Preview
16-2022-CA-006793-XXXX-MA Div: CV-B
Filing # 161943531 E-Filed 11/28/2022 05:14:11 PM
IN THE CIRCUIT COURT, FOURTH
JUDICIAL CIRCUIT, IN AND FOR,
DUVAL COUNTY, FLORIDA
CASE NO.:
DIVISION:
RICHARD SVENSSON,
Plaintiff,
Vv.
BINANAT CAPITAL, LLC and ROBERT
STORM,
Defendants.
COMPLAINT.
Plaintiff Richard Svensson by and through the undersigned counsel hereby files this
Complaint against Defendants, BinaNat Capital, LLC (“BinaNat Capital”) and Robert Storm (“Mr.
Storm”), and allege as follows:
GENERAL ALLEGATIONS
1 This is an action for damages in excess of $30,000, exclusive of attorney’s fees,
interest, and costs.
PARTIES
2. At all material times, Plaintiff Richard Svensson was and is a resident of Essex
County, Massachusetts.
3. At all material times, Defendant BinaNat Capital was a Georgia Profit Corporation
that conducted business in St. Johns County and Duval County, Florida.
4 At all material times, Defendant BinaNat Capital maintained a business address
located at 2204 Sawgrass Village Drive, Ponte Vedra Beach, FL 32082.
ACCEPTED: DUVAL COUNTY, JODY PHILLIPS, CLERK, 11/29/2022 12:42:54 PM
5 Defendant Robert Storm is a current resident of Duval County, Florida.
6 At all material times, Defendant Robert Storm owned and controlled Defendant
corporation BinaNat Capital.
JURISDICTION & VENUE
7
Jurisdiction is proper in this Circuit Court pursuant to Fla. Stat. §§ 26.012(2)(a) and
34.01(1)(c), as the amount in controversy exceeds thirty thousand dollars ($30,000), exclusive of
interest, costs, and attorneys’ fees.
8 Venue is proper in Duval County pursuant to Fla. Stat. §§ 47.011, 47.021 and
47.051.
BACKGROUND FACTS
9 BinaNat Capital is owned and controlled by Mr. Storm.
10 Mr. Storm is the Manager and President of BinaNat Capital.
11 BinaNat Capital is in the business of providing high interest rate loans.
12. Mr. Storm was introduced to Svensson for the purpose of investing in loans issued
by BinaNat Capital to third parties.
13. Mr. Storm and BinaNat Capital entered into multiple agreements with Svensson,
whereby Svensson provided funds to BinaNat for the purposes of investing in loans that BinaNat
Capital made to third parties (“Servicing Agreements”). True and accurate copies of the Servicing
Agreements between Mr. Storm, BinaNat Capital, and Plaintiff are attached as Exhibits A -D.
14. Mr. Storm executed each Servicing Agreement individually as a guarantor and in
his representative capacity as Manager for BinaNat Capital.
15. Related to each Servicing Agreement, BinaNat Capital made loans to third parties
identified individually as “Obligor” and collectively as “Obligors,” and the loan that BinaNat
Capital made to an Obligor is referred to as the “Loan.”
16. Under each Servicing Agreement, BinaNat Capital agreed to service and administer
the loan to the third party.
17. Under each Servicing Agreement, BinaNat Capital was compensated for servicing
and administering the loans to third parties with fees.
18. Under each Servicing Agreement, BinaNat Capital agreed to collect all payments
due by the borrower and remit all collections net of fees to Plaintiff. Under each Servicing
Agreement, BinaNat Capital agreed to be responsible for making all payments due to Plaintiffs in
onnection with each loan to a third party, regardless if it collected funds from the third parties.
19. Additionally, Mr. Storm (individually) guaranteed that Plaintiff would receive the
amounts due under the Servicing Agreements. In January 2022, Defendants stopped remitting
payments owed to Plaintiffs under the Servicing Agreements. Defendants failed to repay the
principal amount invested by Plaintiffs and, since January 2022, any interest owed under each
Servicing Agreement.
20. To date, under the Service Agreements, Defendants collectively owe Plaintiff
$375,000 in principal, in addition to monthly interest payments of 12% since January 2022.
21. Under the Servicing Agreement, BinaNet Capital and Mr. Storm also owe Plaintiff
a 10% late fee for payments that are not made on or before the 10" day of each month.
