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HomeMy WebLinkAbout0008 ~ JENSa BF~CH B~ANK INSTALLMENt NOTE SRW BANK NAME (S~CYffd and Ues~cunen 40 Cooa~rcial St. ~ J~ns~n Beach, ~I. 334~7 p~~: March 26 19 82 1~,808.20 LOCATION March 23~ 77 loan Terms: Nob No. Dat~d: - . 19 P~oceeda i.. 1-~2.~~~•~.---- SiXLy (60) MO~1thi FINANCE = 3,409.35 - - - CMARGE Z~.~ - - - _ after date the undersigned, hereinafter called Maker, jointly and severally Oocumenury i promise(s) for value recewed to pay to the o~der oi the 8ank, at its oftice Sr~mps as I~sted above the sum oi (totat ot payments). Credit life (or life 3~~QQ ----Fif~l~~n...t~h.Q~t~tnd. _~i,sht..hundr~d.__ai h~_.a[1d.. lOQ-- d. Disability) Ins.i 9 ~ - - Dollars Ofher (itemize) - _ - - - - - _ - - ~ ~ - • - yable in with ' rest thereo+~ at the rate of 96 per annum, all ~ ~~:~7__._ 26~°n = - monlhly installments of each on the day of A ril 26th 77 s each svocessive mooth commencinq on p--- - 19-----... . topether with ~OUNT ~g-------- - pue a BAIIOON PAYMENT Of i.-- 19 FINANCEO s. 12~~8.~_--- A fine computed at rhe rate of 5.05 per s1.00 on each instal!ment in default iw ~~rately collected s period in exceu of 10 days may be charyed the Maker. No such fine shsll exceed ~hsrpes (itemize) SS.00. Maker is required to pay all costs of collectio~, includinp s reaso~able anor- f ney's ~ee if referred fw collection or leqal proteedings. All payments, whether prin- _ cipal, infe~est w ofherwise. not received when due shall bear interes? at 10% per f-- annum from due date until paid. All psyrrients msde hereunder shatl be credited ANNUAL PERCENTAGE RATE ~6 ~f _ fint to interest, then to lawf~l cha~ges the~ ~ccrued, and last to principal. tf the losn is prepaid in full, aaelerated w refinanced, the Maker shall as of the dste of such event receive such refund of the un- earned portion of the credit life insurance premium and finarxe charge and svch other credit as may be reqvired by law or as may be neceuary to avad usury, provided that the Holder may retain a min~mum finence charge of 525.00, whether a not otherwise earned, and except in the case of a refinancing, ~o finance charge or premium refund shall be made if it amounts to less than =1_00. Retention of any minimum finance shall be in addition to urvite charge i( any. Any language elsewhere herein to fhe contrary notwithstandiny, neither Bank nor any holder hereof shall reteive or retain any charge w interest nof allowed by law. As security fo? the payment of this note Msker has pledged w deposised with Bank the following property: --OU?DOOR-- RES~ORTS OF AMERICA__Lot _~263~-- Section _ II__ as__d~sc~~ _~Q._s~i~___M_4~a~l~___ - - - - - - - - - - - - - _ - - (including all cash, stock and other dividendr-and all rights to subscribe fo? securities incident to, declared o~ granted in connection with such property). which property, togethe? with ali additions anc! substitutions hereafter pledged or deposited with Bank is called the Col- laterat. The Collateral is alw pledged as security for all other liabilities to Bank, (primary, secondary, direct, contingent, wle, jo~nt or several), due or to become due w whKh may be hereafter contracted w acqvired, of each Maker (w of each Maker and any other per- son). The surrender of this rate, upon payment or otherwise, shall not affed the right of Bank to retain the Collatcral fw such other (iabilities. CREDIT LIFE AND CREDIT IIFE d~ DISABIIITY INSURANCE ARE VOIUNTARY AND~~~IUIRED FOR CREDIT. Such insu~ance coverage is ava~lable at the cost desi9nated below for the term of the credih (a) S for Credit Life In- surance (b) S - for Credit life 3 Disability Insurance: - . - - Ronald E. p,~,,, ren Appl. ~ Credit life Insurance is desired on the life of Box ~Q QQ f T 6O__MOS. - Birthdate 415~35 W~~a8~1~__~~9~: - - - - - - ? Credit life d. isabifity Insurance is desired on _ . - - - - - - - - Birthdate . . _ _ ~ - - - - - - - - ° ~ Credit Life and/or Disab+lity Insurance is - - - - - - Ma1th 23 1977 . s~9r+atur ~ Date: - ~~f-------- Signature . RO[lald_.E.._Bogran_----. • Additions to, redvctions w exchanges of, or substitutions for the Collateral, payments on account of this loan or increases of the same, or other loans made partialty or v~holly upon the Collateral, may from time to time be made without affeding the provisions of th;s note. Benk shall exercise reasonable care in the custody and preservation of the Collate.al to the extent required by applicable statute, and shall be deemed to have exercised reasonabte care if it takes svch action fw that purpose as Maker shall reasonably req~est in writi~g, but no omission to do any act ~ot reqvested by Maker shall be deemed a fail~rc to exercise reasonable care, and no omis- ; sion to comply with any requtst 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 fw such ~ purposes_ Bank w its nominee need not collect interest on or princ~pal of any Collateral or give a~y notice with respect to it. ~ If the Collateral shall at any time become u~satisiaday to Bank, Maker shall within one day after demand pledge and deposit ` with Bank as part of the Coltateral 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 hero- t under, al~ liabilities of each Maker to Bank shall thereupon or thereafter, at the option of Bank, without notice or demand, become due ~ and payable: (a) the failure of any Obligo. (which term shall mean a~d inclvde each Maker, endorser, surery, and guarantw of this f note) to