HomeMy WebLinkAbout0006 y
Southeast Banks .
PROMISSORY NOTE
s S~,2Q~.00 oats April 2 , t980
FOR VALUE RECEIVED. THE UNDERSIGNED land if more than one, each of them joinily~nd severally, hereinafter called
MAKER without regard to number or gender, promise to pay to the order of
~E,R{o~t FIRST NATIONAL BANK OF FORT PIERCE, a federal banking corporation,
hereinafter called BANK,
THE PRINCIPAL SUM OF Fifty-Nine Thousand Two Hundred and no/100----------DOLLARS
P Y s in crosectltive m~rtthl installments of Seven Htndred Fi -Ei t and 25/100 Dollars
5~ c g to t, e o ea moon t ,p~
~~thll~ DD t dtl@ t.~, s t me ~ ~ isPo a ear. at the ANNUAL a AG`E
~nterest tree on all atccrw~m tTie dab of to rig, oo pu +Y Y
RATE OF 15 per cent
INTEREST SHALL BE PAYABLE tnnnthlvr~~ether with the principal payments
All payments shall be applied first to atxxued interest and then to principal. Interest will accrue at the rate of )/365th of annual
interest for each day that prindpsl is outstanding, but in no event shall interest be due at a rate in extxss of the highest lawful rate.
Without limiting the generality of the foregoing, and notwithstanding any oral or written agreement, no deposit of funds shall be
required in connection with this loan in an amount which will, when deducted from the principal amount outstanding hereunder,
cause the rate of interest hereunder to exceed the maximum lawful rate.
If any payment is not made in full when due, the entire unpaid principal and accrued interest, less any unearned interest and any
interest in excess of the maximum allowed by law and any rebates required by law, shall at the option of the holder become
Immediately due and payable without notice. Failure to exercise the option shall not constitute a waiver of the subsequent right to
exercise. AFTER MATURITY, INTEREST SHALL ACCRUE ON THE DELINQUENT PRINCIPAL BALANCE AT THE HIGHEST
LAWFUL RATE OF INTEREST.
As security for the payment of this note, and any renewals, extensions or modifications thereof, and any other liabilities of the
MAKER to the BANK, however or whenever created, MAKER her y grants to the BANK a security interest in:
Mortgage of even date.
PREPAYMENT IN WHOLE OR IN PART AT ANY ,WITHOUT PENALTY, IS
RESERVED BY MAKER.
Whether or not specnc~ property is described above. as additional only fort payment of thrs Nott. any renewals, extensions or modifications
thereof, erect any other liabilities of MAKER to BANK, however or r Great ,MAKER hereby pledges to BANK any and all property of MAKER
now ur hereafter delivered to or left in or coming into the possession, ~ntrol custody of BANK, whether expressly as Collateral security or for any .
otner purpose (rncludirtg cash, stock and other dividends, and all rights to wbsa~ for securities incident to, declared, or granted in connection with such
property), and property described in lateral receipts or oMer documents reed or furnished by the MAKER, and any and all replacements of any 6f
the foregoing, whether or not in the p~i3sssiew~of Bank. All such property any other property securing maker s liabilities to the Bank will hereafter
he referred to as "the Collateral:' The Collateral is al pledged as securi for all other Irabilitie!S (primary, secondary, direct, contingent, sole, joint or
several), due or to become due or which may be here to eontrxted or wired, of each Maker (including each Maker and any other person) to BANK,
.-.nether wch habrlities arse in the ordinary course of r or not. t is hereby expressly granted to the BANK at its option to transfer at any tune
to rtselt or w its nominee any Collateral, and to recd M income t eon and hold the same as security heretor, or apply it on the principal or interest
clue hereon or due on any bability secured hereby, The A K may c time to hold any pledged property deposited hereunder after the payment of this
~ note, 8 at the time of the payment and discharge heron y of th parties habit for the payment hereof shall be then directly or contirtgsntly liable to
j the BANK as maker, endorser, wrety or guarantor of any other not ,draft, bill of exchange, or other instrument, or otherwise, and the BANK may tltere-
.rfter exercise the rights with respect co'~pledged property gran heron even though this note shall have been wrrendered to the MAKER.
