HomeMy WebLinkAbout0286 PROMISSORY NOTE
S250,000.00 _ Titusville, Florida
. Decemher , 22 , 1975
ON OR BEFORE ninety (90) days from date. DNE SALES. INC promises
to pay to FLORIDA NATIONAL BANK AT TITUSVILLE,~ at• its banking house in
Titusville. Florida, the principal sum of TWO HUNDRED FIFTY THOUSAND AND
NO/100 DOLLARS (~250.000 .00) . together with interest as hereinafter set forth .
INTEREST SHALL be calculated at one-half of a per cent (1/2$) above the
prime rate being charged by the Florida National Bank at Jacksonville on the first
day of the month in which payment is made to the L-ender by the Maker hereof .
THIS NOTE is secured by a mortgage on certain real property in Brevard
and St. Lucie Couttties, Florida. owned by the parent corporation, Egan,
Fickett & Company, and its subsidiary, Nevins-Ideal, Inc., and certain personal
property of the Maker described in Security Agreement executed by the Maker.
ADDITIONS to, reductions, or exchanges of ~ or substitutions for the collateral.
payments on account of this loan or increases of the same, or other loans made
. partially or wholly upon the collateral, may from time to time be made without
affecting the provisions of this note . BA1~K shall exercise reasonable care in
the custody and preservation of the collateral to the extent required by application
statute. a.ad shall be deemed to have exercised reasonable care if_it takes such
action for that purpose as Maker shall reasonably request in writing, but no
omission to do any act not requested by Maker shall be deemed a failure to exercise
reasonable care, and no omission to comply with any request of Maker shall of
itself .be deemed a failure to exercise reasonable care. BANK shall not be bound
to take any steps necessary to preserve any rights in the collateral against prior
parties and Make~r shall take all aecessary steps for such purposes. BANK or its
nomizee need not collect interest on ar principal of any collateral or give any _
notice with respect to it.
IF THE COLLATERAL shall at any time diminish in value more thar~ 4wenty ~
per cent (20$) of the value of the same on the date hereof, the BANK may require
additional collateral from the Maker and within ten (10) days of such demand,
Maker shall pledge, deposit or grant lien upon such additional collateral as the ~
BANK may deem satisfactory . ~ ~
UPON THE HAPPEIVING of any of the following events, each of whfch shall
; constitute a default hereunder, all liabilities of the Maker to Bank shall thereupon
~ or thereafter, at the option of the BANK, without notice or demand, become due
j and payable: Ca) failure of any Obligor (which texm shall mean and include each
~ biaker, endorser, surety and guarantor of this note) to perform any agreement
~ hereunder , to pay any installment due hereunder within ten (10) day s after the
same becomes due, or to pay any other liability whatsoever to Bank when due;
~ (b) at 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; (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 substanti.al part of the property of any Obligor at the instance
of any governmental authority; (h) the dissolution, merger, consolidation, or
¢ reorganization of any Obligor; (i) the assignmer:t by any Obligor of any equity
~ in any of the collateral without the written consent BANK.
~ AANK shall have, but shall not be limited to, the following rights, each of
~ which r~nay be exercised at any , time whether or not the 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 w:th
~ respect to any collateral so pledged or transferred, 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; (iu) 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; Cv) 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.
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