COUNT ONE
BREACH OF CONTRACT —
SERVICING AGREEMENT DATED JUNE 26, 2017
22. Plaintiff hereby incorporates paragraphs 1-21 as if fully set forth herein.
23. Defendants breached the Servicing Agreement dated June 26, 2017 by failing to
make payments (principal and interest) to Plaintiff in accordance with the terms of the Service
Agreement. See Servicing Agreement dated June 26, 2017, attached as Exhibit A.
24. To date, pursuant to the terms of the Servicing Agreement dated June 26, 2017,
Defendants owe Plaintiff $100,000 in principal, plus 12% monthly interest on that principal since
January 2022 and late fees.
25. Defendants stopped making monthly payments as required under the Servicing
Agreement dated June 26, 2017 starting in January 2022.
26. Defendants’ failure to make payments constitutes a breach of the Servicing
Agreement dated June 26, 2017 and caused Plaintiff to experience substantial damages.
27. Defendant Robert Storm made a separate and individual promise as a guarantor
under the Servicing Agreement dated June 26, 2017, guaranteeing the payments due to Plaintiff.
Upon Defendants’ default, Defendant Robert Storm became liable to Plaintiff as a guarantor.
WHEREFORE, Plaintiff demands judgment against Defendants and for such damages as
may be permitted, together with interest, attorneys’ fees, and costs.
COUNT TWO
BREACH OF CONTRACT —
SERVICING AGREEMENT DATED AUGUST 25, 2017
28. Plaintiff hereby incorporates paragraphs 1-21 as if fully set forth herein.
29. Defendants breached the Servicing Agreement dated August 25, 2017 by failing to
make payments (principal and interest) to Plaintiff in accordance with the terms of the Service
Agreement. See Servicing Agreement dated August 25, 2017, attached as Exhibit B.
30. To date, pursuant to the terms of the Servicing Agreement dated August 25, 2017,
Defendants owe Plaintiff $75,000 in principal, plus 12% monthly interest on the principal since
January 2022 and late fees.
31. Defendants stopped making monthly payments as required under the Servicing
Agreement dated August 25, 2017 starting in January 2022.
32. Defendants’ failure to make payments constitutes a breach of the Servicing
Agreement dated August 25, 2017 and caused Plaintiff to experience substantial damages.
33. Defendant Robert Storm made a separate and individual promise as a guarantor
under the Servicing Agreement dated August 25, 2017, guaranteeing the payments due to Plaintiff.
Upon Defendants default, Defendant Robert Storm became liable as guarantor.
WHEREFORE, Plaintiff demands judgment against Defendants and for such damages as
may be permitted, together with interest, attorneys’ fees, and costs.
COUNT THREE
BREACH OF CONTRACT —
SERVICING AGREEMENT DATED NOVEMBER 2, 2017
34. Plaintiff hereby incorporates paragraphs 1-21 as if fully set forth herein.
35. Defendants breached the Servicing Agreement dated November 2, 2017 by failing
to make payments (principal and interest) to Plaintiff in accordance with the terms of the Service
Agreement. See Servicing Agreement dated November 2, 2017, attached as Exhibit C.
36. To date, pursuant to the Servicing Agreement dated November 2, 2017, Defendants
owe Plaintiff $150,000 in principal, plus 12% monthly interest on the principal since January 2022
and late fees.
37. Defendants stopped making monthly payments as required under the Servicing
Agreement dated November 2, 2017 starting in January 2022.
38. Defendants’ failure to make payments constitutes a breach of the Servicing
Agreement dated November 2, 2017 and caused Plaintiff to experience substantial damages.
39. Defendant Robert Storm made a separate and individual promise as a guarantor
under the Servicing Agreement dated November 2, 2017, guaranteeing the payments due to
Plaintiff. Upon Defendants default, Defendant Robert Storm became liable as guarantor.
WHEREFORE, Plaintiff demands judgment against Defendants and for such damages as
may be permitted, together with interest, attorneys’ fees, and costs.
COUNT FOUR
BREACH OF CONTRACT —
SERVICING AGREEMENT DATED OCTOBER 31, 2018
40. Plaintiff hereby incorporates paragraphs 1-21 as if fully set forth herein.
41. Defendants breached the Servicing Agreement dated October 31, 2018 by failing
to make payments (principal and interest) to Plaintiff in accordance with the terms of the Service
Agreement. See Servicing Agreement dated October 31, 2018, attached as Exhibit D.
42. To date, pursuant to the Servicing Agreement dated October 31, 2018, Defendants
owe Plaintiff $50,000 in principal, plus 12% monthly interest on the principal since January 2022
and late fees.
