CAPITOL DEVELOPMENT OF ARKANSAS,
INC. 000 XXXX 0XX XXXXXX XXXXX 000
XXXXXX XXXX XX 00000
XXXXXXXX'S NAME AND ADDRESS 1" includes each
borrower above, jointly and severly.
BANK OF THE OZARKS P O BOX 8811
LITTLE ROCK AR 72231-8811
XXXXXX'S NAME AND ADDRESS "You" means
the lender its successors and assigns.
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Date APRIL 20, 2004
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Maturity Date APR 15, 2006
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Loan Amount $ 2,050,000.00
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Renewal Of
or value received, 1 promise to pay to you, or your order, at your address of
listed above the PRINCIPAL sum TWO MILLION FIFTY THOUSAND AND 00/100 Dollars $
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2,050,000.00
X Single Advance: 1 will receive all of this principal sum on 04/20/04. No
additional advances are contemplated under this note.
Multiple Advance: The principal sum shown above is the maximum amount of
principal I can borrow under this note. On __________ I will receive the amount
of $________N/A________and future principal advances are contemplated, ____
Conditions: The conditions for future advances are
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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 ___________N/A__________________ .
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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 04/20/2004______________ at the rate of
5.000 % per year until APRIL15 , 2006 . U Variable
Rate: This rate may then change as stated below. Index Rate: The future rate
will be N/A ____ the following index rate: N/A
No Index: The- future rate will not be subject to any internal or external
index. It will be entirely in your control. Frequency and Timing: The rate on
this note may change as often as N/A_______ A change in the
interest rate will take effect
Limitations: During the term of this loan, the applicable annual interest rate
will not be more than N/A %. The rate may not change more than
___________% each N/A
Effect of Variabla Rate: A change in the interest rate will have the following
effect on the payments:
The amount of each scheduled payment will change. The amount of the final
payment will change.
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ACCRUAL METHOD: Interest will be calculated on a 360/ACTUAL 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). at a rate
equal to _________.
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 UNPAID PORTION DUB.
ADDITIONAL CHARGES: In addition to interest, ! agree to pay the following
charges which are XX are not included in the principal amount above: ***SEE
SETTLEMENT**"______________ . PAYMENTS: I agree to pay this nota as follows: XX
Interest: I agree to pay accrued interest MONTHLY BEGINNING 05/15/2004
XX (Principal: I agree to pay the principal OH 04/15/2006
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Installments: I agree to pay this note in _ and will be due ______________ _
payments. The first payment will be in the amount of $ _________ ____________.
A payment of $______________ will be due
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unpaid balance of principal and interest will be due _____
ADDITIONAL TERMS:
ASSIGNMENT OF INTEREST RESERVE ACCOUNT
ALSO SECURES THIS DEBT.
SECURITY:
C/LOTS - TRACT D-R AND TRACT D-l, REPLAT OF TRACT D, MAUMELLE, TOWN CENTER ADDN,
HAUMELLE, PULASKI CO, ARKANSAS
XX I am giving you a security Interest In property to secure this loan. 1
understand that I must keep this property Insured against loss, expanse or
damage due to fire, theft, collision or other such risks In the amounts you
require. If I fall to do so, you are authorized to purchase Insurance to protect
your Interest In the property, and may add the cost to the amount I owe you.
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XX SECURITY: This note is separately secured by (describe separate document by
type and date}:
REAL ESTATE MORTGAGE DATED 4/20/04 PURPOSE: The purpose of this loan is
X XXXXXX XXXXXXX PRESIDENT, CENTRAL DIVISION REFINAliCE EXISTING DEBTS
SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE (INCLUDING
THOSE ON PAGE 21. I have received a copy on today's date,
CAPITOL DEVELOPMENT OF ARKANSAS, INC.
Signature for Lender /s/ Xxxxxxx X Xxxx
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XXXXXXX X XXXX PRESIDENT
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DEFINITIONS: As used on page 1, "X" means the terms that apply to this loan.
"I," "me" or "my" means each Borrower who signs this note and each other person
or legal entity (including guarantors, endorsers, and sureties) who agrees to
pay this note (together referred to as "us"). You" or "your" means the Lender
and its successors and assigns. APPLICABLE LAW: This note and any agreement
securing this note will be governed by the laws of the State of Arkansas and
federal Jaw, including, but not limited to, the maximum interest rate or amount
of interest, discount points, finance charges, or other similar charges allowed
by the provisions of Section 731 of the Xxxxx-Xxxxx-Xxxxxx Financial
Modernization Act of 1999, which amended section 44 of the Federal Deposit
Insurance Act, being codified at 12 U.S.C. 1831u.
