment Assistance
Certificate ID: L0017028563
FEIN: 04-3308589
The Department of Unemployment Assistance certifies that as of July 28, 2026, OCEAN SHORES CORP is current in all
its obligations relating to contributions, payments in lieu of contributions, and the employer medical assistance
contribution established in G.L. c. 149, § 189.
This certificate expires on 27-Aug-2026 .
Sincerely,
Katie Dishnica, Director
Department of Unemployment Assistance
Questions?
Revenue Enforcement Unit
Department of Unemployment Assistance
Email us: Revenue.Enforcement@mass.gov
Call us: (617) 626-5750
_______________________________________________________________________________________
https://unemployment.mass.gov/Employers
Ref:aL1001000159
#0066-09
SECOND AMENDMENT TO LEASE
ofTHIS SECOND AMENDMENT TO LEASE (this "Amendment") is dated as4115/2027 by and between THE STOP & SHOP SUPERMARKET
COMPANY LLC, a Delaware limited liability company formerly known as The Stop & Shop
Supermarket Company, and having a mailing address c/o Retail Business Services LLC, 1385
Hancock Street, Quincy, Massachusetts 02169 (the "Landlord"), and OCEAN SHORES
CORPORATION, a Massachusetts corporation d/b/a Cotuit Liquors, and having a mailing
address of 3852 Falmouth Road, Marston Mills, Massachusetts 02648 (the "Tenant").
consideration of the mutual covenants set forth herein and for other good and valuable
consideration, the adequacy of which is hereby acknowledged, Landlord and Tenant hereby agree
as follows:
1. Recitals: Landlord and Tenant acknowledge that this Amendment is made with reference
to the following facts and objectives:
A.
In
Landlord and Tenant are parties to a certain Lease dated May 16, 2002, as amended by
First Amendment to Lease (the "First Amendment") dated August 29, 2006 (as amended
and supplemented, herein referred to collectively as the "Lease"), for premises containing
approximately 5,000 square feet of floor space plus 750 square feet of ground space for the
Refrigerated Cooler (collectively, the "Original Demised Premises") and also containing
the 2,100 square feet of adjacent space added pursuant to the First Amendment (the
"Additional Space") and located within the shopping center known as Cotuit Landing and
situated at the Cotuit-Marston Mills area of Route 28 opposite Putnam Avenue in
Barnstable, Massachusetts (collectively, as described therein, the "demised premises").
B. The current term of the Lease is scheduled to expire on June 24, 2022, and the parties
desire to extend the term until September 30, 2025, to provide for one (1) additional five-
year extension period and to further amend the Lease as set forth herein.
C. Except as otherwise provided herein, capitalized terms used in this Amendment shall have
the same meanings given to them in the Lease.
2. Term: As of the date of this Amendment, the term of the Lease is hereby extended until
September 30, 2025.
3.Option to Extend: Provided that the Lease, as hereby amended, is in full force and effect
and Tenant is not in default of any provision of the Lease, and further provided that Landlord has
exercised a sufficient number of extension rights under its underlying lease of the shopping
center property (the "Underlying Lease") to extend the term of the Underlying Lease through at
least September 30, 2030 (which it may elect to exercise or not exercise in its sole and absolute
discretion), Tenant shall have the right at the expiration of the term of the Lease to extend the
term for one (1) additional period of five (5) years from October 1, 2025 until September 30,
2030 (the "Extension Period") upon all of the other terms, covenants and conditions contained in
the Lease. Such right to extend shall be exercised by written notice to Landlord given no later
than December 31, 2024, time being of the essence thereto. Upon request by Tenant, which
request shall be made no earlier than March 31, 2025, Landlord shall advise Tenant as to whether
or not Landlord has elected to extend or not extend the terms of the Underlying Lease. In the
event Landlord chooses not to extend the term of its Underlying Lease, the term of the Leaseshall expire on September 30, 2025.