It rs lointty and severally covenant and agr tlwth the ank by each MAKER, endorser, wrety, guarantor, and other party to this note tall of
f whom are hereutatter for brevity called O Igor or blrgors) t
1. Add~t~ons to, releases, reductions or exc rges of, or su titutrons for the Collateral, payments on account of this loan or rnaeases of the same, or
other loans made partially or wholly upon the Collateral, may from time to time be made without attectirtg the provisions of this note or the liabrlitres of
any party hereto. Bank shalt exercise reasonable cars in tfte custody and preservation of tM Cdlateral and shall be deemed to have exercised reasonable
care if- it takeK such action for that purpose as Maker shall naeonsbly retKrest in writing, but no omission to comply with any request of Maker shill of it-
self be deemed a failure to exercise nssonaWe cue. without limiting the generality of the foregoirq, the Bank shall have nO responsibility for atlcertainirlg
any maturities, calls, conversions, exchanges, otfen, artdan or similar matters relating to any of the Cdlateral,nor for informing the undersigned with re-
spect to any thereof. BANK shall not be bound to ub any steps nxessery to prearw any rights in the pledged property against prior parties, and
MAKER shall take all necessary steps for such purposes. BANK or its nominee nand not collect interest on or principal of any pledged property or give
any notice with respect to it. _
? Upon the happening of any of the following events, exh of vrhich shall constitute a default hereunder, or it the Collateral site(( at any time become
unsatisfactory to BANK, pr rf BANK shall at any t,me deem itself insecure, all habihues of each Maker to BANK, whetlifr or not evidentd by this note,
shall thtreut?on or thereafter, at the OpUOn of BANK, wrtltout notice or demand, become due and payable: lal failure of any Oblgor to perform any
agreement Itereurtder or to PaY to full, when due, any liability whatsoever to BANK or any rnstaurnent thereof or interest thereon; Ibl the death of any
Obligor; Icl the filing of any pflition undei the Bankruptcy Act, or any similar federal or state statute, by or against any Obligor; (d) an application for
the appormment of is receiver tor, the Ittafcing of a general assgnment for the benefit of aedi[ors by, or the mwNency of any Oblgor; (el the entry of a
lodgment against any Obligor; If1 the iewrng of any attachments or garnishment, or the tiling of any lien, against any property of any Obligor; (gl the
caking of possession of any wbstantial part of the property of any Obligor at the instance of any governmental authority; (h) the dissolution, merger,
consolydauon, or reorganrzstion of any Obligor; (il tf?e determination by BANK that a material adverse change has occurred in the (inan:Ial conoitron of
any Obtigor from the conditions set forth in the most recent financial statement of wch Obligor hnetofore furnished to BANK, or from the ciy+d::ion of
wch OblrgOr as fteretofore most recently disctostd to BANK in any manner; or that any warranty, representation, certificate or statement of ar.y •~bligor
(whether contarrtad rn this note or not) pntaimrtg to or in connection with this note or the loan evidenced by this note is not true; ell assignment by any
MAKER of any equity in any of tM pledged Collateral without the written consent of BANK; Ikl. failure to do all things necessary to piey_rve and
maintain the value ind collectibility of the Collateral, including, but not limned to, the payment of taxes and premwms on policies of inw~onoe on Me
due daft without benefit Of the grace period.
r
THE PROVISIONS ON THE REVERSE SIDE ARE A PART OF THIHONOT ~ ~
Note Number Due ~ f nerd
/ ' ' (SEAL)
IIR sep on y
Address nX PAGE ~ ;
~S ~ ~n~ ~Q~~G ISEALI
at r c i o a
~~P_.. 7~r-> ~ / ~ / ?
' r%~ ~ SEAL)
,aert San. ,_.~.s i ~2 ~Z--'! -