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Home My WebLink About1101 (Bank Note Number ON THIS_,~_ DAY OF n.-..e~g~ 19_$(x_ FOR VALUE RECEIVED, THE UNDERSIGNED hereinafter called Maker without regard to number or gender, jointly and stverally PROMISE TO PAY TO THE ORDER OF S~Q1{~~FIRST NATIONAL BANK b TRUST CO. OF RIVIERA BEACR r,errinafter called BANK, THE PRINCIPAL SUh1 OF p~ ~{llioa~3vp Httndrprl TheuAand and ne/100------------------ DOLLARS PAYABLE $500,000.00 plus accrued interest on January 31, 1981; S1,000,000.00 plus any unpa nteres on ece er o, Interest thereon shall accrue frprp tlt~ d~te Of ~i~et~buL~ieBSt ~anK -b~ ~i~~lda~SarQ$~~f~~~I~IAL_PERCENTAGE Prime, as ester is e a aY RATE OF this bank from time to time lus 2X (two percent), not to exceed the maximum permitted by law. The maker understands that t e current pr me rate s INTEREST SHALL BE PAYABLE Quarterly commencing March 31, 1981 All payments shalt be applied first to accrued interest and then to principal. Interest wit. accrue at the rate of 1/365th of annual .nserest for each day that principal is outstanding, but in no event shall interest be due at a rate in excess of the highest lawful rate. l'Jithout 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 to full when due, the entire unpaid principal and accrued interest, less any unearned interest and any ~~~terest to excess of the maxtmum allowed by law and any rebates required by law, shall at the option of the holder become ~T,medtately due and payable without notice. Failure to exercise the option shall not constitute a waiver of the wbsequent right to exercise. AFTER MATURITY. INTEREST SHALL ACCRUE ON THE DELINQUENT PRINCIPAL BALANCE AT THE HIGHEST LA~'JFUL RATE OF INTEREST OR, IF NO MAXIMUM RATE IS PRESCRI6ED BY LAW, AT 1896 PER ANNUM, As security for the payment of this note, acrd any renewals, extensions or modifications thereof, and any other liabilities of the ^,'AKER to the BANK, however or whenever created, MAKER hereby grants to the BANK a security interest in: The real estate described in Exhibit A attached hereto as well as all existing or presently maturing citrus crops emanating from the Spring Bloom of 1980, and all subsequent blooms, and all irrigation and drainage pumps and power units now situate upon the real property described in Exhibit A. .'.. ..her or not specdic property is descnbed above as additional secwity for the t'ayment or this (vote any renewals, exunsions or modifications tnereo!, and any other liabilities of tSAKER to BANK, however or whenever created. MAKER hereby pledges to BANK any and au property of MAKER nn•,q or hereafter delivered to or left rn or corning into the possession, cintrot or custody or BANK, whether expressly as Collateral Security or for any other purpose Including cash, stock and Other dividends, and all righu to wbscrrtx for secwiuts incident to, declared, or granted rn connection with such o~opertyl, and property described in collateral receipts or other documents signed or furnished by the MAKER, and any and alt replacements of any of the foregoing, whether or not in the possefsron of Bank. All such property and any ocher property slcurirt9 maker's liabilities to the Bank Matt hereafter be °eterred to as "the Collateral.'' The Collateral is also pledged as SlCUrity for all otner liabilities (pnmary, secondary, dirttt, commgenr, sole, Point or sete•a11, due or to become due or which may De hereafter contracted or acgwred, of each Maker Irncludrng each Maker and any other ptrson) to BANK, ,•mether such babihues arse rn the ordinary course of business o+ not_ Right is hereby expressly granted to the BANK at ass option to transfer at any time tc itself or to its nominee any Cotlaterat, and to reserve the income thereon and hold the same as securgy herefor, or apply it On the ot~ncipal Or rnterest d„e hereon or due on any liability secured hereby, The BANK may continue to hold any pledged property deposited he•eunder ahe• th! payment Of this ^ece, if at the time of th! payment and discharge hereof any of the parties bable for th! payment hereof shall be then drreG7ly Or