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HomeMy WebLinkAboutA024 - Letter from Firstar dated March 1, 1995 - Promissory Note to extend Hold Check Firstar Bank Ames FiRSPIR FMAR 3 CITY OF LE IOWA March 1, 1995 Mr. Paul Wiegand 515 Clark Ave. Ames, IA 50010 RE: Hold Check for Hunziker, Furman, Friedrich and Buck Dear Mr. Wiegand: Enclosed is a copy of the Promissory Note to extend the Hold Check issued to the City of Ames for an additional year. This was originally issued one year ago in the amount of $79,695.00 for the widening of R-50, Northridge Parkway Subdivision 1 Oth Addition. Please give me a call at 292-3603 if you have any questions. Sincerely, Richard M. Fischer Executive Vice President ice.LF J s 405 Main Street P.O. Box 828 Ames, Iowa 50010-0828 515/232-8200 515/232-5865 FAX PROMISSORY NOTE Not a Consumer Credit Transaction Maker: Reinhard K, Friedrich, Robert 0. Buck, No.: 2626322-9007 Donald Furman Amount $*79,695.00 Note Date: February 28, 1995 Maturity pate: February128, 1996 Firs s FOR VALUE RECEIVED the undersigned, Jointly and severally, as principals, promise to pay to the order of _ fts successors and assigns (hereinafter referred to as 'Bank"), the sum of S27 ntv—Ninp Thousand Cif H a ' N1rietV Five_ and N9/100 with Interest thereon at the rate of 9.00% Dollars (S 79.695.0_0) 1 said principal and Interest to be paid as follows; 1t maturity percent per annum; or In equal installmenta-of of each successive and one final Installment with Interest thereon, all payable on the same day of beginning on the day of then remaining.principal balance and Interest due on Maturity. entWith any unpaid principal and the remainder In reduction of the principal. Alhinto' aym be computed shall be pliedfor first actn payment of Interest due on of days elapsed upon the actual principal balance from time to time outstanding on the basis of a year of 360 days, p if referred to or used herein,'the 'Announced Bank Prmel or "Prime Rate' (or similar reference) shall mean that rate of Interest described Internal as the 'Prime Rate* of Bank announced from time to time by Bank and determined at the $ole discretion of Bank management as part of its procedures. No representation Is made herein by Brink to the u favored rate. ndersigned that the 'Prime Rate" Is either the lowest, the best, or a favored This note Is secured by all wxlsUng and future Hens and security Interests created by security agreements, mortgages, or any other ccilateral documents between Bank and/or the undersigned or between'Bank and any endorsers, sureties, or guarantors of this note and Payment may be accelerated according to any of said agreements and documents, The .undersigned and all endorsees, sureties, and guarantors of this note are hereinafter collectively referred to.aa.the "Obligors.' The undersigned hereby grant to Bank a security interest and lien In any credit balance or other money now or hereafter 'owed them by Bank and, In addition, the ned agree that bank may without notice or demand, set off•against any such credit balance.or other asset(s) any amount unpaid under this mote, whether due or not. The undersigned represent*and warrant that the e.Ytens!on of credit c;ldanced by uiis note is for business, commer Purposes, or is to an organization; cial, or agricultural OTHER PROVISiONS: Borrower a81,rees to provide financial information and annual is or more fre uentl as re ueste tax returns on an Len er. if this note Is secured by security agreement(s) check box. ❑ Date of security agreement(s): -------------- THE ADDITIONAL TERMS AND CONDITIONS SET FORTH ON THE REVERSE SIDE OF THIS PART OF THIS NOTE. THE UNDERSIGNED HEREBY ACKNOWLEDGE THE RECEIPT OF A COPY OF THIS NOTE. Address: 803 24th Street Reinhardt K. Friedrich, Robert 0. Buck Ames, iowa 50010 an Namelyvldua�l,�Corpor/atl�o�r7� am e ahl1), or or tlo 191nhar i o er t U. uc Dona d Furman Home Phone 8uainesa Phone Approving Officers initials _ RMF. / Hold check to City. Purpose: y of Ames for Northridge Parkway Subdivision loth Addition-Widening of R-So 726.lMo (9192) Pape 1 of 2. ADDMONAL TERMS AN&ADmot ', time or from time to time of title to the whole of or any part at•th and severally: m waive Qrea � collateral for this note by any person or entity other than any of The Obligors, Jointly representation o demand, notice of demand, protest, notice to protest, notice nder the;Obligors; (tx) Bank determining that,any nonpayment, end any other notice raga warranty made by any of the Obligors to Bank is, or was who' the law to any of the Obligors In oonne' don with the delivery, made, untrue :or materlafiy misleading. (x) the occurrence of an acoeptance, performance, default. or enforcement of this note, of default as defined in any security document which secures this any endorsement. surety agreement or guaranty of this note, or note; or (4 Bank deeming itself insecure. of any document or instrument aecurtty for, evidencing any . payment of this note; (m consent to any and all acceptance$ of. 3 Upon the occurrence of an Event of Default, the entire principal partial payments, delays. extension$, renewals, or other term hereof, the balance plus accrued Interest outstanding hereunder and any or An modifications,of this note or waivers the Obtigoro, any other Itabilttlea,.indebtedness and obligations of the Obligors t release or a charge by Bank of any Bank (however acquired or evidenced) shall, at the option of Bank, agreement