4. Minimum Rent. Tenant shall pay Minimum Rent to Landlord in the manner set forth in the
Lease in accordance with the following schedule, with any partial month prorated:
Period Annual Minimam Rent
06/25/22-06/24/23
06/25/23-06/24/24
06/25/24-09/30/25
for 5,750 SF Original
Monthly Minimum Rent
for 5,750 SF Original
Rent per SF
Demised Premises Demised Premises
$78,532.35 $ 6,544.36 $13.66
$80,888.32 $6,740.69 $14.07
$83,314.97 $6,942.91 $14.49
Annual Minimum Rent
for 2,100 SF Additional
Monthly Minimum Rent Rent per SF
for 2,100 SF Additional
Space Space06/25/22-06/24/23
06/25/23-06/24/24
06/25/24-09/30/25
$46,309.83 $ 3,859.15 $22.05$47,699.12 $3,974.93 $22.71
$49,130.10 $4,094.17 $23.40
Extension Period (if
exercised under the
conditions of Section 3)
Annual Minimum Rent
for 5,750 SF Original
Monthly Minimum Rent Rent per SF
for 5,750 SF OriginalDemised Premises Demised Premises
10/01/25-09/30/26 $85,814.42 $ 7,151.20 $14.9210/01/26-09/30/27 $88,388.85 $7,365.74 $15.3710/01/27-09/30/28 $91,040.52 $ 7,586.71 $15.8310/01/28-09/30/29 $93,771.73 $7,814.31 $16.3110/01/29-09/30/30 $96,584.88 $ 8,048.74 $16.80
Annual Minimum Rent
for 2,100 SF Additional
Monthly Minimum Rent Rent per SF
for 2,100 SF Additional
Space Space10/01/25-09/30/26 $50,604.00 $ 4,217.00 $24.1010/01/26-09/30/27 $52,122.12 $4,343.51 $24.8210/01/27-09/30/28 $53,685.79 $ 4,473.82 $25.5610/01/28-09/30/29 $55,296.36 $4,608.03 $26.3310/01/29-09/30/30 $56,955.25 $ 4,746.27 $27.12
5. Additional Rent. Tenant shall continue to pay all other additional rent amounts payable toLandlord as required by the Lease, including, without limitation, Tenant's pro rata share of realestate taxes and Tenant's pro rata share of Operating Costs, in accordance with the provisions ofSections 6.1 and 6.6 of the Lease.
2
6. Brokers. Landlord and Tenant each hereby represents and warrants that it has dealt with nobroker in connection with the negotiation or execution of this Amendment. Each party agrees toindemnify the other against all costs, expenses, attorneys' fees, liens and other liability forcommissions or other compensation claimed by any broker or agent claiming the same by, throughor under such party. These indemnification obligations shall survive the expiration or earliertermination of the Lease.
7. Warranties and Representations: Each party warrants and represents to the other partythat it has not assigned, mortgaged or otherwise disposed of its interest in the Lease; that it has fullright and authority to execute this Amendment; that the official executing this Amendment foreach party has been duly authorized to execute and deliver the same and bind such party withrespect to the provisions hereof; and that this Amendment constitutes a valid and bindingobligation upon such party in every respect.
8. Successors and Assigns. The provisions of this Amendment shall be binding upon and shallinure to the benefit of Landlord and Tenant and their respective heirs, legal representatives,successors and assigns.
9. Ratification. Except as expressly amended herein, the terms and conditions of the Leaseshall remain in full force and effect and are hereby ratified and confirmed.
10. Counterparts: This Amendment may be executed by and through electronic signaturetechnology which is in compliance with applicable state law governing electronic signatures,including but not limited to DocuSign®. Electronic signatures shall be considered as valid andbinding as original, wet signatures. Signatures originally signed by hand, but transmitted via e-mail, shall also be deemed valid and binding as original signatures.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as a sealedinstrument as of the date first set forth above.
LANDLORD:TENANT:
THE STOP & SHOP SUPERMARKET
COMPANY LLC
OCEAN SHORES CORPORATION
By:
Guy Stutz
Vice President Real Estate
3
By:
Tite: Trrabure
41008154SASSIGNMENT AND PLEDGE OF LIQUOR LICENSE AND ALCOHOL INVENTORY
This ASSIGNMENT AND PLEDGE (this "Assignment") is entered into on the 23rd day of September 2025
by Ocean Shores Corporation, a corporation organized under the laws of Commonwealth of
Massachusetts and having its principal office at 189 Eisenhower Drive, Cotuit, MA 02635 (hereinafter
called "Pledgor") in favor of Rockland Trust Company, a Massachusetts banking institution with a
principal place at business at 288 Union Street, Rockland, Massachusetts 02370 (hereinafter called the
"Lender").