contingently liable t0 lase SANK as maker' endorser, wrety or guarantor of any other note, draft, bill Of exchange, Or other rnstrumem, or otherwise, and the BANK may their -~~er e^eruse the rights with respect to said pledged property granted herein even though this note shau fierce been surrende+ed to the ACAKER_ '; is Jointly end severally covenanted and agreed with the Bank by eact•. rdAKER, endorur, surest', g~arzntor, end otnrr ;,arty to rnrs note tan of ,•-~, are hereinafter for brevity tatted Obligor or Obligors) that AdOitiOnS 10, releases, reductions W exchanges of, or SUbStitUUOnS f0• the Collateral, pay mints On aCtOUr,t Of th~i lodn O' ~nCfe2SP5 Of the Same. Or 'pans made partially or wholly upon the Cotlaterat, may from time to time be made washout affectrno the provrsrons of this note o• the liabilities of ny/pa•ty hereto. Bank shall exercise reasonable car! in the custody and preservation of the Collateral and shaft be deemed to have exercised reasonable ca•e ri it takes wch action for that purpose as Maker shall reasonably retiuest m writing, but no omission to comply with any requtst of Maker shall Of it• se~f be deemed a failure to exercise reasonable care. Without limning the generality Of the foregoing, the Bank shall have no responsibility for ascertaining zny maturities, calls, conversions, exchanges, offers, tenders Or similar matters relating to any of the Cotlaterat,nor roc informing the undersigned with rr s: ect to any thereof. BANK shall not be bound to take any steps necessary to preserve any nghts in the pledged property against poor parties, and '.tAKER shall take all necessary steps for wch purposes. BANK or its nominee need not collect interest on or principal of any pledged property or give cast' nOtKC with respect t0 tt. Upon the happening Of any Of the fOttowirig events, each Of which shall constitute a default nereuncer, or .r the COliatera' sna`r at any time become u~sat~sfactory to BANK, or it HANK shau at any time deem itself insecure, all habitues of each Maker to BAl\K. wne*ner o• nat ev.denced by tnis note, «~aii thereupon or thereafter, at the optron of BANK, washout notice or demand, become due and payable tat i~iiure Gr any Oblp7r to perform any ag•eement hs•reunder or to pay m fun, when due, any Inability whatsoever to BANK or any installment thereof or rnterest mrreor•. Ibt the death of any Ob Igor, Icl the filing of any petition undt:r the Bankruptcy Aci, Or any Smm~lar lederal or state starute, by or aoa~rst anY Obi•~or td' an applicarion for ^e appointment of a receiver for, the making of a general assgnment for the benefit of creditors bv. or the insolvency of any OiJlrgOr, lei the entry of a _ r,dament against any Oblroor, If) the issunng Of any attachments or garmShmtnt, Or the filing Of gny lion.•aga~n5t any pcOGerty Or any Obir00•: tgl the - e~.~n~ of possession of any substannal part of the property of any Obhpor err the instance of any oovernr,enta~ a.a*o•ity, last lase d SSOluaon, merger, c:;~so~:dauon. or reorganization of any Obligor. Iii the determinatnon pt' BANK that a marenal adverse change has occu.red in the f,nanuai condition of ~n~ ODli00r from the COndiLOni Set forth jn the most recent financial statement of wch Oblgor heretutore furnished to BARK, or }rpm the cOnd~bOn Ot ~..c^. OMiaor as heretorore mosr recently disclosed to BANK in any manner. or that any warranty, rep•esentat.or ce•t~+•cato cr sta•err+enr e} an: Obt+gor ~:retrier COntamed i^ this note Or not) per taim ng to O• m COnneCUpr. with 1hnS note O* the loan ev~denCfC pt' ir.ic aspic K nG• rr~e, its aSSrOnmer•' by any .~%•KER Ot 2ny equity rn any of the pledged fvdllateral WrthOUI the written consem of BANK, lkl :a~~ure to do a:! sh•nc• neCPSSary 10 preie•vt and .,,a,nsa~n the value and collectrbdrty of the Couaterat, mUuding, but not Iimased to, the payment of ra^es and p'e^r~umS G" pai~aes of inwrance on the o,;e date without b!nefit of the grace penod THE PROVISIONS ON THE REVERSE SIDE ARE A PART OF THIS NOTE. <,c'r: ress (SEAL) THEODORE T. TARONE (SEAL) ALICE M. TAROTS h'ILLIAM E. EATON (SEAL) , I (SEAL) MARGARET EATON gaox344 PA~f1101