by Bank• not to sue any Obligor, the release, ble, without presentment, notice, for the payment hereof, become Immediately due and pays substltudon, or exchange of any security Protest or demand of arty kind (ail of which are expressly waived b the Obligors), and to the extent permitted by law. the rate of any failure- to sot on the part of Ban and any indulgence P shown by Bank from time to time and M one or more instances Y over the interest of the a or more and agree interest on the.unpaid prtnelpat'and accrued Interest shalt, at t (without notice to ar n;sermt of am/ Option of Bank, be Increased to tour percent (446) im il[or P. note). compounded monthly, o that no such act,failure to sot, or failure to exercise- �alr rate (as shovm on the face of rim remedy on the part of the Bank shall In any way tour percent.(4%) over the Prime Rate of Bank ('Bank Default the obligations of arty of the Obligors or y construed na a of or otherwise affect, ar»I of Banks rights Rate7. The Bank Default Rate wm change each time and as o the waiver by Bank date that the Prime Rate of Bank changes. Failure at any time to under this note, under any endcrsembrit, surety agreement or exerdse any.of the aforesaid options or any other rights of Ban guaranty, of this note, or under any document or Instrument ant of this note; (ill) agree that hereunder shell not constitute a waiver.by Bank thereof, not $hail evidencing any security for payment t prevent Bank from exercising any of the aforesaid options or rights Bank is not required to first resort to arty collateral for payer a4 a later date. If this note Is payable on demand, the acceptant a any endorsement. surety by Bank of any partial payment hereof, from any of-the Obligors,. before bringing an action hereon (or on of this note) against the Obligors or any shall not affect the demand tenor of this note. agreement or guaranty , at one or more of them, and (M 9� to pay, on demand coats and expenses of collection of this note or of any 4. This note is delivered in and shad be construed in accordance endorsement or any guaranty,hereof andJor the enforcement of , respect to, or She administration, supermrlaton, with the laws of the State of Iowa, and an litigation this note or any Banks rights`with reap on, any . this note.or of any endorsement or guaranty preservation,_protection of. or reeitzstton uP security glven for payment hereof shag be brought only In th securing payment hereof, including, but not prnhed to, attomey's courts of*the State of Iowa or the courts of the United State fees and.court costs, with ,such fees and expenses •being which are shunted in the State of I ersone the sdicbtton upon tit advances hereunder, and severally, consent to and confer p of the following then courts of the State of Iowa or the. courts of the United State The aurrer,ce of any one or more which are situated In the State of Iowa, and expressly w.aNe an and obJectioira as to venue in any of such courts, and agree that constitute an event of default under this note ("��t °t �� be made on.the Obligors by mamng a copy Default"). 0 the failure of the Obligors to timely P$Y of service Of prowess may discharge any obligations, liabilities or Indebtedness °} any of the summons to their respective addresses. the Obligors to Bank, whether under this note cc any s and agreement, note or instrument now or hereaftOr eAsting, anyregal or unenforceable, In ether at maturity or by Qcceleration and no prior 6. In n° meson be heldto oInvalid provisions of this note sire when due (wit death of any of f m . rooeeding being red or whole or M part or In any respect, or In the event that any one or demand therefor by Bank being necessary); (11) the Obligors (if an individual), or a P more of the provisions of this note operate or would prospectively commenced (Voluntarily or Imrofuntaft for the diaaolution or the failure by the Obligors operate to invalidate tit!$ note, then and in etcher of those events liquidation of any of the Obllgors', (tiq shall be-deemed null and vold a In of prindpal or Interest or the failure such provision or provisions only to timely pay any and shaft not atteot any other provision of this note and the to perform any of the covenants, agreentermts or °ondttions of remaining provisions of this note shall remain operative and In tau any other note, the collateral for which Is also collateral for the tome and effect and shad 1n no way be affected, prejudiced, o note; [M the insolvency or business fafiure any disturbed thereby. ointment of a custodian. trustee, Obligors, or the appointment of the property of Bank, or receiver for any M the Obligors or for any ore by g, The, Obligors shall from time to time, upon request by the Obligors; (v) any assignment for the benefit of cxedlt permit a representative of Bank to Inspect and make copies of the or against any of the Obligors, or-the Ong of a petition booki and °r against the Obligors Oblln�ur~nlah Bank such financial Information In aifons, The rm acceptable ors to (whether voluntarily or htmroluntarfM by the she under any bankruptoY, insolvency, or debtor's s, O Invr; W0 Bank as Bank may from time to time request. occurrence of any readjustment of Indebtedness, oomposttion or extension of any Indebtedness of any of the Obligors; (Vm any attachments, liens or additional security Interest being placed upon any of the collateral for ilnis 1_10te; !ct any Page 2 of 2 F6028.LMa tales '