HomeMy WebLinkAboutFirst National Bank of Maitland, The Security Agreement -1974 03 09v~
'~ ~ ~ FIF,~ST NATIONAL BANK OF MAITLAND~ '~,~~-~~
~.w ~-~~ `'°" - at PACKWOOD AVENUE • MAITLAND, FLORIDA 32751
GHWAY 17 92
Note Security Agreement
' City of Winter Springs `
For value received, the undersigned (jointly and severally, if more than one) herein called "Borrower" promise to pay to the order of the
above r}amed bank herein called "Bank" at its address shown above (or, at such other place as the holder hereof may designate), the sum of
Two thousand nine hundred fifty three and 44/100-----------DOLLARS$ 2953.44
with interest thereon at the rate of 6 % per annum before maturity and ten (1()%) percent for natural persons or fifteen (IS%) Percent for
corporations after maturity until paid in full in lawful money of the United States of America. (1) Payable -after Date: or payable
in 3 6monthly instalments of $-8 2 • ~ ~ach; commencing the 9 day of Ma~_-19~_, and a like amount on the same day of each
month thereafter until paid in full (or as
(2) TOTAL OF PAYMENTS $ 2 9 5 3. 4 4
(3) DELINQUENCY CHARGES: If borrower is delinquent in the payment of any instalments hereunder, he promises` to pay a delinquency charge
not to exceed five (5°Jo) percent of the amount of the instalment(s) delinquent, which delinquent charge, together with any interest computed on
the total principal advanced, shall not exceed the highest legally computed rate permitted by the laws of the State of Florida. Should any ex-
cessive rate be computed or charged hereunder; Bank shall have the right to credit such excess to the account of the borrower and be releas-
ed from any and all liabilities or penalties that might otherwise be imposed.
(4) PREPAYMENT: If the amount of this "Note-Security Agreement's includes interest to maturity and should be P~re~ard iT full or acceler-
ated, borrower will be entitled to a credit on his account or refund of any unearned charges computed on the "Ru e~ 78's aTE~er deducting
up to two (2%) percent of the total principal advanced, unless otherwise specified as follows; No Refund of Less Than $1.00 will be made.
(5) PENALTY FOR PREPAYMENT:
ACQUISITION FEE OF $15.00
DISCLOSURE REQUIRED BY FEDERAL LAW
(See 1 thru 5 above and 6 thru 18 below)
(6) PROCEEDS: Amount to be paid to borrower, who authorizes Bank to pay as follows:
T1~GTATTh"FIST TnAN [`HEC'K TO CUSTOMER AND BOB ENDICO'1"I' PONTIAC FOR $2692.26.
__ (6) Total $ 2 6 9 2. 2 6
(7) AMOUNTS TO BE PAID FOR ACCOUNT OF BORROWER (not included in the finance charge): (A)
Physical Damage Insurance: if included here, is paid for at the request of Borrower who is hereby advised ,,,,.~
of his right to select any agent or broker of his choice and Bank accepts no responsibility for the placin
adequacy of coverage, maturity or any liability resulting from failure to place or properly insure the
t#
rower and/or collateral. The amount of premium payment requested by Borrower is $
Payable to NA __ T E B 2~ (~ I J
(B) Borrower is hereby advised that Credit Life and/ or Disability Insurance is not required for credit, st
that his age is NA and requests Bank to purchase ^ Credit Life and Disability at a cost to Borr~~QQyy~~er of
NA NA uth~ first National Bank of Maitla
$ NA or ^ Credit Life only at a cost to Borrower of $ for a period of ~ ~pj~and. Florida 63.150
months. p~ -
NA NA
(Insured orrower) (Date) (Non insured Borrower)
(C) Others (Itemize)
DOCUMENTARY STAMPS $4.50
(8) TOTAL TO BE PAID TO AND FOR BORROWER: (6-~7)
(~) Total $ 4.5 0
(s) Total $ 2 6 9 6.7 6
(9) LESS: Prepaid finance charge and/or required deposit balance:(Itemize) (9) Total $ none
(10) AMOUNT FINANCED (8 minus 9) (10) Total $ 2696.76
(11) FINANCE CHARGE: (Itemize if needed)
INTEREST OF $256.68
11) Total $ 256.68
12 ANNUAL PERCENTAGE RATE• 6. 00------------------------------- %(12)
(13) FINANCE CHARGE, BEGINS TO ACCRUE ON~_DAY OF 7~nt"~ 1. 1924_, if other than the date of this agreement.
