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to such Participant, plus interest thereon, not to exceed seventy
percent (70~) of his Vested interest in the Trust Fund. Loans shall }
be made available to all Participants on a reasonably equivalent basis
and loans shall not be made available to highly compensated employees,
officers, or shareholders in an amount. greater than the amount made
available to other Participants. When the loan is made, arrangements
shall be made setting forth the manner in which said loan shall be
repaid. In the event that the amount of such repayments and/or dis-
tributions is not sufficient to repay the remaining balance of any such
loans, such Participant shall be liable for and continue to make pay-
ments on any balance still due from him. No loans or loans shall be
made under the provisions of this Section except for the purpose of
enabling a Participant to meet emergency conditions in his financial
affairs, such as may result from illness or disability of the Par-
ticipant, illness or death in the Participant's immediate family, un-
employment or severe curtailment of income of the Participant due
to reasons beyond his control or for establishing or preserving the
home in which the Participant resides, or for preserving the health
of the Participant or his immediate family or for the purpose of pur-
chasing all or a part of the capital stock of the Employer. A loan
may also be made for the purpose of providing a college education,
including graduate studies, for the children of a Participant. The
primary purpose of the Plan being the accumulation of funds for retire-
ment and other benefits, it shall be the express policy to hold loans
to a minimum. All such loans shall be considered investments of the
Trust Fund and interest shall be charged thereon at a rate equivalent
to the prevailing rate then being charged by the savings and loan
associations organized-under the laws of this state and county. Any
loans made under this Section must be adequately secured. In
addition, notwithstanding the provisions of Section 11.2, each such
loan shall be secured by a pledge of the Participant's Vested interest
in the Trust Fund.
IN WITNESS WHEREOF, this Agreement has been executed
~~.:~;,;~and year first above written.
r
_ ~(CORPO~tATE``:,SEAL) FELIPE P. LADIA, M.D., P.A. ,
- ~ ~ - ~ ~ ~ a Florida corporation
~
j~l~a fir=
~I Ab TES'T';.-e~..b'°r.~,~., ,lie -~r_,E,_,,,. 'u~J By : ~s~.~ ~ `~-Z ~
~ Secretary Felipe P. Ladia, M.D., as
President
i
"Employer"
Felipe P. Ladia, M.D.,•As Trustee
~ Witne es as to Trustee Lilia Ladia, As Trustee
gg{E 7
Y
STATE OF FLORIDA. )
COUNTY OF OKEECHOBEE )
The foregoi instrument was acknowledged before me this
~ day of , 197 7 , by FELIPE P. LADIA, M.D., as
d President and LILIA..LAD A;' as Secretary of FELIPE P. LADIA, M.D.,
"39- a~~~315 PAcE1437
230 r~c_ 097