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EXHIBIT 10.7
SUNCOAST BANCORP, INC. F/K/A AMERICAN BANK
COMMUNITY HOLDINGS CORPORATION 0000 XXXXXX XXXX XXXX
0000 XXXXXXXXX XXXX, XXXXX 000 XXXXXXXXX, XX 00000 Line of Credit No. 1570759-0000
XXXXXXXX, XX 00000 Date MAY 12, 1999
XXXXXXXX'S NAME AND ADDRESS XXXXXX'S NAME AND ADDRESS Max. Credit Amt. $425,000.00
"I" includes each borrower above, "You" means the lender, its successors Loan Rat. No. 1570759-9001
jointly and severally and assigns.
You have extended to me a line of credit in the
AMOUNT of FOUR HUNDRED TWENTY FIVE THOUSAND AND NO/100 $ 425,000.00
You will make loans to me from time to time until 2:00 P.M. on AUGUST 10, 1999.
Although the line of credit expires on that date, I will remain obligated to
perform all my duties under this agreement so long as I owe you any money
advanced according to the forms of this agreement, as evidenced by any note or
notes I have signed promising to repay those amounts.
This line of credit is an agreement between you and me. It is not intended
that any third party receive any benefit from this agreement, whether by direct
payment, reliance for future payment or in any other manner. This agreement is
not a letter of credit.
1. AMOUNT: This line of credit is:
[X] OBLIGATORY: You may not refuse to make a loan to me under this line of
credit unless one of the following occurs:
a. I have borrowed the maximum amount available to me;
b. This line of credit has expired;
c. I have defaulted on the note (or notes) which show my indebtedness
under this line of credit;
d. I have violated any form of this line of credit or any note or other
agreement entered into in connection with this line of credit;
e.
[ ] DISCRETIONARY: You may refuse to make a loan to me under this line of
credit once the aggregate outstanding advances equal or exceed
$.
Subject to the obligatory or discretionary limitations above, this line of
credit is:
[X] OPEN END (Business or Agricultural only): I may borrow up to the
maximum amount of principal more than one time.
[ ] CLOSED-END: I may borrow up to the maximum only one time.
2. PROMISSORY NOTE: I will repay any advances made according to this line of
credit agreement as set out in the promissory note, I signed on MAY 12,
1999 or any note(s) I sign at a later time which represent advances under
this agreement. The note(s) set(s) out the terms relating to maturity,
interest rate, repayment and advances. It indicated on the promissory note,
the advances will be made as follows: ADVANCES WILL BE MADE PER XXXXXXXX'S
REQUEST TO BE DEPOSITED INTO ACCOUNT #0000000. THE MINIMUM DRAW AMOUNT IS
$1,000.00 (ONE THOUSAND).
3. RELATED DOCUMENTS: I have signed the following documents in connection with
this line of credit and note(s) entered into in accordance with this line
of credit:
[ ] security agreement dated [ ]
[ ] mortgage dated [ ]
[X] guaranty dated MAY 12, 1999 [ ]
4. REMEDIES: If I am in default on the note(s) you may:
a. take any action as provided in the related documents,
b. without notice to me, terminate this line of credit.
By selecting any of these remedies you do not give up your right to
?????? use any other remedy. By deciding not to use any remedy should I
default, you do not waive your right to later consider the event a default
if it happens again.
5. COSTS AND FEES: If you hire an attorney to enforce this agreement, I will pay
your reasonable attorney's fees, where permitted by law, I will also pay
your court costs and costs of collection, where permitted by law.
6. COVENANTS: For as long as this line of credit is in effect or I owe you money
for advances made in accordance with the line of credit, I will do the
following:
a. maintain books and records of my operations relating to the need for
this line of credit;
b. permit you or any of your representatives to inspect and/or copy these
records;
c. provide to you any documentation requested by you which support the
reason for making any advance under this line of credit;
d. permit you to make any advance payable to the seller/or sellers and me)
of any items being purchased with that advance;
e.
7. NOTICES: All notices or other correspondence with me should be sent to my
address stated above. The notice or correspondence shall be effective when
deposited in the mail, first class, or delivered to me in person.