43. Defendants stopped making monthly payments as required under the Servicing
Agreement dated October 31, 2018 starting in January 2022.
44. Defendants’ failure to make payments constitutes a breach of the Servicing
Agreement dated October 31, 2018 and caused Plaintiffs to experience substantial damages.
45. Defendant Robert Storm made a separate and individual promise as a guarantor
under the Servicing Agreement dated October 31, 2018, guaranteeing the payments due to
Plaintiff. Upon Defendants default, Defendant Robert Storm became liable as guarantor.
WHEREFORE, Plaintiff demands judgment against Defendants and for such damages as
may be permitted, together with interest, attorneys’ fees, and costs.
DEMAND FOR JURY TRIAL
Plaintiff respectfully requests a trial by jury on all issues.
MURPHY & ANDERSON, P.A.
/s/_ EleanorM. Samuels
GERRY A. GIURATO
Florida Bar No. 0032548
ggiurato@murphyandersonlaw.com
pmarchman@murphyandersonlaw.com
ELEANOR M. SAMUELS
Florida Bar No. 1025664
Murphy & Anderson, P.A.
1501 San Marco Blvd.
Jacksonville, FL 32207
(904) 598-9282 (Phone)
(904) 598-9283 (Fax)
esamuels@murphyandersonlaw.com
gherman@murphyandersonlaw.com
Attorneys for Plaintiffs
Exhibit A
%
g x we
oe isa
BIN ANAT CAPITAL
2204 Sawgrass Village Drive
Ponte Vedra Beach, FL 32082
& * 770-714-4554 (Ploneney
800-948-574) ( Fax)
A
£ Investment Overview
xp
av
\S
¥ Y
K
12% Interest, Paid Monthly
co RS Beats
2) at te)
Ay
x iS
vite
bats wh
os +),
ey
XS oe
ae ar a
OS
u ey
£F Ww BSE
oN AS
RES
rT
A
fn
x eA
» ¢
oy
Sty rey
La ‘a cS
Fo) ze
any ¢
me a 2ae mu
Subject Prop erty:
1391 Audubon Ct SW, Atlanta, GA 30311
¥e v
Jn
lr
BINANAT CAPITAL
2204 Sawgrass Village Drive
Ponte Vedra Beach, FL 32082
770-714-4554 (Phone)
800-948-5704 (Fax)
12% Interest, Paid Monthly ($1,000.00/mo.)
Borrower: Live, Work, Play, Inc.
Guarantor: Kevin Edwards, Kaleb Edwards, and Ashley Bell, Individually
Subject Property: 1391 Audubon Ct SW, Atlanta, GA 30311
Collateral: 6 Bed / 5 Bath home in desirable SW Atlanta Neighborhood
Loan Purpose:: Acquisition / Renovation / Sale
Position: First Mortgage Lien with no secondary financing
Collateral
—
Value Value $620,000.00
Construction Escrow of $335,460.00 will be held until completed and inspected.
Loan to Value: 65%
Loan Amount: $405,000.00
Investment
Amount: $100,000.00
Rate and Terms: Recourse Loan at 12%
Term: 6 months
Investment ROI: 6 Monthly Payments of $1,000.00: $ 6,000.00
Return on Investment (6 months) $ 6,000.00
Annualized Return 12%
Kevin Howe
"Inspect Before You Invest"
100 Gatewood Circle
Athens, GA 30607
Mobile 706-207-4243
kevof7@amail.com
FOR: 1391 Audubon Ct SW Construction of a single family dwelling
Atlanta, GA 30311 approx 6075 sqft 6 beds / 5.0 baths
Bonus room
BinaNat Capital Draw #00
AS PER PLANS / SPECS
6/9/2017
Final Budget
Set-Up. Schedule of Values
i Schedule Value
Schedule Value -.Description__ _.__ Balance__ Previous Draws| This Draw
$3,000.00] Building Plans $3,000.00|"
$2,335.00] Permits $2,335.00}
Termite Insp/Trtmnt
~ $7,000.00 Site Prep ___ —____ _
=
$7,800.00 __
:$1,500.00/Water and Sewer ~ [7 $1,500.00
$1,800.00] Dumpsters $1,800.00)
$7,500.00] Concrete driveway / Walkway/ Decking $7,500.00
_-$11,400.00] Foundation —__ $11,400.00 -
— =
$1,750.00 House Wrap $1,750.00_ _
$71,000.00] Rough carpentry / framing _ $71,000.00)
$10,000.00] Roofing - 3 tab 25 yr. Arch. Shingle $10,000.00
$2,200.00] Gutters downspouts $2,200.00)
$12,000.00] Windows - single hung insulated vinyl $12,000.00)
_-__ $26,000.00) Siding $26,000.00) _
—
$3,500.00] Evesan Comice (soffit and facia) _ ~ | ~ — $3,500.00}
$2,500.00) Exterior door units - 2 ea. $2,500.00)
$1,750, 00}Ext hdwe. $1,750.00}
$5,500.00] Electrical
- rough 200__ AMPS _ $9,501
$1,100.00 Low-Voltage Installation, etc $1,100.00
