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SUNTRUST SIMPLE INTEREST PROMISSORY NOTE AND SECURITY AGREEMENT
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THE "BANK" REFERRED TO IN THIS NOTE IS:
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Bank: SUNTRUST BANK, NORTH CENTRAL XXXX
Office: OAKS OFFICE DATE 07/05/96
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Definitions/Liability: "I", "me", "my", "mine", "we" and "us" mean each and all
who sign this Note as makers, co-makers, endorsers and guarantors, each of whom
is jointly and severally liable. "Prime Rate" means the rate designated by BANK
from time to time as its prime rate, which rate is purely discretionary and is
not necessarily the BANK's best or lowest rate.
Repayment/Interest Rate: I promise to pay to the order of BANK the principal sum
of $55,193.20 plus interest thereon accruing upon the unpaid principal balance
from the date hereof until paid in full at the rate of interest and in
accordance with the payment schedule and other terms specified below. The rate
of interest shall be:
X A FIXED Rate of 9.260% per annum, simple interest.
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A VARIABLE Rate of % per annum simple interest which is % over the
--- Prime Rate. If a dwelling secures this Note, the maximum interest rate
charged will never exceed 18% per annum or the state usury ceiling,
whichever is less. Any change in Prime Rate shall be effective on the first
day of the calendar month following such change; or,
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My final payment shall be the unpaid principal balance plus accrued interest and
charges which may be different from the payment schedule below.
Final Maturity Date Jul. 4, 1998
ITEMIZATION OF AMOUNT FINANCED
A. $55,000.00 Amount given to me directly
B. $0.00 Amount paid on my account(s) to BANK
C. $193.20 Total amount paid to others on my behalf
comprised of:
1. $193.20 To Public Officials (documentary taxes)
2. $0.00 To Public Officials (intangible taxes)
3. $0.00 To Public Officials (recording fees)
4. $0.00 To
(For Attorney Fees)
5. $0.00 To Appraiser(s)
6. $0.00 To Insurance Companies
7. $0.00 To Credit Bureau (Real Estate Loans only)
8. $0.00 To
9. $0.00 To
10. $0.00 To
11. $0.00 To
12. $0.00 To
13. $0.00 To
D. $55,193.20 Amount Financed (A + B + C - E)
E. $0.00 Total Prepaid Finance Charge
1. $0.00 Loan Fee
2. $0.00 Credit Bureaus (Non-Real Estate Loans
only)
3. $0.00 For
4. $0.00 For
5. $0.00 For
F. $50.00 Service Fee
G. $5,474.64 Interest
H. $5,524.64 Total Finance Charge (E + F - G)
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ANNUAL FINANCE Amount Total of
PERCENTAGE CHARGE Financed Payments
RATE
The cost of my credit The dollar amount the The amount of credit The amount I will have paid
on a yearly rate. credit will cost me. provided to me or on my after I have made all
behalf. payments as scheduled.
9.322% $5,524.64 $55,193.20 $60,717.54
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MY PAYMENT SCHEDULE WILL BE: e = estimate
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Number of Payments Amount of Payments When Payments are Due
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24 $2,529.91 Monthly beginning
Aug. 4, 1996
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Variable Interest Rate: If the Variable Rate provision is selected above, the
Annual Percentage Rate may increase or decrease during the term of this
transaction as the Prime Rate increases or decreases. For example:
SINGLE PAYMENT: Any increase will take the form of a larger amount due at
maturity. For example, if my loan was for $10,000 at 15% for 90 days and
the rate increased to 15.5% in 45 days, my final payment would increase by
$6.17.
INSTALLMENT PAYMENT: Any increase will take the form of either a larger
amount due at maturity or, if the increase would result in the final
payment at maturity exceeding twice the amount of the regular payment, then
more payments of the same amount. For example, if my loan was for $10,000
at 15% for 12 months and the rate increased to 15.5% in 6 months, my final
payment would increase by $8.01.
If this loan is secured by my principal dwelling and the term is greater than
one year, disclosures about the variable rate feature of my loan have been
provided earlier.
