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HomeMy WebLinkAbout1001 , P~eeQrt..l . I Florida~yational Bank _ ~oan Ott~cer: R.C.Thoenniasen~ II Original for Bank ~Bank ~ Canary for Fife • 9520 S, L'.S. ~1~ PorC St. I.ucie. FLp(ficer Number. _ 57015______ Pink for Borrower Golde~rod for Borrotiver Address E6lUITY CREDITLINE AGREEMENT ~T ST. WCI~ ~ 33O i Credrt Limit S 30~000.00 Designated Checking Account Na 57-0152302496 i f Authorized Signaturea on Designated Checking Account . ' hathleen R. Mc*iillen ~ - ~ . ' % - ; - • The words "we;' "us" and "ours" mean the bank whose name and address appear above. The words "you" and "your" means our customer or customers i :,ho have signed betow. The term "transfer" means any transfer of funds authorizing us to charge or credit an account you maintain with us. "BankCard" n?eans our automated teller machine(s) known as "BankCard Center.~ " By signing this agreement, you agree as follaws: ~ Equity Creditline: Equity Creditline is a loan commitment from us known as a"line of credit" Your initial Credit Limit is shown abu~e. We may increase ~ or decrease your Credit Limit at any time and from time to time. ' Using Equity Creditline. You may borrow money against your line of credit by overdrawing your checking account, by calling or writing us and requesting ~ a transfer from your Equity Creditline account to your checking account or by drawing a check on a special loan account to be established by us in your name s ~.~n~ch checks shall be a special torm check and which shall be presented to and, subject to the provisions hereoi, will be paid by us in the regular course of business. Presentment of such a special check for payment or presentment for payment of a check on yow regular checking account which, if paid, woutd ~ o~-erdraw your account shali constitute a request by you for an advance. Payment of any such check by us or any other transfer by us from your Equity Creditline ~ account to your checking account pursuant to your request shal! be treated as an advance under your line of credit. Advances made to cover overdrafts on your checking account will be m8de in multiples of S100` or, if less, the unused portion of your line of credit. Requests for cash advances may also be made j mrough BankCard Centers but advances, through BankCard Centers will only be honored in amounts up to 5500' per day. Cash advances requested by any :i means other than BankCard Centers will only be honored if made in the minimum of S100'. Requests for advances will be honored while this Agreement is ;i n force only if: (i) the balance owing under your line of credit after tha advance does not exceed your Credit limit, (ii! documents requesting advances are ` completed correctly and in full, and (iii) you are not in default under this Agreement. We may advance, but are not required to advance, you any amount over [ your Credit limit. If we advance you an amount over your Credit limit, this does not mean we have increased your Credit Limit and we can require you to 5 pay the excess on demand instead of in monthly installments. We can also reguire you to pay any intangible taxes and documentary stamp taxes that may be due on account of such excess advance t See Back of This Agreement for "CNANGES DUE TO POSSIBIE MERGER". ~ Repayment. You agree to be legally responsible fjointly and severally) for payment of the total amount owed under this line of credit as well as for all finance ~ cnarges imposed as described below. You may pay the balance of your line of credit in full or in part at any time without penalty. If you do not pay your entire ( haiance in full, minimum monthly payments are required as tong as any balance exists, regardless of any prepayment. We will send to you a periodic statement .~nich may be you! checking account statement) at monthly intervals. ~ A finance charge begins to accure on the date the iirst transaction is posted to your account. We figure the finance charge on your account by appling ;ne daity periodic rate to the "average daily balance' of your account and multiplying the result by the number of days in the billing cycle. To get the "average € daily balance' we take the beginning total new balance of your account each day, add any new advance, and subtract any payments, credits, unpaid finance ; ,:harges and unpaid late charges. Then we add up all the daily balances for the billing cycle 2nd divide the tot81 by the number of days in the billing cycle. i Tnis gives us the "average daily balance" The daily periodic rate on your account is determined by adding 1.50 96 to the Wall Street Journal prime rate ! "n effect as of the first day in each billing cycle and dividing the sum by 365. If more than one Wall Street Journal prime rate is published on the first day i i e' the billing cycle, the higher of the rates published will be used. If the Wall Street Journal prime rate is not published on the first day of the billing cycle, ' ~h~ VJa11 Street Journal prime rate will be the prime rate published on the last day prior to that date. The Wall Street Joumal prime rate is the rate announced i ^ t~e Wall Street shown in the Money Rates Table. Based upon the Wall Street Journal now in effect, this results in a daily periodic rate of 0~ 329 %(that i is an ANNUAL PERCENTAGE RATE of i~, on You may not avoid incurring finance charges by paying the tota~ new balance in full within any j .