186, 187-Flagship Bank of Seminole, Promissory Note
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1'25
VB
Loan Officer
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Code
:ode
Note Number
PROMISSORY NOTE
Commercial Department
(INSTALLMENT PAYMENT)
:G-
-1
~
)
City of Sanford
Maker's Name
12/17/86
Due Date
FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay to the order of FlaJ?;ship Bank of Seminole
(BANK NAME)
$185,000.00
Amount of Note
12/17/81
Date of Note
P. O. Box 1858
(ADDRESS)
Sanford, FL 32771
(CITY AND STATE)
(hereinafter called "Bank" or "Holder") the sum of $ ---- -- ----------------- -- -185,000.00-------- -- ------------ --
One hundred, eighty five thousand and no/l00------------------------------n------------ DOLLARS
payable in five (5) annual successive installments of $ 37,000.00 plus interest: each commencing
on , 19 _, and continuing on the same day of each and every yp.~r thereafter,
together with a BALLOON PAYMENT in the amount of $ ------------ due on ----------- ,19-=-=-;
OR PAYABLE AS FOLLOWS:
-------------------------------------------------
Check Box(es)
Applicable: 0 All installment payments include interest at the rate of % per annum.
~AII installment payments will be plus interest at the rate of 9 114 % per annum.
o ANNUAL PERCENTAGE RATE and the interest expressed above may vary in accordance with
the interest due will be % above
terms of the note as
Prime Rate
(Name of Bank)
( Daily or other)
moving basis but not in excess of the maximum interest rate permitted by law.
on a
All interest calculations will be made on the basis of a 365 day year. The term per annum as used herein is defined as said 365 day
period. In no event shall interest charged hereunder exceed the maximum allowable by law.
Upon failure to pay any installment of principal or interest on the due date thereof the holder may at its option accelerate maturity and the
unpaid balance hereof shall thereupon become immediately due and payable without demand or notice. All delinquent principal and interest
shall bear interest at the maximum rate permitted by law. The undersigned has the right to repay this loan in full and obtain a refund of the
unearned portion of credit life and/or disability premium on a pro-rata basis. However, credit investigation and other fees are earned at the
inception of the loan.
o IF THIS BOX IS CHECKED, THE BELOW DISCLOSURES ARE NOT APPLICABLE.
CREDIT LIFE AND CREDIT DISABILITY INSURANCE ARE NOT A
::lEQUIREMENT NOR A FACTOR IN THE EXTENSION OF CREDIT
FOR THIS LOAN. Such insurance coverage is available at the cost
designated below for the term of the credit, or as otherwise indicated.
COV~r;AGE
""n<"'T
.... ~.;..J .
TER~.'"
Credit Life Insurance. . . . $ $
Credit Disability Insurance $ $
(Check Applicable Box)
o Credit Life Insurance is desired on the life of:
o Credit Life and Disability Insurance IS desired on the life of
o Credit Life and/or Disability Insurance is not desired.
Date
Signature
DOB
Date
Signature
DOB
1. Cash Proceeds
2. Other Charges
(a) Docu mentary tax S
\D)Filing f-ee :;;
(c) Intangible Tax $
(d) Search Fee $
(e) $
(f) $
(g) Credit Life Ins. $
(h)CreditDisability Ins. $
(i) Total Other Charges
3. Amount Financed (1 + 2)
4. FINANCE CHARGE, consisting of
(a) Interest $
(b) Credit Investigation $
(c) Other $
5. Total of Payments
$
$
$
$
S
ANNUAL PERCENTAGE RATE
%
NOTE: The above disclosures are required by Federal Regulation if the funds advanced pursuant to this promissory note are to a natural person primarily for
personal, family, household or agricultural purposes. By executing this document with the above disclosures marked "Not Applicable" the Maker represents and
warrants that the loan is not for said purposes or that the amount financed is more than $25,000 and is not secured by an Interest in real property.
As security for the payment of this note and as security for all other present and future indebtedness or other liability of each Maker (including each Maker and
any other person) to Bank whether primary, secondary, direct, contingent, sole, joint or several, the undersigned hel"eby grants a security interest to Bank In the
following described collateral and its proceeds:
Three (3) 17 Cu. Yd. Side Loading, Dual Drive Refuse Packers
S# lL9CD42B7BK006046
lL9CD42B9BK006047
lL9CD42BOBK006048
Purpose: To purchase vehicles
(DCheck here if schedule of additional coliateral attached hereto and incorporated by referencel
and in all property of thp undersig::ed (together with additions and substitutions thereto) in or cOilling iroto th(~ posseSSion, control, Or custody uf the Bank or In
which Bank has or hereafter Dcquirp3 a lieil, security interest, or other right "cludlng al! cash, stock, J,erl '>ther eli'JielellCls allel 311 C1'lhh t,) ",b,<cribe for securities
incident to, declared 01 granted In connection with such property This cross collateralization pro'vision 8prdles 5!3'~ t, cbli~FJtior:s or t~lr unc:ersigned purchdspej by
Bank and to security 'or s~id obi igations.
The term "collater3!" as used herein refers to all the aforementioned security. The surrender of this note upor. pay'r2nr 0' otherwise shall not affect the right of
the Bank to retain the col:ateral 3S security for 3ny other liability or obligation of the underSigned.
THe TERMS AND CONDITIONS SET OUT ml TH E REVERSE SIDE HE ~~E.JF f\ c;E PAFrT OF fH IS-ColOTE;
UNDE R 51 GN EO ACK N OW L EDGES RECEIPT 0' A COpy OF TH IS NO" "T TH' r' "~' TTI"" T10")l'
Add'pss ~J)E_"'~'~' )'~~~1 ~___~-~ SIGNATURE
, ... ili,
_~ Box _.!??8.!.~?<!.I!.f~I~?_ FL___127.71____ ' ~ "!Acting_ '':' _ SIGNATURE
Edwln . ' ~.
SICi\I/\ rUFi E
~~:::~~~~~ ~ ~::~7~=- 18
',r", ' ... 1$5.
Sl)n bank. Nd~:0;;c;! ~1Si;i)Cli:3tIQ(l
$~!'rmr&r; Clf;ct; - -
000 - {S8~1
:)i{; .j,w, r I Jf; L
... .
"
TERMS AND CONDITIONS
Additions to, reductions or e;(changes of, or substitutions for the Collateral, payments on account of this loan, or increases of
the same, or other loans made partia:ty or wholly upon the CoIIJ!f:r<:I, may from time to time be made without affecting the provisions
of thi; note. Bank shall exercise reasonable care in thE' cusiOl1y and preservation of the Collateral to the extent required by applicable
statute, and shall be deemed to have exercised "ed;(;nablt cart if it takes such action fOJ that PUI poce as Maker shali reasonably request
in writing. but no omission '0 do ?ny act not rec!i,,~,;tf'd by MdJ.i" ',hJII be deemed a f"ilu1e to exercise reasonable care, and no
omis,iu'l to ;;ornfdy Vlith a'lY ,equest (,f Milke" shedl d ihelf LA ,I, ('",.d 'J LJil"re to exercise red,onable care. ~ank shall not be bound
to U,k, riny SiP-I" ,H"C,SdIY tn i'U?Sf'lve any rights i'i tr,,' ('n!:,,';"di d~;.,ir,,1 pr ior palti", and Maker shall take all necessary steps for such
PUII.'o,e,. Bank UI its ,'omillef? ol,;ed not collect in,ue't 0;1 ur ,..ri,,' 'rat (If ,.py C":'ate,,,1 or 9ive ~ny notice with respeLl to it.
If the Collatptal shdl!.at any tirne hecome ui,;.,tlsfilt..lu \. in BiJl'~, Mahe, shElII vvithin one dJY after demand pled<JE' and deposit
with Bank as part of the Collateral additional prope, ty whish i: sdt'sfactury to Simk.
If GlInk dp,e'TI~ it~e:f HheL1Hlj, or ijpon tIlt" ~!';ppe;liiiU ~ .'I~Y If ['k' fo!l(;vvi~19 ~verlts, t-:dch of which shall const~tute a defauit
hp~ ~undt:t, ;Jl! liabil;ti,:'$ nf p.Jc~"rJJ~1kr.r 1n R(H'd~ ~;; a~' ih( r;'\'f\: ;~; thr1fl ,lfter, .It the opti(J~-i uf Bdnk, without nctice or demand,
Ll'f (Lr'l~ dUt~ ni~ct paYclLL (,J) fJiluIF :'Jf ,In')'' (1',1;0(\( (l,iVr't~"h fl l'>~_J'1 Ifl~\, , ,qld irldude eac:'. !\'~ak(~r, endorser, )uretv cind guarantor of
this 'H,tf,) to perfor!l1 allY a<Jr1c'urne" I",,'c"" 't'., i ) Iny int'ole:t il....",..,1 \"iU,il' 10 "IdYS "ftr:1 ii i" biiled or utheiwi.,e requested or
den;dildec"l, cr t(~ paj rt iy ,:<ll:f :i,,~t~:l;!\: vv: dL..'t>.'-: E~~II~ \,I'C1 {'l~r>, (I';: hp ,jedt;1 of Ji_'\\yi ObilC]or, (c) the filing cf dny petitjor~
!:'\lpf tflf' Rdf'hfllpi{'y A(1, III .,rl'j ": !'n:i,l f. :Pr. ~'I I .;.. i~ ,,;~l ist'~ IV :11.d:U':)I; (d) an,! Jpp;;catiuti fQr the appointment
nf () Th'ci'.Jer for, fIle i11'~ ir;:J :J~' i fi ~l fit eft; F.l:tur-:; ~'Y, r the inscdven' y of dny OLdigor, (~,} lhe entry of a
iU(Jgf!IPnt djdjn~i any r:d;~ln' !f) 11 'I:"; j' !I,.~,"l :'l--;i, I'j 0:HfJi~hnh;rt: (',r '~he filing ~:\f dny lif'fl, dgdi!l,_'t -.lny pruperty of any
Oh!lfj(Jj; {q) tl:e idk;r:~ \,f ;i)' I lr 'I) t ;1"; \.It-,~_'r: l' .~}f dilV Obiig'~r (d. \,ht; ifls~,Jnce of ar-i'y' UI)\;en:rnentdl author.
;ty; {h) thp. t:;;sc)lut\,__~ ~H'!Ut (/ 1'.\;!;j~dliDil, ')~ :t-i,,~.,rdl.; ',,_,"1 r)f dn'i Obliyor, (;} ~hL! JS~igrHl!ellt by a:'lY Maker of any t_'quity in any
f tl,,: Ccolliol"rc" V\o:tI,() , ! ;1'" COI'\:", "f Bo:.k, (j} ,":"",;,hii decr"dse i,l !.f"c' value of lilt CoiiatHal: (k) dny ul;ler oct or cir
cum~ta'lce leading thE' :;older t\, desm it"I;lf ill:,ecurc.
B:)n~' "h jll h l'." i'UL :~;'l. I r"t' I) 1:.', tht, r(:!l'J\~;;:j !'C.,'lt'. r'd:h of \'"..hich !"!ldY be f:"<t~:~fsed dt dr~'y' tirrle 'I/\/~leihe; or not thiS
n~iL.: i:) If:.:" C} to :-;Jo\~J :l,' f,," ~~ d t':" \ - ':! :.. :j! ''tH~ r Hlk 'iha!! therpupon t'~' relieved of all rll;ties and re::,ponsiL>ilitic)
!..j'~i!IHj.-, df:t; :i.~l:iil' ~lf,,; al'lf" \.':l; l!~)t "..--i~;'f C">,liJlf.; ~.: rdr-F""!g~dor tl~!")rfr!~::'C;,a-~danyplc(!9.'__e0rtransferee
.::-l::d; i'J~ dl p:. 1 po ;f"j ld! '-. f '.1 r Ct,':1 ~~!,r:;:)f'i"ll ~ " fldji~ ;):i t~H-' r iQ~:r::, of BanK hf,;! :_u!ldp!, i; ) to transfer tht v\thole or dny
p.)"( n~' t~IL r()l~dtl~r( I !n'-;i ,r ",f ~( r:::':lI',f'C' 11,:,1) \1, tiel l;h Ll";; ~'_rat, (IV) 7.U f)()i.ifv t~v~ ;')b!ig01~ O~( d~'\/ Collateral to
rp;:)ke pAyrntJ1~ :0 Pi:>:~ 'y <.,'11'" It' :f r::_:i..'J;J'{' rJr'f' !; {'r"Clfl, {v) tu dfnL;~rlrl, sue f'JI, Co[i(lt, Ot rncK-:: dny cUrnprunlise or
~,t-"tlenlel~t It ~.lt~err'i) tlt-") I,lt ;:i t :l~ f-' 'j i.;'~l C(l!L~L'.ci;, ,I,d ~,,;):) !Jkp (ur'~,rul of anV pi';Jceeds (if CDlldlf'rdl.
