197-Flagship Bank of Seminole, Promissory Note
FOR BANK USE ONLY:
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,Loan Officer
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Note Number
PROMISSORY NOTE
Commercial Department
(INSTALLMENT PA YMENT)
9/24/85
Ci ty of Sanford
Maker's Name
Due Date
$74,388.00
9/24/82
Amount of Note
Date of Note
"-
FOR VALUE RECEIVEr), theHndersigned jointly and severally pro':nise to pay to the order of
Flagship Bank of Seminole
(BANK NAME)
P.o. Box 1858
(ADDRESS)
Sanford, FL
(CITY AND STATE)
(hereinafter called "Bank" Q[ "Holder") the sum Qf $ -----74,388.00-----
----Seventy Four Thousand three hundred eighty-eight and no/lOO----
payable in three consecutive annual ~&'Qi;mXstallments of $ 24.796.00 plus interest
on September 24 , 19~, and continuint on the same day of each and every year
together with a BALLOON PAYMENT in the amount of $ f\ 7 A .-- due on
DOLLARS
each commencing
thereafter,
,19_;
OR PAYABLE AS FOLLOWS:
\
\
\
Check Box(es)
Applicable: OXAII installment payments include interest at the rate of 9.4;;'/0 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.
cP<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
cf&edit Life and/or Disability Insura
~
/ _.7''-' a
Date S,gnatuYe
DOB
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)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
$
$
$
$
$
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:
(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 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.
cr~___ol\ SANFORD
.,?__ j ~a "f ~. ~~
By: C::~U/:/.t.r'''''1 . .. 'fA
~in Mayo
Address
P.O. Box 1778, Sanford, FL 32771
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." Ci cy l;ler
Disposition of funds: $
SIGNATURE
SIGNATURE
SIGNATURE
Maker
SIGNATURE
Maker
000014 0
$
74,3S8rOO
fDeoosiUs)]
ff\.rrn"!'1't N,lrnhp,,.,
[Check (s)]
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--- - --- - ----
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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 exte,nt 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
omission to comply with any request of Maker shall of itself be deemed a failure to exercise reasonable care. Bank shall not be bound
to take any steps necessary to preserve any rights in the Collateral against 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 otcreditors 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 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
liabi Iities 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
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 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 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 oart, or in
toto, by said lender.
SIGNATURE
SIGNATURE
(Address)
Telephone
Number
(Address)
Telephone
Number