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Home My WebLink About1582 L li O COLLATERAL NOTE--SINGLE PAYMENT WiCRLF ; 17,000.00 Ft. Pierce f- e~lop~rrnd~ II~_ April 2 _ ~ 'ti~llc~on - , ' • , S - - aQt-rr dare t6£-und~n+yrSr, a~or an onn, _ - - - esch of them jointly and severally, hereinafter called Maker, prum+ses to pay to the orrlar ,t - Sun Bank of Wit. Lucie Ootuity - _ - - - - (Name of Sun Ban.) - 1 - - ; at its oN,ce at PlerC~e • Florida, her~inatter called Bank. Seventeen thwsand no _ Dollars DUE !whic:h amount includes roceeds of S ~ ~ , cretlt S 5eoandlor d,sab,lity msurance premium (itemized L & t) Nr+ ,a • below) of S a ,documentary stamps [„„a~~x~of S- ZJ • ~ p:us othr~r charges (Describe) ~a of ~8 '~La ~_-resulting in an AMOUNT F INANCEO of S 17 z • - - !with interest at an ANNUAL PERCENTAGE RATE of . a., which res Its a FINANCE C~+A ~.,of,~ I~~2 701.04 (Con,p:,ted on a 6 month y 11 monthly ~ °~g~~rk ~1~"~"4'~~'15~r maturit and payable in _ mstaltments, eman , o L A S S No. Perir)tf (Omit if demand nb4g~uun) VARIABLE INTEREST RATE. ?Applicable Not Applicable. It applicable the ANNUAL PERCENTAGE RATE stated herein shall from lime to lime, automatrcauy increase or decrease so that at all limes it shall be equivalent to _ % over the rate of interest t.ha+4xt by Bank on prime commerual loans of ninety-day maturities "Prime Rate" (any change in Prime Rate to be eflixtive at the beginning of the business doy on which such change announced!. Any such change in Prvme Rate will increase or decrease your period+e mterest payments. The ANNUAL PERCENTAGE RATE here- under shall never exceed % per annum and shall never be less than % per annum- As security for the payment of this note Maker has !edged or deposited with Bank and hereby grants to Bank a security interest in the following +,roperty: Assignment of 82~$ of al~ stock In Rowland -Stereo Radio, Inc . as well as th _ Assignment of accounts receivables, vontract rights, furniture, fixtures _ ~ and equipment includirxj tt~w!~-r and trans~nttters in acowcdan~ce with _s_ _ecwcity agreements dated April 2, 1980. nctudmg all cash, st o r i as a 11 n oOsu ribeTor n ies inu n o, ~ a , Oar agr gran ed in conrlieection w,t ~ch property and •,ciud+ng any returned or unearned premiums from any inwrance financed hereunder!, which property, together with all addit,ens :+iid zutxtitutions lrere- ,rter pledged or deposited witA Bank is called flit Collateral. The Collateral is also pledged ss security for all other.liabitities Ipr,mary, secondary, direct, untrngent, sole, joint or several), due or to become due or which may be hereafter contracted or acquired, of each Maker iind:,,l:nn , ach Maker and any rrhei perzon) to Bank. The surrender of this note, upon payment or otherwise, shall not affect the right of Bank to retain the Co.!atr,al for such other ~ab,hUes. CREDIT LIFE ANO/OR DISABILITY INSURANCE 15 VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such Mwraru a coverage is avail- ::,~~e• at the cost designated be!o+rq for term. Florida requires that before any credit tale ,nsuran~e may be sold, 'he cred+tor must adv,se the borrower that he has the option of assigning any other pol+cy or policies the debtor owns or may procure for the purpose of covering sa+d loan and borrower is so advised. ( 1 Credit Life Insurance (Insured no- 1) S _ _ - _ _ • l 1 Cri'<fit Life and Disability Insurance (Insured no. t) T / S , ? - ( 1 Joint Credit Life Insurance lr/ a s _ ~ ! 1 Joint Credit Life and Drsabiiity Inw,ance (D,sab,tity on Insured no. 1 only) $ ~ _ - _ IIWe desire the insurance coverage +nd,cated above. - ~ --(Insured no. 1) fDatet - - (Insured no. 21 (Date) T Dare of guth - Date of Birth In the event this note rs paid before the due date, the Maker shai: obtain a refund o! the unused portion of the credit I,fe •,r d:sabdc'y .nsurance .,remium rortrpub~d under the "Sum of the Digits" method. I1 the vac cable mterest rate above ,s not apphcabte and if this note is payable ort demand, Bank reserves, and is hereby granted the ~,gtrt, to adjust the . •>st rate from lime to time by cum+shing Maker with written nonce of wch adjusted rate, provided, however, that ro such adjust:•,l r ate shall exceed the ,,mum legal rate allowed by Isw. Add+tions to, redun,ons or exchanges of, or substitutions for the Collateral, payments On account of this loan or incrr•as~s of the- same, or other ,•.ms made part,aUy o: wholly upon the Collateral, may from time to time be made without affecting the provisions of this note. It Bank deems ,tself insecure, or upon the happening of any of the following events, each of which shall constitute a defa r h•:r.:under, al! GabiLties each Maker to Bank shall thereupon or thereafter, at the option of Bank, without notice or demand, become due and payat,te. la) ladure of any Obligor .