(14) The Borrower having pledged, assigned, conveyed, deposited, or ranted a securit interest under the Uniform Com g fcia•1-Code, (Florida)
to the Bank as collateral security for the payment of this note and any no a green rn ex ensron or renews ereo ; su~' s secus'+'~v ~r re
payment of any and all liabilities of the Borrower to the Bank, whether now existing or hereafter arising, in the<, g pr per y, vrz:
(~~~-4-~~~~'r~~~us~~ 5~1~2'~414 48 ~ ~ ~ ti ti 7 - ~ -- - -.
~~: Lam.
(16) Together with all accessories, parts, equipment, and accessions now attached to and used in connection therewith or which may hereafter
at anv time be placed in or added to the above-described property and also any and all replacements of any such property- rnTding prc~cT~
in the possession or under the
ec are , or gran a rn connection wr suc property), which property, together with all additions and substitutions hereafter pledged or
deposited with Bank is called the collateral. The collateral is also pledged as security for all other liabilities (primary, secondary, direct,
contingent, sole, joint, or several), due or to become due or which may be hereafter contracted or acquired, of each Borrower (including each
Borrower and any other person liable hereon) to Bank. The surrender of this note, upon payment or otherwise, shall not affect the rights of
the Bank to retain the collateral for such other liabilities.
Additions to, reductions, or exchanges of, or substitutions of the collateral, payments on account of this loan or increases of the same, or other
loans made partially or wholly upon the collateral, may from time to time be made without affecting the provisions of this note. With respect to
collateral in the possession of the Bank, Bank shall exercise reasonable care in the custody and preservation of same to the extent required by
applicable statutes, and shall be deemed to have exercised reasonable care if it takes such action for that purpose as the Borrower shall reason.
ably request in writing, but no omission to do any act requested by the Borrower shall be deemed a failure to exercise reasonable care, and no
omission to comply with any request of Borrower shall of itself be deemed a failure to exercise reasonable care. Bank shall not be bound to take
any steps necessary to preserve any rights in the collateral against prior parties and Borrower shall take all necessary steps for such purposes.
Bank or its nominee need not collect interest on or principal of any collateral or give any notice with respect to it. If collateral should at any
time become unsatisfactory to Bank, Borrower shall within one day after demand, pledge, grant a security interest in, or deposit with Bank as
part of collateral, additional property which is satisfactory to Bank.
f171 NlITT!`R• RR1:. f1TNRR CrrlF. FnR rMPnRTANT iNFnRMATInN.
Bank is hereby granted a lien or security Interest in all property of each Borrower (which terms shall me nand include ea s~'gned
endorsers, surety and guararytors of this obligation), now or at any time hereafter in the possession ot'~Bank in any capa eve'f, ih= '
eluding but not limited to any balance of shares of any deposits, trust, or agency account, as security for the payment of thl ~l and a
similar security interest in all such property of each Borrower as security for the payment of all oUrer liabilities; and Bank shall have the ~ame
rights as ,to•such property as it has with respect to the collateral.
