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Home My WebLink About0788 a ~ ~ 5 , ~~0 • ~0 Stuart. Florida, O _tnher 1 7 ~ 1 979 ig Note / See Below alter date the undersigned (and if more than one, each of them ~uintly and severally). hereinafter called itfaker, promises to pay to the order of FIRST NATIONAL BANK AND TRUST C0~IPANY OF STUART :~t its office at Stuart, Florida, Fifteen Thousand and no/100 - - - - - - - - - - - - - - - - - - - - Uollan Fla. Doc Stamps 22.50 i~.!uth amount includes Proceeds o[ $ 14,961.50 plus other charges Mtg. rec. fees 16.00 38.50 15 , 000.00 of S resulting in an AMOUNT FINANCED of = )with interest at an ANNUAL ER AGE RATE of 13'~ °/o payable monthly which results in a FINANCE CHARGE o[ $ 5, 59'i _ 20 (Computed on a 6 month maturity. i[ demand obligation). IE not included above. other charges None in the amount of S -n- have been (Describe) c~,llected from Maker. As security for the payment of this note Maker has pledged or deposited with Bank the following property: Im~entory, Accounts Receivable and Furniture and Fixtures in lading chattels* merchanrl;se and all other tangible personal property now or hereafter acquired by debtor and accounts receivable including any right to payment for goods sold, leased or furnished under contract of service or any right to payment for services rende a River Park Unit 4 St. Lucie Count Florida nterest o y 1 mgnthl until wen s t i~icludin~ al! task, atoek and other dividends and all ripAb to a iti tnctndsw o, ec arit~ or pra» id in to»neetion with such property), which property, loytthtr uritk all additions and substitutions ktrtajttr pltdyed or deposited tvit/t Ba»k u called tAe Col- lat~•ral. The Collateral is also pledytd as security /or all otAtr liabilities (primary, secondary, direct, coati»yt»t, soft, joi»t or several), due or to become due or w1tuA may 6t Atreajter eoxtmetaf or acquired, of eaeA Maker (ineltufinp each Maker and any other person) to Ba»k. Tltt surre»dtr o/ this note, upon payment or otAtrurise, shall not affect tAt thpkt of Bnnk to retain tiff Colbteral for seek orh.er liabilities. Addition. b, reduetioss or •:changes d. or substitutions tar the Collateral paymenb oa account d thL loan or Increases o! the same, or other loans made partially or wholly upon the Collateral. may from time b time bs made without aUectiaq the prorisions of this note. Bank shall a=erdse reason abe care is the tuatody and preseriation of the Collateral b the •=eat required by application statub, and shall b deemed b hart •ttercised »asonable cares if it takes such action br that purpose as Maker shaA reuonably request in writing, but ao omission b do any act not requested by t+laker shall b deemed a (niters b sz•reiss reasonable cue, and no omipion b comply wllh any request of Maker shall d itself b deemed a lallute b •rereise reason- ! able care. Hank shall not bs bound b take nay steps nscessuy b preserve nay righb in the Collabral against prior parties sad Maker shall eke all neo essary steps for such purposes. Bank or its nominee aed not coiled interest m of principal d any Collateral or girt any notice with reapeet b LL i If the Collateral shall al any time become tuutatiafadory b Bank. Maker shall within one day after demand pledge and depwtt with Beak u pari d E the Collateral additional property which is satisfactory b Bank. If Baak deems itwlt insecvrs, or upon the happening d any d the following treats, each oI which shall eonatitute a default hereunder, all liabilities of each Maker b Bank shall thereupon oc thersa8er, at 16e option of Bank, without notice or demand, become due and payable: (a) Itilure of any Obligor (which term shall mean and include each Maker, endorser, suety and guarantor of this note) b periotm any agreement henuader, b par interest hereon within tea days after it 4 billed of oUterwiss requested or demanded, a b pay nay other liability whatawrer b Bank when dw; m) ~~:e death of any Obligor, (d the filing d any petition under the Bankruptcy Act or nay simile federal or state statute, by or against any Obligor-, (d) an ~ a~plicatioa for the appointment of a receiver tor, the making d a general assignment for the benefit d tseditors by. or the inaolrency of nay Obligor; (e) 1 the enter of a judgment against nay Obligor, (A the iuuing d any awehmsnt of garnishment or the filing of any lien, against