Security: I am giving a security interest in any of my assets in the possession,
custody or control of BANK from time to time, and in the following specifically
described assets hereinafter "Collateral."
Describe Collateral below in detail.
1989 FREIGHTLINER 350 CUMMINS CAB OVER ENGINE 0XXXXXXX0XX000000
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1989 FREIGHTLINER 350 CUMMINS CAB OVER ENGINE 0XXXXXXX0XX000000
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1979 SUMT TANKER XXXX 1061783492
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ATTACH ADDITIONAL SHEETS IF NECESSARY
Collateral securing other loans with BANK may also secure this loan.
Filing Fees: $N/A
Late Charge: If a payment is late, I may be charged 5% of such payment as a late
charge.
Prepayment: If I pay off early, I will not be entitled to a refund of part of
the finance charge if this Note included a prepaid finance charge, and I may be
charged a minimum finance charge of $10 if this is a single payment note or $15
if this is an installment payment note.
Assumption: Someone buying the Collateral securing the loan cannot assume the
remainder of the loan on its original terms without BANK's prior written
consent.
Service Fee and NSF (Bad Check) Charge: At BANK's option, I shall pay under this
Note: (a) a service fee in an amount equal to the lesser of $50.00 or 2% of the
principal amount of this Note, which service fee will not be refunded in the
event of prepayment, and/or (b) an NSF (Bad Check) charge in the amount of
$20.00 for [illegible] or other negotiable instrument tendered to the BANK
against non-sufficient funds, a closed account, or under any payment
impropriety.
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SECURITY
I hereby warrant I am the owner of the Collateral and grant BANK a
security interest in the Collateral, together with any additions, accessions,
exchanges of substitutions thereof. The Collateral is free of all liens except
as I have disclosed in writing to BANK. I will not remove the Collateral from
the State of Florida for more than 21 consecutive days without the prior
written consent of BANK.
I will not (a) sell, transfer, lease, dismantle, alter, modify or otherwise
dispose of the Collateral or any interest therein, without the prior written
consent of BANK; (b) permit anything to be done that may impair the value of the
Collateral; (c) permit the Collateral which is personalty to become a fixture
(and it is expressly covenanted, warranted and agreed that the Collateral, and
every part thereof, whether affixed to any realty or not, shall be and remain
personal property), or to become an accession to other goods or property; or (d)
locate Collateral on any property not owned or controlled by Me without the
prior written consent of the BANK.
I will at all times keep the Collateral insured in an amount not less than
the principal balance of this Note against loss, damage, theft and such other
risks as BANK may require by such companies, under such policies, as shall be
satisfactory to BANK, and all such policies shall provide that any proceeds of
Collateral or proceeds of any loss thereunder be payable to BANK as its interest
may appear (and BANK may apply any proceeds received by BANK toward payment of
any other obligation of Mine to BANK, whether primary, secondary, direct,
contingent, sole, joint or several now due or hereafter contracted or acquired,
hereinafter referred to as "Liabilities") and shall provide for a minimum of 10
days written notice of cancellation to BANK. BANK may act for Me in obtaining,
adjusting and/or settling such insurance and endorsing any drafts in My name. I
shall be obligated to pay for the placement of any Vendor Single Interest
Insurance (VSI) or Collateral Protection Insurance (CPI), or any other similar
type of insurance, should I fail to adequately protect the property. Should VSI
or any other such insurance, be placed by the BANK, then any Earned and/or
Unearned Insurance Premium Refund will be credited to Me by BANK. Should the
BANK receive any compensation for Administrative or Experience Rated Refunds due
to the placement and termination of such insurance, such compensation and/or
refund shall be paid to BANK. Any interest earned during the period of placement
of such insurance may be retained by BANK. BANK may examine and inspect or
appraise the Collateral at any time, wherever located, and I will provide any
assistance necessary to honor BANK's request to examine, inspect or appraise. I
will pay promptly when due all taxes and assessments upon the Collateral or for
its use or operation. BANK may at its sole discretion (a) discharge taxes, liens
or security interests or other encumbrances at any time levied or placed on the
Collateral; (b) pay for insurance on the Collateral and (c) pay for maintenance
and preservation of the Collateral and BANK's security interest therein. I agree
to reimburse BANK on demand for any such payment made or expense incurred by
BANK, together with any interest thereon at the highest lawful rate, when acting
on My behalf and as representative of My interests. Until default, I have
possession of Collateral and I will not use, nor will I allow another to use it,
in any unlawful manner or in any manner inconsistent with this agreement or the
Collateral's intended purpose.