8. MISCELLANEOUS: This line of credit may not be changed except by a written
agreement signed by you and me. The law of the state in which you are
located will govern this agreement. Any term of this agreement which is
contrary to applicable law will not be effective, unless the law permits
you and me to agree to such a variation.
9. THE LENDER SIGNATURES: I AGREE TO THE TERMS OF THIS LINE OF
CREDIT. I HAVE RECEIVED A COPY ON TODAY'S DATE.
SUNCOAST BANCORP, INC. F/K/A COMMUNITY HOLDINGS
CORPORATION
BY:____________________________________________
XXXX X. XXXXXXXX, PRESIDENT
BY:____________________________________________
XXXXXXX X. XXXXXX, VICE PRESIDENT
85 BANKERS SYSTEMS, INC., ST. CLOUD, MN 56301 (0-000-000-0000) FORM LCA 5/2/91
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SUNCOAST BANCORP, INC. F/K/A
COMMUNITY HOLDINGS CORPORATION AMERICAN BANK Loan Number 1570759-9001
0000 XXXXXXXXX XXXX, XXXXX 000 0000 XXXXXX XXXX XXXX Xxxx XXX 00, 0000
XXXXXXXX, XX 00000 XXXXXXXXX, XX 00000 Mat. Date AUGUST 10, 1999
XXXXXXXX'S NAME AND ADDRESS XXXXXX'S NAME AND ADDRESS Loan Amount $425,000.00
"I" includes each borrower above, "You" means the lender, its Renewal of MODIFY/INCREASE
jointly and severally. successors and assigns.
I hereby authorize and request the following disbursement from the loan
referenced above:
a. Amount given to me directly $ i. $
b. Amount paid on my account # $ j. CORPORATE SEARCH $ 25.00
c. To Lendor $ 100.00 k. DOC STAMPS ON NEW $100,000.00 $ 350.00
Amounts paid to others on my behalf: $ l. MODIFICATION OF LOAN $
d. To Property Insurance Company $ m. H1531311-9001 $ 325,000.00
e. To Credit Life Insurance Company $ n. AMOUNT LEFT TO DRAW $ 99,525.00
f. To Disability Insurance Company $ o. $
g. To Public Officials $ p. $
h. $ q. $
Comments: THIS IS THE MODIFICATION AND INCREASE SUNCOAST BANCORP, INC. F/K/A
OF LOAN #1531311 9001 WITH THE EXTENTION OF COMMUNITY HOLDINGS CORPORATION
NEW FUNDS IN THE AMOUNT OF $100,000.00
BY:
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XXXX X. XXXXXXXX, PRESIDENT
Loan Officer: BY:
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XXXXXXX X. XXXXXX, VICE PRESIDENT
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SUNCOAST BANCORP, INC. F/K/A AMERICAN BANK Loan Number 1570759-9001
COMMUNITY HOLDINGS CORPORATION 0000 XXXXXX XXXX XXXX Xxxx XXX 00, 1999
0000 XXXXXXXXX XXXX, XXXXX 000 XXXXXXXXX, XX 00000 Maturity Date AUGUST 10, 0000
XXXXXXXX, XX 00000 Loan Amount $425,000.00
Renewal of MODIFY/INCREASE
OFF/PROCESS: CNR/KMO
BORROWER'S NAME AND ADDRESS LENDER'S NAME AND ADDRESS
"I" includes each borrower "You" means the lender,
above, joint and severally. its successors and assigns.
For value received, I promise to pay to you, or your order, at your address
listed above the PRINCIPAL sum of FOUR HUNDRED TWENTY FIVE THOUSAND AND
NO/100****** Dollars $425,000.00
____ SINGLE ADVANCE: I will receive all of this principal sum on _____________.
No additional advances are contemplated under this note.
XX MULTIPLE ADVANCE: The principal sum shown above is the maximum amount of
principal I can borrow under this note. On MAY 12, 1999 I will receive the
amount of $425.00, and future principal advances are contemplated.
Conditions: The conditions for future advances are SEE THE LINE OF CREDIT
AGREEMENT.................................................................
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XX OPEN END CREDIT: You and I agree that I may borrow up to the maximum
amount of principal more than one time. This feature is subject to all
other conditions and expires on AUGUST 10, 1999.