any property d nay Obligor; (q) the takiuq of possession d any substantial part d the prop•riy o! nay Obligor at the iastanp d any governmental authority; (b) the dis- au:;:tioa, merger, comolidation, or reorganisation d any Obligor: W the assignment by any Maker d any equity la any d,the ColLteral without the wrinen consent of Hank. Bank shall hare. but shall not b limited b, the folbwinq rights, each d which taay b ettszdaed at any time whether a not thL noie i. dues. p) to pledge or transfer this note and the Collateral and Beak shell thereupon be rsliered of all duties sad responsibilities hereunder sad relieved tram any and all liability with respell b any Collateral so pledged or transleaed, and any pledgN or transferN shall for all ptaf,oses stand In the place d Bank hereunder and bars all the rights d Baak hereunder, (ill b transfer the whole o< nay pert d the Collateral into the name d IwU or it. nominee; t (iii to rots the Collateral; fir) b notify the obligors oo any Collateral b make payment b Bask at any amounts dw or b become due thereon: (r) b demand, sw tor, wiled, or matte nay compromise or aeWement it deems dsstrable with ntereaee to the Collateral: and (rp b take control of any proceeds of Collateral Bank 4 hereby given a lien upon and a security inbrest in all property of each Obligor now or at nay time hereafter in the possession d Bank is nay ppacity whatsoever. including but not limited b nay balance or shut d any deposit trust, or agsnty ucwnt as security for the payment d thin note, and a similar lien upon and security interest is all such property of each Maker as security for the payment d all other liabilities o[ eadt Maker to Bank (iaduding liabilities d each Maker sad nay other person): and Beak shall hart the same right as b such property as it Das with respect b the Collateral. I It Bank deems iWli insecure or upon the otxvrrenq of nay default he»uoder Beak shall bare the »med{es of a setvred party under the Ubl- - W :.'az-~atda! Cods sad. without limiting !ha t~•aezalily sd iha fozegOinq. Bak shall bars the sight imn:sdiatelg sad witho~st lusthaz scliaa by 'it to set off against this note all money owed by Bask is any opacity b each or nay Obligor, whether or not due, and alq b eet off against all other liabilities d each Maker b Bank all mowy owed by Bank it? nay ppadty b each or nay Maker: sad Beak ahsll b deemed b hart eserdaed such right of wtofl and b bars made a dwge against nay such meaty immediaWy upon the occvmace d such default trees though such chug. b made f or entered on the books d Hart subsequent thereb. Ursine the Collateral is perishable or threatens b decline speedily !a value or L o! a type cues f tomuily sold on a reoogalsed tauket Bank will girt Maker reasonable notice d the time sad place d any public sale ihereol or of the time aher which nay private sale or nay other inbaded disposition t6~red L b b sssde. The requirement d reasonable notice shall b met U such notice b mailed, ~ pwugs p»paid. to any Maker at the address given blow or at soy othu address sbowa oa the records d the Bank, at least firs days bfore the time of the sal. or disposition. Upon dbpositfon d nay Collateral after the otxvrnna of any defauh hereunder, Maker shall b+ and remain iiabL for nay detidenry; and Bank shall sooount b Maker foe any surplus, but Bank ahaU hart the right to apply all or nay part of such surplus (or b hoM the same r as a recent agaiasU any sad all other liabilities d each or any Maker b Bank. 1 No delay os omLaioa as the part of Bank in ezerdsinq say right hereunder shall operaN as a waiver d such right or p! nay other right under this note. prewatment demand. protest notice d dishonor, sad tatenabn d time without aotiq ue hereby waived by each and eery Obligor. 11?e Obligors. jointly anti severally, promise sad aqr» b pay all costs of oollectioa sad atbrwyi tees equal b 10°fn of the principal sum or such larger amounts ss may be reasonable and just Incurred or paid by Bank in entordnq ihL naN upon the occurrence d any detault/liny notice b Mabr shall be sutflcieatly eened for all purposes i! placed kn the mail, portage prepared. addressed b a bh upon the sat the tldd shown blow or nay other address ahowa oa Hank's records. Maker admowledges seoslpt d a otttapletsd ropy d this Nob as the above date. ADai~iss: ~ ~ ~k ~ PaGE rj; is wanson n~l~K3