Bdllk ij !\':':.cb'r UI' '''1 a -".<1 '.i!tily .,'lll ,( i'i ilii : 'l'pertV uf ~ilch Ob!lgo. I~OVV or dt an..,. time hereafter in the
{."''''~'S-;''P~ 0; f/ rdiJ'! ;~ ,.,1 ;~"\';p ;.. d"I\ L~P0~';jV VvI\.]t~;;I{'Ve~, indudint] f'l~1 not lirnited to any talanct: or share of
,'H'IY dt~PO"'liti tru~t, (;r <:Jf;,-,. 1 ,Jt ('I _:i '.~i'~" ,I, rut (hi-; 1;' I'ir _,'d, !J: ll', n'__\tL, dltd j :::ITlJ!;:H !:cn upon dnd seCLl'lty inte'cst in all such
PI ~)pelt / of 8ach Maker ;". ". \1' t/ :'J' "" l-'c'Yi1,,-,;, :,; ,,!i ,. J.r, !;J:'i! ;,eo d \:"dl Maker iU Bank (including, abli,ties of each Maker
and ;lny Oth21 pprr.Ofl), alld D(11.d'_ sl rl'l ;.'-.1Vt, d1( (:.j ;'!'" I igh1 <:-,~ ;~\ such pr,Jpert/:.:i'.l it hAS with respect tG the Col12tt'ral.
rrl: t,)l-'(ty !!"j",lij p;, , if v l'i:t~, in ~'t~' :11-, ii,.] Ii "h I ~ ~,~,1I1, ..,1\!L t",~,t~:,in~!d by tht; und! t'~i~YH;() 1hl\\u~I, 2:11/ ['(~I-son of hi)
choice.
If bi.ii;k ,:w- l'i :L)(--'jf il't ,it
J~,p:~<":' ~:;e U11i;'nr'lf C\ !"crc;.,~i CFI'
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rll,lfdi.;:t 1'P"l>.:nder Bapk SllJI! h,rJc thr' renh~dir::~) of a ;,ecured part),
;,d ! r of fhl' f.H'_'gpiflU, Cj\lh. :-.h(...j]l IIJVP the r t, irqq'l~diately anel
,l\; "r1 iiY E~'Hd '11 dfl\- f'.Jpc>~" tv ~c :i(;h or (illY r;~d'~}it, whether Oi
't ~ :1; nl.;'''lt iy (',' I [3,.;i ;-~(1'l'l< \~pJC t\, 1,_, ':ach or anv
f-f '1)': to hd"/f~ r,d~j':. ,JicH']C d~~d.r:st aliI,' :;ucL money
,'p f'l; I'l~ Cr (.Ie' ,~! 1~' suo.:,r.qut=:r,t
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r-i!JI-"' (;; (.lj-:~' '-:::(:1: ,,: i cd after the
.i,d" lee')) , In M..'kel for any
Ir{,erv:~ di]a;n{,' any dnd all ot'llel
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~"';~ t F.,'k ,.ih;~; ~'JVt ::il:- j;~;;(
liabilitIes of each or any Make, to Bail"
Tht: It:.tr!l "obt\go." i-pedll.) ~r,,/ p~:lfty or 'Jt;!t~i I_H:1 ~'_.' ~,iUli:(I~; -l!li.~ In:iirUlilt:;lt, .....l'l.t!if!; as rlldKPr, t;ildoll)er I guarantor, or
otherWise.
No deldY (,1 umi,s;ulI 01: !,/ii: i:,.t of Bank in _x2".i.i,'0] "f'y "ght ~IPreu'".",1 ,I,dll ofJf;r~'" uS u VVCJI'Jel of such right or any other
right under this note.
All p,,, ties lidble ~Ol the PdY;IlCilt heleof jClntly an;! SPV'" ,dly VVd,ve p,esentlllent for payrnt'rlt, dellla'ld, not,et' of non.payment,
notice of protest, and plOtest, and crJnse!!t tu dn! eXlt.",ic'il'_ ()I I ~lIl'\',iJ!s herf'of hy the holdel WlthUI]t notice Obiigols also agree to
pay dlllX['ell,es of collectio'l h~,elJf including !Jut flut lilllilf'rl Ic) IflilsonahlC' dtttlrlleys' fees fOl hoidel said fees to Include attorney's
fees incurred by holdel in the C.J8nt uf appeal of any lil!gatiulI 111"(Jiving thiS plOllllSSOlY note to any Appellate COllrt.
THIS NOTE SHA.LL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA
GUARANTY OF PAYMENT
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,'or value received, the u:)de:~':S;i,'d (v',llo if t\'vu 01 I1!U;" in Ill.lInhe" ,helll f.,c juintly dnd oevciallv liablrc hereunder) hereby
ull''>.lllditionally !jlldlante,,' till' pay !1t!llt ,of ti,e h't:II':: c: P"i; ""')1,/ ~!otp ,i/ld 3111'xt2miIY:~, 01 ,.e!!ewals thereof, <Jnd all expenses
(including atturney's fees) in(,ur~-i_'! 'Ii !",(l ('(}~lecL' L!!i~'i: \ i, ihp r:'nfur(e:~n(int cf right~ ut1(!er any security therefor and the
enfulcfnH".lt hel.eof, and 'Nai\ie ['If''''.'lrlnli.''!t. [lema:I';, ,ut." ,,( di:;i1ul'(,I, "",t""t and all uti'e. lictices whatevel, and dgree that
thf' r~,klf',. of said i'JOlt, may', III ;inr, tn tliT1': ~> k!i<l iii it'I, .."dld i'J"j! f(l! dl1Y pel.iod (whether u' not IOIl!jel than lhe original
pel;or! I.-,f saiel Note), nny, fr0!n tilllt: iu tll"" cllld ,vithul,t ""(I!.>', ".Iiiltlldel, cCi!Tlpro'"i:,f!, substitute O[ exchdngr: all ur allY part of the
c:ol:at2rJ! dt~o;('rd)ed on the rCVt't'C,j-' Ilt'iPCif, dtHJ !n~lV :pclf1t LOll!! (i ;i"as~,s, LOfllfHonll~PS Ot !ndlJlgerll'eS \.r\'lth respf-~ct to ~dld Note or any
{'jJ.it'l)>)liH-: nt- 1'f~np\iv;:d thp:e::Jf (V l' ('IPlfV tf;t~'i::tu; u! tl) d! r-\art\' !idLd~, tl",cieUi';dri Or ~H::'teUrKJer (l!lLludlng but r!f_)t Ilrnited to
fJiiu,,, CJr lefusdl to exercis'? Grie (Ii m,',.,' of tl18 lights 01 rtm8dle<, prOVided by Sdlrl Note), ail Without notice tu ur CUlls""t of any of
the lIl1CJelsigned and without affectl1l[jlhr: liabll'ly of th,_ '.:nd"'SilJlled hereundel. allY of whom milY be sued by the holdel hereof with
01 Without filst or contempolalleollsly "uing such othel [iersons, 01 otherwise seeking 01 proceeding tu coilect from them.
Th" undelsigned indorser, Sll!Pty "nd/or glldlanlor hereby expressly consellts to any release involving the obligation herein by
the above.named leffder of Jny or all Indorsers, sureties, and/or guarantors jointly and severally liable herein with the undersigned.
Such consent shall not be deemed to effect the release, in whole, in part, and/or in any pro.rata share or formula, of the undersigned
or other remaining unreleased indorsels, sureties, and/or guarantors. The undersigned further expressly consents to (1) a rf'servation of
rights to the lender to demand and secure payment in the event of default from the undersigned and any and all other remarnrng
unreleased indorsers, sureties, and/or guarantors of any remarning rndebtedness secured hereby; and (2) an express waiver of any right
to demand and/or seek indemnification from any other indorser, surety, and/or guarantor who may have been released in part, or In
toto, by said lender.
SIGNATURE
SIGNATURE
(Address)
Telephone
Number
(Address)
Telephone
Number
Excerpt of minutes of City Commission meeting December 14, 1981:
Commissioner Farr moved to authorize Acting Mayor Keith,
and the City Clerk to execute a loan from the Flagship Bank
of Seminole in the amount of $185,000.00 to finance three (3)
Refuse Packers over a period of five (5) years, with annual
payments of $37,000.00, plus interest at the rate of 9.25
percent. Seconded by Commissioner Smith and carried.
C E R T I F I CAT E
I, H. N. Tamm, Jr., City Clerk of the City of
Sanford, Florida, do hereby certify that the foregoing is
a true and correct copy of excerpt from minutes of the
regular meeting of the City Commission of the City of
Sanford, Florida, held on December 14, 1981.
IN WITNESS WHEREOF, I have hereunto set my hand
and the official seal of the City of Sanford, Florida, th~
15th day of
December
, 1981.
~~
...-:'/1 -
~-~.- 4
_. , ~ ';7f'
L~ he Ci Clerk 0' ye
-City of Sanford, Florida
FOR BANK USE ONLY:
I
L.~
Of)O;~73
VB
Loan Officer
Maker's 11
)de
Note Number
Code
PROMISSORY NOTE
Commercial Department
(INSTALLMENT PAYMENT)
City of Sanford
Makerls Name
12/17/86
Due Date
FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay to the order of Flagship Bank of Seminole
(BANK NAME)
$185,000.00
Amount of Note
12/17/81
Date of Note
P. O. Box 1858
(ADDRESS)
Sanford. FL 32771
(CITY AND STATE)
(hereinafter called "Bank" or "Holder") the sum of $ __________________________185. 000.00------------------------
One hundred. eip.hty five thousand and no/100-------------------------------------------~OLLARS
payable in five (5) annual successive installments of $ 37.000.00 plus interest each commencing
on ' 19 _, and continuing on the same day of each and every year thereafter,
together with a BALLOON PAYMENT in the amount of $ ------------ due on -----------, 19_=_-;
OR PAYABLE AS FOLLOWS:
-------------------------------------------------
Check Box(es)
Applicable: 0 All installment payments include interest at the rate of % per annum.
a~1I installment payments will be plus interest at the rate of 9 1/ ~ per annum.
o ANNUAL PERCENTAGE RATE and the interest expressed above may vary in accordance with terms of the note as
the interest due will be % above Prime Rate
(Name of Bank)
( Daily or other)
moving basis but not in excess of the maximum interest rate permitted by law.
on a
All interest calculations will be made on the basis of a 365 day year. The term per annum as used herein is defined as said 365 day
period. In no event shall interest charged hereunder exceed the maximum allowable by law.
Upon failure to pay any installment of principal or interest on the due date thereof the holder may at its option accelerate maturity and the
unpaid balance hereof shall thereupon become immediately due and payable without demand or notice. All delinquent principal and interest
shall bear interest at the maximum rate permitted by law. The undersigned has the right to repay this loan in full and obtain a refund of the
unearned portion of credit life and/or disability premium on a pro-rata basis. However, credit investigation and other fees are earned at the
inception of the loan.
o IF THIS BOX IS CHECKED, THE BELOW DISCLOSURES ARE NOT APPLICABLE.
CREDIT LIFE AND CREDIT DISABILITY INSURANCE ARE NOT A
REQUIREMENT NOR A FACTOR IN THE EXTENSION OF CREDIT
FOR THIS LOAN. Such insurance coverage is available at the cost
designated below for the term of the credit, or as otherwise indicated.
COST
TERM
COVERAGE
Credit Life Insurance. . . . $ $
Credit Disability Insurance $ $
(Check Applicable Box)
o Credit Life Insurance is desired on the life of:
o Credit Life and Disability Insurance IS desired on the life of
o Credit Life and/or Disability Insurance is not desired.
Date
Signature
DaB
Date
Signature
DaB
1. Cash Proceeds
2. Other Charges
(a) Documentary tax $
(b) Filing Fee $
(c) Intangible Tax $
(d) Search Fee $
(e) $
(f) $
(g) Credit Life Ins. $
(h) Credit Disability Ins. $
(i) Total Other Charges
3. Amount Financed (1 + 2)
4. FINANCE CHARGE, consisting of
(a) Interest $
(b) Credit Investigation $
(c) Other $
5. Total of Payments
$
$
$
$
$
ANNUAL PERCENTAGE RATE
%
NOTE: The above disclosures are required by Federal Regulation if the funds advanced pursuant to this promissory note are to a natural person primarily for
personal, family, household or agricultural purposes. By executing this document with the above disclosures marked "Not Applicable" the Maker represents and
warrants that the loan is not for said purposes or that the amount financed is more than $25,000 and is not secured by an interest in real property.
As security for the payment of this note and as security for all other present and future indebtedness or other liability of each Maker (including each Maker and
any other person) to Bank whether primary, secondary, direct, contingent, sole, joint or several, the undersigned hereby grants a security interest to Bank in the
following described collateral and its proceeds:
Three (3) 17 Cu. Yd. Side Loading, Dual Drive Refuse Packers
Sf lL9CD42B7BK006046
lL9CD42B9BK006047
lL9CD42BOBK006048
Purpose: To purchase vehicles
(OCheck here if schedule of additional collateral attached hereto and incorporated by reference)
and in all property of the undersigned (together with additions and substitutions thereto) in or coming into the possession, control, or custody of the Bank or in
which Bank ha~' or hereafter acquires a lien, security interest. or other right including all cash, stock, and other dividends and all rights to subscribe for securities
incident to, declared or granted in connection with such property. This cross collateralization provision applies also to obligations of the undersigned purchased by
Bank and to sec.,rity for said obi igations.