In consideration, of financial accommodations made or to be made by Lender to Pledgor, the Pledgor
does hereby pledge and assign (in part pursuant to M.G.L. Chapter 138, Section 23) to the Lender the
Pledgor's Package Store liquor license (the "License") and all alcohol, liquor, and the like now or in the
future acquired by Pledgor or used in connection with the License (collectively, the "Inventory") with
respect to the ownership and operation of the two Package Store businesses known as Cotuit Liquors
located in Cotuit, Massachusetts and Yarmouth, Massachusetts. This assignment and pledge shall be a
first pledge and security interest to the Lender and shall be evidenced and secured in part by a pledge of
the License by Pledgor to the Lender to be recognized by the Town of Barnstable Licensing Authority
and the Town of Yarmouth Licensing Department and the Alcoholic Beverages Control Commission of
the Commonwealth of Massachusetts (together, the "Authorities"). This assignment and pledge secures
the following "Obligations:"
a.
b.
C.
the payment of $717,000.00 and $450,000.00 with interest thereon, as provided in a
promissory notes dated of even date herewith, issued by the Pledgor to the order of the
Bank, including all renewals, modifications, restatements and extensions thereof, (as the
said promissory notes may hereafter be amended, the "Notes");
all other obligations, indebtedness and liabilities of the Pledgor to the Bank owing at any
time, liquidated or unliquidated, each of every kind, nature and description, and the
performance by Pledgor of all acts, obligations, covenants, terms, and conditions, in each
case whether now or hereafter arising under any agreement now existing or hereafter
established between Pledgor and the Bank, and whether denominated secured or
unsecured, whether direct or indirect, absolute or contingent, matured or unmatured,
primary or secondary, certain or contingent, due or to become due, whether now
existing or hereafter arising. Without limiting the generality of the foregoing, said term
shall also include all interest and other charges chargeable to Pledgor or due from
Pledgor to the Bank from time to time and all costs and expenses owing to the Bank;
the performance and observance by Pledgor of each and every covenant, condition and
obligation contained in the Notes and any other document executed by the Pledgor in
connection with any of the Obligations;
all liabilities of Pledgor to the Bank, whether now existing or hereafter arising, under any foreign
exchange contract, interest rate swap, cap, floor or hedging agreement, or other similar agreements
(including but not limited to breakage and make-whole fees), and all obligations of Pledgor to the Bank
under any credit card services agreements or agreements relating to the processing of automated
clearing house transactions, together with all fees, expenses, charges and other amounts owing by or
chargeable to Pledgor under any such agreements and all liabilities of Pledgor to the Bank to repay
overdrafts and other amounts due to the Bank under any existing or future agreements relating to cash
management services;
rev. 1/15/2013 4850-5028-4561.3
The Pledgor represents and warrants to Lender as follows:
1. The Pledgor has the power and authority to enter into this Assignment.
2.Neither the License nor the Inventory is subject to any prior lien or encumbrance. The
undersigned will not transfer, agree to or apply for a transfer, pledge, sale or other disposition
of the License or any ownership or beneficial interest therein, in whole or in part, to any other
individual or entity for so long as any Obligations remain outstanding, without the prior written
consent of the Lender. The Pledgor also shall make all payments to suppliers, wholesalers or
other providers of the Inventory so that no lien arises in connection therewith to such entities,
including without limitation any lien recognized the Authorities as being superior to this
Assignment.
3. The Pledgor will pay when due all taxes, charges, liens and assessments against the License, the
Inventory or both, or the beverages authorized to be sold under the License. The Pledgor will
perform any and all acts required to keep the License in good standing, including filing timely
applications of the renewal thereof, and will not suffer or permit the License to lapse.
4. The Pledgor shall promptly report in writing to the Lender upon the occurrence of any event
which might impair the value of the License, including, but not limited to, any action taken by
any local or state regulatory agencies, including without limitation the Authorities, which in any
manner restricts the use of the License.