Bank shall have, but shall not be limited to, the following rights, each of which may be exercised at any time whether or not this "note is due: (a)
To pledge or transfer this note and the collateral and Bank shall thereupon be relieved of all duties and responsibilities hereunder and re.
lieved from any and all liabilities with respect to any collateral so pledged or transferred, and any pledgee or transferee shall for all purposes
stand in the place of Bank hereunder and have all the rights of Bank hereunder, (b) To transfer the whole or any part of the collateral into the
name of itself or its nominee; (c) To vote the collateral; (d) To notify the obligors of any collateral to make payment to Bank of any amounts
due or to become due thereon; (e) To demand, sue for, collect, or make any compromise or settlement it deems desirable with reference,to col-
lateral; and (f) to take possession and control of any proceeds of collateral. ,
PERSONAL PROPERTY: Said collateral shall at all times remain strictly personal property, whether placed upon a permanent foundation or
however attached to any building or other structure.
INSURANCE: The loss, injury to or destruction of said collateral shall not release Borrower from payment hereunder. Borrower agrees to
obtain and keep in force fire, theft, collision and other insurance thereon in form, amount and written by insurors satisfactory to holder, with loss
payable clause in holder's favor, as his interest may appear. If not so furnished, holder is authorized to, but accepts no responsibility for,
purchasing insurance at Borrower's expense and Borrower agrees to repay holder therefor on demand. In case of loss, holder shall be paid
the proceeds of all insurance (including any refund of premiums), to the extent of the unpaid balance of this obligation. Borrower directs any
insuror to make payment directly to holder; appoints holder his attorney in fact to endorse any draft, and agrees holder may apply such pro-
ceeds to the payment of instalments due or to become due hereunder.
SPECIAL AGREEMENTS OF BORROWER: Borrower hereby warrants and covenants that except as between the parties hereto, no financing
statement covering any goods or any proceeds or products thereof is on file in any public office and at the request of Bank, Borrower will join
with Bank in executing one or more financing statements pursuant to the Uniform Commercial Code in form satisfactory to the Bank and will
pay the cost of filing the same in all public offices wherever filing is deemed by Bank to be necessary or desirable. Borrower agrees (a) not to
sell, transfer or encumber said collateral or use it for hire or illegally; (b) to pay promptly all liens and encumbrances thereon, and/or on this
contract, and to keep the same free from liens; (c) that no transfer, renewal, extension or assignment of this contract shall release the Borrower
from the obligations hereof, nor be valid unless duly consented to in writing by the holder; (d) time is of the essence of this contract; (e) notices
to Borrower shall be sufficiently given, if mailed to the address of Borrower shown on the holders records; (f) to keep said collateral in good
repair and condition, ordinary wear and tear excepted; (g) not to remove said collateral from the address or area as herein specified, without
the prior written consent of the holder hereof; (h) to give immediate notice to the holder of this contract, in the event of any loss or damage
to said collateral; (i) to permit the holder of this contract, personally or by agent, at all times to enter upon any premises where said collateral
may be and to have access thereto for the purpose of examining the same or for the purpose of repossession, after default; (j) Bank is hereby
appointed Borrower's attorney-in-fact to do acts and things which Bank may deem necessary to perfect and continue perfected the security
interest created by this contract and to protect said collateral; (k) upon request Borrower will deliver to Bank copies of Borrower's most recent
financial reports, including Borrower's most recent annual report and/or balance sheet and profit and loss statement, certified to by either
him or a recognized firm of certified public accountants or by the chief fiscal officer if a corporation.