The term "collateral" as used herein refers to all the aforementioned security. The surrender of this note upon payment or otherwise shall not affect the right of
the Bank to re~ain the collateral as security for any other liability or obligation of the undersigned.
THE TERMS AND C;;ONDITIONS SET OUT ON THE REVERSE SIDE HEREOF ARE PART OF THIS NOTE.
UNDERSIGNED ACKNOWLEDGES RECEIPT OF A COpy OF TH IS NOTE AT THE TIME OF ITS EXECUTION.
Address
P. O. Box 1778, Sanford, FL 32771
Witness:
/
~~~~~'"rr /;/'1
. '7"'"
Disposition of funds: $
s
rCheck(s)]
r.rrv OF ~ANFORn SIGNATURE
, i Mayr~_
,'< J /~
.~ ," A('ting \1ayor SIGNATURE
Edwin o. Kei tfi'ker
SIGNATURE
Maker
SIGNATURE
Maker
LDeposit(S)]
(Account Number)
...
TERMS AND CONDITIONS
Additions to, reductions or exchanges of, or substitutions for t~e Collateral, payments 011 account of this loan, or increases of
the same, or other loans made partially or wholly upon the Collatr:ra!, fl'ay from time to time be made without affecting the provisions
of this note. Bank shan exercise reasonable care in the custody and ~\reservatiorl of the Collateral to the extent required by applicable
statute, and shall be detrned to have exercised reasonable care if it tc:kcs sLlch action for that purpv~e as Maker shail reasonably request
in writing, but no omission to do any act not requested by Makar ',hall be deemed a failure to exercise reasonable care, and no
omis'ion to comply with any ,equest of Maker shall of iis;;if be dCf1Yl"J a failu'-e to exercise reCJsonable care. Eank shall flat be bound
tu take any steps necessary to preserve any rights in the Collatera! dSjainst prior parties and Maker shall lake all necessary steps for such
purjJoses. Bank or its nominee need not collect interest on or principal of dny Cullateral or give any notice with 'espect to it.
If the Collateral shall at any time become unsatisfactory 10 Bank, Maker shall within one day after demand pledge anu deposit
with Bank as part of the Collateral additional property which is satisfactor y to Bank.
If Bank deems itself insecure, or upon the happening of any of the following events, each of which shall constitute a default
hereunder. all liabilities of each Maker to Bank shall thereupon or thereafter, at the option of Bank, without notice or demand,
become due and payable: (a) failure of any Obligor (which term shall mean and include each Maker, endorser, surety and guarantor of
this note) to perform any agreement hereunder, to pay interest hereon within 10 days after it is billed or otherwise requested or
demanded, or to pay any other liability whatsoever to Bank when due; (b) the death of any Obligor; (c) the filing of any petition
under the Bankruptcy Act, or any similar federal or state statute, by or against any Obligor; (d) any application for the appointment
of a receiver for, the making of a general assignment for the benefit of creditors by, or the insolvency of any Obligor; (e) the entry of a
judgment against any Obligor; (f) the issuing of any attachment or garnishment, or the filing of any lien, against any property of any
Obligor; (g) the taking of possession of any substantial part of the property of any Obligor at the instance of any governmental author-
ity; (h) the dissolution, merger, consolidation, or reorganization of any Obligor; (i) the assignment by any Maker of any equity in any
of the Collateral without the written consent of Bank; (j) substantial decrease in the value of the Collateral: (k) any other act or cir.
cumstance leading the holder to deem itself insecure.
Bank shall have, but shall not be limited to, the following rights, each of which may be exercised at any time whether or not thiS
note is due: (i) to pledge or transfer this note and the Collateral and Bank shall thereupon be relieved of all duties and responsibilities
hereunder and relieved from any and all liability with respect to any Collateral so pledged or transferred, and any pledgee or transferee
shall for all purposes stand in the place of Bank hereunder and have all the rights of Bank hereunder; (ii) to transfer the whole or any
part of the Collateral into the name of itself or its nominee; (iii) to vote the Collateral; (iv) to notify the obligors on any Collateral to
make payment to Bank of any amounts due or to become due thereon; (v) to demand, sue for, collect, or make any compromise or
settlement it deems desirable with reference to the Collateral; and (vi) to take control of any proceeds of Collateral.
Bank is hereby given a lien upon and a security interest in all property of each Obligor now or at any time hereafter in the
possession or control of said Bank for any purpose, or any capacity whatsoever, including but not limited to any balance or share of
any deposit, trust, or agency account, as security for the payment of this note, and a similar lien upon and security interest in all such
property of each Maker as security for the payment of all other liabilities of each Maker to Bank (including liabilities of each Maker
and any other person); and Bank shall have the same rights as to such property as it has with respect to the Collateral.
Property Insurance, if written in connection with this loan, may be obtained by the undersigned through any person of his
choice.
If Bank deems itself insecure or upon the occurrence of any default hereunder Bank shall have the remedies of a secured party
under the Uniform Commercial Code and, without limiting the generality of the foregoing, Bank shall have the right, immediately and
without further action by it, to set off against this note all money owed by Bank in any capacity to each or any Obligor, whether or
not due, and also to set off against all other liabilities of each Maker to Bank all money owed by Bank in any capacity to each or any
Maker; and Bank shall be deemed to have exercised such right of set-off and to have made a charge against any such money
immediately upon the occurrence of such default even though such charge is made or entered on the books of Bank subsequent
thereto. Unless the Collateral is perishable or threatens to decline speeJily III value or is of a type customarily sold on a recognized
market, Bank will give Maker reasonable notice of the time and place of any public or private sale thereof. The requirement of
reasonable notice shall be met if such notice is mailed, postage prepaid, to any Maker at the address given herein or at any other
address shown on the records of the Bank, at least 5 days before the time of the sale. Upon disposition of any Collateral after the
occurrence of any default hereunder, Maker shall be and remain liable for any deficiency; and Bank shall account to Maker for any
surplus, but Bank shall have the right to apply all or any part of such surplus, or to hold the same as a reserve against any and all other
liabilities of each or any Maker to Bank.
The term "obligor" means any party or other person signing this instrument, whether as maker, endorser, guarantor. or
otherw I se.
No delay or omission on the part of Bank in exercising any right hereunder shall operate as a waiver of such right or any other
right under this note.
All parties liable for the payment hereof jointly and severally waive presentment for payment, demand, notice of non-payment,
notice of protest, and protest. and consent to any extensions or renewals hereof by the holder without notice. Obligors also agree to
pay all expenses of collection hereof including but not limited to reasonable attorneys' fees for holder said fees to include attorney's
fees incurred by holder in the event of appeal of any litigation involVlllg this promissory note to any Appellate Court.
THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA
GUARANTY OF PAYMENT
For value received, the undersigned (who if two or more in number, shall be jointly and severally liable hereunder) hereby
unconditionally guarantee the payment of the foregoing Promissory Note and all extensions or renewals thereof, and all expenses
(including attorney's fees) incurred in the collection thereof, the enforcement of rights under any security therefor and the
enforcement hereof, and waive presentment, demand, notice of dishonor, protest and all other notices whatever, and agree that
the holder of said Note may from time to time extend or renew said Note for any period (whether or not longer than the or iginal
period of said Note), may, from time to time and without notice, surrender, compromise, substitute or exchange all or any part of the
collateral described on the reverse hereof, and may grant any releases, compromises or indulgences with respect to said Note or any
extension or renewal thereof or any security therefor or to any party liable thereunder or hereunder (includrng but not limited to
failure or refusal to exercise one or more of the rights or remedies provided by said Note), all without notice to or consent of any of
the undersigned and without affecting the liability of the undersigned hereunder. any of whom may be sued by the holder hereof With
or Without first or contemporaneously suing such other persons, or otherwise seeking or proceeding to collect from them.
The undersigned indorser, surety and/or guarantor hereby expressly consents to any release involving the obligation herein by
the above-named lender of arlY or all indorsers, sureties, and/or guarantors jointly and severally liable herein with the underSigned.
Such consent shall not be deemed to effect the release, in whole, in part, and/or in any pro-rata share or formula, of the underSigned
or other remaining unreleased indorsers, sureties, and/or guarantors. The undersigned further expressly consents to (1) a reservation of
rights to the lender to demand and secure payment in the event of default from the undersigned and any and all other remaining
unreleased indorsers, sureties, and/or guarantors of any remaining indebtedness secured hereby; and (2) an express waiver of any right
to demand and/or seek indemnification from any other indorser, surety, and/or guarantor who may have been released in part, or In
toto, by said lender.
SIGNATURE
SIGNATURE
(Address)
Telephone
Number
(Address)
Telephone
Number
...
SECURITY AGREEMENT
(CONSUMER GOODS AND EQUIPMENT)
DATE:
BORROWER:
City of Sanford
ADDRESS:
P. O. Box 1778, Sanford, FL32771
SECURED PARTY:
Flagship Bank of Seminole
(Bank Name) hereinafter called "Bank"
Sanford , FL
(City & State)
The borrower hereby mortgages and grants a security interest In the property described below to the Bank, its
successors and assigns:
Description Model No.
Three (3) 17 Cu. Yd. Side Loading, Dual Drive
Refuse Packers
Serial No.
1L9CD42B7BK006046
1L9CD42B9BK006047
1L9CD42BOBK006048
(0 Ch~ck here if Schedule of Additional Collateral is attached hereto.)
together with all proceeds, accessories, attachments, parts, special tools. equipment, accessions, renewals, repairs and
replacements of all or any part thereof whether now owned or hereafter acquired by the Borrower (all of which is
hereinafter called "Collateral")
I. The above described Collateral is given the Bank to secure:
(a) The payment of all indebtedness evidenced by and according to the terms of that certain promissory note(s) of
even date herewith executed and delivered by the Borrower to the Bank in the original principal sum of
S 185,000.00 . and all extensions, modifications and renewals thereof: and
(b) The prompt and faithful discharge and performance or each agreement here contained on the part of the
Borrower to be performed and the repayment of any sums expended or advanced by the Bank for the maintenance or
preservation of the Collateral or in enforcing the rights of the Bank hereunder, including reasonable attorney's fees and
costs of collection; and all sums thus incurred or expended by the Bahk shall bear interest at the maximum rate permitted
by law.
(c) Future advances made by the Bank to the Borrower; and
(d) All other liabilities of the Borrower (primary, secondary, direct, contingent, sole, joint or several) due or to
become due or which may be hereafter entered into between or acquired by the Bank.
2. Borrower represen ts and warrants that:
(a) Borrower is the owner of the Collateral free and clear of all liens and security interests and will defend the
same against the claims and demands of all persons; and
(b) Borrower has the right to make and enter this Security Agreement; and
(c) Collateral is to be used primarily for 0 personal 0 family or household purposes: 0 farm purposes; 0 business
purposes; and if the Collateral is being acquired with the proceeds of the loan secured hereby, the Bank may disburse the
proceeds to the seller of the Collateral and/or the insurance agent or broker for insurance thereon; and
(d) Collateral will be kept at
(Street Address)
Sanford
(City)
Seminole
(County)
Florin:;!
(State)
or if left blank, at the address shown at the beginning of this agreement; that Borrower will promptly notify the Bank of
any change in the location of the Collateral; and that Borrower will not sell, transfer, lease, or otherwise dispose of any of
tile Collateral or any interest therein, or offer so to do, without the prior written consent of Secured Party.
THIS AGREEMENT IS SUBJECT TO THE TERMS AND CONDITIONS ON THE REVERSE SIDE HEREOF ALL
OF WHICH ARE MADE A PART HEREOF. BORROWER HEREBY ACKNOWLEDGES RECEIPT OF A TRUE
EXECUTED COPY OF THIS SECURITY AGREEMENT ON THE ABOVE DATE.
IN WITNESS WHEREOF, the Borrower sets his hand and seal the day above written.
Signed. scalcd and delivered
in the prcscncc of: ~ .
................../...~...?:t~~~~~.: ~~.
,,~.~.~., / '-;/;J:7:A~.u....,
..../ . /
~ , /
-~
............................................................................................