___ CLOSED END CREDIT: You and I agree that I may borrow up to the maximum
only one time (and subject to all other conditions).
INTEREST: I agree to pay interest on the outstanding principal balance from
MAY 12, 1999 at the rate of 8.750% per year until FIRST CHANGE DATE.
XX VARIABLE RATE: This rate may then change as stated below.
XX INDEX RATE: The future rate will be 1.000% OVER the following index
rate: CHASE MANHATTAN PRIME RATE.
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___ NO INDEX: The future rate will not be subject to any internal or
external index. It will be entirely in your control.
XX FREQUENCY AND TIMING: The rate on this note may change as often as
DAILY.
A change in the interest rate will take effect ON THE SAME DAY
___ LIMITATIONS: During the term of this loan, the applicable annual
interest rate will not be more than __________% or less than ________%.
The rate may not change more than __________% each __________.
EFFECT OF VARIABLE RATE: A change in the interest rate will have the
following effect on the payouts:
___ The amount of each scheduled payment will change.
___ The amount of the initial payment will change.
XX THE AMOUNT DUE AT MATURITY WILL CHANGE.
ACCRUAL METHOD: Interest will be calculated on a ACTUAL/365 basis.
POST MATURITY RATE: I agree to pay interest on the unpaid balance of this note
owing after maturity, and until paid in full, as stated below:
___ on the same fixed or variable rate basis in effect before maturity
(as indicated above).
XX at a rate equal to 18.00%.
XX LATE CHARGE: If a payment is made more than 10 days after it is due, I
agree to pay a late charge of 5.000% OF THE LATE PAYMENT WITH A MINIMUM
OF $5.00.
XX ADDITIONAL CHARGES: In addition to interest, I agree to pay the following
charges which XXX are ___ are not included in the principal amount above:
SEE THE DISBURSEMENT AUTHORIZATION FOR AN ITEMIZATION OF THE FEES.
PAYMENTS: I agree to pay the note as follows:
XX INTEREST: I agree to pay accrued interest AT MATURITY
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XX PRINCIPAL: I agree to pay the principal AUGUST 10, 1999
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___ INSTALLMENTS: I agree to pay this note in _______ payments. The first
payment will be in the amount of $ _________ and will be due ____________.
A payment of $ _________ will be due _____________, thereafter. The final
payment of the entire unpaid balance of principal and interest will be
due ___________________________.
ADDITIONAL TERMS:
IF I FAIL TO MAKE A PAYMENT WITHIN 10 DAYS OF WHEN IT IS DUE, I AGREE TO PAY A
LATE CHARGE OF 5.0% OF THE AMOUNT DELINQUENT.
THIS NOTE ENCOMPASSES THE MODIFICATION OF AN EXISTING OBLIGATION DATED 4/29/98
IN THE ORIGINAL PRINCIPAL AMOUNT OF $325,000.00, UPON WHICH DOCUMENTARY STAMP
TAXES WERE PREVIOUSLY PAID AND ADVANCES OF NEW MONEY. PURSUANT TO SECTION
201.09, FLORIDA STATUTES, AS AMENDED, BY CHAPTER 98.187, THE TOTAL AMOUNT OF
THE INCREASE OF THE MODIFICATION NOTE IS $100,000.00, UPON WHICH DOCUMENTARY
STAMP TAXES HAVE BEEN PAID AND AFFIXED TO THIS OBLIGATION.
XX SECURITY: This note is separately secured by (describe separate PURPOSE: The purpose of this loan is BUSINESS:
document by type and date): EIGHT PERSONAL GUARANTYS MODIFY/INCREASE FOR WORKING CAPITAL
DATED 5/12/99 SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE INCLUDING
THOSE ON PAGE 2), I have received a copy on today's date.
This section is for your internal use. Failure to list a separate
security document does not mean the agreement will not secure this note.)
SUNCOAST BANCORP, INC. F/K/A COMMUNITY
HOLDINGS CORPORATION
Signature for Lender
BY:
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XXXX X. XXXXXXXX, PRESIDENT
BY:
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XXXXXXX X. XXXXXX, VICE PRESIDENT
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