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Home My WebLink About0983 . . . J Acc~unt p___.-~~~~~lU'L_12______ _ SUNLINE EQUITY AGRE~MENT ~jj~ AND OISCLOSURE S7ATEM~NT ~ Account Names Billie Sue Abrat~amson MON7HlY Initi.al (through CQRRESPONDING Initial (through PERtO01C p.5750% ANNUAL 1/l2/87) : 6.9% ~ RATE 7HIS 1/12/87) : PERCENTAGE 9.5 MO~TH 0.7917 ~ RATE 96 , The words " ou" and "y mesn eac~gerson ~at~onal.d ~s oc~a~;~~ori quity Account ("Account"). The words "Bank" ; or'we'mean YSun Bank~reasure ast, , ~ ~ the bank issuing the Account. a In consideration of the issuance to you of the Account issued by the Bank you hereby promise and agree for the benetit of the ~ a Bank as follows: 1. Loen Advances. You may obtain one or more loans or loan advances i"L~an Advance or Loan Advances"1 irom the Bank ~ from time to time, the aggregate unpaid principal balance of which shall not exceed your Credit Line established by the Bank, by cashing ~ Account checks of not less than S30~.00 which Account checks-will be issued to you by the Bank. Each Account ctieck so cashed ~ by you will be retained by the Bank to substantiate the loan or loans. ' ` 2. Credit Line. You understand that each Laan Advance to you pursuant to this Agreement will he charged to your Account. ~ 7he Bank wilt estTblish the amount of your Credit Line upo~ approval of your application, and your Credit Line, as may be changed from time to time as provided below, will be shown on your monthly statement. The Bank shall have no obligation to make any Loan ; Advance hereunder if makinc~ such Loan Advance would result in your Account balance exceeding your Credit Line, but if the Bank ~ elects to make any such Loan Advance, ti~e amount loaned shall be subject to all of the terms of this Agreement. The Bank may increase } or decrease your C?edit Line at any tirne without prior notice to you. 3. Promise To Pay. You promise to pay the E3ank at its office the principal amount oi all Loan Advances ptus interest and al~ ~ oiher amounts and charges as provideci in this Agreement. ~ 4. Interest Rate. Interest on the principal amount of al~ Loan Advances fin the form of a Finance Chargel shall be at a"variab~e' ~ rate as set torth below. The m9ximun~ Monthly Periodic Rate and corresponding ANNUAI PERCEIVTAGE RA7E shali not exceed the ~ maximum rate allowed by law. ~ 5. tmposition of Finance Charge. A Finance Charge will be imposed on Loan Advance transactions from the date the transaction is ~;ostec: to yaur Accoi~nt until tull paymc•nt is received by the Bank and posted to your Account. There is no time period within which _ t.~ ~~ay to a~•oid a Fu~ance Charye. H~~~~c~~er. thc: n~are that you pay, and the sooner you pay, the less your Finance Charge ~r~ill be. If ~ ~ou pay tt~e Ne~v E3:il:~nce appearin~~ a~~ vour last statzinent in full, the Finance Charges which accrued from the statement date untit ~ thie ~~ostin~~ d:rie of yi~ur ~iaymeni ~+ill ,ipprar ~i~~ your neat monthly Statement. ~ 6. Balance Upon Which A Finance Charge Will Be Imposed. We figure the Finance CFarge on your Account by applying the Monthly Periodic Rate to the "average dady balance" of your Account which ;ncludes current transactions. To get the "average daily baiance", we take the beginning balance of your Account each day, add any new LQan Advances and subtract any payments, credits, unpaid Finance Charges and unpaid Other Charges. This gives us the daily balance. Then we add up ali the daily balances (or the billing cycle and divide the total by the total number of days in ihe biiling cycle. This gives us the "average daify balance'. V'a 7. Amount Oi Tha Finance Charge: The Finance Charge will be tha "average daily balance' of Loan Advances multiplied by a"variabte' rate of interest (whici~ rate applies to all ran~es of balances) as follows: - ANNUAI Average Example: If the average Prime Rate PERCENTAGE Prime Rate is 10%, the ANNUAL FERCENTAGE RA7E ; RATE' +2% for that billing period is 12°io. ~ 'The minimum Monthly Pariodic Rate shall not be less than .833% fcorresponding AIVNUAL PERCENTAGE RATE is 10%). ("Prime Rate' shall mean the rate of interest announced by Sun Banks, tnc., from time to time, as ihe prime ?ate, which rate is only a benchmark, is purety discretionary and +s not necessarily the best or lowest