~.;.9.f...?<\W ?\\Il........ :......... ............................( SEA L)
~ ;z';:7:r....L.. . ., Z.....Acting..Ma.yor...(SEAU
dwin 0, Kei
................................................................................ (SEA L)
BORROWER
(Corporate Seal)
REV ISE 0 11/4/75
..NK USE ONLY:
873
JHQ
Loa n Offi cer
Maker's.,
54069
Note Number
Code
;ode
'"
PROMISSORY NOTE
Commercial Department
(INSTALLMENT PA YMENT)
10/14/86
Due Date
Ci ty of Sanford
Maker's Name
$?47 09,0 00
Amount'of ote
10/14/81
Date of Note
P. O. Box 1858
(ADDRESS)
FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay to the order of Fl ;:Jeshi r R~nk of' Seminole
(BANK NAME)
Sanford. FL 32771
(CITY AND STATE)
(hereinafter called "Bank" or "Holder") the sum of $ 247 .000.00---------------_______________________________
Two hrmdred forty SEwen 'thn1Ic;~nrl ~nrl no/100------- DOLLARS
payable in 5 c.onseruti"e ;:Jnnu~l 'l6KOCX:lCiWxinstallmentsof$49,400.00 plus interec;'t each commencing
on October 14. , 19~, and continuing on the same day of each and every year thereafter,
together with a BALLOON PAYMENT in the amount of $ -0- due on ,19_;
OR PAYABLE AS FOLLOWS:
Check Box(es)
Applicable: ~ All installment payments include interest at the rate of Q!j
o All installment payments will be plus interest at the rate of
o ANNUAL PERCENTAGE RATE and the interest expressed
the interest due will be
% above
(Name of Bank)
% per annum.
% per annum.
above may vary in accordance with
terms of the note as
Prime Rate
( Daily or other)
moving basis but not in excess of the maximum interest rate permitted by law.
on a
All interest calculations will be made on the basis of a "\h~ day year. The term per annum as used herein is defined as said 'h~ day
period. In no event shall interest charged hereunder exceed the maximum allowable by law.
Upon failure to pay any installment of principal or interest on the due date thereof the holder may at its option accelerate maturity and the
unpaid balance hereof shall thereupon become immediately due and payable without demand or notice. All delinquent principal and interest
shall bear interest at the maximum rate permitted by law. The undersigned has the right to repay this loan in full and obtain a refund of the
unearned portion of credit life and/or disability premium on a pro-rata basis. However, credit investigation and other fees are earned at the
inception of the loan.
o IF THIS BOX IS CHECKED, THE BELOW DISCLOSURES ARE NOT APPLICABLE.
CREDIT LIFE AND CREDIT DISABILITY INSURANCE ARE NOT A
REQUIREMENT NOR A FACTOR IN THE EXTENSION OF CREDIT
FOR THIS LOAN. Such insurance coverage is available at the cost
designated below for the term of the credit, or as otherwise indicated.
COVERAGE
Credit Life Insurance. . . . $ $
Credit Disability Insurance $ $
(Check Applicable Box)
o Credit Life Insurance is desired on the life of:
COST
TERM
o Credit Life and Disability Insurance is desired on the life of
o Credit Life and/or Disability Insurance is not desired.
Date
Signature
DaB
Date
Signature
DaB
1. Cash Proceeds
2. Other Charges
(a) Docu mentary tax S
(b) Filing Fee $
(c) Intangible Tax $
(d)Search Fee $
(e) $
(f) $
(g) Credit Life Ins. $
(h)Credit Disability Ins. $
(i) Total Other Charges
3. Amount Financed (1 + 2)
4. FINANCE CHARGE, consisting of
(a) Interest $
(b) Credit Investigation $
(c) Other $
5. Total of Payments
$
$
$
$
$
ANNUAL PERCENTAGE RATE
%
NOTE: The above disclosures are required by Federal Regulation if the funds advanced pursuant to this promissory note are to a natural person primarily for
personal, family. household or agricultural purposes. By executing this document with the above disclosures marked "Not Applicable" the Maker represents and
warrants that the loan is not for said purposes or that the amount financed is mOI.e than $25,000 and is not secured by an interest in real property.
As security for the payment of this note and as security for all other present and future indebtedness or other liability of each Maker (including each Maker and
any other person) to Bank whether primary, secondary, direct. contingent, sole, jOint or several, the undersigned hereby grants a security interest to Bank in the
foliowirlg descrIbed colldi:elai and its pruceeLls.
1979 OSHKOSH Fire Truck Serial #17690
FMC 85 foot Aerial Ladder Body Model A18383CL
Purpose: to purchase truck
(DCheck here if schedule of additional collateral attached hereto and II1corporated by reference)
and in all property of the undcrslgCled (together with additions and substitutions thereto\ in or COining into the possessiu-l, control, or custody of thp Bank or in
which Bank has or hereafter acquirr~~ a li2t1, security interest, or other right incl'lcI: all cash, st:;ck, and CJther dividends a'ld ;]11 r 10 subscribe for securities
incident to, declared or grGllted in COfHl2ction with such pro~Jeny. This cross coi r1o\Jision applies also to obli~lations of undersignpd purchased bv
Bank and to security for said obi ,:;ations.
The term "collateral" as used herein refers to all the afon~mentioned secc:rity. The sur,endec of thrs note upon payment or otherWise shall not affect the right of
the Bunk to retain the collateral 3S security for any other liability or obligation of U!2 undersigned.
THE TEF1MS Af\ID i-:'ONDITIONS SET ,JUT 0,'] T~T flF:\I~RSE SiDE HEREOF AFiE PART OF THIS NOTE.
Ur'JDERSiCi\jED _':,CK~:O\NLEijGES REr:E:D~ OF> C~-)~.i-f- T,iIS f\iCfE AT THE Ti~.1E (>: ITS EXECUTION
Addr?ss
P. 0, Box 1778, Sanford, FL 32771 .
____.~_._..__...__~u___ ._._.. . __... __ ._.-.______. _____ ._.. .,'__ ~/
. ~..0~" /#
- W.ltn~_SSL:.--._ /' .l~. ---7/ .~~?J.~. ....: 1,,//,,1
~ --. '- '
~'f 7,000 '
. City.-ny.#;orcL if -- .----------- S I G N AT U R E
etm't-1".J"-j/"
by.: ~~ _ __:z.~ ~/ 'n _ _ n _ SIGN,Hl'RE
.'.;IU'i ':"Ti.'~ F
C538!"LL/ 7)~ - L~
:.; (~ 4 -; l jf:-, [:-
/'
~OO--C>I<j..- () ~{h, Fu t\ i.
..L .".1>.....,_-
~
"
#I ~ -
TERMS AND CONDITIONS
Additions to, reductions or exchanges of, or substitutions for the Collateral, payments on account of this luan, or increases of
the same, or other loans made partia!iy ui wholly upon the Colla'sr]!. ;,iay from time to time be milde without affectingthe'provislom
of this note. Bank shail e'(ercise re,,;onuiJle care ir, thu cu,.tur!.y ;md ,~,erllation of the ColIJteral to the extent required by <.>pplicable
statute, an~, shall he deuned:lo ha'i" eX;.'1 (,<cd :ed~',ni:!hlf: cart, if ,t tdkl', ';eleh fIction for that P',l'!XlSe dS Maker ,hall reasonably request
in vvriting, but r1(\ omission t:"' d,) any dct nc.'t 'f~,:,.pvd t'y Mi:K'~;h,,!1 b( deemed a faile':e to exercise reasonable care, alld no
tlrn: ;;c,.,Zc: ci)inplv.~i~~i.t,h. d'lV ii~l'~L~;'~i.uf i\101:y- ~,h,,;~ f .;.".!f :.1 ~, 1'1);.: ,",fa;:: rp tn e){f'rci.)e ;t~~.()nabl€. care. Ear~k shalllll)1- b2 bound
iij tdkl ;:i:IY ~)ttq):~ i;PI,C5SJi'y to pie~e(,;c dny (!~:11., ,I, q ~ Jl:' :tr.lt o~~;;'i':i ~};io( pCdty: a.-I:l \~clkL, 'Jhl~!l tdk~ d!! necessary steps,for sutii
pUfj_U":f:'" 8ri,'I!.;. ['I it,; n()rnine~ 't,l! l.)t 1.(I!!f,', {'" ~.n i.'! IlL:, f'1 C ;~!ctt-';.~;l ,,'! :;;iv!::' ;.::(1'1 nulice \r\lith !e~pect to it.
:f.~h~,_.ColL;:!t.,..,.,jl ~.h~!~ [;f" .11 ~ ;'llit ';.)~_ .;;t~~.t,:!_~t. t .._ 'J_nf . '\.'~~;<.!:i shall v~.it~ ",,-)['11..: :J'y after der!1a~lU plec'U2 (.f ;ll.J(;jY."';'
vvitl, 8dnk as part ,~)f the S')!!;:;~': t~d c:'..ld;tiu'~kd iJ1np<.' ''y vvll <__{I .A' .r~'-_tc\ y to ~a!)k
~f 8;:;,1\ ,!!-, ;i'h jt~~'!f ",~:" 1:';I1f~ ~r t" f i'l 'il J~ f .~..... ~:~!~;,vv;<
hp~ i>1 il\..jr r
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\/;,-;~.; i I ~-(1dor:::t-:I, ':..::j'n.;;y Jlld qi..l~!'0;\Lu! 0
I.~'! IIHled (J[ \,lhf'i'\"I"'~ t''-ju(_~')1::\:
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GUARANTY OF PAYMENT
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SIGNATURI':
SIGNATURE
(Andress) ____~_____u__..
Telephone
Number __
(Arlrlress) _
Telephone
Numnpr_u____
FOR BANK USE ONLY:
873
,JJIQ
Loa n Offi cer
Code
"de
5406~
Note Number
Maker's If
PROMISSORY NOTE
Commercial Department
(INST ALLMENT PA YMENT)
10/14/86
Due Date
Ci ty of Sanford
Maker's Name
~247 000 00
Amount of Note
IO/14/RI
Date of Note
FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay to the order of
Pla~shin Bank of SeminnlA
. (BANK NAME)
P. O. Box 1858
(ADDRESS)
Sanford, roL 32771
(CITY AND STATE)
(hereinafter called "Bank" or "Holder") the sum of $ 247,000.00--- --------------------_____ __________________
n~o hundred forty seven thousand and no/lOO---------________________________ DOLLARS
payable in 5 consecutive annual sD:U)O~stallmentsof$ 49.400.00 plus interest each commencing
on October 14, , 19~, and continuing on the same day of each and every year thereafter,
together with a BALLOON PAYMENT in the amount of $ -0- due on ,19_;
OR PAYABLE AS FOLLOWS:
Check Box(es)
Applicable: 0~11 installment payments include interest at the rate of CHi % per annum.
o All installment payments will be plus interest at the rate of % per annum.
o ANNUAL PERCENTAGE RATE and the interest expressed above may vary in accordance with terms of the note as
the interest due will be % above Prime Rate
(Name of Bank)
on a
( Daily or other)
moving basis but not in excess of the maximum interest rate permitted by law.
All interest calculations will be made on the basis of a 365 day year. The term per annum as used herein is defined as said 365 day
period. In no event shall interest charged hereunder exceed the maximum allowable by law.
Upon failure to pay any installment of principal or interest on the due date thereof the holder may at its option accelerate maturity and the
unpaid balance hereof shall thereupon become immediately due and payable without demand or notice. All delinquent principal and interest
shall bear interest at the maximum rate permitted by law. The undersigned has the right to repay this loan in full and:obtain a refund of the
unearned portion of credit life and/or disability premium on a pro-rata basis. However, credit investigation and other fees are earned at the
inception of the loan.
o IF THIS BOX IS CHECKED, THE BELOW DISCLOSURES ARE NOT APPLICABLE.
CREDIT LIFE AND CREDIT DISABILITY INSURANCE ARE NOT A
REQUIREMENT NOR A FACTOR IN THE EXTENSION OF CREDIT
FOR THIS LOAN. Such insurance coverage is available at the cost
designated below for the term of the credit, or as otherwise indicated.
DOS
1. Cash Proceeds
2. Other Charges
(a) Documentary tax $
(b) Filing Fee $
(c) Intangible Tax $
(d)Search Fee $
(e) $
(f) $
(g) Credit Life Ins. $
(h) Credit Disability Ins. $
(i) Total Other Charges
3. Amount Financed (1 + 2)
4. FINANCE CHARGE, consisting of
(a) Interest $
(b) Credit Investigation $
(c) Other $
5. Total of Payments
$
COVERAGE
Credit Life Insurance. . . . $ $
Credit Disability Insurance $ $
(Check Applicable Box)
o Credit Life Insurance is desired on the life of:
COST
TERM
$
$
$
o Credit Life and Disability Insurance is desired on the life of
o Credit Life and/or Disability Insurance is not desired.
Date
Signature
$
Date
Signature
DOS
ANNUAL PERCENTAGE RATE
%
NOTE: The above disclosures are required by Federal Regulation if the funds advanced pursuant to this promissory note are to a natural person primarily for
personal, family, household or agricultural purposes. By executing this document with the above disclosures marked "Not Applicable" the Maker represents and
warrants that the loan is not for said purposes or that the amount financed is more than $25,000 and is not secured by an interest in real property.
