1
EXHIBIT 10.16
RE: 0000383 Date: 10/25/95 Acct No.
$24,414.00
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CREDITOR: FIRST UNION NATIONAL BANK OF FLORIDA,
0000 XXXXXXXXXX XX
XXXXXX XXXX, XX 00000
BORROWER(S): WEST STAR ENVIROMENTAL INC. /s/ MER
WESTSTAR ENVIRONMENT INC. /s/ MER
000 X. XXXXXXX XX
XXXXXX, XX 00000
FOR VALUE RECEIVED, I the Borrower (which means everyone who signs below as
borrower, jointly and severally), promise to pay FIRST UNION NATIONAL BANK OF
FLORIDA, or order, the principal amount of this loan as stated above (the Amount
Financed, plus the prepaid finance charge, if any, as disclosed in the
itemization of Amount Financed), together with interest from the date of this
Note on the unpaid principal balance at the interest rate for a fixed or
variable rate loan disclosed below until fully paid. "I," "me," and "my" refer
to Xxxxxxxx(s) while "you" and "your" refer to FIRST UNION NATIONAL BANK OF
FLORIDA.
___ If indicated, this is a fixed rate loan and my Interest Rate is ___________.
_X_ If indicated, this is a variable rate loan and my Initial Interest Rate
is 10. 75% which is tied to the Wall Street Journal (WSJ) "Prime Rate."
The Initial Interest Rate is computed as follows: Prime Rate of 8.75% Plus
2.00 Percentage Points.
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ANNUAL Total of Payments.
PERCENTAGE The amount I will
RATE FINANCE CHARGE Amount Financed. have paid after I
The cost of my The dollar amount The amount of have made all
credit as a yearly the credit will credit provided to payments as
rate. cost me. me or on my behalf. scheduled.
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11.35% $6,643.08 $24,114.00 $30,757.08
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I have the right to receive at this time an itemization of the Amount Financed:
( ) I want an itemization. ( /s/ MER) I do no want an itemization.
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(initials) (initials)
My payment schedule will be:
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No. of Payments Payment Amount Frequency Due Date
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51 $603.08 Monthly 12/20/95
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No. of Payments Payment Amount Frequency Due Date
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Variable Rate.
If my loan, as indicated above, has a variable rate, my interest rate may
increase during the term of my loan based on movement of the WSJ Prime Rate. My
interest rate will not increase more than once each month and not more than 6
percentage points during the term of my loan to a maximum of 18%. If my loan is
secured by a principal dwelling for a term greater than one year, disclosures
about the variable rate have been provided to me earlier.
|_| If indicated, my loan has multiple payments for a term of more than 60
months. Any increase in my interest rate will increase the number of
payments and may increase the payment amounts. If my loan were for $10,000
for 144 months at 12% and the interest rate increased to l2.50% in three
months, my regular payment would increase by $7.30 beginning with my
Sixty-First payment.
|X| If indicated, my loan has multiple payments for a term of 60 months or
less. Any increase in my interest rate will increase the number of
payments. If my loan were for $10,000 for 60 months at 12% and the
interest rate increased to 12.50% in three months, I would have to make
one additional payment of $196.56.
|_| If indicated, my loan has a single payment. Any increase in my interest
rate will increase the amount due at maturity. If my loan were for $10,000
at 12% for 90 days, and my interest rate increased to 12.25% in 20 days,
then my final payment would increase by $4.80.
Security. I am giving a security interest in:
|_| the goods or property being purchased.
|X| other (describe): 84 GMC TRUCK
Collateral securing other loans with you may also secure this loan, except
my principal dwelling or household goods.
Filing Fees. $28.25
Prepayment. If I pay off early, I may have to pay a penalty, and I will
not be entitled to a refund of any part of the prepaid finance charge.
Late charges. If you receive any payment 10 days or more after the due
date, I agree to pay you a late charge of 5% of my payment.
Assumption. If this loan is for the purchase of property used as my
principal dwelling, someone buying my principal dwelling cannot assume the
remainder of my loan on the original terms.
I may see my contract documents for any additional information about
nonpayment, default, any required repayment in full before the scheduled
due date, and prepayment refunds and penalties.
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INSURANCE DISCLOSURES
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I understand that credit life and credit disability insurance are not
required to get this loan. If I want any of these insurance coverages, I must be
sure that the insurance coverage benefit is indicated, that the amount of the
premium is filled in, and that I have signed below. If I request credit life
insurance or credit disability insurance, I have the right to rescind the
insurance policy or certificate of insurance by giving written notice to the
insurance company within 15 days from the date I received the policy or
certificate. The term and/or amount of any insurance I request is as follows:
INSURED TYPE PREMIUM TERM LIFE DISABILITY
#1 #2 IN MOS. COVERAGE MONTHLY BENEFIT
____ ____ Credit Life _____________ _________ ____________________ ______________
Credit disability is
limited to a maximum
Credit of 60 monthly
____ Disability _____________ _________ benefits. ______________
If this loan is secured, I may obtain property insurance from anyone I choose
who is acceptable to you.
I request coverage(s) checked for the premiums shown above
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Signature of Insured #1 (Life only or Life and Disability)
I request coverage(s) checked for the premiums shown above
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Signature of Insured #2 (Life only)
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PROPERTY AS SECURITY
To secure payment of this Note I grant you a security interest in the
collateral described below, or in the Mortgage as indicated by the date below or
on Schedule A, plus all additions, replacements or accessions to, and proceeds
of the collateral. This collateral will secure any other loans with you, now or
in the future unless the collateral is used as a principal dwelling or household
goods. Any additional collateral is listed on the attached Schedule A.
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1984 GMC PUMP TRUCK SER # 0XXX0X0X0XX000000
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NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION. The reverse side has an
arbitration provision that limits my or a Guarantor's rights to a trial in a
court of law. Each Borrower acknowledges receipt of a copy of this Note, fully
completed prior to signing and further acknowledges that this [ILLEGIBLE]