The Collateral (other than Collateral in possession of the BANK) will be
kept at the location shown on the face of this Note or as I have otherwise
disclosed in writing to BANK. If this location changes, I will immediately
notify BANK in writing of the new location and will promptly supply BANK with
any additional documentation required by BANK as a result of such action.
BANK shall exercise reasonable care in the custody and preservation of the
Collateral and shall be deemed to have exercised reasonable care if it takes
such action for that purpose as I shall reasonably request in writing, but no
omission to do any act not requested by Me or to comply with any request of
Mine shall 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 I shall take all necessary steps for such purposes.
BANK or its nominee need not collect interest or principal on any Collateral
nor give any notice with respect to it. If the Collateral become unsatisfactory
to BANK at any time I shall, within one day after demand, pledge and deposit
additional property satisfactory to the BANK, with the BANK. Shall said
Collateral involve a Security or Bond, I agree to give BANK specific written
instructions with regard to handling proceeds of any such Collateral held by
BANK upon any such Collateral being called for payment, upon the maturity of
any such Collateral or upon the collection of any coupons thereto. I
acknowledge and agree that the BANK assumes no responsibility or liability to
detach and collect coupons, to redeem any such Collateral or give notice to Me
of the maturity of any such Collateral. Absent specific written instructions
from Me to BANK, I agree to release and hold BANK harmless with regard to any
failure by the BANK, as holder of the Collateral, to timely collect coupons or
redeem Collateral.
If the Collateral consists of "household goods" as defined in 12 C.F.R.
227.12(d), then the Collateral is being acquired with the proceeds of the loan
provided for in or secured by this Note, and the proceeds will be used for no
other purpose. Borrower hereby authorizes BANK to disburse the proceeds of any
part thereof directly to the seller of the Collateral or any other third party
as shown on BANK records.
PREPAYMENTS
Prepayment made hereunder shall be credited first to interest then to
principal with any remainder to late charges. I have the right to prepay this
Note at any time, in whole or in part, without penalty, other than the minimum
finance charge shown on the reverse hereof, provided that any partial
prepayment of principal shall be applied to the installment or installments of
principal last maturing hereunder.
DEFAULT
I shall be in default under this Note (a) if I fail to pay when due all
Liabilities or perform any other obligation when due under this Note or under
any other obligation of Mine to BANK; (b) if I do not comply with all of the
provisions of this Note; (c) if any warranty, representation or statement made
or furnished to BANK by or on behalf of Me proves to be false; (d) if I become
insolvent, unable to pay My debts as they become due, file for Bankruptcy
protection, or make an assignment for the benefit of creditors or any
proceeding is instituted by or against Me alleging that I am insolvent or
unable to pay My debts; (e) if a receiver is appointed for the Collateral or if
for any other property in which I have an interest; (f) upon entry of any
judgment against Me; (g) if the Collateral or any part thereof is lost, stolen,
substantially damaged, destroyed, sold, or encumbered, or if the Collateral is
levied, seized, or attached; (h) if the Collateral is seized by any
governmental entity, or the Bank receives any knowledge that the Collateral was
used to commit or facilitate the commission of a crime; (i) upon My death or
death of any partner of Mine when any maker, co-maker, endorser or guarantor is
a partnership or; (j) upon dissolution, merger or consolidation or transfer of
all or a substantial part of My property, when any maker, co-maker, endorser or
guarantor is a corporation or a partnership. Notwithstanding any rate of
interest provided herein, upon default, the BANK has the option to charge the
maximum interest rate allowed, from time to time, by law, on any payment or
payments of principal or interest, or any part thereof, which is not made when
due. No waiver or failure to act by BANK on any default shall operate as a
waiver of that or any other default occurring subsequently.