As security for the payment of this note and as security for all other present and future indebtedness or other liability of each Maker (including each Maker and
any other person) to Bank whether primary, secondary, direct. contingent. sole. joint or several, the undersigned hereby grants a security interest to Bank in the
following described collateral and its proceeds:
1979 OSHKOSH Fire Truck Serial #17690
Fl'tC 85 foot Aerial Ladder Body Hodel Al S.383CL
Purpose: to purchase truck
(oCheck here if schedule of additional collateral attached hereto and incorporated by reference I
and in all property of the undersigned (together with additions and substitutions thereto) in or coming into the possession, control, Or custody of the Sank or in
which Bank has or hereafter acquires a lien, security interest. or other right including all cash, stock. and other dividends and all rights to subscribe for securities
incident to, declared or granted in connection with such property. This cross collateralization provision applies also to obligations of the undersigned purchased by
Bank and to security for said obligations.
The term "collateral" as used herein refers to all the aforementioned security. The surrender of this note upon payment or otherwise shall not affect the right of
the Bank to retain the collateral as security for any other liability or obligation of the undersigned.
THE TERMS AND CONDITIONS SET OUT ON THE REVERSE SIDE HEREOF ARE PART OF THIS NOTE.
UNDERSIGNED ACKNOWLEDGES RECEIPT OF A COPY OF THIS NOTE AT THE TIME OF ITS EXECUTION.
Address
r.i ty O~~3Il:ford
Maker
SIGNATURE
p. O. Box 1778, SanfordJ FL )2771
by:
/
Maker
SIGNATURE
Iii tness :
Maker
SIGNATURE
Maker
SIGNATURE
Disposition of funds: $
s_
I Deposit (s)]
(Account Number)
I Check(s)]
OOO-NOTE/IL -CL FLAGSHIP
TERMS AND CONDITIONS
Additions to, reductions or exchanges of, or substitutions for the Collateral, payments on account of this loan, or increases of
the same, or other loans made partially or wholly upon the Collateral, may from time to time be made without affecting the provisions
of this note. Bank shall exercise reasonable care in the custody and preservation of the Collateral to the extent required by applicable
statute, and shall be deemed to have exercised reasonablE care if it takes such action for that purpose as Maker shall reasonably request
in writing, but no omission to do any act not requested by Maker shall be deemed a failure to exercise reasonable care, and no
omis:..ion to comply with any reqL;est of Maker shall of ilself be deemed a failure to exercise reasonable care. ~ank shall not be bound
to take any steps necessary to preserve any rights in the Collateral agClinst prior parties and Maker shall take all necessary steps for such
purposes. Bank or its nominee need not collect interest on or principal of any Collateral or give any notice with respect to it.
If the Collateral shall at any time become unsatisfactory to Bank. Maker shall within one day after demand pledge and deposit
with Bank as part of the Collateral additional property which is satisfactory to Bank.
If Bank deems itself insecure, or upon the happening of any of the following events, each of which shall constitute a default
hereunder, all liabilities of each Maker to Bank shall thereupon or thereafter, at the option of Bank, without notice or demand,
become due and payable: (a) failure of any Obligor (which term shall mean and include each Maker, endorser, surety and guarantor of
this note) to perform any agreement hereunder, to pay interest hereon within 10 days after it is billed or otherwise requested or
demanded, or to pay any other liability whatsoever' to Bank when due; (b) the death of any Obligor; (c) the filing of any petition
under the Bankruptcy Act, or any similar federal or state statute, by or against any Obligor; (d) any application for the appointment
of a receiver for, the making of a general assignment for the benefit of creditors by, or the insolvency of any Obligor; (e) the entry of a
judgment against any Obligor; (f) the issuing of any attachment or garnishment, or the filing of any lien, against any property of any
Obligor; (g) the taking of possession of any substantial part of the property of any Obligor at the instance of any governmental author-
ity; (h) the dissolution, merger, consolidation, or reorganization of any Obligor; (i) the assignment by any Maker of any equity in any
of the Collateral without the written consent of Bank; (j) substantial decrease in the value of the Collateral: (k) any other act or cir-
cumstance leading the holder to deem itself insecure.
Bank shall have, but shall not be limited to, the follOWing rights, each of which may be exercised at any time whether or not thiS
note is due: (i) to pledge or transfer this note and the Collateral and Bank shall thereupon be relieved of all duties and responsibilities
hereunder and relieved from any and all liability with respect to any Collateral so pledged or transferred, and any pledgee or transferee
shall for all purposes stand in the place of Bank hereunder and have all the rights of Bank hereunder; (ii) to transfer the whole or any
part of the Collatera! into the name of itself or its nominee; (iii) to vote the Coltateral; (iv) to notify the obligors on any Collateral to
make payment to Bank of any amounts due or to become due thereon; (v) to demand, sue for, collect, or make any compromise or
settlement it deems desirable with reference to the Collateral; and (vi) to take control of any proceeds of Collateral.
Bank is hereby given a lien upon and a security interest in all property of each Obligor now or at any time hereafter in the
possession or control of said Bank for any purpose, or any capacity whatsoever, including but not limited to any balance or share of
any deposit, trust, or agency account, as security for the payment of this note, and a similar lien upon and security interest in all such
property of each Maker as security for the payment of all other liabilities of each Maker to Bank (including liabilities of each Maker
and any other person); and Bank shall have the same rights as to such property as it has with respect to the Collateral.
Property Insurance, if written in connection with this loan, may be obtained by the undersigned through any person of his
choice.
If Bank deems itself IIlsecure or upon the occurrence of any default hereunder Bank shall have the remedies of a secured party
under the Uniform Commercial Code and, without limiting the generality of the foregoing, Bank shalt have the right, immediately and
without further action by it, to set off against this note all money owed by Bank in any capacity to each or any Obligor, whether or
not due, and also to set off against all other liabilities of each Maker to Bank all money owed by Bank in any capacity to each or any
Maker; and Bank shall be deemed to have exercised such right of ~et-off and to have made a charge against any such money
immediately upon the occurrence of such default even though such charge is made or entered on the books of Bank subsequent
thereto. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized
market, Bank will give Maker reasonable notice of the time and place of any public or private sale thereof. The requirement of
reasonable notice shall be met if such notice is mailed, postage prepaid, to any Maker at the address given herein or at any other
address shown on the records of the Bank, at least 5 days before the time of the sale. Upon disposition of any Collateral after the
occurrence of any default hereunder, Maker shall be and remain liable for any deficiency; and Bank shall account to Maker for any
surplus, but Bank shall have the right to apply all or any part of such surplus, or to hold the same as a reserve against any and all other
liabilities of each or any Maker to Bank.
The term "obi igol" means any party or other person signing th is Instrument, whether as maker, endorser, guarantor, or
otherwise.
No delay or omission on the part of Bank in exercising any right hereunder shall operate as a waiver of such right or any other
right under th is note.
All parties liable for the payment hereof jointly and severally waive presentment for payment, demand, notice of non-payment,
notice of protest. and protest, and consent to any extensions or renewals hereof by the holder without notice. Obligors also agree to
pay all expenses of collection hereof including but not limited to reasonable attorneys' fees for holder said fees to include attorney's
fees incurred by holder in the event of appeal of any litigation involving this promissory note to any Appellate Court.
THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA
GUARANTY OF PAYMENT
For value received, the undersigned (who if two or more in number, shall be jOintly and severally liable hereunder) hereby
unconditionally guarantee the payment of the foregoing Promissory Note and all extensions or renewals thereof, and all expenses
(including attorney's fees) incurred in the collection thereof, the enforcement of rights under any security therefor and the
enforcement hereof, and waive presentment, demand, notice of dishonor, protest and all other notices whatever, and agree that
the holder of said Note may from time to time extend or renew said Note for any period (whether or not longer than the original
period of said Note), may, from time to time and without notice. surrender, compromise, substitute or exchange all or any part of the
collateral described on the reverse hereof, and may grant any releases, compromises or indulgences with respect to said Note or any
extension or renewal thereof or any security therefor or to any party liable thereunder or hereunder (Including but not limited to
failure or refusal to exercise one or more of the rights or remedies provided by said Note), all without notice to or consent of any of
the undersigned and without affecting the liability of the underSigned hereunder, any of whom may be sued by the holder hereof with
or without first or contemporaneously suing such other persons, or otherwise seeking or proceeding to collect from them.
The underSigned indorser, surety and/or guarantor hereby expressly consents to any release involving the obligation herein by
the above-named lender of any or all indorsers, sureties, and/or guarantors jointly and severally liable herein with the underSigned.
Such conse nt shall not be deemed to effect the release, in whole, in part, and/or in any pro-rata share or formula, of the undersigned
or other remaining unreleased indorsers, sureties, and/or guarantors. The undersigned further expressly consents to (1) a reservation of
rights to the lender to demand and secure payment in the event of default from the undersigned and any and all other remaining
unreleased indorsers, sureties, and/or guarantors of any remaining indebtedness secured hereby; and (2) an express waiver of any right
to demand and/or seek indemnification from any other indorser, surety, and/or guarantor who may have been released in part, or III
toto, by said lender.
SIGNATURE
SIGNATURE
(Address)
Telephone
Number
(Address)
Telephone
Number
FOR BANK USE ONLY:
. OOOS',' ",'
JHQ
Loan Officer
;j406~
~ker's 11
:.0
::>
~
:')
CITY OF SANFORD
Maker's Name
Code
Code
Note Number
PROMISSORY NOTE
Commercial Department
(INSTALLMENT PAYMENT)
\]I
\Ll
~
$247,000.00
Amount of Note
:.,.
10/N/86
Due Date
14
10/N/81
Date of Note
FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay to the order of Fla~ship Bank of Seminole
(BANK NAME)
P. O. Box 1858
(ADDRESS)
Sanford. FL 32771
(CITY AND STATE)
')(
~
(hereinafter called "Bank" or "Holder") the sum of $ -------- -- ----------- ---- -- 247.000.00--------------- - --- -- -..-
Two hundred, forty seven thousand and no/lOO------------------------------------------..DOLLARS
payable in five (5) successive annual ~~ installments of $ 49.400.00 plus interest each commencing
on Octoher :k, 14-#... , 19~, and continuing on the same day of each and every year thereafter,
together with a BALLOON PAYMENT in the amount of $ -----------.. due on --------- ,19-=-=...-;
OR PAYABLE AS FOLLOWS:
Check Box(es)
Applicable: OCI All installment payments include interest at the rate of 9 1/4% per annum.
o All installment payments will be plus interest at the rate of % per annum.
o ANNUAL PERCENTAGE RATE and the interest expressed above may vary in accordance with terms of the note as
the interest due will be % above Prime Rate
(Name of Bank)
on a
moving basis but not in excess of the maximum interest rate permitted by law.
( Daily or other)
All interest calculations will be made on the basis of a 365 day year. The term per annum as used herein is defined as said 365 day
period. In no event shall interest charged hereunder exceed the maximum allowable by law.
Upon failure to pay any installment of principal or interest on the due date thereof the holder may at its option accelerate maturity and the
unpaid balance hereof shall thereupon become immediately due and payable without demand or notice. All delinquent principal and interest
shall bear interest at the maximum rate permitted by law. The undersigned has the right to repay this loan in full and obtain a refund of the
unearned portion of credit life and/or disability premium on a pro-rata basis. However, credit investigation and other fees are earned at the
inception of the loan. .
o IF THIS BOX IS CHECKED, THE BELOW DISCLOSURES ARE NOT APPLICABLE.
$
COVERAGE
Credit Life Insurance. . . . $
Credit Disabil ity Insurance $
(Check Applicable Box)
o Credit Life Insurance is desired on the life
o C"dlt Ufe 'nd DI"blllty In,""n" " d"'''~e 'Of
Date
Signature
DOB
3.
4. FINANC A
(a) Interest oC) .
(b) Credit I~i
(c) Other
5. Total of Payments
$
$
$
o Credit Life and/or Disability Insurance is not desired.
$
ANNUAL PERCENTAGE RATE
%
Date
Signature
DOB
NOTE: The above disclosures are required by Federal Regulation if the funds advanced pursuant to this promissory note are to a natural person primarily for
personal, family, household or agricultural purposes. By executing this document with the above disclosures marked "Not Applicable" the Maker represents and
warrants that the loan is not for said purposes or that the amount financed is more than $25,000 and is not secured by an interest in real property.
As security for the payment of this note and as security for all other present and future indebtedness or other liability of each Maker (including each MJker and
any other person) to Bank whether primary, secondary, direct, contingent, sole, joint or several, the undersigned hereby grants a security interest to Bank in the
following described collateral a~d its proceeds: 1981 OSHKOSH Fire Truck Serial #17690
FMC 85 foot Aerial Ladder Body Model A18383CL
Purpose: to purchase truck
(DCheck here if schedule of additional collateral attached hereto and incorporated by reference)
and in all property of the undersigned (together with additions and substitutions thereto) in or coming into the possession, control, Or custody of the Bank or In
which Bank has or hereafter acquires a lien, security interest. or other rl~ht ",e!uding all cash, stock, and other dividends and all rights to subscribe for securities
II1cident to, declared or granted in connection with such property. This cross collateralization provision applies also to obligations of the undersigned purchased by
Bank and to security for said obi igations.
