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HomeMy WebLinkAbout0630 • August 30 1974 FOR VALUE RECEIVED. EGAN, FICKETT & COMPANY, promises to pay to I~ L.ORIDA NATIONAL BANK AT TITUSVILLE, at its banking house in Titusville, Florida. ~ tl~e principal sum of ONE I~dIGLION AND NO/100 DOLLARS (;1, 000, 000.00) to~ether with interest as hereinafter set forth. . THE PRINCIPAL shall be payable in quarterly installments of TWENTY-FIVE THOUSAND AND NO/100 DOLLARS (325~000.00) each, the first bein~ due three (3) months after date arid a like. amount each three (3) months thereafter until r~ineteen (19) such consecutive payments have been made. Five (5) years and three (3) months after date. the er~tire remaining principal balance, together with any accrued interest shall be due a»d payable. Interest on the outstanding principal balance remaining from time to time shall be calculated each quarter at one-l~calf of a per cent (1/2$) above the prime rate ' being charged on the first day of such quarter b~y the_Florida National Bank at Jacksonville, and interest at said rate s21a11 be payable quarterly at the time of paymer~t of principal. ALL PAYMENTS made shall be applied first tQ the payment of accrued 'intei•est on the unpaid balance, and the i•emainder shall be applied to payments of the principal sum. THIS OBLIGATION may be prepaid, in whole or in part, before maturity. ~vithout penalty . THIS NOTfi is secured by a mortgage on certain real property in Brevard County, Florida, and certain personal property of the I~iaker described in Security Agreements exec~.zted by the Maker. ~ ~ ~ ADDITIONS to , reductions or exchanges of , or substitutions for the collateral , payments on account of this loan or increases of the same, or other loans made partially or wholly upon the collateral, may from time to time be made without affecting the provisions of this note . BANK shall exercise reasonable care i.ri the custody and - p:-eservation of the collateral to the extent required by application statute, and shall be deemed to have exercised reasonable care if it takes such action for that purpose as r4aker shall reasonably request in writing, but no omission to do any_act not requested by 1~4aker shall be deemed a failure to exercise reasonable care, and no omission to comply with any 2•equest of I?~iaker shall of itself be deemed a failure to exercise reasonable care. BANK shall nflt be bound to take any steps necessary to preserve any rights in the collateral. against prior parties and Maker shall take all necessary steps for such purposes. BANK or its ~ nominee need not collect interest on or principal of any collateral or give any notice ~vith respect to it . ~'t ti~ C:uLLATERAL shall at any time diminish in value more than twenty per cent (20$) of the value of the same on the date hereof, the BANK may require , additional collateral from the Iviaker and within ten (10) days af such demand, Maker shall pledge, deposit or grant liens upon such additional collateral as the BANK may deem satisfactory . UPON THE HAPPENING of any of the follo~ving events, each of which shall constitute a default hereunder, all liaUilities of the lMaker to Bank shall thereupon or thereafter, at the option of the 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 any ~ installment due hereundcr withiri ten (10) days after the same becomes due, or to pay any j 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) an 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; (fl the issuing of any attachment or ~arnishment, 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 insta.nce uf any governn~ental authority; (h) the dissolution, merger, consolidation, or ~ reorganization of any Obligor; (i) the assigriment by any Obligor of any equity in any of ~ the collateral without the written consent of Bank . ~ • BANK shall have, but shall not be limited to, tlie follo~ving rights, each of ; ~ ~vhich may be e~:ercised at any time ~vhether or not the note is due: (i) to pledbe or transfer ~ this note and the collateral and Bank shall thereupon -be relieved of all duties and • ~ responsibilit~es 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 f g stand in the place of Bank hereunde2- and hatfe all the rights of Rank hereunder; (ii) to ~ transfer the vrhole or any part of the collateral into the name of itsclf or its nominee; ~ (iii) to ~ote the collateral; (iv) to notify the OUligors on any collateral to make pa}~ment - _ ~~^L of ar.~ amo•ar.ts due or to become due *.hpreon; ~•i) to det. snd, s~a~ for, ~~I~~~t, ~ - ~ ~~r ~n~ke any compromise or settlement it deems desirable with referer.ce to the roll3feral; and (vi) to take control of any proceeds of collateral. ~ BANK ~5 hercby gi~•en a lien upon and a security intei•est in all property ~ t~f e:~ch Oolioor now or at any time hercafter in the possesioit df Bank in any capacify , ~ d00K PAt~ ~ f ~ ~ ~ - - ~ ~ _ ~ - iu~ r~~; ~~'a