5.The Pledgor will comply with all applicable laws and regulations, including without limitation
those of the Authorities, with respect to the License or its use, or with respect to the Inventory.
6. The Pledgor agrees to do such further acts or execute such further documents as may be
determined necessary by the Lender to perfect the interests granted herein, including without
limitation, completing, executing, filing (and payment of all associated filing or related fees) and
prosecuting with all due diligence any applications for approval of this Assignment by the
Authorities.
Upon the default in any of the obligations, representations or warranties of the undersigned to the
Lender hereunder or under any of the Obligations, and the giving of any required notice and the
expiration of any grace or cure period (an "Event of Default"), the Lender shall have any and all rights
provided by such documents or by law, including those of a secured party under the Uniform
Commercial Code and a pledgee under the rules and regulations of the Authorities. The Lender shall
have the right to apply the proceeds of any disposition of the License, the Inventory or both, to the
payment of any of the Obligations, after deducting therefrom the expenses relating to such sale or
disposition, including court costs and attorney's fees.
The Pledgor hereby grants the Lender an irrevocable power of attorney, coupled with an interest,
to endorse the name of the Pledgor on any and all documents and to take in the name of the Pledgor all
actions deemed necessary by Lender to effectuate the prompt transfer of the License and disposal of
the Inventory, or both, following the occurrence of an Event of Default; such documents and actions
may include but shall not be limited to the completing, executing and filing with the Authorities of
applications for the transfer of the License, the appearance at hearings of the Authorities or other
bodies having jurisdiction over the License, the assembling, completing and filing of tax-related returns
and forms reasonably required to be completed and filed in connection with the transfer of the License
rev. 1/15/2013 2 4850-5028-4561.3
or disposition of the Inventory, and interacting with all governmental authorities on behalf of the Lender
in connection therewith.
The rights and remedies of the Lender are cumulative and not alternative, and may be exercised
concurrently or successively. The Lender assumes no obligation with respect to the License, the
Inventory, or the sale of beverages thereunder, and the undersigned agrees to hold the Lender harmless
from any and all costs and expenses incurred by reason of this Agreement which shall be added to the
loan balance.
All notices, demands, requests and other communications required under this Agreement shall be
in writing and shall be deemed to have been properly given if given in the manner applicable to notices
under the Notes.
Applicable law; jurisdiction: this agreement is intended to take effect as a sealed instrument and
has been executed or completed and is to be performed in Massachusetts and it and all transactions
thereunder or pursuant thereto shall be governed as to interpretation, validity, effect, rights, duties and
remedies of the parties thereunder and in all other respects by the internal laws of the commonwealth
of Massachusetts] without regard to conflicts of laws principles. Borrower hereby submits to the
jurisdiction of each state and federal court which sits in Massachusetts and agrees that service made in
accordance with the notice provisions of this agreement shall be proper service.
WITNESS the execution hereof under seal as of this 23rd day of September 2025.
WITNESS:
A
Print Name: Scott J. Fitzgerald
Ocean Shores Corporation
Dv: Margo aoтчи
Name: Margo G. O'Brien
Title: President
Print Name: Scott J. Fitzgerald
By:
Name: Daniel J. O'Brien
Title: Treasurer
rev. 1/15/2013
ACKNOWLEDGMENT
3 4850-5028-45613
COMMONWEALTH OF MASSACHUSETTS
PLYMOUTH COUNTY
On this 23rd day of September 2025 before me, the undersigned notary public, personally
appeared Margo G. O'Brien, as President, and Daniel J. O'Brien, as Treasurer, both of Ocean Shores
Corporation proved to me through satisfactory evidence of identification, which wasMt DL to be the person whose name is signed on the preceding or attached
document, and acknowledged to me that they so signed it voiuntar'ly for its statod purpoce
Notary Public
Print Name: Scott J. Fitzgerald
My Commission Expires: 9/7/2029
COTT J. FITZGERA
ER 7.