The term "coI13teral" as used herein refers to all the aforementioned security. The surrender of this note upon payment or otherwise shall not affect the right of
the Bank to retain the collateral as security for any other liability or obligat;on of the undersigned.
THE TERMS AND CONDITIONS SEf OUT m~ T(-!c REVERSE SIDE HEREOFA.RE PART OF THIS NOTE.
UNDERSIGNED !-\CKNO\NLEDGES RECEIPT (if: A COpy OF THIS [\JOTE AT THE TIME OF ITS EXECUTION.
Arldress
::~~fl~~w
Maker
SIGNATURE
-----.E..... 0, Bo~ 1778. Sanford LFL___gZJ!_
-~,-~-~- ~-~-- ---~-- ;~
_-Wl~_~~..._ ____ ...
. . t
I~..n.' ,'.'01 cjf f,lil,j~"~COO _ l"'rf? .~
I
SIGf\.1 c"TURE
__ SIGNATURE
M:lkc,
___ SIGN eHURE
r'.i2 i,r_.
(P(.) :-(U'" :C!
ellY P~~_ii'IVJ>.
(!-,C~LJrlt ~ !j:Tl~)e~
-')
, . .
TERMS AND CONDITIONS
Additions to, reductions or exchanges of, or substitutions for the Co!lateral, payments on account of this loan, or increases of
the same, or other !JallS madp. partially or wholly upon the Collateral, may f"urn time to time be made without affecting the provisions
of th's nc,te Bank shall exercise rea<;onable care in the custody ane preservi.tion of the Collateral to the extent rec;uirerl hy applicable
statute, and shall be deemed to have exercised reasonable carr if it takes such lction fo. that purpose as M..ker shall reasonably request
in I:,'riting. hut no omission to do anv act not requested by Mak2~ shall he deemed a failure to exelci,e reasonable Cille. a'lrl no
on);~~,.~iDn i..-~ ;"(",11'01'')/ ,/~ith an'!, request of ~,,1aker shall of it;elf ht: deF:iTiC,i (l ~ )i~l)IP tr~ '-j(,p~c;~e rea5-onahle (art~. tank. ,-Jj<=tl: nc,1 be bOljnd
tD L3~t-: l)ny .~~(,~;~~ IIi:::CCS_SJr'y' to f;rAserv~; any rights in the Cellatet ;~! ~ga;r,~t ~-;i .:':), f'idrtiC'~ c:nvJ rviaket shall ta~~e cd! necessary sttpS fOI such
j(f -;;~'; ~1::Llk 'r :t:: :'-jmine:'1 n(eri -,ot collect intere~.t on or ~';ri!lcip3: (yf ,:-d", r:,-,llat.~!.,;! l~,r gj'"e anV rloLce V'!ith rt~Sp';'c; t,,) if,
:f~I--<, r>:d:a+'"-,f" ~h'-J~: at :."In'y timE: -bf:come unsatisf.-Ir.t0ri to B:~lnk, r-;:1~'C ,-.r'rdl i:hin one riaV rlfter d(~nI0:'ld p!~'dU8 ~;nd ._Jt;t->o:,it
with 8ilnk iF. part ,f the Co:!atera! arlrlitional property which is satisfactof V te, Sank.
If-E):Jnk rl~r:'nl: itsr" 'n-pr;llrr. 0; Ilpon th.e happening of 2lfY :"f tho ''''iow:;'c, ",.(;rtts. Pilch of whirh sh,ll (on5tit'11,' a rlr'fdlil,
hpr'~ljnc:.~r, 11!! ~..Jh;ti~i('s ("\f \::a:-h ry1'-l~t~r to Bank. sha~: lh,~tel!p()ll or thpr;"ldfiCf, dt ~h~ option (If Bank, vv~11'Otj' f~nti\ t7 Or dr--1rdll(i,
ht~r-\-'(-H~' rJ!(' ,-j! i~ pC'r!;lr,I~~. '?s) ~dl'lHr:::f anv Obligor {\;vhjc.~ tenn shall ('I;";1;';Jl : i;! ,!ud,- f'dC~ MdKCi, endC'fSet, ~uret-'t dIll! gL!ard~1t\.) of
1'1);c, !i' 1( p,;rf{Jinl Jii\' d:J ,'nh;irt. hereundel, to paY-,;lllt:;tL;:)t fletl:::,r \/io;l i 10 (L1 dfi~':- it is hilleeJ ~Jl- cthe;-\(\,;::,c requested c,r
de:--l-.ii ,-L-',-~, nr in !)dV ar"', Olfl~"'r 'i,jh;!ity vvhatsoever to Rank vvhen due; n,\ t!i" j .)f a:1Y Obligor; (-;J th '-:;1 ::j "If df''y' petition
l;nc-fr:r thr RaO"i~,'rurtc"y' ^.r" r:- :\,-'\ s:~il1r federal or stClie st;-Hut,::. b-y rir <}-:;ind ;:1i1'1 Ohligor" (d) any ~~pp!;{',?ti(,r\ f.-, t~-(t.~ 2irlpn;n~rnp.~lt
c.f -: it:t"',::,;.;~! f"'r, th,:-. i-",1!~ ing ~-:\f d Qt-',-q";'(tl dssignrnent f()f tf..~:::~ henfof;t lif CfPtrt H;': 1-;,;, f)t l!'lf~ !~I,-,nIVt:'ncy of (:1)1/ Ol~! (_.:1) t~if-- (()trV uf (~
!udgr:1\-1 ~ ';19<i;,\~i :~;:y" Oh:iQ'--;f' (f) ~l' ;,~:-}uin9 of any diLn hl;'f':':'iil (lr Udi:-li:): '~1t ~i; :hl.:' ~i!:,jY lit dllY ;;C'f-', d:.Flili' till) Ijil" 'r I \ \ ~ dll\
Oh! ;f-;" t;~" -,f r;-):)~,;---:r);Cil ~If any' suh-::.tanti,j: t'-;a:~t of thF. ~'rr;rrr1y .,}' 01i'Qnr d~_ flip :nstd~'jC:(' r;f ci111' un '!1erltdl d'..Jth'jr
rty, (hl ;h,~: c!iS:,,;)~;r~;n:l, r'-(lr'J('r, ~()n'c,!irl~jtion, or reorgJnizat:on of o;'j'y 0:;';9(;,; (;) :he (t~>s;gnrnerJt by any r\;~3~~tr of 01;)/ equity in llfl'/
,::"f ~-l;t: r'--,,:lltpr:~! \^!~tho: -;- l~IP \./\':-;'t('[1 conser.t of Bdnh' (j) substantial dPt.ff"'" ;t~ tht; \'d!UP- ;)f the Colla1i'rdl. (k) any l,i~l!:;r ur ell'
cumsta.1Ce leading the hol,j"r to deenl itself insccure.
R~!-!, ,hall ~;:h/P, Ln;t ~I-Ll:i ;l(1~ he !inli'tr.rl tc/ thE: foi!0wing rights, eJch
[:\; t(, p~..dj, (:( tt(i!l~fri ~h;'" note 'lfHJ the Cii:!atei;:'! c-<-li{] Rd,;:,
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right under this note.
A!j t):{~:ies li,~b~,., L"1r thf-:: f1dy'n'jent hCle()f jOln:iv dl--lcl <"\:-'\121;::1,' v~;:i!\/0. p'::'" ~n:l?n( I '~,;-,rnt-'rli, dl:~rn;];Jj, r;~-It CP \If nnn P';YI~,lt:.n;.
nnl';.~ (.f rl'(~lt j~, ;1' 1 i'r~"dt~<.:t, (1i:C; "::O:l..ert tl-' ajl~/ i:'X .~;01 OJ rpn!-~vvdl~ ht~!,-, r I"r dl! ,t:,~dt.r v\/11hCdlt it ",j j F Oh:,qnr" I~,'. jJrf~~-~ ~\-,
rIa', .1': t':(iy-'nsp:) ,}f l.\;!:C,-"'tiOII hl-'(f-:\If inrIUd;r,] LJiti n.:-,: 1 fl'li\(,c! IC) rt~-i"iL,j'lrlhlp' (lttC'lfl-p.'y':'" f'E ,f(jl hold(;r >~ ,_I fep, to Ir-lf:l'iC;,~ .:1ttn'!
fP'2'-; ;rH,'I, ied bv hu!df~r III the t:\/t'lit l,f d:l!A~al of d ,y ~'t;UrdicJn InvolVIng th:s pr()n;I:,';Ll~) :lote 10 any Arr~'cl!Clte COUr'l
1HlS ~JOTE SHJ\ll BE GOVU,I\JFU 8Y fHL LAWS CH' TIIF STf'\TE OF FLOHIDA
GUARANTY OF PAYMENT
f-"";- I,/[jl,w t'ec(':..<::r~, the tnit.-12f5>Jncd ('vvho e:: ':]('i in Irlb;~t, ,,1--(111: j'>' dr,d :)I:.\/~ )l~. ) I (rt--. h,~:t:Lil;,j~!) th~ij;~)1
uncc::r]it',~)n(l!l'i CjUJr:<i-il" thr pJ\iITlnnt. l!f t1- )il..., r',- ~.l(..Jte d! -.!: ;..:, c,r rt~~"il"V\""(I! i~;i':'_l;f, ",'if1 d~i eXiH.lflSfl~
(inc-li,d;f"l:j att(J::le~/';- ;-2E:::,~ l:lClj,Tr.-t th,:-_~ ((:~:t': r~lt'!'- ill<' tllf\l!Cf' ,--'i' ,F 1 i"ll ~I_:!,df~r H:'! '-,f~f':!:;l th",;.rjJl ;--In',; tI:L
r.nfOrcp.il,cnt hc:-r~of, d;lCl \,~/::1i\/e :~'rf;r;t~n r~t:'-It, 'l!-' \,d~;-l. '-)f rJic,l-!;'Jnor, i-~i\~'1-(:s1 a,"-! rili ut:H~r not:cro' \.'\/1' ~t,~ "~'i, and d:]tf.J' ti:~!l
the ho1c!rr of '--,Jid f\Jet;- nlJ~ (.-,~- .. n~f. +.) lit ',,~, ;,1: ; t-,--'~ ~:j,;--~ ~'!cJ:-' .('\/ ~,i: [:\)11 !L.'vlH,tht;f ()i ~!-~ -I-l--i,Ji ~'-H ,1"3 ;.J
pFliC\-j ,-"f ~J;ci I'JtJti;), J--:ld'y',flC' I~ t'.}"(,(:1C'1,j\iJI:!"- !I'-' ',ti;lkr,c{: :~..U! :;l./,qi:dl~:()[ 1':X,~! ~l ,11'1 <Iii,; Pdt: tht
c(J'!~trr;-d dfjsr.r!b~ri on the (,-:' "\(s ht.J:~)f, ,111\J I,;,. ,,(.[-'; '..--,11 ,r':>, (:cr~ rJlL III ,'\(1"j IIv i.:! -"..,l i--"; ;il(,' .,1ii' ~H d,l~'
f:xtprl:;;r',n ,')~ iE:IlP'v-vai thp fnf a'I).> .)~'CJlit'f thefFf'~;; (i..'; all\' f rii1'f i!,,;!)le tl'U~'=I!j . ' (J~ hCrtIU'l,-j(l! tl~ nil flirt !1; r jiljli~
f3;1u~r~ (Jr refihJ! to e'.{f:;t! iS1=: one "r r...."'()!c C)f tht; right:) (;i enIL,-j t'71 r':('<'Jldcd b';' ~dl;-l N'I~',). 311 \v,thou! fi '~'i (,Jlf.,:;~;(',' "f )' \'1
the unrlp.(signf-:.d (Hh-J \N!thC'..Jt ':1ff0t:!ii t!-lf: iiali;l i) (,f t:I~: !iIH,irrr::;p'f.'-j h,'if:Un(;r'; ",V,,' if ~'v:-)l):i~ rrjd\;' bE: SL;P:~ h'y th! fll;;lj"i lH ThJ VI; th
or vvithou! first \)1' conterr1poianeol.F.:l'y suing \liCh ,-~~ht-~i r't~' ~,')r-~" (, nihpr\VI')e SE'Ck:'-IY ;;i Pi'(~i,,-f;,~d!f:~j to COPtl,: frurn t!iP-i
The undersigned Indmjcr. surrey' andhr gUcltililtOI r,crel.., of'.,.p"ly consent3 1( Jny r,'ie:Jse in\/ol\/l"9 the ohlitJ..1tIOI: h,:II,'1I by
the abovR-nampr! Icnrlei of al.y or all indorsers, SlIlRlli:I;. al,d/e,r guarantors jointly ami ;;everillly liable herein vvith th,. IJndrr<;igrwd.