$2,200.00] Electrical - finish $2,200.00)
$4,000.00] Electrical - fixtures $4,000.00)
$8,000.00} Plumbing - rough ~ $8,000.00 —>=——
$2,000.00| Plumbing - finish $2,000.00
$3,000.00} Plumbing - fixtures $3,000.00
$18,000.00|1G Poo! $18,000.00)
"— $7,000.00/HVAC -rough-,3_TONS.— 37,000.00} ___
—
i _ $3,500.00|HVAC = finish / start up ~ 33,500.00
| $3,000.00] Wall insulation $3,000.00
$2,000.00| Attic insulation Foam? $2,000.00}
— $13,475.00] Drywall . $13,475.00)
$4,000.00] Stair Rails ~_ $4,000.00} _ ee
$3,000.00] Shelving ~~ $3,000.00}
$2,000.00. Shower doors/Enclosure $2,000.00
$5,000.00] Interior door.units w/ hdwe. $5,000.00)
$9,000.00] Finish carpentry /trim —— = — — $9,000.00) =
Page 1
- .
[oA Lt?
AGN @ 20
BINANAT CAPITAL 6’
SERVICING AGREEMENT
Loan dated: 6/26/2017
Borrower: Live, Work, Play, Inc.
Guarantor: Kevin Edwards, Kaleb Edwards, and Ashley Bell, Individually
Security: 1391 Audubon Ct SW, Atlanta, GA 30311
Total Loan Amount: $405,000.00
WHEREAS, BinaNat Capital, LLC (“BinaNat”) and Richard Svensson, (“Investor”) entered into a
Transfer and Assignment dated as of June 26", 2017 (the “Assignment”), pursuant to which BinaNat sold to
Investor all beneficial right, title and interest in and to 24.69% ($100,000.00) of the loan des: scribed above (the
“Loan”).
WHEREAS, Investor has agreed to retain BinaNat as the servicer for the Loan and BinaNat has agreed to
service the Loan all on the terms and conditions set forth herein; and
WHEREAS, each of BinaNat and its Member, Robert Storm, has agreed to guaranty to Investor the
performance of all obligations of any and all obligors and/or guarantors under the Loan (each, an “Obligor” and,
collectively, “Obligors”).
NOW THEREFORE, in consideration of the mutual promises contained herein and for other good and
valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows:
1) Term. This term of this Servicing Agreement shall commence as of the date of the Assignment and will
terminate on the date the Loan (including all principal and accrued interest) is paid to Investor in full (the
“Termination Date”) unless terminated sooner by both parties upon mutual written agreement.
2) Servicing Activities.
a. BinaNat shall service and administer the Loan and manage, dispose of and otherwise deal with any
collateral securing the Loan, in each case for the direct benefit of Investor. BinaNat shall have the full power
and authority to cause to be done any and all things for the benefit of Investor in connection with the servicing
and administration of the Loan that BinaNat may reasonably deem necessary or desirable, including without
limitation foreclosing on the security for the Loan noted above (the “Security). The Loan is secured by a first
priority deed to secure debt encumbering the Security and recorded in the records of the superior court in which
such Security is located. BinaNat shall hold the escrow funds noted above in trust for repairs and renovations to
the Security and shall disburse said escrow funds pursuant to the terms of the Loan.
b. BinaNat shall on behalf of Investor diligently collect all payment due by the Obligor(s) under the
Loan as they become due, including but not limited to (i) principal, (ii) interest, (iii) advances for hazard
insurance premiums, payments with regard to prior liens, taxes, legal fees, foreclosure costs, and other
miscellaneous advances, (iv) late charges, and (v) NSF charges. BinaNat shall remit to Investor all collections
net of fees and advances due to BinaNat under this Servicing Agreement. If such remittance is not received by
Investor on or before the 10'" day of each month in which such payments are due and payable under the Loan,
BinaNat shall be assessed a late fee of ten percent (10%) of the amount due.