ACCELERATION: In the event any Borrower or Guarantor of this Con tract (a) fails to pay any of said installments, including any delinquency
charges when due or (b) defaults in the performance of any of the of the other provisions of this Contract, or (c) in case Borrower or Guarantor
becomes insolvent or makes an assignment for the benefit of creditors or (d) institutes any bankruptcy, insolvency, reorganization, arrangement,
debt adjustment, receivership, trusteeship, dissolution or liquidation proceeding or (e) has any thereof instituted against him, not discontinued
within ten days after institution, or (f) has entered against him any judgement or filed against. him any notice of lien in case of any Federal Tax
due or has issued against him any distraint warrant for taxes, or writ of attachment, garnishment, execution or other legal process, which might
be effective to tie up properties of the Borrower or of the Guarantor, or (g) in case of death, adjudged incompetency, or incarceration of the
Borrower or Guarantor, or (h) in case the Bank or the holder of this Contract, upon reasonable cause,determines that the prospect of payment
of said sums or the performance by the Borrower or his assigns of this Contract is impaired, then, or in any such event, the unpaid Balance
hereof shall, without notice, become forthwith due and payable and the holder, in person or by agent, may immediately take possession of said
collateral, together with all accessions thereto, or may, at first, repossess a part and later, if necesary the whole thereof with such accessions,
and for either or both of these purposes may enter upon any premises where said collateral may be and remove the same with or without process
of law. Borrower agrees in any such case to pay said amount to the holder, upon demand, or, at the election of the holder, to deliver said col-
lateral to the holder. If, in repossessing said collateral, the holder inadvertently takes possession of any other property therein, consent is
hereby given to such taking of possession, and holder may hold such property temporarily for Borrower, without any responsibility or liability,
therefor, providing holder returns the same upon demand. There shall be no liability upon any such demand unless the same be' made in writ.
ing within 48 hours after such inadvertent taking of possession, Should this contract mature by its terms or by acceleration, as herein above
provided, then, in either such event, the total principal amount due hereunder at that time together with all costs and expenses incurred in
the collection thereof, including reasonable attorneys fees (not to be less than 1$% of the amount involved), plus appellate fees, if any, and
all advances made by Bank to protect the security hereof, including advances made for or on account of levies. insurance, repairs, taxes, and
for maintenance or recovery of the property shall bear interest at the rate of LO% for natural persons and 1$% for corporations, which prin-
cipal, cost, expenses and advances Borrower hereby agrees to pay.
WAIVER: Any action to enforce payment of this contract, or any renewals or extensions granted Borrower shall not be a waiver of, or affect
any other rights of holder. Waiver of any default shall not constikr~tP q waiva*- ~f --- -"1„ '
ASSIGNMENT: This contract shall insure to the ':er.,': mr-~-c=°~°°;j : ~<a . ~.nd executors of the parties hereto.
It may be assigned by the Bank wlth^-• ` ' ± ~~~ s ~ r i t ~ t' ' ;e entitled to all rights herein con-
ferred on the Bank ~ ~ ~ o we r - ~ o° wr rq ~,
LIABILITIES s t o we r ~~ ~~ •''•` ~~ 4`!~ ~ i _ ~' ~.~ P ' °, y sell the same or an
y part thereof
at public or pri wed ~ ~ oo ~q~,^ ~gE , ~>~a ~ e lawful, Bank may be a purchaser
at such sale. B2 0° Ro 3 rt .~ r :da) and any and all rights and
remedies availa~ ~ /a ~ S" ~ - ~ 1 r~ ,, "l .
'r's expense, assemble the collateral
and make it ava, ~ r; 's '• ;,~o ,nient to Borrower. Unless the col-
lateral is perishr ~~~ 3 market, Bank will give Borrower
reasonable noticr ~ '~ ° ,r ~ (,~ ,. ~ a ` ~I a notice shall be met if such notice
is marled, postag. ~ ~ he time of the sale or disposition.)
Expenses of retal 1 ~ ry ,I q ,t '', - ,z shall be paid out of the proceeds
of the sale and th ~c' ' 4 „ . ~ ~ °E°°' y after default, Borrower shall be
and remain liable ~ ; ~, 1 'd4-z -~` • ~ ~. D •,,~ surotus. but Bank shall have the right to apply all or any part
of such surplus ag. `"°~ °` w, t _ _~~rva against) and any and all other liabilities of each or any Borrower to Bank.
No delay or omissi .,. t.~r t3ank in exercising any right hereunder shall operate as a waiver of any such right or of any other
right under this no' .~.;~t Borrower and endorser waives presentment, protest, notice of protest, notice of dishonor, and agrees to pay all cost
of collection, including a reasonable attorneys fee, whether suit be brought or not (to be less than 15% of amount involved), plus reasonable
appellate fees, if any, if counsel shall be employed to collect this note or to protect the security thereof. Borrower hereby covenants and war-
rants as to collateral in his possession, that said collateral is brought or used primarily for ( )Personal, family or household purposes ( )
Business Use ( )farming operation use.