Such consent shall 'wt be deemed to effect the release, in whole, in pMt. and/or in rlny pi'CHJta shan' 0; forillula, of the urJd'!r<;fglwd
or other remaln;ng unreleased IIldorsers, sureties, andlo, gUJlil"to",. Thp undc,sigi"lcd fUlthel expfessly rOi-,sents to (1) a reSf'lvatlon of
rights to the lender to demand and seClne payment in the event of default from the undersigned arid clllY and ail othel I.'malnlng
unreleased indorsers, sureties, and/or guarantors of any remaining indebtedness secured herelJY, and (2) an express walvel of any light
to demand and/or seek indemnification from any other indorse" surety. and/or guarantor who may have been relf~aserlln nart, or In
toto, by said lender.
SIGNATURE
SIGNATURE
(Address)
Telephone
Number
(Address)~~
Telephone
Number
I _
SECURITY AGREEMENT
(CONSUMER GOODS AND EQUIPMENT)
DATE:
14
October 'No, 1981
BORROWER:
CITY OF SANFORD
ADDRESS:
P. O. Box 1778
Sanfor~y Florida 32771
SECURED PARTY: Flagship Bank of Seminole, p, O. Box 1858
(Bank Name) hereinafter called "Bank"
Sanford, FL 32771
(City & State)
The borrower hereby mortgages and grants a security interest in the property described below to the Bank, its
successors and assigns:
Description
1981 OSHKOSH Fire Truck
FMC 85 foot Aerial Ladder
Model No.
Serial No.
17690
A18383CL
(0 Check here if Schedule of Additional Collateral is attacheJ hereto.)
together with all proceeds, accessories, attachments, parts, special tools, equipment, accessions, renewals, repairs and
replacements of all or any part thereof whether now owned or hereafter acquired by the Borrower (all of which is
hereinafter called "Collateral")
I. The above described Collateral is given the Bank to secure:
(a) The payment of all indebtedness evidenced by and according to the terms of that certain promissory note(s) of
even date herewith executed and delivered by the Borrower to the Bank in the original principal sum of
S 247,000.00 , and all extensions, modifications and renewals thereof; and
(h) The prompt and faithful discharge and performance or each agreement here contained on the part of the
Borrower to be performed and the repayment of any sums expended or advanced by the Bank for the maintenance or
preservation of the Collateral or in enforcing the rights of the Ba~reunder, including reasonable attorney's fees and
costs of collection; and all sums thus incurred or expended by the n shall bear interest at the maximum rate permitted
by law.
(c) Future advances made by the Bank to th Bo ~(\ v~
(d) All other liabilities of the Borrower (p . darY~irecRon . ,so joint or several) due or to
become due or which may be hereafter entered into bet e or uir~~)by the Ba .
.. {fj'V-14 W ~
.., Borrower represents and warrants that: ~' ~/
(a) Borrower is the owner of the Collate I d clear "oj, all ren d securit . erest~nd will defend the
same against the claims and demands of all persons; a 0 ~ '" ~ \ \ -V
(b) Borrower has the right to make and enter this cu' ement; and V~\ 'b\
(c) Collateral is to be used primarily for 0 personc:W...~amily or household purpo~s; 0 farm purposes; ~ business
purposes; and if the Collateral is being acquired with the p~~ds of the loan secured hereby, the Bank may disburse the
proceeds to the seller of the Collateral and/or the insurance agent or broker for insurance thereon; and
(d) Collateral will be kept at
(Street Address)
Sanford
(City)
Seminole
(County)
Florida
(Sta te)
or if left blank, at the address shown at the beginning of this agreement; that Borrower will promptly notify the Bank of
any change in the location of the Collateral; and that Borrower will not sell, transfer, lease, or otherwise dispose of any of
the Collateral or any interest therein, or offer so to do, without the prior written consent of Secured Party.
THIS AGREEMENT IS SUBJECT TO THE TERMS AND CONDITIONS ON THE REVERSE SIDE HEREOF ALL
OF WHICH ARE MADE A PART HEREOF. BORROWER HEREBY ACKNOWLEDGES RECEIPT OF A TRUE
EXECUTED COPY OF THIS SECURITY AGREEMENT ON THE ABOVE DATE.
IN WITNESS WHEREOF, the Borrower sets his hand and seal the day above written.
Signed, sealed and delivered
in the presenc~f~ ~Jf?,1 /
ugf~~r~k
.............................................................................................
..:I.~}:6~=uA~:.:.-uu..u..uuu....uu(SEALI
....Y. ............. .O-:!J............. 7............................... (SEA L)
................................................................................ (SEA L)
BORROWER
(Corporate Seal)
nnn C I ^ ~c /("'("\1\1__(""
REVISED 11/4175
- , .'.
TERMS AND CONDITIONS FORMING PART OF SECURITY AGREEMENT
ON REVERSE SIDE HEREOF
3. No Financing Statement covering any Collateral or any proceeds thereof is on file in any public office; Borrower authorizes the Bank
to file, in jurisdictions where this authorization will be given effect. a Financing Statement signed only by the Bank describing the Collateral in
the same manner as it is described herein; and from time to time at the request of the Bank, execute one or more Financing Statements and
such other documents (and pay the cost of filing or recording the same in all public offices deemed necessary or desirable by the Bank) and do
such other acts and things, all as the Bank request to establish and maintain a valid security interest in the Collateral (free of all other liens and
claims whatsoever) to secure the payment of the liabilities, including, without limitation, deposit with the Bank any certificates of title issuable
with respect to any of the Collateral and notation thereon of the Security interest hereunder. and the Borrower hereby appoints the Bank as
the Borrower's agent and attorney in fact, irrevocably, to do all acts and things which the Bank deems necessary to perfect and continue
perfected the security interest created by this Security Agreement and to protect the Collateral.
4. Borrower will not (a) permit any liens or security interests (other than the Bank's security interest) to attach to any of the Collateral;
(b) permit any of the Collateral to be levied upon under the legal process; (c) sell, transfer, lease, or otherwise dispose of any of the Collateral
or any interest therein, or offer so to do, without the prior written consent of the Bank; (d) permit anything to be done that may impair the
value of any of the Collateral or any interest therein, or security intended to be afforded by this agreement; or (e) permit the Collateral to be or
become a fixture (and it is expressly covenanted, warranted and agreed, that the Collateral. and eyery part thereof, whether affixed to any
realty or not, shall be and remain personal property). or to become an accession to other goods or property.
5. Borrower will (a) at all times keep the Collateral insured against loss, damage. theft, and such other risks as the Bank may require in
such amounts and companies and under such policies and in such form, and for such periods, as shall be satisfactory to the Bank, and each such
policy shall provide that loss thereunder and proceeds payable thereunder shall be payaBle to the Bank as its interest may appear (and the Bank
may apply any proceeds of such insurance which may be received by the Bank toward payment of the liabilities. whether due or not due. in
such order of application as the Bank may determine) and each such policy shall proYide for 10 days' written minimum cancellation notice to
the Bank; and each such policy shall, if the Bank so requests, be deposited with the Bank; and the B:mk may act as attorney for Borrower in
obtaining, adjusting, settling, and cancelling such insurance endorsing any drafts; (b) at all times keep the Collateral free from any adverse lien.
security interest, or encumbrance and in good order and repair and will not waste or destroy the Collateral or any part thereof.
6. Borrower will not use the Collateral or permit the same to be used in violation or any statute or ordinance; and the Bank may examine
and inspect the Collateral at any time, wherever located. (b) Borrower will pay promptly when due all taxes and assessments upon the
Collateral or for its use or operation or upon any note or notes or other writing evidencing the liabilities. or any of them.
7. At its option, the Bank may discharge taxes, liens or security interests or other encumbrances at any time levied or placed on the
Collateral, may pay for the maintenance and preservation of the Collateral. Borrower agrees to reimburse the Bank on demand for any payment
made, or any expense incurred, by the Bank, pursuant to the foregoing authorization. Until default, Borrower may have possession of Collateral
and ..~~ it in any lawful manner not inconsistent with this agreement and not inconsistent with any policy of insurance thereon.
8. Borrower shall be in default under this agreement upon the happening of any of the following events or conditions: failure or omission
to pay when due any liability (or any installment thereof or interest thereon), or default in the payment or performance of any obligation.
covenant, agreement, or liability contained or referred to herein; (b) any warranty, representation, or statement made or furnished to the Bank
by or on behalf of any Borrower proves to have been false in any material respect when made or furnished; (c) loss, theft, substantial damage,
destruction, sale, or encumbrance to or of any of the Collateral, or the making of any levy, seizure, or attachment thereof or thereon; (d) any
Obligor (which term, as used herein, shall mean each Borrower and each other party primarily or secondarily or contingently liable on any of
the liabilities) becomes insolvent or unable to pay debts as they mature or makes an assignment for the benefit of creditors, or any proceeding
is instituted by or against any Obligor alleging that such Obligor is insolvent or unable to pay debts as they mature; (e) entry of any judgment
against any Obligor; (t) death of any Obligor who is a natural person, or of any partner of any Obligor which is a partnership; (g) dissolution,
merger or consolidation, or transfer of a substantial part of the property of any Obligor which is a corporation or a partnership: (h)
appointment of a receiver for the Collateral or any thereof or for any property in which any Borrower has any interest; (i) substantial decrease
in the yalue of the Collateral.
9. Upon the occurrence of any such default or at any time thereafter, or whenever the Bank feels insecure for any reason whatsoeyer, the
Bank may, at its option, declare all liabilities secured hereby, or any of them (notwithstanding any provisions thereof), immediately due and
payable without demand or notice of any kind and the same thereupon shall immediately become and be due and payable without demand or
notice (but with such adjustments, if any, with respect to interest or other charges as may be provided for in the promissory note or other
writing evidencing such liability), and the Bank shall have and may exercise from time to time any and all rights and remedies of a Bank under
the Uniform Commercial Code and any and all rights and remedies available to it under any other applicable law; and upon request or demand
of the Bank, borrower shall, at its expense assemble the Collateral and make it available to the Bank at a convenient place acceptable to the
Bank; and Borrower shall promptly pay all costs of the Bank of collection of any and all the liabilities, and enforcement of rights here-
under, and expenses of any repairs to any of the Collateral and expense of any repairs to any realty or other property to which any of the
Collateral may be affixed. Any notice of sale, disposition or other intended action by the Bank, sent to Borrower at the address of Borrower
specified above or at any other address shown on the records of the Bank, at least five days prior to such action, shall constitute reasonable
notice to Borrower. Expenses of retaking, holding, preparing for sale. selling or the like. shall include but not limited to the Bank's reasonable
attorney's fees and in the event that litigation becomes necessary to collect the amount of any obligation arising between the parties, it is
agreed that the Bank shall be entitled to . ~ceive reasonable attorney's fees, including attorney's fees incurred by Bank in the event of appeal to
any appellate court.
Any excess or surplus of proceeds of any disposition of any of the Collateral may be applied by the Bank toward payment of such of the
liabilities, and in such order of application, as the Bank may from time to time elect. If at the time of repossession any of the Collateral
contains other personal property not included in the Collateral, the Bank may take such personal property into custody and store it at the risk
and expense of the Borrower. Borrower agrees to notify the Bank within 48 hours after repossession of the Collateral of any such other
personal property claimed and that failure to do so will release the Bank or representatives from any liability for loss or damage thereto.
10. No waiver by the Bank of any default shall operate as a waiver of any other default or of the same default on a future occasion. No
delay or omission on the part of the Bank in exercising any right or remedy shall operate as a waiver thereof, and no single or partial exercise by
the Bank of any right or remedy shall preclude any other or future exercise thereof or the exercise of any other right or remedy. Time is the
essence of this agreement. The provisions of this agreement are cumulative and in addition to the provisions of any note secured by this
agreement. and the Bank shall have all the benefits, rights and remedies of and under any note secured hereby. If more than one party shall
execute this agreement, the term "Borrower" shall mean all parties signing this agreement and each of them, and all such parties shall be jointly
and severally obligated and liable hereunder. The singular pronoun, when used herein, shall include the plural and the neuter shall include
masculine and feminine. If this agreement is not dated when executed by the Borrower, the Bank is authorized, without notice to the
Borrower, to date this agreement. This agreement shall become effective as of the date of this agreement. All rights of the Bank hereunder shall
inure to the benefit of its successors and assigns; and all liabilities of Borrower shall bind the heirs, executors, administrators, successors and
assigns of each Borrower.
11. This agreement has been delivered in the State of Florida and shall be construed in accordance with the laws of Florida. Wherever
possible, each provision of this agreement shall be interpreted in such manner as to be effectiye and valid under applicable law, but if any
provision of this agreement shall be prohibited by or invalid under applicable law, such proYision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this agreement. It is expressly
understood and agreed that whenever the service of any notice to the Borrower is required hereby or is otherwise required, such notice may be
sent to the Borrower by ordinary mail to the address shown at the beginning of this agreement or at any other address shown on the records of
the Bank, and if so mailed, such notice shall be deemed sufficient notice thereof.
