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HomeMy WebLinkAbout0965 . t~ ~ ~ 1 ; ; . . , . ~ . ; BEkEFICIAIe CREDIT IINE ACCOUNT AGREEMENT • ~ TERMS AND CONDiT10NS ~~ontinued) ~ ~ ~ : ' You understand and agree that Ihe conddrons un0er whicn the Atcount w~li axist ar~ as shown on the other s~e and as iollews - I. CREATION OF ACCaiiNT: The Accou~st we set up will be idenGf~ed by the Account Number shown on ~he other side and ca~not have an Unpa~d Balance greatpr tt?an the Credit ~~ne. The amount oi cred+t availabie to you is tAe difference between your Gredd line artd~our U~paid Balance. As you make payments an~ reduce the Unpa~d Ba!ance +he amount of cred~t ayailable to you ss increased by the amount ~f the reduction of the Unpa~d galance E3oth ihe Init~a{ Advance sho~rn on the other s~de and any tuture advances wdi be madc u:ider the pror~s+ons of lt~e Flor~da Interest and Usury Act. ~ ~ 2 TERMINA~IONOfACCOUNT:1Yehavethe~ighttotetminatethisAgreementanddemandimmediatepaymentoftheent~reamountthendue.incfuCingaccruedinterest,asotthe date 10 Years from the Date o1 Agreement shawn on the other sMe. We must g+ve gou a written notice of our intentron to t2rminate rrol less than 6 months prior to the term~nation ~ate. If we do not provid¢ written notice, then this Agreement shal! conUnue in force far subsequent terms of lU Years euh, each of which is subjett to the same 6 month ~ritten notice requirement 3. CASH ADYAMCES: You can obtam Cash Advances by the use of the chects we give to you. You agree not to cash any check for an amount more than the un4sed Dortion of your Cred~t Line at the time a check is cashed. The amount ot any check w~H be added t~ the Unpa~d Batance on the date the check is casAed 4 ANNUAL CiiAR6E:1lou will pay an annual charge, payaWe in ad~ance, ta pa~tic+paiing the Credit Line Account Program in the amouM of s15.d~ tw each year this Agreement ~s ~n eHect. We will debit Your Account tor this charge. 5 PROMISE TO PA~: You prom~se to pay us the amount ot the Unpaid Balance, together with the f ID811C~ Cha~ge and any applicabk insurance costs and premiums. These amounts wd~ !+n ;,aid in monthly payments computed as described bebw. 6. IMINf~Ukt PAyMEMT: You agree to pay us the Minimum Payment billed on your periodic Siatement of Account by the Due Date disclased. The Minimum Paymen; is tAe sum of (1) the FIE18nCe Che~g~ and pnncipal, (2) periodic costs of insurance, if any, and ~3) any amounts past due. The amount of thE Fl118t1CC ChBfgC and prinupal due i5 calculated by applying the periodic FID8IICC GhBf~@ rate to the Amortitatan Basis shown on the othe~ side of this AgreemeM. T~?e Amort¢atwn Basis assumes thateach bdling cycle has 30 days. Fa~ ihose bilimgeyc~es wdh more than O days tf?e Mimmum Payment may increase due to ihe atcrual ot additwnal Fi11aI1CC Chafg@. In some tases, the add~UO~~ amount of f IIIaf1Ce ~h2f~e may result in no principal reduction during that billing cycle_ The amount of FlflaflCe ~h8f$e and principal also will be adjusted it (1) the periodic Finanee Char~e rate ~s aaiusted or (2) you rece!ve an additionai cash advance against your Credit Lme. lt the penodic FIt180Ce Chefg@ rate or the Unpaid Balance on your Acco~nt increase, then your M~mmum Payment wdl mcrease. Cha~ges in the Minimum Payment wiil be reflected on ya~r periodic Statement of Account. 7 DELINQ!lEMCy CHARGE: It you do not pay the Mini~r~um Payment within 10 days of the Due Date shown on a Statement of Account, we will charge you a Delmquency Charge cf 5~!u of the amount of FIt1a11Ce Che~gE and pnnc~pal due or S20.OO, whichever is less. 8 APPLICATION OF PA~YENTS: Wp will aDDly your payments to cover (a) the pa-t due and then curtenUy due insurance costs, i1 any, (b) past due and then currently due FinBnCe ~fW~ge and (c) any remaming amount to the Unpaid Balance. 9. PREPA~MENT: ExceRt as described i~ Par.10 below, you may pay the Unpaid Balanc2 in full, or more th3n the Mmimum Paymrnt due at any time witho~t penalfy. By do~ng so, yo~ will reduce the FIQ811CC Ch8fg8 to be paid. To pay your account in full you must pay the Urpa~d Balance and all accrued charges, mcluding FI11811Ce Ch3fg@ and insurancE. Finanee Charge will be cnarged and coNected up co the aate of payment. 