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HomeMy WebLinkAboutResolution No. 1983-23MICROPLIMED 4.15 -85 RESOLUTION NO. 83 -23 A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO ENTER INTO AN AGREEMENT WITH THE FIRST BANKERS TO BORROW $55,000 FOR THREE YEARS; PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Cape Canaveral is financing the Central Avenue Paving Project; and WHEREAS, the citizens of Cape Canaveral will benefit by being able to make installment payments; NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Cape Canaveral, Florida, as follows: SECTION 1. The Mayor and City Clerk are hereby authorizer to enter into an agreement with THE FIRST BANKERS to borrow $55,000 which is to be repaid in three (3) years. A copy of the promissory note will be attached hereto and made a part hereof. SECTION 2. This Resolution shall become effective immediately upon its adoption. ADOPTED by the City Council of the City of Cape Canaveral, Florida this 5th day of April , 1983. iq pity Clerl r,�rY 3a d . i• � � " ✓V Ci orney NAME YESi NO CALVERT ff HARRIS X NICHOLAS �X RUTHERFORD Ix l( WINCHESTER (X 41 f l • t X30/ 53 Gy TIME NOTE eorrwer. City of Cape Canaveral Address: P. o. Box 326. Cape Canaveral. Florida 32920, Ibett /Bruce April 18, 19 83 Officer Date of Loan 065303497 04 -4260 April 18,. to 86 Customer Number Loan Number Maturity Date three years The undersigned Borrower (and if more than one, each of them jointly and severally without regard to number or gender),. Promises to pay to the order of: *The First Bankers of Florida, National A�A�1�tion Cape'Caaeiveral Florida. ih moun Financed, ogether with Finance Charges, Including Interest al a Iras Bankers Prime Rate plus -(I- .�Sa.ted gaarter4,. Will.- R.I.: The Annual PerCenNe. Rare m.r ae dun ,, Ine term of in., tan—u. 11 the Fir,i a.r,, s III— Rate Indre..ea. An, In .... 1. will tale Ine roan of h.,, a amounts. For ,mole.g d il f 1. 184 Wins yee re an tsn u o 1Cino ear your quarterly permenl would increase try szsoo, nedmred oe *sic the Annual Perc rAcir Rete tldee not leas'n account dup.111. You have the right to receive at this time an Itemization of the Amount Financed. O 1 want an Itemization. ❑ 1 do not want an Itemization. Prepayment II roll per olr e.elr. roll mry nor. to pm epanaur. nwum -m ua. ts When Payments Are Due ANNUAL FINANCE Amount' Total of PERCENTAGE CHARGE Financed Payments RATE The dollar amount The amount of credit The amount you will The cost of your the credit will colt provided to you or behalf, have paid alter you have made all pay- crodlt as a yearly rate. you. on your ments as scheduled. 7.075 % $ 6,677.32 $ 55.000.00 $61,677.32 Will.- R.I.: The Annual PerCenNe. Rare m.r ae dun ,, Ine term of in., tan—u. 11 the Fir,i a.r,, s III— Rate Indre..ea. An, In .... 1. will tale Ine roan of h.,, a amounts. For ,mole.g d il f 1. 184 Wins yee re an tsn u o 1Cino ear your quarterly permenl would increase try szsoo, nedmred oe *sic the Annual Perc rAcir Rete tldee not leas'n account dup.111. You have the right to receive at this time an Itemization of the Amount Financed. O 1 want an Itemization. ❑ 1 do not want an Itemization. Prepayment II roll per olr e.elr. roll mry nor. to pm epanaur. nwum -m ua. ts When Payments Are Due 8 7 monthly, beginning May 18, 1983 Faymell 7prTn 78 pr p nei"al, pluat for 35 months and a final ue ntersat. ue an pr I 19 Security: You are giving a secu rity Interest in: C; the goods or property being purchased; x unueeured Se your contract documents for any additional Information about nonpayment, default, any required repayment in full Were the scheduled dale, prepayment penalties and security interests. Insurance: Credit lit. Insurance Is not required to obtain credit, and will not bo p ovided unless you s1fn and agree to pay the additional cost. you have the o tion of asst ning any otter life insurance policy or policies ou my own or may obtain for �he purpose o� covering tie loan and that the pokey need not �e Credit Life Insurance n/a n/a n/a n/s purchased from the"tibVIts order eFifi i'AlfYn "!he loan ."e"" Requested by Soeurl Interest: Bank has the right to apply to any obligations of any Obligor (which term shall mean and include each Borrower. n orseq ypo acaloS Surety, and Guarantor of this note)agalnst any liabilities of any Obligor to Bank any amounts in any account special or general, malntalnedby any Obligor with the Bank. ❑ Personal Property - Borrower grants Bank a security interest under the Florida Uniform Commercial Code In the property described below and all proceeds thereof: * * * *UNSECURFD * *AA (Including all cash, stock, and other dividends and all rights to subscribe for securities