Any term of this note which is contrary to applicable law will not be
effective, unless the law permits you and me to agree to such a variation, If
any provision of this agreement cannot be enforced according to its terms, this
fact will not affect the enforceability of the remainder of this agreement. No
modification of this agreement may be made without your express written
consent. Time is of the essence in this agreement. COMMISSIONS OR OTHER
REMUNERATION; I understand and agree that any insurance premiums paid to
insurance companies gs part of this note will involve money retained by you or
paid back to you as commissions or other remuneration.
In addition, I understand and agree that some other payments to third parties
as part of this note may also involve money retained by you or paid back to you
as commissions or other remuneration. PAYMENTS: Each payment I make on this note
will first reduce the amount I owe you for charges which are neither interest
nor principal. The remainder of each payment will then reduce accrued unpaid
interest, and then unpaid principal. If you and I agree to a different
application of payments, we will describe our agreement on this note. I may
prepay a part of, or the entire balance of this loan without penalty, unless we
specify to the contrary on this note. Any partial prepayment will not excuse or
reduce any later scheduled payment until this note is paid in full (unless, when
I make the prepayment, you and i agree in writing to the contrary).
INTEREST: Interest accrues on the principal remaining unpaid from time to time,
until paid in full. If I receive the principal in more than one advance, each
advance will start to earn interest only when I receive the advance. The
interest rate in effect on this note at any given time will apply to the entire
principal advanced at that time. Notwithstanding anything to the contrary, I do
not xxx.xx to pay and you do not intend to charge any rate of interest that is
'higher than the maximum rate of interest you could charge under applicable law
for the extension of credit that is agreed to here (either before or after
maturity). If any notice of interest accrual is sent and is in error, we
mutually agree to correct it, and if you actually collect more interest than
allowed by law and this agreement, you agree to refund it to me. INDEX RATE:
The index will serve only as a device for setting the rate on this note. You do
not guarantee by selecting this index, or the margin, that the rate on this
note will be the same rate you charge on any other loans or class of loans to
me or other borrowers.
ACCRUAL METHOD: The amount of interest that I will pay on this loan will be
calculated using the interest rate and accrual method stated on page 1 of this
note. For the purpose of interest calculation, the accrual method will
determine the number of days in a "year." If no accrual method is stated, then
you may use any reasonable accrual method for calculating interest. POST
MATURITY RATE: For purposes of deciding when the "Post Maturity Rate" (shown on
page 1) applies, the term "maturity" means the date of the last scheduled
payment indicated on page 1 of this note or the date you accelerate payment on
the note, whichever Is earlier. SINGLE ADVANCE LOANS: If this is a single
advance loan, you and I expect that you will make only one advance of
principal. However, you may add other amounts to the principal if you make any
payments described in the "PAYMENTS BY LENDER" paragraph below. MULTIPLE
ADVANCE LOANS: If this is a multiple advance loan, you and I expect that you
will make more than one advance of principal, If this is closed end credit,
repaying a part of the principal will not entitle me to additional credit.
PAYMENTS BY LENDER: If you are authorized to pay, on my behalf, charges I am
obligated to pay (such as property insurance premiums), then you may treat
those payments made by you as advances and add them to the unpaid principal
under this note, or you may demand immediate payment of the charges, SET-OFF: I
agree that you may set off any amount due and payable under this note against
any right I have to receive money from you.
"Right to receive money from you" means:
11) any deposit account balance i have with you;
(2) any money owed to me on an item presented to you or in your possession
for collection or exchange; and (3) any repurchase agreement or other
nondeposit obligation. "Any amount due and payable under this note" means the
total amount of which you are entitled to demand payment under the
terms of this note at the time you set off. This total includes any balance the
due date for which you properly accelerate under this note.
If my right to receive money from you is also owned by someone who has not
agreed to pay this note, your right of set-off will apply to my interest in the
obligation and to any other amounts I could withdraw on my sole request or
endorsement. Your right of set-off does not apply to an account or other
obligation where my rights are only as a representative. It also does not apply
to any Individual Retirement Account or other tax-deferred retirement account.
You will not be liable for the dishonor of any check when the dishonor occurs
because you set off this debt against any of my accounts. I agree to hold you
harmless from any such claims arising as a result of your exercise of your right
of set-off.
REAL ESTATE OR RESIDENCE SECURITY: If this xxxx is secured by real estate or a
residence that is personal property, the existence of a default and your
remedies for such a default will be determined by applicable law, by the terms
of any separate instrument creating the security interest and, to th<- oxtent
not prohibited by law and not contrary to the terms of the separate security
instrument, by the "Default" and "Remedies" paragraphs herein.