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rev. 1/15/2013 4 4850-5028-4561.3
$ 717,000.00FOR VALUE RECEIVED, theCommonwealth of Massac(the "Borrower") promises288 Union Street, Rocklanof the Bank, the sum of Seaccordance with the proviswhich the Borrower and thAgreement for additional therein but defined in the AINTEREST RATE: Interest amonths of thirty (30) daysAt a fixed rate of interest eThe interest rate on this lomaintain automatic debitBorrower does not maintatermination, the rate of inamount shall be subject to-However, under no circumPAYMENT PROVISIONS: Cbe payable as set forth belIn consecutive monthly pabased upon an amortizatic23, 2025, and each subseqpayment shall be due on Sof principal plus all unpaidPREPAYMENT:The Borrower may at its opthe inverse order of their rdue to an acceleration bysimultaneously with suchp➤ 5.00% of the amo➤ 4.00% of the amo➤ 3.00% of the amo➤ 2.00% of the amorev. 3/31/2022COMMERCIAL PRCundersigned Ocean Shores Corpcchusetts having a principal place oto pay to the order of ROCKLANd, Massachusetts 02370 (hereinafven Hundred Seventeen Thousancsions as indicated below. This Noe Bank are parties dated the datecerms applicable hereto. CapitalizAgreement shall have the same meon the unpaid principal balance ofeach and calculated on the actualequal to six and forty-two hundredan will include a preferred interespayments from a checking or savirin Auto Debit, the preferred intereterest otherwise applicable shall iradjustment in accordance with thstances shall the rate of interest pOutstanding principal under this Now:yments of which each but the lastn period of 60 months. The first nuent payment shall be due on theeptember 23, 2030 (the "Maturityaccrued interest.otion prepay the loan at any time.maturity. However, if the loan is pche Bank of the principal of this Noprepayment, a prepayment premiunt of principal prepaid during theunt of principal prepaid during theunt of principal prepaid during theunt of pFprincipal prepaid during theOMISSORY NOTESeptepration a corporation organized urf business at 189 Eisenhower DrivTRUST COMPANY having a princiter, with any subsequent holder, td Dollars ($717,000.00) with interece is the "Note" referred to in thehereof (the "Agreement") and reed terms used in this Note and noeaning as ascribed to such terms ithis Note (based upon a year connumber of days elapsed) shall accIths percent (6.42%) per annum.t rate reduction of.50%, which rengs account at the Bank ("Auto Deest rate reduction will terminate.mcrease by .50%, and Borrower'she increased interest rate.payable on the loan be less than 6-ote together with interest accruecshall be $14,032.06 consisting ofmonthly payment shall be due andlike day of each month thereafteDate") in an amount equal to thePartial prepayments shall be apprepaid (including without limitatioote) the Borrower shall be obligateum in an amount equal to:e first year of the term;second year of the term;third year of the term;fourth year of the term; and4823-9ORIGINALember 23, 2025nder the laws ofe, Cotuit, MA 02635pal place of business atche "Bank") at an officeest thereon, inLoan Agreement toference is made to said-t otherwise definedn the Agreement.sisting of twelve (12)crue as follows:quires Borrowerbit"). In the eventAs a result of saidnonthly payment4100815AS
00% per annum.thereon shallprincipal and interest,payable on Octoberr. The final monthlyentire unpaid balanceied to payments due inn, a prepayment madeed to pay the Bank051-6240.7
➤ 1.00% of the amoLATE CHARGES: If Borrow-payment of principal or intother payable hepuntinterest and shall not be sAPPLICATION OF PAYMENto demand shall be appliecaccrued and unpaid intere=demand shall be applied irEVENTS OF DEFAULT: Upcoption and without presenthe demand nature of thisaccrued interest hereunde(a) The faamour(b) The ocRATE OF INTEREST UPONwhen due (pursuant to theof: (a) the interest rate whNO WAIVER: No delay orhereunder shall operate asany default hereunder shaBorrower waives presentmindulgence (including, withBank with respect to thisEXPENSES: The Borrowerthe Bank in the administragiven the Bank to secure thRELEASES; NO CONTRIBUTand several; provided, howshall not release any othermay seek contribution frorfrom whom contribution isrev. 