3) Compensation. During the term of this Servicing Agreement, BinaNat shall be entitled to retain as
compensation for its servicing of the Loan an amount equal to three percent (3%) of the Loan payments
remitted to BinaNat in addition to any other fees paid to BinaNat as noted on the Loan closing statement.
4) Default. BinaNat shall be responsible for making all payments duc to Investor under or in connection with
the Loan (net of fees and advances due to BinaNat) regardless of collection from the Obligors. If BinaNat fails
to remit any monthly payment (and late fee, if any) to Investor within ten (10) days of the due date as stated in
the Loan, then Investor may, upon written notice to BinaNat, collect such payment and/or any future payments
directly from the Loan obligor, and/or terminate the provisions of Section 1-3 above, in any case without
limiting any rights available to Investor under Section 5 below or otherwise arising under this Servicing
Agreement.
5) Guaranty. Each of BinaNat, a Georgia Limited Liability company and Robert Storm, an individual
resident of the state of Florida (each, a "Guarantor" and, collectively, "Guarantors") absolutely, irrevocably and
unconditionally guarantees to Investor the due, full and punctual performance of all of obligations of the
Obligors under and in connection with the Loan (including but not limited to any obligation for the payment of
money) (the “Guaranteed Obligations”); Notwithstanding the foregoing, Investor may demand payment and/or
performance of the Guaranteed Obligations, pursue any right or remedy it may have under or in connection with
the Loan, or commence any suit or other proceeding, simultaneously against Guarantors and any Obligor.
Guarantors shall remain bound by this guaranty, without notice to or further assent by BinaNat,
notwithstanding any (i) agreement between any Obligor and Investor that, from time to time, amends, extends,
supplements or otherwise modifies the Loan, or (ii) agreement or assent by Investor to delay or extend the date
on which any payment must be made, or performance of any other obligation must be completed, by any
Obligor pursuant to the Loan. Guarantor expressly waives (i) protest, and (ii) notice of acceptance of this
guaranty by Company, and (iii) demand for payment or performance of any of the Guaranteed Obligations.
Guarantors waive any right that either of them might have to challenge the amount or validity of any amounts
acknowledged by any Obligor to be due under the Loan or determined to be due under the Loan pursuant to any
dispute resolution procedures set forth therein; provided that Guarantors reserve all rights and other defenses
otherwise available to the Obligors with respect to the Guaranteed Obligations except defenses arising from the
bankruptcy, insolvency, dissolution or liquidation of any Obligor, which defenses are waived by Guarantors,
and any other defenses expressly waived in this guaranty. Guarantors agree that Investor may enforce this
guaranty without the necessity at any time of resorting to or exhausting any other remedy, security or collateral.
This guaranty is a continuing guaranty of performance and payment and not merely of collection. Accordingly,
Investor shall not be obligated or required before enforcing this guaranty against Guarantors: (i) to pursue any
right or remedy Investor may have against any Obligor, or any other person or commence any suit or other
proceeding against any Obligor or any other person.in any.court or other-tribunal; or (ii) to make any claim ina
liquidation or bankruptcy of any Obligor or any other person. The guaranty of performance of the Guaranteed
Obligations hereunder is a continuing guaranty of Guarantors. Accordingly, this guaranty shall remain in full
force and effect until such time as all the Guaranteed Obligations have been discharged in full.
6) Limitation of Liability. The Assignment of the Loan is made on a full recourse basis, and the Guarantors
shall be personally liable to Investor for an amount up to the full amount of all principal and accrued interest
under the Loan, plus any costs and expenses (including court costs and attorneys’ fees) incurred by Investor in
collecting any amounts due under this servicing Agreement or the Loan (the “Liability Cap”). Notwithstanding
anything else set forth herein, Guarantors’ liability for any and all claims arising under this Servicing Agreement
under any legal theory shall not exceed the Liability Cap.
