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HomeMy WebLinkAbout1761 INS~CIlIENT PROMISSORY NOTE D:d JENS)~1 BFAQi RAMC IAI Amount Reserved t 1Lt,~*7.~,pp BANK NAME Iel Premium for Credit LifelDisability Ins. S 1,50(1.00 1939 Cntttmercinl St_ a .Innwen Rrt>.~C~* Fir 345,7 ICI Documentary Stamps S 24.60 OFFICE A%URESS IDI Other Charges Gtemuel S none lEl S none NOTE NO. DATED: fitly ~ , 19~~ IFI S nnne IG? Amount Financed DUE: ~ ~ tg~' IA, 8, C, D, E, F) S 16.399.60 IHI Interest s 9, 608.00 PACE: .?r~?Aen uE.ltt-he ,FLORIDA 111 Credit Investigation S none tJl Other S none For value received, the undersigned (hereinafter called "Maktr"1 jointly and severally (if IKI S none :Wore than one) promise to pay to the order of the Bank, at its ollite listed above, the Total of Payments (from INI ,fright) of 26,007.60 Oouar: payable in 120 ILI s none :•.rual monthly installments of S 216.73 ,the first IMI FINANCE CHARGE IH, 1, J, K, L) S q~ bQ$. QQ installment due on_Ti1 ~ , 19Zi, and wbsequent installments due on INI Total of Payments IG + M) S..(iQ,.__ thes~day of each month thereafter, together with a FINAL BALLOON PAYMENT OF: ANNUAL PERCENTAGE RATE l 0_ 0 x, 5 :vUNL~ DUE - - , 19 The Bank shall impose a delinquency charge against the Maker on any payment which has bosoms due and remains in default for s period in excess of 10 •r::YS in an arttount equal to 5% of the amount of the principal part of the payment in default. In the event that the Note is not paid in full at maturity, all pay- ~r~nts, whether principal, interest or otherwise, shall bear interest at the maximum legal rate allowed under the laws of the State of Florida. All payments made r:r:eurxler shall be credited first to interest and then to principal, however, in the event of default, the Bank may, in its sole discretion, apply any payment to :reforest, principal and/or lawful charges then accrued. II is the intention of the parties hereto that the provisions herein shall not provide directly or indirectly •.+r ilia payment of a greater rate of interest or the retention of any other charge than is allofrved by law. It, for any reason, interest in excess~of wch legal rate or charge prohibited by law shall at any time be paid, any such excess shall either constitute and be treated as a payment on the principal or be refunded directly the Maker. The Maker may prepay the enure unpaid balance of the loan at any time. If the loan is prepaid in full, accelerated or refinanced, the Maker shall receive a ~•~unct of the unearned portion of the interest and inwranCe premiums computed by the Rule of 78's method, except that the Bank shall be entitled to retain nnn,mum rnterest charge of 55.00. CREDIT LIFE AND CREDIT LIFE & DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such insurance coverage is ,!able at the cost designated below for the term of the credit: lal S 1, 500.00 for Credit life Inwrance Ibl S Credrt;L'i~te & Disability Insurance •".neck l~ Credit life Insurance is desired on the life of aA1~h Vander Klok - -•:~V! Birthdate S/~ j34 r, ii..,: Credo Life & Disability Insurance is desired on Birihdate r-i ~J Credit Li(e andlor Disability Insurance is not desired. %,,P Nt7CeL 6e I9], Srgnature - R Ralph Vander t:2ok Srgnature As security (or the payment of the Note the Maker hereby grants to the Bank a security interest in the following property: Lot #953- Section II OUTDOOR RESORTS OF AMEPICA as described in said taortg~ge - 1974 Concord 35' Travel Trailer, Serial If35"y ~S/ 3/S/including (1) Tip-Out - ~~c~udrng all increases, substitutions, replacements, additions and accessions thereto and in the proceeds thereof (hereinafter rolled "Collateral"). This security ..,Brest shall also secure any other indebtedness Or liability of the Maker to the Bank duect or indirect, absolute or contingent, due or to become due, now ex- smq or hereafter arising, including all future advances or loans by the Bank to the Maker. i The Bank is also given a lien and a security interest in all property and securities of the Maker, endorser, wrety, guarantor or accommodation party of this Note Ihereinatter referred to as the "Obligors '1, now in or at any time hereafter coming into the control, custody or possession of the Bank, whether for the ex- c~•essed purpose of being used by the Bank as Collateral, or for any other purpose, and upon any balance or balances to the credit of any accounts, including ••~sr and agency-accounts maintained with the Bank by any of the Obligors, and the Obligors agree to deliver to the Bank additional Collateral or make such ,~-rnents in reduction of the principal amount of the loan as shall be satisfactory to the Bank, rn the even[ the aforementioned Collateral shall decline in value ! i,ecome unsatisfactory to the Bank. - i 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 r; wally o. wholly upon the Collateral, may from time to time be made without affecting the provisions of this Note. The Bank shall exerese reasonable care in me custody and preservation of the Collateral to the extent requved by applicable statute, and shalt be deemed to have exercised reasonable care i( it takes such +~.::~on 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 ?