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HomeMy WebLinkAboutC80-051 Promissory Note with First Bank to purchase 1980 JeepDIRECT LOAN (Simple Interest) PROMISSORY NOTE, SE TY AGREEMENT, FINANCING STATE SIT, DISCLOSURES MAKERS (DEBTORS) (Last name First) and Mailing Address County of Eagle State of Colorado Eagle, Colorado Business Phone I Home DISCLOSURE TERMS: Proceeds Other Charges: Insurance Official Fees Total Other Charges Amount Financed Finance Charges: Interest $ S88,87 $ FINANCE CHARGE (Total) Total of Payments ANNUAL PERCENTAGE RATE LENDER (SECURED PARTY) FOR FILING OFFICER First Bank of Eagle County P. O. Box 567 Eagle, Colorado 81631 Note Number I Note Date $ 6,515.55 $ 61,51Se55 5-13'-80 to INSURANCE, if written in connection with this loan, may be by Debtor through any person of his choice. If Debtor desires the to be obtained through the Lender, the cost will be $ CREDIT LIFE AND CREDIT DISABILITY INSURANCE are not required to obtain this credit. It will not be provided and no charge therefor made unless Debtor signs below. The estimated cost of Credit Life Insurance is $ 0 Insured) or $ (2 Insureds) for a decreasing term policy covering the out- standing balance of the Amount Financed plus earned finance charge during the term of the credit. The estimated cost of Credit Disability Insurance for the term of the credit is $ (1 Insured only.) 1 DESIRE CREDIT LIFE INSURANCE n /a $ 887.87 (signature of Debtor to be insured) $ = Q �!Q - 42 (signature of Debtor to be insured) R • % I DESIRE CREDIT DISABILITY INSURANCE n/a (signature of Debtor to be insured) (date) (date) (date) NOTE "^ker promises to pay to the order of Lender (Secured Party) at the address shown above, the Amount Financed with interest on the unpaid balance thereof at the rate _�t 8.5 % per annum, in 36 month) installments of $ 205.68 each (except the final installment which shall be the balance then due on this note), the first installment to be paid on June 1 , 19 80 and subsequent installments on the same day in each successive month thereafter until this note has been paid in full, or as indicated in the space below. The Finance Charge applies from the Note Date unless otherwise indicated: r Notwithstanding any other provisions of this note, the holder is entitled to a minimum Finance Charge of $15.00 (if the Amount Financed is less than $500.00) or $25.00 (if the Amount Financed is more than $500.00). In the event of prepayment in full, if the earned Finance Charge is less than said minimum Finance Charge, the holder is entitled to collect said minimum Finance Charge (inclusive of earned Finance Charge) as a minimum charge. At the option of the holder, the unpaid balance of this note and all other obligations of Maker to the holder, direct or indirect, absolute or contingent, now existing or hereafter arising, subject to the provisions of Section 5-5-112 of the Colorado Uniform Consumer Credit Code (UCCC), shall become immediately due and payable without notice or demand if (a) any payment required by this note is not made when due, or (b) a default or event of default occurs under any loan or security agreement or other instrument executed as security for or in connection with this note, or (c) the Maker or any of them, or any other signer, shall become deceased, or (d) the holder at any time in good faith believes that the prospect of any payment required by this note is impaired, whether or not such belief is caused by any act or failure to act of any Maker or of any endorser, guarantor or accommodation party of or on this note (hereinafter collectively referred to as "any other signer"). Maker and any other signer waive demand, presentment, notice of dishonor and protest and assent to any extension of time with respect to any payment due under this note, to any substitution or release of collateral and to the addition or release of any party. No waiver of any payment or other right under this note or security agreement in connection herewith shall operate as a waiver of any other payment or right, including right of offset. If the holder enforces this note upon default, Maker or any other signer shall pay, or reimburse the holder for, (a) reasonable expenses incurred in realizing on any Security therefor and (b) if referred to an attorney not a salaried employee of the holder, reasonable attorney's fees not in excess of 15% of the unpaid debt after default or, if allowed by the UCCC, such additional fees as may be directed by the Court. The holder shall have the right of offset against any deposits by any Maker with the holder or any assignee of the holder. This note is secured by the Security indicated below, if any, and shall be construed under and governed by the laws of Colorado. If there is more than one Maker, all of the provisions of this note shall apply to each and any of them jointly and severally. CountY g of Ea le By signing this instrument, the undersigned also acknowledges receipt of a copy. 99nature of Maker -Debtor. (date) SECURITY State of Colorado 5-13-8o W' Z:!L A I --n 14 Le 6�- Dale F. Grant, chairman (date) Board of County Commissioners AGREEMENT To secure the payment of the foregoing indebtedness, and any and all liabilities, direct, indirect, absolute, contingent, due or to become due, now existing or hereafter arising (all hereinafter sometimes called "obligations") of the Debtor to the Secured Party, the Debtor grants to the Secured Party a security interest in the following property and any and all additions, accessions, attachments, accessories, repairs, replacements, substitutions and proceeds thereof, thereto or therefrom (hereinafter sometimes called "Collateral"): 1980 Jeep P.U. #J0M25NC058890 Purpose of Loan purchase above vehicle. (Personal, Family, Household, Agricultural, or Business) Debtor warrants that he is the owner of the collateral free and clear of liens, encumbrances and security interests; that he will not sell, transfer or encumber the collateral without prior written consent of Secured Party; that the collateral is located at and will be kept at his address above shown; if a motor vehicle not to remove the some from Colorado, and if other collateral not to remove the same from his address above shown without written consent of the Secured Party; to pay all taxes when due; to procure such insurance as may legally be required by Secured Party and deliver the policy to Secured Party with a loss payable clause in favor of Secured Party or a certificate thereof; in default of the foregoing Secured Party may pay such taxes or procure such insurance, the expense thereof to be secured hereby and paid by Debtor. Debtor may retain possession of the collateral until any default hereunder. If default shall occur in the payment of the Note or other obligations secured hereby or in any i" conditions of this Security Agreement or the Note secured hereby, or if Secured Party feels insecure in its security, then the Secured Party may take immediate possession of the ollateral wherever found, with or without legal process, and may exercise any rights and remedies granted Secured Parties by Article 9 of the Uniform Commercial Code upon default by Debtor under a security agreement and such other rights as are permitted and provided by law. This Security Agreement covers any future indebtedness to the Secured Party by any Debtor. 1 "s County of Eaglev By signing this instrument, the undersigned also acknowledges receipt of a copy. State of Colorado Signature of Maker -Debtor: sen ,D.... In17AI .— —.1— n.... u,.,. .i�-1-sil (date) Dale F. Grant talZICtaTl (dare Board of �y Camnissioners A carbon copy or photocopy of this instrument may be filed as a financing statement.