3/31/2022unt of principal prepaid during theer shall fail for more than fifteencerest on this Note, the Borrowerreunder, a late charge equal to fivubject to refund or rebate or crediITS; RETURNED ITEMS: Any paymd first, to any costs, expenses, or cst, and third, to the unpaid princisuch manner as the Bank may deon the occurrence of any one or mtment, demand, notice or protestNote if principal is due on demanr shall become immediately due ailure by the Borrower to pay whert due hereunder or any other amccurrence of any "Event of DefaultDEFAULT: The Borrower agrees toterms hereof, by acceleration orich would otherwise be applicableomission by the Bank in exercisinga waiver thereof on that occasiorIl operate as a waiver of any otherhent, demand, protest, and noticeout limitation, the release or subslote.will pay on demand all reasonabletion or enforcement of this Notenis Note (whether or not suit is insION: The liabilities of the Borrowvever, the release by the Bank of tperson obligated on account of thm any other person also obligatedsought have been satisfied in full2fifth year of the term.15) days after the date due to maagrees to pay the Bank, upon deme percent (5%) of the payment duted against any other amount dueents received by the Bank on acccharges then owed the Bank by theal balance hereof. Any paymentstermine.ore of the following ("Events of D(all of which are hereby waived),d, the entire unpaid balance of thnd payable:due (or upon demand, if payableount then owing by the Borrower"under the Agreement.pay, upon default, interest on alotherwise) at the per annum ratein the absence of default plus (b)any of its powers, rights, privilegenor on any other occasion. No-default hereunder, nor as a conts of any kind and assents to any estitution of collateral) permitted tattorneys' fees and out-of-pockeor the administration or enforcemstituted by or against the Bank).er and any endorser or guarantorhe Borrower or any one or more enis Note. No person obligated onunless and until all liabilities to th4823-9ke any installmentand, in addition to alle. Late charges are notount of this Note priore Borrower, second, toso received afterefault"), at the Bank'sand without alteringis Note and all unpaidon demand) anyto the Bank;amounts not paidequal to the aggregatesix (6%) percent.es or remedieswaiver by the Bank ofinuing waiver. Thextension or otherhe Borrower by thet expenses incurred byent of any collateralof this Note are jointendorser or guarantoraccount of this Notee Bank of the person051-6240.7
MAXIMUM RATE OF INTELinterest on the principabalaw to contract or agreree tosuch maximum rate,and iprior interest paymennts inin reduction of the prinrincipURISDICTION, ETC.: ThisIl take effect as a sealeMassachusetts for all pitsts relationships with the BBINDING EFFECT: This Norepresentatives, and shallN ANY CASE, CONTROVEFOAN EVIDENCED HEREBYEXISTING AND/OR HEREACOMPLETION OF NOTE; Nincomplete in any respect.the terms of this Note. Allfrom Bank to Borrower mathe Bank may destroy theadmissible in evidence asin existence and whetherfacsimile or further reprodsuch agreement or docum-shall be deemed a valid ansignature.IN WITNESS WHEREOF, thiWITNESS:Print Name: Scott J. FitzgePrint Name: Scott J. Fitzgerrev. 3/31/2022REST: If, by the terms of this Notealance hereof at a rate in excess opay, the rate of interest under thterest payable hereunder shall beexcess of such maximum rate shaal balance hereof and not on accoNote shall be governed by the inted instrument. The Borrower submurposes with respect to this Note,Sank.te shall be binding upon the Borroinure to the benefit of the Bank aRSY OR MATTER WHICH ARISES o", THE BORROWER KNOWINGLY,FTER ARISING RIGHT TO A TRIALISCELLANEOUS: The Borrower aThe use of headings in this Noteagreements and documents of ary be reproduced by the Bank byoriginal from which any documenche original itself in any judicial oror not such reproduction was maduction shall likewise be admissibleent which are transmitted as a facd binding signature of the Borrows Commercial Promissory Note isaldOcean ShorBv: MaName: MareTitle: PresidaldName: DaniTitle: Treasu3e, the Borrower is at any time requf the maximum rate which the Bо-is Note shall be deemed to be imre computed at such maximum ratII be applied and shall be deemedunt of the interest due hereunderernal laws of the Commonwealthnits to the jurisdiction of the courtany collateral given to secure its lEwer and upon its heirs, successorsnd its successors