BANK shall have and may exercise without demand or notice any and all
rights and remedies granted a secured party upon default under the Uniform
Commercial Code, this Note, or otherwise available to BANK (including those
available under any written instrument in addition to this Note relating to any
of the Liabilities or any security therefor).
REMEDIES UPON DEFAULT
Upon default, or whenever BANK deems itself insecure, or at any time
thereafter, BANK may, at its option and without notice or demand (a) declare
all Liabilities immediately due and payable and the Liabilities shall thereupon
be due and payable; (b) pledge or transfer this Note and the Collateral and be
thereupon relieved of all duties and responsibilities and from any and all
liability with respect to any Collateral so pledged or transferred, and any
pledgee or transferee shall for all purposes stand in place of BANK and have
all the rights of BANK hereunder, (c) transfer all or any part of the
Collateral into its own name or its nominee; (d) vote the Collateral; (e)
demand, xxx for, collect, or make any compromise or settlement it deems
desirable with reference to the Collateral; (f) take possession and control of,
or collect and redeem Collateral or proceeds of Collateral and (g) set off
against the amounts due under this Note, all monies owned by BANK to Me in any
capacity and any Collateral securing this Note. BANK shall be deemed to have
exercised such right of set off upon the occurrence of any default without
further action by BANK and even if such a charge is made or entered on the
books of BANK after the occurrence, I shall promptly pay all BANK's costs of
collection of any and all Liabilities, and enforcement of any rights hereunder,
including reasonable attorneys' fees and legal expenses, including appeals,
whether or not a lawsuit is instituted. I agree that BANK shall have the right
to choose the location of court proceedings for collection instituted under
this Note in accordance with applicable law. No delay, omission or partial or
single exercise by BANK of any right or remedy shall operate as a waiver
thereof.
BANK shall meet any requirements of law for reasonable notification of
intended disposition of any of the Collateral if such notice is required, and
such notice shall be deemed properly given when mailed, at least five days
before such disposition. Sale at a wholesale dealers' auction is a commercially
reasonable disposition. Upon disposition of any Collateral I shall be and remain
liable for any deficiency; and BANK shall account to Me for any surplus, but
BANK shall have the right to apply all or any part of such surplus to the
payment of any other Liabilities to BANK whether or not any of them be then due,
and in such order of application as BANK may from time to time elect.
I HEREBY CONSENT TO THE ATTACHMENT OR GARNISHMENT OF MY EARNINGS.
MISCELLANEOUS
Time is of the essence of this Note. The provisions of this Note are
cumulative and in addition to the rights BANK may otherwise have under the
Liabilities or any mortgage or security agreement which secures this Note or
under applicable law. All Liabilities of Mine shall bind My heirs, executors,
administrators, successors and assigns. Presentment, demand, protest, notice of
dishonor and extension of time without notice are waived. This Note has been
delivered in the State of Florida and shall be construed in accordance with the
laws of Florida. I waive any and all privilege and rights which I may have
under Chapter 47, Florida Statutes, relating to venue, as it now exists or may
hereafter be amended. I agree that any action shall be brought in the County in
which the Bank's business office is located as designated above or at which the
loan was closed. If any provision of this Note shall be held invalid, such
invalidity shall not affect the remainder of such provision or the remaining
provisions of this Note. This Note contains the entire understanding of the
parties.
JURY WAIVER
I AND BANK HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY
WAIVE THE RIGHT EITHER OF US MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY
LITIGATION, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY, BASED HEREON, OR
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT AND ANY OTHER
DOCUMENT OR INSTRUMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK
ENTERING INTO THIS AGREEMENT. FURTHER, I HEREBY CERTIFY THAT NO REPRESENTATIVE
OR AGENT OF BANK, NOR THE BANK'S COUNSEL, HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT BANK WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE
THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. NO REPRESENTATIVE OR AGENT OF THE
BANK, NOR BANK'S COUNSEL HAS THE AUTHORITY TO WAIVE, CONDITION, OR MODIFY THIS
PROVISION.