12. ADDITIONAL TERMS AND PROVISIONS: (If none, insert "None").
FOR B."NK USE ONLY:
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Code
Note Number
,ode
PROMISSORY NOTE
Commercial Department
(INSTALLMENT PA YMENT)
"
,
10/N/86
Due Date
./....,
10/N/BI
Maker's Name
$247,000.00
Amount of Note
Date of Note
FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay to the order of Flagship Bank of Seminole
(BANK NAME)
P. O. Box 1858
(ADDRESS)
Sanford, FL 32771
(CITY AND STATE)
(hereinafter called "Bank" or "Holder") the sum of $ ---------------------------247 ,000.00------------------------
Two hundred, forty seven thousand and nO/IOO-------------------------------------------oOLLARS
payable in five (5) successive annual ~Pinstallments of $ 49,400.00 plus interest each commencing
on October 1~ 1-4; ,19~,andcontinuingonthesamedayofeachandevery year thereafter,
together with a BALLOON PAYMENT in the amount of $ ------------ due on --------- , 19-=--;-
OR PAYABLE AS FOLLOWS:
Check Box(es)
Applicable: DCAII installment payments include interest at the rate of 9 l/~ per annum.
o All installment payments will be plus interest at the rate of % per annum.
o ANNUAL PERCENTAGE RATE and the interest expressed above may vary in accordance with terms of the note as
the interest due will be % above Prime Rate
(Name of Bank)
( Daily or other)
moving basis but not in excess of the maximum interest rate permitted by law.
on a
All interest calculations will be made on the basis of a 365 day year. The term per annum as used herein is defined as said 365 day
period. In no event shall interest charged hereunder exceed the maximum allowable by law.
Upon failure to pay any installment of principal or interest on the due date thereof the holder may at its option accelerate maturity and the
unpaid balance hereof shall thereupon become immediately due and payable without demand or notice. All delinquent principal and interest
shall bear interest at the maximum rate permitted by law. The undersigned has the right to repay this loan in full and obtain a refund of the
unearned portion of credit life and/or disability premium on a pro-rata basis. However, credit investigation and other fees are earned at the
inception of the loan.
o IF THIS BOX IS CHECKED, THE BELOW DISCLOSURES ARE NOT APPLICABLE.
CREDIT LIFE AND CREDIT DISABILITY INSURANCE ARE NOT A
REQUIREMENT NOR A FACTOR IN THE EXTENSION OF CREDIT
FOR THIS LOAN. Such insurance coverage is available at the cost
designated below for the term of the credit, or as otherwise indicated.
COST
COVERAGE
Credit Life I nsu rance . . . . $ $
Credit Disability I nsu rance $ $
(Check Applicable Box)
o Credit Life Insurance is desired on the life of:
TERM
o Credit Life and Disability Insurance IS desired on the life of
o Credit Life and/or Disability Insurance is not desired.
Date
Signature
DOS
Date
Signature
DOB
1. Cash Proceeds
2. Other Charges
(a) Documentary tax $
(b) Filing Fee $
(c) Intangible Tax $
(d)Search Fee $
(e) $
(f) $
(g) Credit Life Ins. $
(h)CreditDisabilitylns. $
(i) Total Other Charges
3. Amount Financed (1 + 2)
4. FINANCE CHARGE, consisting of
(a) Interest $
(b)Credit Investigation $
(c) Other $
5. Total of Payments
$
$
$
$
$
ANNUAL PERCENTAGE RATE
%
NOTE: The above disclosures are required by Federal Regulation if the funds advanced pursuant to this promissory note are to a natural person primarily for
personal, family, household or agricultural purposes. By executing this document with the above disclosures marked "Not Applicable" the Maker represents and
warrants that the loan is not for said purposes or that the amount financed is more than $25.000 and is not secured by an interest in real property.
As security for the payment of this note and as security for all other present and future indebtedness or other liability of each Maker (including each Maker and
any other person) to Bank whether primary, secondary, direct, contingent, sole, joint or several, the undersigned hereby grants a security interest to Bank in the
following described collateral and its proceeds: 1981 OSHKOSH Fire Truck Serial #17690
FMC 85 foot Aerial Ladder Body Model A18383CL
Purpose: to purchase truck
(DCheck here if schedule of additional collateral attached hereto and incorporated by reference)
and in all property of the undersigned (together with additions and substitutions thereto) in or coming into the possession, control, or custody of the Bank or in
which Bank has or hereafter acquires a lien, security interest, or other right including all cash, stock, and other dividends and all rights to subscribe for securities
incident to, declared or granted in connection with such property. This cross collateralization provision applies also to obligations of the undersigned purchased by
Bank and to security for said obi igations.
The term "collateral" as used herein refers to all the aforementioned security. The surrender of this note upon payment or otherwise shall not affect the right of
the Bank to retain the collateral as security for any other liability or obligation of the undersigned.
THE TERMS AND CONDITIONS SET OUT ON THE REVERSE SIDE HEREOF ARE PART OF THIS NOTE.
UNbERSIGNEDACKNOYVLEDGES RECEIPT OF A COpy OF TH IS NOTE AT THE TIME OF ITS EXECUTION.
Address
P. 0.. Box 1778, Sanford, FI. 32771
/'
Witness:
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Disposition of funds: $
$
rrhp:rk(c;.l-I
CITY OF SANFORD
}Qaker
SIGNATURE
by: /' '
X // ~
SIGNATURE
Maker
SIGNATURE
Maker
SIGNATURE
Maker
rnp.Doc;.it(c;.ll
(AccolJnt NlJmher\
TERMS AND CONDITIONS
Additions to, reductions or exchanges of, or substitutions for the Collateral, payments on account of this loan, or increases of
the same, or other loam made partially or wholly upon the Collateral, may from time to time be made without affecting the provisions
of this note Bank shall p.xercise reasonable care in the custody and preserv"tion of the Collateral to the extent recjuired by applicable
~tatute, and shall be deemed to have exercised reasonable care if it takes sue!, action fN that purpose as M"ker shall reasonably request
in writing, but no omission to do any act not requested by Maker shall he deemed a failure to exercise reasonable care, ami no
omis.,ion to comply with any request of Ma"er shall of itself be deemed af,,,lure to e)<.erci~e reasonable ':ar2. 8ank shill! nut be bound
to take any steps necessary to pl'eserve any rights in the Collateral against pilar parties and Maker shall take all necessary steps fO! such
;~urp()ses. Bank or its nominee 'leed not collect interest on or principal of any Collateral (Jr give iJny notice with respect to it.
If the Collateral shall at any time become unsatisfactory to Bank, Maker shall within one day after demand pledge and deposit
with Bank as part of the Collateral additional property which is satisfactory to Bank.
If Bank deems itself insecure, or upon the happening of any of the following events, each of which shall cOnstitute a default
hereunder, all liabilities of each Maker to Bank shall thereupon or thereafter, at the option of Bank, without notice or demand,
become due and payable: (a) failure of any Obligor (which term shall mean and include each Maker, endorser, surety and guarantor of
this note) to perform any agreement hereunder, to pay interest hereon within 10 days after it is billed or otherwise requested or
demanded, or to pay any other liability whatsoever to Bank when due; (b) the death of any Obligor; (c) the filing of ony petition
under the Bankruptcy Act, or any similar federal or state statute, by or against any Obligor; (d) any application for the appointment
of a receiver for, the making of a general assignment for the benefit of creditors by, or the insolvency of any Obligor; (e) the entry of a
judgment against any Obligor; (f) the issuing of any attachment or garnishment, or the filing of any lien, against any property of any
Obligor; (g) the taking of possession of any substantial part of the property of any Obligor at the instance of any governmental author-
ity; (h) the dissolution, merger, consolidation, or reorganization of any Obligor; (i) the assignment by any Maker of any equity in any
of the Collateral without the written consent of Bank; (j) substantial decrease in the value of the Collateral: (k) any other act or cir-
cumstance leading the holder to deem itself insecure.
Bank shall have, but shall not be limited to, the following rights, each of which may be exercised at any time whether or not thiS
note is due: (i) to pledge or transfer this note and the Collateral and Bank shall thereupon be relieved of all duties and responSibilities
hereunder and relieved from any and all liability with respect to any Collateral so pledged or transferred, and any pledgee or transferee
shall for all purposes stand in the place of Bank hereunder and have all the rights of Bank hereunder; (ii) to transfer the whole or any
part of the Collateral into the name of itself or its nominee; (iii) to vote the Collateral; (iv) to notify the obligors on any Collateral to
make payment to Bank of any amounts due or to become due thereon; (v) to demand, sue for, collect, or make any compromise or
settlement it deems desirable with reference to the Collateral; and (vi) to take control of any proceeds of Collateral.
Bank is hereby given a lien upon and a security interest in all property of each Obligor now or at any time hereafter in the
possession or control of said Bank for any purpose, or any capacity whatsoever, including but not limited to any balance or share of
any deposit, trust, or agency account, as security for the payment of this note, and a similar lien upon and security interest in all such
property of each Maker as security for the payment of all other liabilities of each Maker to Bank (including liabilities of each Maker
and any other person); and Bank shall have the same rights as to such property as it has with respect to the Collateral.
Property Insurance, if written in connection with this loan, may be obtained by the undersigned through any person of his
choice.
If Bank deems itself Insecure or upon the occurrence of any default hereunder Bank shall have the remedies of a secured party
under the Uniform Commercial Code and, without limiting the generality of the foregoing, Bank shall have the right, immediately and
without further action by it, to set off against this note all money owed by Bank in any capacity to each or any Obligor, whether or
not due, and also to set off against all other liabilities of each Maker to Bank all money owed by Bank in any capacity to each or any
Maker; and Bank shall be deemed to have exercised such right of set-off and to have made a charge against any such money
immediately upon the occurrence of such default even though such charge is made or entered on the books of Bank subsequent
thereto Unless the Collateral is perish<Jble or thl-catens to decline speedily in value or is of a type customarily sold on a recognized
market, Bank will give Maker reasonable notice of the time and place of any public or private sale thereof. The requirement of
reasonable notice shall be met if such notice is mailed, postage prepaid, to any Maker at the address given herein or at ariy other
address shown on the records of the Bank, at least 5 days before the time of the sale, Upon disposition of any Collateral after the
occurrence of any default hereunder, Maker shall be and remain liable for any deficiency; and Bank shall account to Maker for any
surplus, but Bank shall have the right to apply all or any part of such surplus, or to hold the same as a reserve against any and a!1 other
liabilities of each or any Maker to Bank.
The term "ob! igor" means any party or other person sign Ing this instrument, whether as maker. endorser, guarantor, or
otherWise.
No delay or omission on the part of Bank in exercising any right hereunder shall operate as a waiver of such right or any other
right under th is note,
All parties liable for the payment hereof jointly and severally waive presentment for payment, demand, notice of non-payment,
notice of protest, and protest, and consent to any extensions or renewals hereof by the holder Without notice. Obligors also agree to
pay all expenses of collection hereof including but not limited to reasonable attorneys' fees for holder said fees to include attorney's
fees incurred by holder in the event of appeal of any litigation involving thiS promissory note to any Appellate Court.
THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA
GUARANTY OF PAYMENT
For value received, the undersigned (who if two or more in number, shall be jointly and severally liable hereunder) hereby
unconditionally guarantee the payment of the foregoing Promissory Note and all extensions or renewals thereof, and all expenses
(including attorney's fees) incurred in the collection thereof, the enforcement of rights under any security therefor and the
enforcement hereof, and waive presentment, demand, notice of dishonor, protest and all other notices whatever, and agree that
the holder of said Note may from time to time extend or renew said Note for any period (whether or not longer than the original
period of said Note), may, from time to time and without notice, surrender, compromise, substitute or exchange all or any part of the
collateral described on the reverse hereof, and may grant any releases, compromises or indulgences with respect to said Note or any
extension or renewal thereof or any security therefor or to any party liable thereunder or hereunder (including but not limited to
failure or refusal to exercise one or more of the rights or remedies prOVided by said Note), all without notice to or consent of any of
the undersigned and without affecting the liability of the underSigned hereunder, any of whom may be sued by the holder hereof with
or without first or contemporaneously suing such other persons, or otherwise seeking or proceeding to collect from them.
The undersigned indorser, surety and/or guarantor hereby expressly consents to any release involving the obligation herein by
the above-named lender of any or all indorsers, sureties, and/or guarantors jointly and severally liable herein With the underSigned.
Such consent shall not be deemed to effect the release, in whole, in part, and/or in any pro-rata share or formula, of the underSigned
or other remaining unreleased indorsers, sureties, and/or guarantors. The undersigned further expressly consents to (1) a reservation of
rights to the lender to demand and secure payment in the event of default from the undersigned and any and all other remaining
unreleased indorsers, sureties, and/or guarantors of any remaining indebtedness secured hereby; and (2) an express waiver of any right
to demand and/or seek indemnification from any other indorser, surety, and/or guarantor who may have been released In part, or In
toto, by said lender.
SIGNATURE
SIGNATURE
(Address)
Telephone
Number
(Address)
Telephone
Number
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