and assigns.UT OF, OR IS IN RESPECT OF, THISVOLUNTARILY AND INTENTIONALBY JURY.uthorizes the Bank to complete this for convenience only and shall nny kind in the Bank's possession whotographic, computer imaging,ts was so reproduced. Any such readministrative proceeding (whethe in the regular course of busines=e in evidence. Any signatures of thcsimile or as a scanned or pdf (porer with the same effect as if a maexecuted under seal as of the datees Corporationлдо дотрииgo G. O'Brienentel J. O'Brienurer4823-9uired or obligated to payrrower is permitted bymediately reduced toe and the portion of allto have been paymentsof Massachusetts, ands of the Commonwealthiabilities to the Bank, orassigns, andS NOTE AND/OR THELY WAIVES ANY NOwis Note if deliveredot limit in any mannerhich relate to any loansor similar process, andeproduction shall beer or not the original iss) and any enlargement,ne Borrower upon anytable document format)nually signed originalfirst above written.051-6240.7
$450,000.00FOR VALUE RECEIVED, theWealtlof Massac(the (jointly aprrower")WY havinga princiany subsequent holder, th-00) witinteresreferred to in the Loan Ag"Agreement") and referenused in this Note and not cascribed to such terms inThis Note evidences advanAgreement. The principaloutstanding under the Agrby the Bank and repaid byINTEREST RATE: Interest cmonths of thirty (30) daysAt a floating rate of interes"Index"), plus 0.50% per athe Wall Street Journal asanother financial publication the effective date of anNotwithstanding the foregper annum.The interest rate on this lomaintain automatic debitBorrower does not maintaof said termination, the rapayment amount shall bePAYMENT PROVISIONS: ☐be payable as set forth belBorrower shall repay princshall be due on October 23the like day of each monthPREPAYMENT: The Borrorev. 3/31/2022COMMERCIAL PRCundersigned Ocean Shores Corpcchusetts having a principal place ond severally if more than one) propal place of business at 288 Unione "Bank") at an office of the Bank,t thereon, in accordance with thereement to which the Borrower arce is made to said Agreement forotherwise defined herein but defirhe Agreement.ces made to the Borrower under=balance of this Note shall be sucheement, whether or not greater tthe Borrower may be re-borroweon the unpaid principal balance ofeach and calculated on the actualst equal to the aggregate of the Prnum (the "Margin"). The term "Ethe so-called "Prime Rate" or if noon of national standing as determy change in the "Prime Rate."coing, under no circumstances shaan will include a preferred interespayments from a checking or savirin Auto Debit, the preferred interete of interest otherwise applicablesubject to adjustment in accordanOutstanding principal under this Now:ipal hereunder ON DEMAND, with3, 2025 and unless and until demathereafter.wer may prepay the loan in full atOMISSORY NOTEoration a corporation organized urf business at 189 Eisenhower Driv=mises to pay to the order of ROCStreet, Rockland, Massachusettsthe sum of Four Hundred Fifty Thprovisions as indicated below. Thnd the Bank are parties dated theadditional terms applicable heretned in the Agreement shall have tha revolving credit arrangement asamount as may from time to timehan the amount first set forth abod in accordance with the terms ofthis Note (based upon a year con=number of days elapsed) shall accime Rate, as that rate may changePrime Rate" shall mean the rate ofsuch rate is published, an equivalined by the Bank. Changes in theI the rate of interest payable be It rate reduction of.50%, which rengs account at the Bank ("Auto Deest rate reduction will terminate.e shall increase by .50%, and Borrce with the increased interest rateote together with interest accruedinterest payable monthly in arrend is so made, each subsequent pany time without premium or per4823-9ORIGINALSeptember 23, 2025der the laws ofe, Cotuit, MA 02635KLAND TRUST02370 (hereinafter, withousand Dollarsnis Note is the "Note"date hereof (theD. Capitalized termsne same meaning asset forth in thee be advanced andve. Amounts advancedthe Agreement.sisting of twelve (12)crue as follows:from time to time (thef interest published inlent rate published byIndex shall take effect410081573
ess than 6.50%quires Borrowerbit"). In the eventAs a resultower's monthlye.thereon shallars. The first paymentayment shall be due onmalty.051-6240.7