[STAMP OF CIRCLE WITH THE
WORDS "INITIAL HERE" INSIDE
WITH ILLEGIBLE INITIALS]
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CREDIT LIFE INSURANCE ACKNOWLEDGEMENT: (1) I understand that I have the option of assigning any other policy or policies that I own
or may procure for the purpose of covering this loan and that the policy need not be purchased from the BANK in order to obtain the
loan. (2) I understand that the credit life coverage may be deferred if, at the time of application, I am unable to engage in
employment or unable to perform normal activities of a person of like age and sex, if the proposed credit life insurance policy
contains this restriction. (3) I understand that the benefits under the policy will terminate when I reach a certain age and that my
date of birth is accurately represented below.
INSURANCE ELECTION: I may obtain property insurance from anyone I want who is acceptable to BANK. CREDIT AND/OR DISABILITY INSURANCE
ARE VOLUNTARY AND NOT REQUIRED FOR THIS LOAN. I may apply for credit life or credit life and disability insurance coverage but
credit disability insurance is not available without credit life insurance. Only one of us may be covered by credit disability
insurance if there is more than one of us. The individual signing first below will be the one covered by credit disability if it is
selected. I have read the credit life insurance acknowledgment and am applying for the coverage I want by checking the appropriate
spaces and signing below.
Individual Joint Credit life insurance at the cost of: $ For Mo.
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Date of Birth Date
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Date of Birth Date
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Single Credit Disability Insurance at the cost of: $ For Mo. (A maximum of 60 Benefit Payments will
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Date
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THE UNDERSIGNED ACKNOWLEDGES HAVING RECEIVED, READ, AND UNDERSTOOD THE NOTICE TO COSIGNER APPEARING BELOW ON THIS CONTRACT.
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ADDITIONAL TERMS AND CONDITIONS: I understand that page two hereof concerns security, prepayments, default, remedies upon default,
important disclosures and other miscellaneous provisions, all of which form a part of this Note and are incorporated herein by this
reference.
WESTSTAR ENVIRONMENTAL, INC.
I request that my account no. with the BANK be charged for each payment on its due date. / /
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/s/ Xxxxxxx Xxxxx
ADDRESS: Res XX. 0 XXX 0000-X --------------------------
X.X. XXX 0000, XXXXXX, XX 00000 XXXXXXX XXXXX
Res. Ph. Bus. Phone (000) 000-0000 PRESIDENT
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ADDRESS: Res.
Res. Ph. Bus. Phone
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NOTE TO CO-SIGNERS: "You" and "yours" in this Notice refer to each co-maker, endorser or guarantor of this debt. You are being
asked to guarantee this debt. Think carefully before you do. If the Maker doesn't pay the debt, you will have to. Be sure you can
afford to pay if you have to, and that you want to accept this responsibility.
You may have to pay up to the full amount of the debt if the Maker does not pay. You may also have to pay late fees or collection
costs, which increase this amount.
The BANK can collect this debt from you without first trying to collect from the Maker. The BANK can use the same collection
methods against you that can be used against the Maker, such as suing you, garnishing your wages, etc. If this debt is ever in
default, that fact may become a part of your credit record.
This notice is not the contract that makes you liable for the debt.
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X X
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(Signature of Endorser) (Print Name of Endorser)
Address: X
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X X X
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(Signature of Endorser) (Print Name of Endorser)
Address:
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Undersigned joins herein solely for the purpose of granting to BANK a security interest in the above described property, referenced
herein as "Collateral". Undersigned agrees to be bound by and perform all the terms and conditions of this Note as they relate to
the Collateral, particularly those on page two which reference and relate to the collateral, undersigned shall have no personal
liability for payment of the Total of Payments designated on the previous page.
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FOR BANK USE ONLY
X FLORIDA DOCUMENTARY STAMP TAX REQUIRED BY LAW IN THE AMOUNT OF $193.20 WILL BE PAID DIRECTLY TO THE DEPARTMENT OF
--- REVENUE --------------------
CERTIFICATE OF REGISTRATION $ .
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THIS IS A RENEWAL NOTE. STAMPS PAID ON THE ORIGINAL. CC 069443 $55,000.00
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600002-2 (9/96) 1st Copy - Bank Copy 2nd Copy - Customer 3rd Copy - Customer
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