Incident to, declared, or granted in connec bon with such property), which property, together with all additions and substitutions hereafter pledged or deposlled with Bank is called Collateral. Collateral Is also pledged as security for all other liabilities (primary, secondary, direct, contingent, solo, joint or several), due or to become due or which may be hereafter contracted or acquired of each Obligor (including each Obligor and any other person) to Bank.The surrender of this note upon payment or otherwise shall not affect the right of Bank to retain Collateral for such other liabilities. The security Interest Includes all rights arising In connection with the above-described property, now or hereafter acquired, Including all securities resulting from stock spills or stock dividends, all warrants or rights to subscribe to securities, all dividends or Interest paid in cash or by negotiable or nonnegotiable Instrument, all rights arising in redemption, reorganization, dissolution or liquidation and all proceeds of the above. C3 Real Property- The Bank shall have a security interest created by a Mortgage dated n/a on real property located at: as described In that Mortgage. The security Interest includes the following whether now owned or aftenacquIred: all fixtures to and rights arising from the property, asslgnments of proceeds or condemnation and proceeds of any Insurance payable in the event of loss, and the ownership Interest of Obligor In the policies If Bank shall acquire the property, all as described In the Mortgage. pro insurance.. ws damage se h iinsurer Borrower choose company or ageang wch in ane Ito be obtained. The Bank reserves the right to reject for re reasonable CHECK IF APPLICABLE O: n/a has signed below only to create and maintain a valid security Interest in Bank and shall have no personal liability on this noto. - ❑ : Bank Is authorized to charge gtcount 0. for payments. The undersigned acknowledges that a fully c I amplified TTEST his note was furnished before execution by Borrower. I 1 : , \-.i I ne R :, -- Borrower Y othe___ i Borrows, ATTAC1114ENT TO RES. NO. 83 -23 1 ADDITIONAL AGREEMENTS AND PROVISIONS IWI E :Oft :JlO shall not In- It is agreed that cps to.nrorce or and Bank, in Its town to contuse to any Collateral En rights against UpendmItic -all of on bo re0cef of in a,:1. 1, 1 Idnspons ,h Ire kdmaa td tgra rite olu •y and dil ilJb l'Iytn'ihl p`III.tl�iY coaat.ml so pledged or lran9lerred, and any pledge am transloree Shall[Or all puiposas stand n the place of Bank humund randha flirt the rlphi9 and duties of Bank hereunder. It collateral shall at any time " Co nsallslaclory lO Bank, O0ligm shall witnln coed y oiler dema Id prctlgs and tlep t ith Ban k. va Varl o! Collateral, additional property which 1, salislJCfwy la Bank. u1m, the happening of any of the fallowing eyenls h 1 which sh it 10 IC d f ih d II II tali sot each Obligor 1 Bank snot h upon., lhnreatler al the cpf On of Bank,w lh t t' or ue nU Ue' 1 rip Y -hoe f It I e f ny Obi ga I Perform rely eat nereunnM; pay Interest nera.n within Inn Jays alter 11 I5 bii.ud or otherwise duq of demanded. t.h rnev Cr crimes 1'.rsl Inc urn H. pay an, principal amount x h'ah demanded hereunder nr Indian lo. pay or poll.,. ander any other agreement whatsoever wlih Bank when dart: material lallure of any Obligor to DJY Or perform Jccordlnp In anV agreement Uchween such Ooligm and any tithe, party: loo 111 death of 111 Obl!gor,Ic)ih.Ifling Oi any,ahllonunderInn Bankmpicy Act or arty.imi,arfederal or state statute, Uy; on Mhall ol, or 2gaitn0 re GObel^By;'dlnn application far the app,;1menl........... ter, oho maklnq olageneral'asslpnmenl lotthnbonolli of cmdllors by,Or Yo 1 Oble;m,,lu)the entry of AjudBOman, against an Obllij 1 ;(the Is9ulnp of any writ or Order for alfacnmanl or par NShmenl, or ino IilinB 0t any lien, against any preporty Plan O011gOr, Iql the taking of po9sesslon Oi any suU9ianlialmnr(ol tna property of any Obligor at the instance of any govnt nlalaulharityoliothedlssolullon, merger, consolidalian,.! r- xg. mzWamOIanyObligor :Iginoasslonrnenlbyany oblige /ofanyequi ty In any Collate:Jl without ino prior written consent of Bank; gl any,.manly Orrnpresonlation made or furnished by or on behalf Of any Obligor.. to Bank which Is malerially false or misleadlnp when made or furnished, Or Obligor Iali1,Id n011ty Bank immediately II Bank in OOtl faith k now that ,on warranty at rephearoa l ion l9 material ly false or mlelstding elan lime. allM1OUgh hue when me s;Ili) 9 believes that the prospect 01 payment or performance of any act lion or agreement between any Obligor and Bank I9 Impaired. Upon the.ccwra,ce at any default hereunder, Bank