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Home My WebLink About0931 1 ,,~g Account Y 1860124690 _ SUNLINE ~(lU1TY AGREEMENY ~ ~~Ul.1I~ . AND DISCLOSURE STATEMENT Account Names _~'~~1t J Hite~to & Gl~ BifA~~o~ ~ ` . ; ~11.8 W~.Ee f Initial (through MONTHIY 1/12/87) 0.~750 CORRESPONDING Init3.a7. ttu~ough ]./~.2/87 PERIODIC ANNUAL ~ g$) RATE THIS Ix~eX 0.7917 PERCENTA(iE MONTH % RA7E _ 9.5 ~ The words "you" and "your" mean each person who is named on the SunLine Equity Account ("Account"1. The words "Bank" or "we" mean ~-DJa' ~ ~ifl3l ~ the bank issuing the Account. In considQration of the issuance to you of the Account issued by the Bank you hereby promise and agree for the benefit of the Bank as follows: 1. Loan Advences. You may obtain one or more loans or loan adv~nces ("Loan Advance or loen Advances"1 from the Bnnk from time to time, tha aggregate unpaid princiGal balance of which shall not exceed your Credit Line established by the Bank, by cashing Account checks of not less than &300.00 which Account checks will be issued to you by the Bank. Each Account check so cashad by yau will be retained by the Banlc to substantiete the loan or loans. . 2. Credit Llne. You understand that each loan Advance to you pursuant to this Agreament will bs charg~d to your Account. The Bank will establish the amount of your Credit f.ine upon approval of you~ application, and your Cr~dit Line, as may be changed trom tima to time as provided below, will be shown on your monthly statament. The Bank shall have no obligation to make any l~oen Advance hereunder if making such Loan Advance woutd result in your Account balance exceeding your Credit Line, but if the 8ank elects to make any such Loan Advance, the amount loaned shall be subject to all of the terms of this Agreement. The Sank may increase or decrease your Credit line at any time wiihout prior notice to you. 3. Promise To Pay. You promise to pay the Bank at its office the principal amount of all Loan Advances plus interest and all ~ othe~ amounts and charges as provided in this Agreement. 4. Interest Rate. Interast on the principal amount of all Loan Advances (in the form of a Finance Charge) shall be at a"variable" ~ rate as set fortli below. The maximum Monthly Periadic Rate and corresponding ANNUAL PERCENTAGE RATE shall not exceed the ~ maximum rate allowed by law. 5. Imposition of Finance Charge. A Finance Charge will be imposed on Loan Advance transactions from the date the transaction ~ ~s posted to your Account until full payrnent is received by the Bank and posted to your Account. There is no time period within which to pay to a•roid a Finance Charge_ Nowever, the more that you pay, and the sooner you pay, the less yQUr Fin~nce Charge will b~ If you pay the New Balance appearing on your last statement in full; the Finance Charges which accrued from the statement date until the posting ciate of your payment will appear on your next monthly statement. 6. Balance Upon Which A Finance Charge Will Be Imposed. We figure the Finance Charge on your Account by applying the Monthly Periodic Rate to the "average daily balance" of your Account which includes current transactions. To get the "average daily f balance'; we take the beginning balance of your Account each day, add any new Loan Advances and subtract any payments, credits, ; unpaid Finance Charges and unpaid Other Charges. This gives us ihe da~ly balance. Then we add up all the daily balances for the billing i cycle and divide the total by the total number of days in the bitling cycle. 7his gives us the "average daily balance'. I 7. Amount Of The Finance Cha?ga: The Finance Charge will be the "average daily balance' of Loan Advances multiplied by a"variable" rate of interest (which rate applies to afl range& of balances) as follows: ANNUAL Avarage Example: If the avarage Prime Rate PERCENTAGE Prime Rate is 1096, the ANNUAL HERCENTA(3E RATE - RATE° +2% for that billing period is 1296. •The minimum Monthly Periodic Rate shall not be less than .833% (corresponding AfVNUAL PERCENTAGE RATE is 1096l. ("Prime Ratci' shatl mean the rate of interest announced by Sun Banks, Ina, from time to time as the prime rate, which rate is only a benchmark, is purely discretionary and is not necessarily the