DEFAULT: I will be in default if any one or more of the following occur: (1) I
fail to make a payment on time or in the amount due; (2) I fail to keep the
property insured, if required; (3) I fail to pay, or keep any promise, on any
debtor agreement I have with you; (4} any other creditor of mine attempts to
collect any debfl owe him through court proceedings; (5) I die, am declared
incompetent, make an assignment for the benefit of creditors, or become
insolvent (either because my liabilities exceed my assets or I am unable to pay
my debts as they become due); (6} I make any written statement or provide any
financial information that is untrue or inaccurate at the time it was provided;
(7} I door fail to do something which causes you to believe that you will have
difficulty collecting the amount I owe you; (8} any collateral securing this
note is used in a manner or for a purpose which threatens confiscation by a
legal authority; (9) I change rny name or assume an additional name without
first notifying you before making such a change; (10) I fail to plant, cultivate
and harvest crops in due season if I am a producer of crops; (1 1) any loan
proceeds are used for a purpose that will contribute to excessive erosion of
highly erodible land or to the conversion of wetlands to produce an agricultural
commodity, as further explained in 7 C.F.R. Part 1940, Subpart G, Exhibit M.
REMEDIES: If I am in default on this note you have, but are not limited to, the
following remedies:
(1) You may demand immediate payment of all I owe you under this note
(principal, accrued unpaid interest and other accrued charges),
(2) You may set off this debt against any right I have to the payment of
money from you, subject to the terms of the "Set-Off" paragraph herein.
(3) You may demand security, additional security, or additional parties to be
obligated to pay this note as a condition for not using any other remedy.
(4) You may refuse to make advances to me or allow purchases on credit by me,
(5) You may use any remedy you have under state or federal law.
By selecting any one or more of these remedies you do not give up your right
to later use any other remedy. By waiving your right to declare an event to be
a default, you do not waive your right to later consider the event as a default
if it continues or happens again.
COLLECTION COSTS AND ATTORNEY'S FEES: I agree to pay all costs of collection,
replevin or any other or similar type of cost if I am in default. In addition,
if you hire an attorney to collect this note, I also agree to pay any fee you
incur with such attorney plus court costs (except where prohibited by law). To
the extent permitted by the United States Bankruptcy Code, I also agree to pay
the reasonable attorney's fees and costs you incur to collect this debt as
awarded by any court exercising jurisdiction under the Bankruptcy Code.
WAIVER: I give up my rights to require you to do certain things. I will not
require you to: (1) demand payment of amounts due (presentment); (2) obtain
official certification of nonpayment (protest); or (3) give notice that
amounts due have not been paid {notice of dishonor). I waive any defenses I
have based on suretyship or impairment of collateral.
OBLIGATIONS INDEPENDENT: I understand that I must pay this note even if someone
else has also agreed to pay it (by, for example, signing this form or a
separate guarantee or endorsement). You may sue me alone, or anyone else who is
obligated on this note, or any number of us together, to collect this note. You
may do so without any notice that it has not been paid (notice of dishonor).
You may without notice release any party to this agreement without releasing
any other party. If you give up any of your rights, with or without notice, it
will not affect my duty to pay this note. Any extension of new credit to any of
us, or renewal of this note by all or less than all of us will not release me
from rny duty to pay it. (Of course, you are entitled to only one payment in
full.) I agree that you may at your option extend this note or the debt
represented by this note, or any portion of the note or debt, from time to time
without limit or notice and for any term without affecting my liability for
payment of the note. I will not assign my obligation under this agreement
without your prior written approval. FINANCIAL INFORMATION: I agree to provide
you, upon request, any financial statement or information you may deem
necessary, f warrant that the financial statements and information I provide to
you are or will be accurate, correct and complete. NOTICE: Unless otherwise
required by law, any notice to me shall be given by delivering it or by mailing
it by first class mail addressed to me at my last known address. My current
address is on page 1. I agree to inform you in writing of any change in my
address. I will give any notice to you by mailing it first class to your
address stated on page 1 of this agreement, or to any other address that you
have designated.
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DATE OF PRINCIPAL BORROWER'S PRINCIPAL PRINCIPAL INTEREST INTEREST INTEREST PAID
TRANSACTION ADVANCE INITIALS PAYMENTS BALANCE RATE PAYMENTS THROUGH:
(not
required)
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$ $ $ $ % $
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$ $ $ $ % $
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$ * $ $ % $
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$ $ 5 $ % $
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$ $ s $ % $
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(page 2 of 2)
initials illegible
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1984,1991 Bankers Syslams, Inc., St. Cloud, MN Form UN-AR 3