~~-;od after your b~~~~ng date. THE MAXIMUM INTEREST RATE WILL NOT EXCEED 1896. ~ ?he minimum monthly paymant is the greater of (al S50.00 or (bl the total new balance at the end of the monthly bilGng cycle (not including late chargesl ~ ~ r,~,,!tiplied by .015, plus (c) Iate charges and amounts past due. Balances less than S50.00 are payable in full. Any payments made shall be applied first to ~ ~ ;;~Y outstanding finance charges and the late charges and then to the remaining batance~ Each periodic statement of your Equity Creditline Account will be ' ; ~onsidered as correct and accepted by you unless you notify us in writing to the contrary within 60 days after the date the statement was mailed. 'f You agree to make the minimum payment set forth on your periodic statement on or before the due date for that billing period. If you do not, you authorize ~ an~ direct us to immediately transfer funds from your checking account to our account in an amount equal to the amounts then due. You further authorize to transfer funds from your Equiry Creditline Account to your checking acount for the purpose of reducing a credit balance on your line of credit or to correct errors. ~ The entire outstanding balance will become due and payable on the maturity date which will be twenty (20) years from the date of this Agreement; if ~ ~~t oaid sooner. f The Annual Percentag~ Rate on your Equity Creditliree Account wili increase if the Wall Street Journal prime rate increases. Any such increase in the Annual M ~e~centage Rate will become effective as of the first day of the billing cycte and may result in an increase in the arrount of your minimum monthiy payment. ( ~ no event will the interest charged you exceed the maximum amount permitted by law, if any. ~ Collateral. Your E uit Creditline Account is secured b a mort e on r al o ert o d at ~ _ 3842 S4.t~. Ridley St. i Port S~. Luc~e, Ffor~c~8 ~3~~~~3 . CoUateral sec~ring ~ >~ner loans you have with us may also secure this account. We may at any time, as a condition to maintaining this line of credit, require you to give us additional o aceral and you agree to furnish us with such additional collate~al on request. Other Charges. If any minimum payment is not received by us within 15 days of the due date, you must pay us a late charge equal to 5% of that minimum ~ ; avrr,ent. You also agree to pay such Florida documentary stamp taxes and intangible taxes as we determine are payable on all advances to you under your -e of credit. Documentary stamp taxes are presently payable at the rate of 5.15 per S100.00. Intangible taxes are presently payable at the rate of S2.00 per ~ OOO.OQ or fracton thereof. You atso agree to pay such charges for the title insurance (including any endorsements to such insurance required by us from ~-~~e to timel, appraisal fees, credit investigation report charges, recording fees and attorneys' fees as may be required from time to time. At the time of ex- ~.;c~r.g this agreement you have paid charges as follows: Public officiafs: S 124,.5(l Insurance Companies: S ~ Appraiser(sl: S Attorneys: 5 Others (identifyl ~ Survey s 225.00 ~ Title Inaurance S 202.50 Collection Costs. In the event of legal action to colfect, you agree to pay all costs of collecting any amount due hereur.der including, without limitation, ~ •=asonable attorneys' fees, whether or not an action is brought. a THE ADDITfONAL PROVISIONS ON THE REVERSE SIDE HEREOF, ~/VHICH YOU ACKNOWLEDGE THAT YOU HAVE READ, ARE INCLUDED IN AND MADE ~ : PART OF THIS AGREEMENT. YOU ACKNOWLEDGE RECEIPT OF A SIGNED, TRUE AND EXACT EXECUTED COPY OF THIS AGREEMENT. ~'S AGREEMENT IS NOT VALID UNTIL APPROVED AND ACCEPTED,_BY U~ 3842 S.W. Ridley St. Gf~~ ? ~ Borrower's Address Ab E. McMi en Borrower's.Signature Date ~~ort St. Lucie, Florida 34953 t ~ . City:State;Zip Code .athleen R.PiCM 1 ereorrower's Signature Date Borrower's Address Borrower's Signature Date ~ - ~ Ciry~State:Zip Code , ~/~B~cr~er' ignatuc ~ Date ~ =cepted and Appro~ed by Bank on January 5~ 19 9~ BY: ~ ~ ~ , . . nn seen, tAuthorized Signature) ~ ~~~natures venfied to corresponding check account ~ Initials gr~= ~ !tr'~~ . ~~F'l~ ~ ~ . ~ . i~`EM 08 6098 ~REV 71 89i p~~~~~ rAY[~~1 ~ ~w ~ c-~„" -ea~,'' ~'-`%-r' ~ ~ '0` ~ x~'~~"'',.~~-'_~"i'~~"+~~~~~~a~~.~`~{~~r~=-~ . .