7) Reasonable Access. BinaNat shall give Investor and its authorized representatives reasonable access to all
documents, files, books, records and accounts, related to the Loan, and permit Investor to make such inspections
thereof as Investor may reasonably request during normal business hours, provided, however, that such
investigation or inspection shall be at Investor’ expense and conducted in such a manner as to not interfere
unreasonably with BinaNat’s business operations.
o
. 8) ‘Representations and Warranties. Each Guarantor represents, warrants and covenants as follows:
a. BinaNat (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction,
(ii) is duly qualified and in good standing in every applicable jurisdiction in which it would be qualified in order
to perform any of its obligations under this Servicing Agreement, (iii) has the corporate power to own its
property and the authority to carry on the business as conducted as of the date hereof, and (iv) has the corporate
power to enter into this Servicing Agreement.
b, The execution, delivery and performance of this Servicing Agreement have been duly authorized by
each Guarantor and each constitutes a valid and binding obligation of each Guarantor, enforceable against each
Guarantor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
fraudulent conveyance, fraudulent transfer, reorganization, moratorium, or other similar laws from time to time
in effect affecting the enforcement of creditors’ rights generally.
c. The execution, delivery and performance of this Servicing Agreement will not conflict with or result
ina breach of any of the terms, conditions or provisions of, give rise to a right of termination under, constitute a
default under, or result in any violation of, the organizational documents of either Guarantor or any mortgage,
agreement, contract, instrument, order, judgment, decree, statute, law, rule or regulation to which the either
Guarantor any of its respective properties is subject as of the date hereof.
d. The obligations of each Guarantor under this Servicing Agreement are direct and unconditional
obligations of each Guarantor and shall rank pari passu, without any preference among themselves, and at least
equally and ratably in all respects with all its other present and future unsecured and unsubordinated
indebtedness.
e. No authorizations or other consents, approvals or notices of or to any person or entity are required in
connection with (i) the execution, delivery and performance by either Guarantor of this Servicing Agreement, or
(ii) the validity and enforceability of this Servicing Agreement.
9) Governing Law. This Servicing Agreement shall be construed and enforced in accordance with the laws of
the State of Georgia.
10) Assignment. Neither this Servicing Agreement nor any of the rights, interests or obligations under this
Servicing Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise by
either Guarantor without the prior consent of Investor, and any such attempted assignment without such prior
consent shall be null and void. Subject to the preceding sentence, this Servicing Agreement shall be binding
upon, inure to the benefit of, and be enforceable by, the partics and their respective successors and permitted
assigns.
11) Entire Agreement. This Servicing Agreement, together with the Assignment is the full and final
agreement between the undersigned parties regarding the subject matter herein. Any prior agreements, oral or
otherwise, are hereby merged into this final agreement. Each of the parties understands that they have had the
right to have it reviewed by their own independent attorney prior to signing.
12) Notices. Whenever one party is required or permitted to give notice to the other party under this Servicing
Agreement, such notice will be in writing unless otherwise specifically provided herein and will be deemed
given when delivered by hand, one (1) day after being given to an express courier with a reliable system for
tracking delivery, or five (5) days after the day of mailing, when mailed by United States mail or registered or
certified mail, return receipt requested, postage prepaid.
Notifications will be addressed as follows:
If to Investor:
Richard Svensson
18 Ryan Road
Gloucester, MA 01930
If to cither Guarantor:
BinaNat Capital, LLC
Attention Robert Storm
2204 Sawgrass Village Drive
Ponte Vedra Beach, FL 32082
Either party hereto may from time to time change its address for notification purposes by giving the other prior
written notice of the new address and the date upon which it will become effective.
IN WITNESS HEREOF, the partics have set their hands and seals to this Servicing Agreement, this 26" day
of June, 2017.
BinaNat Capital, LLC,
By: Life LL —
Rébert Storm, Manager —
Robert Storm
By: QGAALIE
Robert Storm, Individually
Richard Svensson
B:
, Richard Svensson
$1,000.00| Misc. Bathroom Hardware $1,000.00
$7,000.00] Kitchen cabinets $7,000.00]:
$4,800.00] Kitchen countertops - Premium $4,800.00!
————_—
$2,900.00) Bath vanities” $2,900.00)
=
$2,600.00] Vanity Countertops $2,600.00)' —
$3,350.00] Floorcovering - carpet w/ pad $3,350.00)
$8,900.00] Floorcovering - ceramic tile $8,900.00)
$10,500.00] Floorcovering - Hardwood: Is. ~$10,500,00) _
—
$6,000.00) Interior-paint $6,000.00
$2,200.00] Exterior Painting $2,200.00
____ _$4,000.00]/Appliances ——__ $4,000.00 [
___-$3,000.00|Fireplace . $3,000.00 =>
$2,500.00| Garage Doors w/openers __ $2,500.00
$8,200.00] Decking and Landscaping ___ $8,200.00;
$1,500.00] Cleaning $1,500.00)
$1,200.00] Progress Inspections (8 _@ $150.00 each) $1,200.00)
$335,460.00) Schedule of values running total:| $335,460.00"
$0.00 Previous Payments: $0.00)
$0.00 This Draw: $0.00
$335,460.00) Escrow Balance:
Weather - clear / dry / warm
Date: 6/9/2017 _ —
Accepted By:
NOTES:
Lender will require permits
Project duration_
Page 2
Knobs, Pulls, Mirrors, Etc.
