809,000.00 Valdosta, Georgia
December 30, 1996
FOR VALUE RECEIVED, the undersigned, INSURANCE MANAGEMENT INFORMATION SERVICES, INC., a Florida corporation (the "Borrower") promises to pay to the Order of FIRST OF AMERICA BANK - FLORIDA, F.S.B., a federal saving bank (the "Lender") the principal sum of EIGHT HUNDRED NINE THOUSAND DOLLARS ($809,000.00), together with interest on the principal balance remaining unpaid from time to time at the rates set forth below.
Term. The term of this Note shall be from the date of this Note through and including the date that is exactly forty-eight (48) months following the date of this Note (the "Term"). The last day of the Term will be sometimes referred to below as the "Maturity Date".
Interest. The principal balance of this Note remaining unpaid from time to time shall bear interest from the date of this Note through and including the date that all indebtedness evidenced hereby is paid in full at the rates per annum equal to the Lender's Base Lending Rate (the "Lending Rate") announced or published by Lender from time to time, to be adjusted daily as and when the Lending Rate is adjusted. In the event the Lender shall cease or fail to announce or publish a Lending Rate, regardless of the reason therefor, then the Lender may utilize the Lending Rate announced or published by any other nationally known financial institution for Purposes of determination of the interest rate for the remainder of the Term. In the event that all nationally known financial institutions shall cease or fail to announce or publishing a Lending Rate, regardless of the reason therefor, then the Lender shall select a comparable national index, and if no comparable national index is available, then Lender shall establish the interest rate for the remainder of the loan Term. The term "Lending Rate" shall mean the annual rate of interest announced from time to time by the Lender. The ending Rate is a reference rate for the information and use of the Lender in establishing the actual rates to be charged its borrowers. It is not intended to and does not represent the best or lowest rate of interest available to any borrower or class of borrowers.
Manner of Calculation. Interest shall be calculated on the basis of a three hundred sixty (360) day year for actual days elapsed. Interest will be charged on the principal balance of the loan that remains outstanding from time to time.
Signed for Identification
By: /s/ G. Kristin Delano
---------------------------------
The Secretary of Borrower
Interest Limitation. Notwithstanding any other provision of this Note or any other instrument executed in connection with the loan evidenced hereby, it is expressly agreed that the amounts payable under this Note or under the other aforesaid instruments for the payment of interest or any other payment in the nature of or which would be considered as interest or other charge for the use or loan of money shall not exceed the highest rate allowed by law, from time to time, to be charged by Lender. In the event the provisions of this Note or of any instruments referred to in this paragraph, regarding the payment of interest or other payments in the nature of or which would be considered as interest or other charge for the use or loan of money to produce a rate that exceeds such limitation, then the excess over such limitation will not be payable and the amount otherwise agreed to have been paid shall be reduced by the excess so that such limitation will not be exceeded, and if any payment actually made shall result in such limitation being exceeded, the amount of the excess so that such limitation will not be exceeded, and if any payment actually made shall result in such limitation being exceeded, the amount of the excess shall operate to reduce such principal by the amount of such excess, or if in excess of the principal indebtedness, such excess shall be refunded.
Payments. Principal plus in shall be due and payable and shall be paid at 201 Kennedy Boulevard, Tampa, Florida 33602, Attn.: Commercial Loan Department, or at such other place as the Lender may designate from time to time, as follows:
(i) Monthly Payments. Except as provided below, principal shall be due and payable and shall be paid monthly in the amount of SIXTEEN THOUSAND EIGHT HUNDRED FIFTY-FOUR AND 17/100 DOLLARS ($16,854.17), each, plus accrued interest, commencing on the date exactly one (1) month following the date of this Note, and on the same day of each succeeding month thereafter through and including the same day of the month next preceding the Maturity Date.
(ii) Maturity Date. On the Maturity Date, all indebtedness evidenced by this Note (whether unpaid principal, accrued interest or otherwise) that remains unpaid shall be due and payable and shall be paid.
Each installment of principal plus interest under subparagraph (i) above shall be credited first on account of the interest then accrued on said principal remaining unpaid and then in reduction of said unpaid principal.
Further, because of increases in the interest rate, should any installment of principal and interest set forth in subparagraph (i) above be insufficient to: (A) pay in full the accrued interest on this Note; or (B) fully amortize the principal amount of this Note on or before the date exactly four (4) years from the date of this Note (the "Amortization Period"), Lender shall notify Borrower of
Signed for Identification
By: /s/ G. Kristin Delano
---------------------------------
The Secretary of Borrower
*End of Preview*
Click the 'Add to Cart' button to download the complete and formatted agreement.