best or lowest rate charged borrowing customors of any subsidiary hank af Sun Banks, Inc.l7he Monthly Periodic Rate anc! the corresponding ANNUAL PERCENTAGE RATE for the Billing i,ycle wiq ~hanga without notice from time to time with the Bank's average Prime Rate established by the ~ank at month end, and will remain in effect until the next month end. The Monthly Periodic Rate a~d the corrosponding ANWUAL PERCEt+fTAGE RATE for each Billing Cycle is determined by the average Prime Rate for the calendar month immediately preceding the Closing Date on each monthly statement. Any increase in the Monthly Periodic Hate (and the corresponding ANNUAL PERCENTAGE RATE) will increase ihe month0y payment and will increase the number of monthly payments. 8. Other Charges. In addition to the Financa Charge, the Bank wi~l also charge the foflovving amounts ("Other Charges") to your Account: A. A late payment charge not to exceed 5% of any minimum paymeni in default for a period in excess of 10 days; B. A non-sufficient credit charge ot S20.00 if yau write an Account check in oxcess of your available credit and the Bank finds it necessary to return the Account check; C. A returned check charge of 520.00 on any check, draft, or order which you submit as payment on your Acco~nt and which is returned to us unpaid; O. A stop paymeni charge of 515.00 for placing a stop payment order on an Account check; ~ E. A documentation or research charge for locating, copying and furnishing, at your request, Account checks, statements or other evidence of Loan Advances or cr~dits to your Account when such Loan /4dvances are reflected on a statement which has a closing date of more than 90 days prior to tha receipt of such requests and ~ charge f~r each additional copy of a statement that has a clasing date of more than 90 days prior to the receipt of the request for such additional copy, in an amount not to excesd the following: $ 5.00 per check copy, 8 2.00 per statement copy, and S 12.00 per t~our of res~arch time; F. A premium for credit life ins~~rance, if you have elected to purchase the optional credit life insurance as described in the application you ~~gnQd in connection with this Account. The monthly premium is 5.93 per every 51,000.00 in Outstanding New Balance for single liability coverage and $1.60 per every $1,000.40 in Out~tanding New Ba~ance for joint liability crnretage 9. SunLtne Equi4y Mortgage. The Bank has acquired a security interest (Mortgagel in the real property con§tituting your principai rasidence as security for your Account pursuant to the SunLine Equity Mortgafle executed by you (the "Martgage"). The Mortg~ge will secure all l~oan Advances to you as well as all other payment obligations provided he~ain. Additionally, the Mortgage will secure tuture advances as more futly set forth in tho Mortgage. Collateral seauring other loans from the 6ank also may secure your Aacount. 10. Mortgage Reteted Chargas and Appraisals. You are responsible and obligated to pay all ch~rges incurred in connection with the preparation, execution and recording of the Mortgage securing this Account, such as recording fees, intangible tax, documentary stamp tax, title search fees, appraisal fees and similar charges. In addition to the initisl appraisal of the rea) property securing this Accouni, 'y the Bank may, at its option, and upon no less than 15 days' notice to you, require new appraisals of said r ~ property, which appraisals shall not occur more often than once every five years, and yo~ agree to be responsible tor and to pay;~ such additional appreisal (ees. All said fees and taxes shall, if paid by us, constitute a L~an Advance to you. 11. Minimum Payments. Minimum payments hereunder shall be due and owin~ and shall be m9d~ within 25 dsys of the Elosing : Date on the monthly statement, each such payment to be an amount not (eas than 1.50% of your New Balance yr $104.00, which~ver is greater, plus any amount past due. Ii the New Balance is less then 8100.00, then the minimum monthiy payment shall equal tha New Balance. Each such pAyment will be credited to the follovving in the order indicated: unpa+d Finance Charges, unpaid Other Charges, and then to the remaining Ne~v Balance. i 4 0016 000-0 N4~86 . V 1 Ft~O 9~ 7 1 e