10 PREPAYMENT PENAITY: If xouclr~se this account with tunds obtained from another lender Mnthin 5 years from the date of the Agreement; then you agree to pay a prepayment penalty m an amcunt equal te 6'monlhs Finance Charge calculated using the Daily Periodic Rai~then in efiect on your account applied to ihe Unpaid Balance ai !he time of prepayme~~L ~ 1 i DEfAUIT: You will be in default if: - ~ A. you fai~ to make any Mimmum Payment due or you fail to comply with the terms of the Mortgage securing th~s Agreement: er ~ 6. any statement made by rou in applying for th~s Atcount proves to be untrue; or ' ~ C. the house or any other Duilding on the real property secunng t~is Agreement ~s destroyed by fire or Qther casualty; or ~ ~ D. you hle an applitation for tne appointment of a receiver, or an attachment is issued, or a judgm2nt is entered, or any other legal ar equitabte praeedmgs are started agalnst you: or E. you make an assignme~t tor the benefit of creddors; or , F. you break any of the terms of this Agreement. ! f you are m default we may, at our option decrease or end the credit avadable to you by reduang your Credd Line without notice or demand to you and reqwre you pay Unpa~d Balance and any unpaid FIt1811Ce ~h2fge ~mmediately. We can also begm foreclosure prceeedmgs and sell the real property secunng this Agreement. 12 CIOSi N6 Of ACCOUNT BY US: We have Qhe nght to close lhis Account m khe event of a) your defauft, as debned above; b) a change in your credit sfatus so that you do not meet our c redit standards tor new P.evolving Loan Borrowers; c) you ~nove your residence (rom the state where this loan was entered into; w d) our stopping of the makingof Reyolving loans to ~ew Bor. owers due to uniavorab{e economic cand~tions or tegislation. Notite of closing oi rour account will nat affect our rights, or your obligat~on to repay the Unpaid Balance or the sec urity for the ioan. If we tlose your Account we wdl ro longer have to send checks to you and you wiil retum ta us any unused checks in your possession. It pou tad to return unused , ~hecks at the time we close your Acco~nt, we wdl not release our security interest in the real property taken as secunty for this Agreement untd the checks are returned to us and the Unpaid Balance has been paid m full. 13 CLOSIW6 Of ACCOUNT 8Y YOU: You may close this Account by giving 3O days written notice to us under the following cond~tions: ~A) The Accrunt has reached a zero balz~ce ~the~e is no Unpa~d Balance m!he Account) and _ (B) There are no issued and outstanding checks. ~~~e wi!I, w?thin 30 days of the date both conditions are met, release the security interest in the real proVerty sewring t~iis Agreement. ; 4 CARE Oi THE REA! PROPERTr: You wifl pay alt taxes, assessments, water er other tharges asses~d against the real prope~ty and will keep it insured against fue and other similat ~azarAs. If you fa~l to pay any of the above charges or ~nsurance premiums, then we may, at our option, pay these charges or Insurance Premiums. We may charge any amounts spent by us to yourAccountand these amounts w~ll become a part of the Unpaid Balance rnth FitWI1Ce ChatgE being charged at the Daily Penodic Rate beingcharged on theAccount. ? 5 ATIQRNE~'S FEES: We m~y charge and collect reasonable aKwney's iees and couri costs, as permitted by law, if, aftsr dec!aration of defauft, this Agreement is reterred to an ~ aitarney noi o~~r employee iar the purpose of start~ng legal act~an ard enforcuig co~lection. We may also recover reasonablt ezpenses incurred m recovenng or sell~ng any collateral ~ taker. as secunty for this iQan. i b DISHONORED CHE~K CNAR6f S: We may cotfect f; om you a fee of 5% of the amount of a check or ~ 10.00, wh~chever is greater, ~f you issue a check to us lhat is retcrned te us ~y the finaacial mstduiion or. which it is drawn as "d~shonored" and vre noUfy ou, in wnting,lnat the check has been retumed. It you ~ssue a cash advance cneck that is returned Gecause You exceede6 your cretiii line we may cha~ge your account a tee of ~9E of the amount ot th~e check or SCS, whichever is less. ~ 17 CNAM6E ik tERYS: We may thange the terms and ccnditions of thi, P.greemeni, includ~r.g rates, terms and amortization schedule as permitted oy law. We wiil send you written ;,ot~ce be!ore any change acurs. ! 8 APPUCABIE Uw: The terms and comlit~ons o4 this Agreement wdl :~e coverer bY the laws of the State oi Florida. fhe Part~es agree that upon aCceptance of the terms of this ~.xreemeni by us, a b:nding agregr~?ent, under the terms and condfions shown above and on the reverse sr~e w1U come into efiect / ~ ! ~C~~ • OEC 12 P 3 ~38 - $~a~~ 85 ~ , . . . r . ~ ~ _ ~ 1i . ¢ Fllc~, , , r ` ' ` ' ROGk~ . , ; ~ ' { . - • ST. L~., .