shall have all one rights and remedies of a secured party under the UnUwm COmmarcial Cade and es adopted in Florida and amended [ram limn to Ilene, and without limiting the generality of the Iwegoing.0ank shall navy the rlpni. Ire mMialely and wllh0ut Iu,iher ncllon by II, t0 sat elf against any Ilabilliies of any Obligor io Bank, whether or not due, any some in any account maintained by any Obligor with Bank and Bank shall be deemed l0 "exercised Such right of eel oil and to have mad. A cha,go against any such account immediately upon me occurrence of such do fault even though each charge Is made ce entered On the books Of Bank m.aIcuenl IM1ereto. Berth may dlsp.so of Collateral ai wh01o9a10 or rotator In whole Or In part, Or by way of ono or mom contracts, In any commercially noble manner WilM1OUt Ilmilinp the l.regoing. ll Collalemi is listed on an exchange which is a rugislered mcnpreoe under inn provislonz of t,.Socurlllee Exchangn AC1o11Bga,orif Co lla to mllssu bjecttogvotedprice .pubiishedbythaNA.S.O., It lsa dthal asalo al anytime through a broker or dealer who is a regislred member.) such exchange or or N. &S 0, shall con stoule a commercially reasonable public sale: a sale at any films to any such broker or dewier shall eonslitule a commercially reasonable pnval. sale. Sale at any time to any pa yyor?a n price cur teal at In tlmn, In arty market described an.re shall con5hluteaccmmercialry rea.enable prlvalof In,tyankmay purchase any IICOhalerei at any sucn public or private sal.. Unless the Collateral IMealens 10 decflno speedily In value or i. of one type deSCnbCd alfova.Oane will give Bor- oxe! reasonable notice OI the time and place of any public sale lhareol, or or the time after which any private sale of an Y olho! intantled tliSVOSI lion thereof is l0 ba made. It is sore b "at any noticC placed In Iho United Stales Mall,pOstage propaid,adtlressetl to any Obligor al any atlme9s nhl i.. Upon Olsprosltolonhof any Co al.ralYOblipOr shall pe an main liable for anyrdcl r.i_V; and Bnnik shall ec<ounl Iolt001pn,slOr nn -1 surplus, but Bank shall rev. the right to apply all or any part of such surplus (or la .alit Ind same as reserve agMnag any and all other habilliles of each or any Obligor to Bank. NO dolay or oml,elmh on the part of Bank In exercising any right hereunder shall operate ris a waiver of such right or of any other right undo, this note. Prosentmenl, demand, notice of demand, notice.' protesl. notic. of dishonor, default or nunpayment .,a hereby'wa,l.d by each and every Obligor. OUllgbr consents and egress to any release w subnhtorien. without notice, of any CallsM it or any other Obligor. Obligor consents io and opens to any number al oxiansi.0. or renewals for any "Had oI lime and 10 eny mW 111cai ens of the provisions of this halo, Including Ire ernes.of one interest rote.all without any notice I.ObugOn; 001" waives any right tosuch notice.Tho Ob„,^ elr�ncurrt •OInconsuitalll°noayrol^ osis of [olla ;10n Including Reasonable Attorney's Fees Incurred Or paid by Bank In Cntorcing This note, w judicial Proceeding Obligor egreos to Pay an amount equal to ton percent I1gYe) of Inn Amount Financed as Reasonable Attorney's Fves ar such great , Amount as the court shall adjudicate a9 reasonable In the event of eny acilon to enforce provisions of this hole. Reasonable Attorney's Fce9 shall Include lens for servi<OS ron0e,ed In all appellate pmaeedings, TMs note may be prepaid In lull or In part M any lima. A minlmum Iry toresl charge el s10 g0 of inle,est shall be made should the Obllpor prepay Isis loan nefore $IBgg 01 Interest accrues at the annual percentage 'em dlsclased. Obligor may redeem Collateral al any time prior Io dlsposll Ion or anon utlon of a contract for di sposillon by payment to lull of all obligations secured hereby, and all costs Incurred by Bank, Including Reasonable Attorney's Foos. The undersigned (and 11 more than one, each of them jointly and severally) hereby become surety to the Bank, its successors, endorsers and assigns, for the paymentof this, zleand herebyunconAijzkm llyguerenA.thepayment ofthin note and all extensions, renewals and modifies. Ilona, Including all Increased Interest poyablo due l0 subsequent rata Increase,, and agree to periarm iho conUacls of en endo,,., and an any other Obligor. with and withtnit Irving any such other person or otherwise the eeking or proceeding o culect) rem any of them, and without underlaking to.nlorc. any right, with respect to Collateral. The undersigned consent and agree to any sesp.nslon by the Bank of Bank's right 10 enforce this note age lnal any other Obligor, Or to realize upon any Collateral. (SEAL) )SEAL) )SEAL), (SEAL) k.",yd't'