IT IS UNDERSTOOD AND AGREED THAT THE PROVISIONS ON BOTH SIDES HEREOF ARE HEREBY INCORPORATED BY REFER-
ENCE HEREIN AND CONSTITUTE A PART OF THIS NOTE SECURITY AGREEMENT.
(18) BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS AGREEMENT WHICH WAS DELIVERED PRIOR TO
CONSUMMATION: IN WITNESS WHEREOF we have hereunto set hands and seals this~_day of_ AnT<'il lg 74,
CI Y OF T~Y~ R SP NGS SAID COLLATERAL IF IN POSSESSION OF BORROWER,
BgrT~?overt .~ / WILL BE LOCATED AT: (Borrower's Legal Residence).
sigr;s.__ ~~' (seal) 1 North Fairfax Avenue, Winter ~~rings
.. Troy.,- P 'land (Street) (Town) tate)
- - Borrsgw~r - , FL 3270$
_ ? ~'~ ` ~ (Seal) (Bo rower's Principal, Place of Busin ss)
Macy ~.~ Norton ~t J
/S - ,,
By -- --- (Seal)
(~ Corp. or Pa-tnershfp, Authorized Officer or Firm Member) (Title) ( treet) (Town) (State)
• ENDORSERS
Irt addition to the liability as Endorsers, which the undersigned hereby assume, for value received and intending to be legally bound, the
undersigned (and it wore than one, each of them jointly and severally) (a) hereby become surety to the payee of the within note, its successors,
Endorsee. aqd ascig)!r5, for the payment of the within note, and hereby unconditionally guarantee the payment of the within note and all
extensions or renewals thereof and all sums payable under or by virtue thereof, including, without limitation, all amounts of principal and in-
terest and all expenses (including attorneys' fees) incurred in the collection thereof, the enforcement of rights thereunder or with respect to
any security therefor and the enforcement hereof, and waive presentment, demand, notice of dishonor, protest, and all other notices whatso-
ever; and (b) consent and agree (i) that all or any of the Collateral maybe exchanged, released, surrendered or sold from time to time, (ii) that
the payment of the note, or any of the liabilities of the Maker thereof, may be extended or said note renewed for any period (whether or not
longer than the original period of said note), (iii) that the holder of said note may grant any releases, compromises or indulgences with re-
spect to said note or any extensions or renewals thereof or any security therefor or to any party liable thereunder or hereunder (including but
not limited to failure or refusal to exercise one or more of the rights or remedies provided by said note), and (iv) that any of the provisions
of said note may be modified; all without notice to or consent of and without affecting the liability of the undersigned as Endorsers and sure-
ties, and further consent and agree that any of the undersigned may be sued by the holder hereof with or without joining any of the other
endorsers or makers of said note and without first or contemporaneously suing any such other persons, or otherwise seeking or proceeding
to collect from them or any of them.
(Seal)
(Seal)
(17) NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION.
SOUTHEAST FIRST NATIONAL BANK
OF MAITLAND
MAITLAND, FLORIDA 32751
March 5, 1977
TELEPHONE (305) 644-7000
City of Winter Springs
Troy Piland
102 N. Moss Rd.
Winter Springs, Florida 32707
Dear Mr. Piland:
Thank you so much for having allowed us to assist
you with your financing needs.
The documents pertinent to your paid loan are
enclosed.
We hope you will avail yourself of the many ser-
vices our full-service bank offers and keep us in mind
the next time you need to borrow.
SinGe,~l.
~~~ _- ~: ?
. E. arriss,
Instalment Loan Dept.
REG:kl
City of Winter Springs
City Hall
MAR 8 1y~ ~
EtECEiVED