Premium needed
Added to budget
Added to budget
Secondary Bedrooms and Media Room/Tier 1
Includes Shower surrounds and backsplashes 5000.00 added to budget
1200.00 added for hdwood treads
Finished, caulked etc 2000.00 added
Stucco pre-colored, just soffit, facia, and window frames
Premium needed?
Includes Surround, 1500.00 for rough, 1500.00 for finish
3000.00 for wood decking, Landscaping to incl seed, hay, and bushes, 1600.00 for backfill
Added to Budget
Page 4
SINANAT CAPITAL
SERVICING AGREEMENT
Loan dated: 6/26/2017
Borrower: Live, Work, Play, Inc.
Guarantor: Kevin Edwards, Kaleb Edwards, and Ashley Bell, Individually
Security: 1391 Audubon Ct SW, Atlanta, GA 30311
Total Loan Amount: $405,000.00
WHEREAS, BinaNat Capital, LLC (“BinaNat”) and Richard Svensson, (“Investor”) entered into a
Transfer and Assignment dated as of June 26", 2017 (the “Assignment”), pursuant to which BinaNat sold to
Investor all beneficial right, title and interest in and to 24.69% ($100,000.00) of the loan described above (the
“Loan”).
WHEREAS, Investor has agreed to retain BinaNat as the servicer for the Loan and BinaNat has agreed to
service the Loan all on the terms and conditions set forth herein; and
WHEREAS, each of BinaNat and its Member, Robert Storm, has agreed to guaranty to Investor the
performance of all obligations of any and all obligors and/or guarantors under the Loan (each, an “Obligor” and,
collectively, “Obligors”).
NOW THEREFORE, in consideration of the mutual promises contained herein and for other good and
valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows:
1) Term. This term of this Servicing Agreement shall commence as of the date of the Assignment and will
terminate on the date the Loan (including all principal and accrued interest) is paid to Investor in full (the
“Termination Date”) unless terminated sooner by both parties upon mutual written agreement.
2) Servicing Activities.
a. BinaNat shall service and administer the Loan and manage, dispose of and otherwise deal with any
collateral securing the Loan, in each case for the direct benefit of Investor. BinaNat shall have the full power
and authority to cause to be done any and all things for the benefit of Investor in connection with the servicing
and administration of the Loan that BinaNat may reasonably deem necessary or desirable, including without
limitation foreclosing on the security for the Loan noted above (the “Security). The Loan is secured by a first
priority deed to secure debt encumbering the Security and recorded in the records of the superior court in which
such Security is located. BinaNat shall hold the escrow funds noted above in trust for repairs and renovations to
the Security and shall disburse said escrow funds pursuant to the terms of the Loan.
b. BinaNat shall on behalf of Investor diligently collect all payment due by the Obligor(s) under the
Loan as they become due, including but not limited to (i) principal, (ii) interest, (ji) advances for hazard
insurance premiums, payments with regard to prior liens, taxes, legal fees, foreclosure costs, and other
miscellaneous advances, (iv) late charges, and (v) NSF charges, BinaNat shall remit to Investor all collections
net of fees and advances due to BinaNat under this Servicing Agreement. If such remittance is not received by
Investor on or before the 10" day of each month in which such payments are due and payable under the Loan,
BinaNat shall be assessed a late fee of ten percent (10%) of the amount due.
3) Compensation. During the term of this Servicing Agreement, BinaNat shall be entitled to retain as
compensation for its servicing of the Loan an amount equal to three percent (3%) of the Loan payments
remitted to BinaNat in addition to any other fees paid to BinaNat as noted on the Loan closing statement.
4) Default. BinaNat shall be responsible for making all payments due to Investor under or in connection with
the Loan (net of fees and advances due to BinaNat) regardless of collection from the Obligors. If BinaNat fails
to remit any monthly payment (and late fee, if any) to Investor within ten (10) days of the due date as stated in
the Loan, then Investor may, upon written notice to BinaNat, collect such payment and/or any future payments
directly from the Loan obligor, and/or terminate the provisions of Section 1-3 above, in any case without
limiting any rights available to Investor under Section 5 below or otherwise arising under this Servicing
Agreement.
