HomeMy WebLinkAbout1277 or "liabilities" includes all liabilities (primary. secondary, direct. i
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cantingent. sole, joint or several) due to become due or that may be hereafter #
contracted or acquired, of borrower (including any Borrower and any other person) ~
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to Bank. ;
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2. Borrower shall execute its promissory note or notes for all loans ~
and advances made by Bank to Borrawer under this agreement; each of said
notes to be payable upon demand and to bear interest at the rate hereafter provided.
It is understood and agreed that notwithstanding the rate of interest specified on
each such note or notes, the interest payable under said notes and this agreement
and each advance hereunder shall be one percent (1%) over the interest rate ;
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provided. from time to time, for prime commercial loans of ninety ~90) day
maturities prevailing at the Sun Bank of St. Lucie County (said interest rate
hereinafter being referred to as "Prime Rate"), provided, however. that the
interest rate payable hereunder shall never exceed the maximum lawful rate
under the laws of Florida. The principai amount of all said notes shall never
exceed the sum of $500, 000. 00 (Five Hundred Thousand and No/ 100)
The actual principal batance due the Bank at any given date will be determined
not by the face amount of the note or notes referred to herein, but by the amount
actually advanced by the Bank to Borrower, plus interest thereon, less any
sums collected by Bank in payment of interest and in reduction of principal
of the loan or loans represented by such note or notes.
3. As security for the payment of all loans and advances now or in the ~
future made hereunder and for all Borrower's liabilities, including any extensions,
renewals or changes in form of any thereof, Borrower hereby assigns to Bank
and grants to Bank a security interest in: (a) all accounts owned by Borrower at
the date of this agreement (b) all accounts at any time hereafter acquired by
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Borrower; (c) all Borrower's existing contract rights and all of Borrower's
congract rights which come into existence at any time hereafter; and (d) all
proceeds of all such accounts, end contract rights~ -
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~oox ~44 PAGE~.278
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