perform any agreement hereunder, to pay interest hereon within ten days a4ter it is due, w if there be no due date, after it is billed or otherwise requested or demanded, to pay any other liabil~ty whatsoever to Bank when due; (b) the death of any Obligor; (c) the filing of any petition under the Bankruptcy Act, or any similar fede.al or state statute, by or aqainst any Obligor; (d) an applica- tion for the appointment of a receiver for, the making of a general assignment for the benefit of cred~tors by, o. the i~solvency of any Obligor; (e) the entry of a j~dgement against any Qbligor; (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 authority; (h) the dissolutio~, merger, consolidation, or reorganization of any Obligw; (i) the assignment by any Maker of any equity in any of the Co~lateral without the wri»en consent of the Bank. Each Obligor hereby wa~ves any requirement of ~otice or demand reftecting such acceleration insofar as such req~irement be in addition to the mere exercisb of any remedy afforded in this Note w the institution of svit by the then holder. Bank shall have, but shall ~ot be limited to, the following riahts, each of which may be exercised at any time whether or not fhis note is due= (i) to pledge or transfer this note and the Collateral and Bank shall thereupon be relieved of all duties and responsibi~ities hereunder and relieved from any a~d all liability with respect to any Collaterrl so pledged or transferred, and any pledgee or trans- feree shall foc all purposes stand in the plate of Bank hereunder and have all the rights of Bank hereunder; (ii) to fransfer the whote or any part of the Collateral into the name of itself or its nominee; (iii) to vote the Collateral; (iv) to notify the Obligws of any Col- lateral to make payment to Bank of any amounts due or to become due ?hereon; (v) to demand, sue fw, collect, or make any compro- _ mise or settlement it deems desirable with reference ro the Collateral; and (vi) to take control of any proceeds of Collateral. - Bank is hereby given a lien upon and a security~ interest in ail property of each Obligor now or at any time hereafter in the pos- seuion of Bank in any capacity whatsoever, including but not Iimiled to any balance or share of any deposit, trust, or agency acco~nt, as the seturity for the payment of this note, and a similar lien upon and security interest in all such prope~ty of each Maker as set~rity fw the payment of all other liabilities of each Maker to Bank (including liabilities of each Maker and any other person); and Bank shall h~ ve the same rights as to such property as it has with respect fo the Collateral. If ~nk deems itself insecure or upon the occurrence of arry default hereunder 8ank shall have the foreclosure and other remedies ofsy secured party ~nder the Uniform Commercial Code, or other applicable Isw and, withovt limiting the generality of the foregoing, ~ Banfc shall have the right, immediately and withovt further action by it, to set oif against this note all money owed by Ba~k in any ca- ~ ~„a pacity to each or any Maker; and if such set off shall occur, Bank shall be deemed to have exercised such right of ut off and ?o have Q made a cherge against any svch money immediately upon the occurre~ce of s~ch default even though such charge is made or entered f~yb o~ ~he books of Bank subsequent thereto. Unless the Collatera~ is pe~ishabte o~ th~eatens 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 sale thereof or of ~ the time after which any private sale or any other intertded dispos+tion thereof is to be made. The req~irement of reesonable notice shall be met if such notice is mailed, posrage prepaid, to any Maker at the address given below or at any other address shown on the rea ~ o.ds of rhe Bank, at least five days beFore the t~me of the sale or d~sposition. Upon dispos~tio~ of any Collateral after the occurrerxe of any default hereunde?, Maker shall be and remain liable for any deficiency; and Bank shall account to Maker for any surplus, b~f Bank shall have the right to apply all or any pa?t of sirch surplus (or to hold the same as a reserve against) any and all other liabilities a of each or any Maker to Bank. ~ No delay or omission on the part of Bank in exercising any right hereunder shall operete as a waiver of such right w of any other F right under fhis no*.e. Presentment, demand, protesf, notice of dishonor, and eate~sion of time without notice are hereby waived by each and every Obligor. The Obligors, iointly and severally, promise and agree to pay all costs of collection and reasonable attaneys' 4ees (not less tha~ 10% of the principal sum) incurred w paid by Bank in enforcing this note upo~ the occurrence of any default. Any notice to Maker shall be sufficiently served for all purposes if left vpon w placed in the mail, postage prepaid, addresud to the ~ p.emises at the address shown below or any other address shown on Bank's recads. Whereve+ this note is executed by a co-maker or endorser who is the wife of a maker or endorser, the said wife dces hereby ex- pressly acknowted9e the within debt as her jo~nt and individual debt. Each of Maker acknowledges receipt of a completed copy of this the above date. _ 4524 Olde L Dr. . tseal) - - Address: - - - - - - y~-- _ _ ~ _ • .,~~R--- ; ~ _ ~ ~ Rockford~ IL 61111 -~s!~~ _ - ~ - ~ . - --ft-~--~ogren---- F L ; ~ ~ ' I ~ ~ . . r . ~ • ~ ~r . . . " . : a _ . . . . . . . . . . . i _ . ' '4 _ . c.~~ ~:e~: J!:_ .