rate charged borrowing customers of any subsidiary ~ bank of Sun Banks, lnc.! The Monthly Periodic Rate and the corresponding ANNUAL P[RCElVTAGE RATE for the Billing Cycle will change ~ without notice irom time to time with the Bank's average Prime Rate established by the Bank at month end, and w+ll remain in effect until the next month end. The Monthty Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE for each Billing Cycle is ~ determined by the average Prime Rate for the calendar month immediatQly preceding the Closing Date on each monthly statement. ~ Any increase in the Monthly Pe~iodic Rate (and the corresponding ANIVUAL PERCEtVTAGE RATE) will increase the monthty payment 4 and ~vill increase the number of monthly payments. 8. Othar Charges. In addition to the Finance Charge, the Bank will also charc~e the following amounts ("Other Charges") to ~ your Account: ~ A. A laie payment charge not to exceed 5% of any minimum payme~t in default for a period in excess of 10 days; ~ B. A non-sufticient credit charye of S20.00 if you write an Account check in excess of your available credit and the Bank a; finds it necessary to return the Account check; ~ C. A returned check charc~e of S 20.00 on any check, draft, or order which you submit as payment on your Accoun2 and which ~ is returned to us unpaid; D. A stop payment charge of S 15.00 for placing a stop payment order on an Account check; ~ E. A documentation or research charge for locati~g, copying and fumishing, at your request, Account checks, statements o~ ~ ' other evidence of Loan Advances or credits to your Account when such Loan Advances are reflected on a statement which ~ has a closing date of more than 90 days prior to the receipt of such requests and a charge for each additional copy of ' a statement that has a ctosing dats of more than 90 days prior to the receipt of the request for such additional copy, in an amaunt not to exceed the following: S 5.00 per check copy, S 2.00 per statement copy, and S12.00 per hour of research time; F. A premium for credit life insurance, if you have elected to purchase the optional credit life insurance as described in the application you signed in connection with ihis Account. The monthly premium is $.93 per every ~1,000.00 in Outstanding New Balance for single liability coverage and $1.60 per every $1,OOQ.00 in Outstanding New Balance for joint liabiliry coverage. j, 9. SunLine Equhy Mortgage. The Bank has acquired a security interest (Mortgage) in the real property constituting your principal ~ ~ res~dence as security for your Account pursuant to the SunLine Equity Mortgage executed by you (the "Mortgage"1. The Mortgage ~ wil! secure all Loan Advances to you as well as all other payment obligations provided herein. Additional{y, the Mortgage witl secure ~ tuture advances as more fully set forth in the Mortgage. Collateral securing other ioans irom the Bank also may secure your Account. ~ i~. 10. Mortgage Related Charges and Appraisals. You are responsible and obiigated to pay all charges incurred in con~tection with ? # the preparation, execution and recordiny of the Mortgaqe secur+ng this Account, such as recording fees, intangible tax, documentary starnp tax, title search fees, app?aisal tees and similar charges. I~ addition to the initial appraisal of the real property securing this Account, ~ ; the Bank may, at its option, and upon no less than 15 days' notice to you, require new appraisals of said real property, which appraisals - shall not occur more often than once every five years, and you agree to be responsible for and to pay any such additional appraisal ~ fees. Afl said tees and taxes shall, if paid by us, constitute a L_t~an Advance to you. ' 11. Minimum Payments. Minimum payments hereunder shall be due and owing and shall be made within 25 days of the Closing ~ Date on the monthly statement, each such payment to be an amount not less than 1.50% of your New Balance or S100.00, whichever . is greater, plus any amount past due. If the New Balance is less than S100.00, then the minimum monthly payment shall equal the Nerv Batance. Each such payment will be credited to ihe ialtowing in thQ order indicated: unpaid Finance Charges, unpayd O:he~ Ch~ges, and then to the remaining New Balance. °~052~J Pt~~E09"l7 E: 3 G4 1 b GOO O r~a 8E