5) Guaranty. Each of BinaNat, a Georgia Limited Liability company and Robert Storm, an individual
resident of the state of Florida (each, a "Guarantor" and, collectively, "Guarantors") absolutely, irrevocably and
unconditionally guarantees to Investor the duc, full and punctual performance of all of obligations of the
Obligors under and in connection with the Loan (including but not limited to any obligation for the payment of
money) (the “Guaranteed Obligations”). Notwithstanding the foregoing, Investor may demand payment and/or
performance of the Guaranteed Obligations, pursue any right or remedy it may have under or in connection with
the Loan, or commence any suit or other proceeding, simultaneously against Guarantors and any Obligor.
Guarantors shall remain bound by this guaranty, without notice to or further assent by BinaNat,
notwithstanding any (i) agreement betwcen any Obligor and Investor that, from time to time, amends, extends,
supplements or otherwise modifies the Loan, or (ii) agreement or assent by Investor to delay or extend the date
on which any payment must be made, or performance of any other obligation must be completed, by any
Obligor pursuant to the Loan. Guarantor expressly waives (i) protest, and (ii) notice of acceptance of this
guaranty by Company, and (iii) demand for payment or performance of any of the Guaranteed Obligations.
Guarantors waive any right that either of them might have to challenge the amount or validity of any amounts
acknowledged by any Obligor to be due under the Loan or determined to be due under the Loan pursuant to any
dispute resolution procedures sct forth therein; provided that Guarantors reserve all rights and other defenses
otherwise available to the Obligors with respect to the Guaranteed Obligations except defenses arising from the
bankruptcy, insolvency, dissolution or liquidation of any Obligor, which defenses are waived by Guarantors,
and any other defenses expressly waived in this guaranty. Guarantors agree that Investor may enforce this
guaranty without the necessity at any time of resorting to or exhausting any other remedy, security or collateral.
This guaranty is a continuing guaranty of performance and payment and not merely of collection. Accordingly,
Investor shall not be obligated or required before enforcing this guaranty against Guarantors: (i) to pursue any
tight or remedy Investor may have against any Obligor, or any other person or commence any suit or other
proceeding against any Obligor or any other person in any court or other tribunal; or (ii) to make any claim in a
liquidation or bankruptcy of any Obligor or any other person. The guaranty of performance of the Guaranteed
Obligations hereunder is a continuing guaranty of Guarantors. Accordingly, this guaranty shall remain in full
force and effect until such time as all the Guaranteed Obligations have been discharged in full.
6) Limitation of Liability. The Assignment of the Loan is made on a full recourse basis, and the Guarantors
shall be personally liable to Investor for an amount up to the full amount of all principal and accrued interest
under the Loan, plus any costs and expenses (including court costs and attorneys’ fees) incurred by Investor in
collecting any amounts due under this servicing Agrecment or the Loan (the “Liability Cap”). Notwithstanding
anything else set forth herein, Guarantors’ liability for any and all claims arising under this Servicing Agreement
under any legal theory shall not exceed the Liability Cap.
7) Reasonable Access, BinaNat shall give Investor and its authorized representatives reasonable access to all
documents, files, books, records and accounts, related to the Loan, and permit Investor to make such inspections
thereof as Investor may reasonably request during normal business hours, provided, however, that such
investigation or inspection shall be at Investor’ expense and conducted in such a manner as to not interfere
unreasonably with BinaNat’s business operations.
a
8) Representations and Warranties. Each Guarantor represents, warrants and covenants as follows:
a. BinaNat (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction,
(ii) is duly qualified and in good standing in every applicable jurisdiction in which it would be qualified in order
to perform any of its obligations under this Servicing Agreement, (iii) has the corporate power to own its
property and the authority to carry on the business as conducted as of the date hereof, and (iv) has the corporate
power to enter into this Servicing Agreement.
b. The execution, delivery and performance of this Servicing Agreement have been duly authorized by
each Guarantor and each constitutes a valid and binding obligation of each Guarantor, enforceable against each
Guarantor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
fraudulent conveyance, fraudulent transfer, reorganization, moratorium, or other similar laws from time to time
in effect affecting the enforcement of creditors’ rights generally.
c. The execution, delivery and performance of this Servicing Agreement will not conflict with or result
in a breach of any of the terms, conditions or provisions of, give rise to a right of termination under, constitute a
default under, or result in any violation of, the organizational documents of either Guarantor or any mortgage,
agreement, contract, instrument, order, judgment, decree, statute, law, rule or r