~sonable care, and no omission to comply with any request of Maker shall of itself be deemed a failure to exercise reawnable care. Bank shall not be bound to f,:Re any steps necessary to preserve any rights in the Collateral against prior parties and Maker shall take all necessary steps for wch purposes. The Bank or its •=,mrnee need not collect interest on, or a principal of, any Collateral or give any notice with respect to it. The Bank may continue to hold any Collateral deposited hereunder after the payment of this Note, if at the time of the payment artd discharge hereof any of f the parties liable for the payment hereof shall be then directly or contingently liable to the Bank as Maker, endorser, surety, guarantor or accommodation party any other note, draft, bill of exchange, or other instrument, or otherwise, aril the Bank may thereafter exercise all rights with respect to said Collateral ;•~.nted herein even though this Note shall have been wrrendered to the Maker. If the Bank deems itself insecure o+ upon the happening of any of the following eeems, each of which shall constitute a default, all habdities of each Maker to • :n~ Bank, including the entire unpaid prirttipal of this Note and accrued interest, less any unearned interest and any interest in excess of the maximum allowed :,y law and any rebates required by law, shat) immediately or thereafter, at the option of the Bank, except that the occurrence of fcl a Id) shall cause automat- ~ .acceleration;without notice or demand, become due and payable: (al the failure of any Obligor to perform any obligation, liability or claim to the Bank, to pay ~•.terest hereon within lOdays after it is due, or if there is no due date, after it is billed or otherwise requested or demanded, or to pay any other liability what- aver to the Bank when due; Ibl the death of any individual Obligor, the dissolution of any partr?ership Obligor or the dissolution, merger or mnsohdation with- ;;ut the Bank's prior mitten consent of any corporate Obligor; (cl the filing of a petition in bankruptcy or the adjudication of insolvency or bankruptcy under any reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceeding under any Federal or state statute, by or against any Oraigor; Idl an application (or the appointment of a receiver for, or the making of a general assignment for the benefit of creditors by, any Obligor; lel the entry lodgment against any Obligor; (f) the iswing of any attachment or garnishment, or the filing of any lien, against any property of any Obligor, Igl the taking of a~:ssession of any wbstantial part of the property of any Obligor at the instance of any governmental authority; Ihl the determination by the Bank that a materi- al adverse change has occurred in the financial condition of any Obligor from the conditions set forth in the most recent financial statement of wch Obligor heretofore furnished to the Bank, or from the condition of wdt Obligor as heretofore most recently disclosed to the Bank, or that any warranty, representation, cerrrficate or statement of any Obligor (whether contained in this Note or not) pertaining to or in connection with this Note or the loan evidenced by this Note cuntairK an untrue statement of material fact Or omits to state material fact necessary in order to make the statements made not mrsleadirg; o?, lil the assign- merit by any Maker of any equity in any of the Collateral without the prior written consent of the Bank. The 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: lil to n~edge or transfer this Note and the Collateral and the Bank shall thereupon be relieved of all duties and responsibilities hereurxler and relieved from any and all !ability with respect to any Collateral so pledged or transferred, and any pledgee or transferee shall for all purposes stand in the place of the Bank hereurxler and have all the rights of the Bank f?ereurider; Gil to transfer the whole or any part of the Collateral into the name of itself or its nominee; bit) to vote the Collateral; l.v) to notify the Obligors of any Collateral to make payment to the Bank of any amounts due or to become due thereon; (v) to demand, we tor, collect, or make any comptQrt~s<or settlemeit-it+tfeerns desirable with reference to the Collateral; and (vi) to take posseuion or control of any proceeds of Collateral. ' - ~i i' NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION BOOK PAG~1~~ ~ F35 75J Rev. 7/77 JI