•.h,ch term shall mean and include each Maker, endorser, surety and guarantor of this note) to perform any agreement hereunrl ~r• to pay interest hereon .~~rn due or requested or demanded, or to pap any other liabrt,ty whatsoever to Bank when due; (b) the death of any Obl,gor; (c; ttx•. t+ling of any petition ;,n,ier clip Bankruptcy Act, or any s:m,Iar_federal or state statute, by or against any obligor; Id1 an application for the app:~+n•mer•t of a receiver Or the +,akurg of a chtnerat assignment for the benefit of creditors by, or the msdvertty of any OWigpr; Se) the entry of a judgment a~armt er,y Obligor; (f) the .s.nng of any writ of attachment or writ of garnishment, or the frhng of any lien, against any property of any Obligor; Igl tht• t•,k+r,q of possession of any ubstanrial part of the property of any Obligor ar the instance of any governmental authority; lhl the dissolution, merger, conso? dar:un, or reorganization any Ohfigor; (i) the assignment by any Maker of any equity in any of the Collateral without the yyritten consent of Bank. Hank s hereby given a hen upon and a security interest m all property of each Obbgor now or at any time hereafter m the pr;••;c•sion of Bank in any - apacrty whatsoever, mcludmg but not l,m+ted to any balance or share of any deposit, trust, W agent account, as security for rho payment of this note, +•ul a s,m,lar lien upon and security mterest m alt such propraty of each Maker as security for the payment of all other Iiab:Irt ~ . of each Maker to Bank r~clud,ng liab,ht,es of each Maker and any other fsenonl; and Bank shall have the same nghis as to wch property es rt has w:~h rc >p••ct to the Collateral. If Bank deems itself insecure or up+~~ the ottu.rence o` any default hereunder Bank shall have the remedies of a secured +ny under the Uniform ;mmereral Code and, wahout limiting the generality of the foregoing, Bank shall have the right, +mmediately and wrthou: fGrr r, ~~t on by rt, to set oft ~3rnst flits note alt money owed byBank m any capacity to each a any Ohhgor, whether or not due, and also to set off aga,ns~ : , • , er !,ab,l+ufs ri eac~ V.~ker to Hank alt money owed by Bank ,n any capac,ty fo ear_h ur any Maker; and Bank shall be deemed to have eRerc+sed such ,rtn~ r • ~tf and to have ~,ade charge against any such money +mmed,ately upon the rr_-cunence of'such detain' even though such a chargi• r, rr.,~t, ••n ~ ,r •he t,o^`: of Sank subsequent thereto, Unless the Cnttateraf ,s penshabte w threat?ns to decl,ne sperci,l, .n value or is of a type cus:umar:, v ~f • : ecunr+.ied ma: <et, { Sank wd! grve !taker reasonahle nonce of the lime and place of any public sale th2ieo' or of the Ume after which any pr v,r ~ .,r,y =~r u:t~nded d„pos+rion :hereof s to be made. The regwrement of reasor,3ble nonce'shal! be-met :f such notice is mailed, PcKrag„ prr,,r :r rn • ,z ::)ress :even h••tow or at any other address shown on the rsca,ds of the hank, at Isast f+va days !»•fore the t+m~ ~f :he sale o• cf.,Pr + `any C OIIa1Cr d) afser the occurrence of am default hereunder, Maker shall be and reme~n ira.,ie for any del,c;r, nr•y, a-rl dc.^°~ ~ (or any • f surplu,• but Bank shalt have the m]hr to apply alt or any part of such surplus for +o hold the same as a:„>erti^ ,g-: n,:l ao. .r ;°.~x.hOr c any Atekcr to bank Tne Obligors, lo+nrly and severalty, promise and agree to •,ay a:' cosy a•id expenses o~ cr,+Ircl,^•: an•, •ea • . - - ;diM - . costs expenses and reas,~nabte attorneys' Iers on at.pea~• rr co:!ecrrd by !ega+ proe.eed,ngs pr through an atro~ne•y a• ~ +r Make• understands-and agr,.•es that the aad,r,u~~a! ay,cernents and pri:r,s.on> un u,c• reverse side he~•°o' h - u~ r•1[orl •;t,tuta agre+•n,ents of the Maker and a part Of th,s nore.:'dakPr acknow'edges iece•pt v! a corra~eten f,A~y pf N;r•: ADDRESS. St. , SF: - ` - - / SEAL) ' - Vero Beach, FL 32960 - ` ' . Robert . Ra•: kind • - ` C:~rlfrik:;U1 iCfJvi 1 E This space for Bank records only _ _ _ g~~3~'9 PQ~E1581 _ _ - T OFFICER NOTE Nt1P.'BER ACCOUNT NUMBER