R-534-72 1
r
RESOLUTION NO. 534
A RESOLUTION AUTHORIZING THE MAYOR
AND THE VILLAGE MANAGER TO EXECUTE
THE NECESSARY CHATTEL MORTGAGE OR
RETAIN TITLE CONTRACT WITH FIRST
STATE BANK OF MIAMI TO FINANCE THE
PURCHASE OF ONE AMERICAN LaFRANCE
FIRE TRUCK.
BE IT RESOLVED BY MIAMI SHORES VILLAGE:
That the Mayor and the Village Manager be authorized
to execute the necessary Chattel Mortgage or retain title contract
with the First State Bank of Miami to finance the purchase of one
American LaFrance fire truck.
That said mortgage or contract shall be in the
principal sum of not to exceed $44, 380. 00 payable in installments
on or before five years from the date of the mortgage, at 3-3/4%
interest.
PASSED AND ADOPTED this 21st day of November,
1972.
Mayor
ATTEST:
Village Clerk
"' $ 44,380.00 MfamL Florida._- ��/� '3o, i9�
Five years after date the undersigned (cad if more than one, each at them
jointly and severally), hereinafter called Maker, promises to pay to the.order of
THE FIRST STATE BAND OF MIAMI
8017 N.E. 2nd AVENUE,MIAMI,FLORIDA
FORTY FOUR THOUSAND THREE HONORED FIG11TY AND N01100
nollars,
with interest at 3-30 per annum n oro date, payable annuall
/' Qa29htX As security for the payment of this note Maker has
pledged or deposited with Bank the following property:
The said principal sum shall be due and payable in five (5) annual installments of$8,876.00
each plus interest on the unpaid balance comencing on Novembergo, 1973, and payable
on each November,9b, of each year until fully paid.
American La France, Pioneer 2 Model, pumper (Deisel Engines)1200 gallons per minute
Serial No. P l0 /89
i h
(including all cash, stock and other dividends and all rights to_subscribe for securities incident to,declared,or granted in connection with
such property), which property, together with all additions and substitutions hereafter pledged or deposited with Bank is called the Col-
lateral..The Collateral is also pledged'as security for all other liabilities (primary, secondary, direct, contingent, sole, joint and several),
due or to become due or which may be hereafter contracted.or acquired, of each Maker (including each Maker and any.other person)
to Bank The surrender of this note, upon payment or otherwise, shall not affect the right of Bank to retain the Collateral for such other
liabilities.
Additions to, reductions or exchanges of, or substitutions for the Collateral, payments on account of this loan or increases of the
same,or other Ioans made partially or wholly upon the Collateral„ may from time to time be made without affecting the provisions of this
note. Bank shall exercise reasonable care in the castody'and preservation of the Collateral to the extent required by applicable statute,
and shall be deemed to have exercised reasonable care if it takes such action for that purpose as Maker shall reasonably request in
writing,but no omission to do any act not requested by Maker shall be deemed a failure toexercise reasonable care, and no omission to
comply with any request of Maker shall of itself be deemed a failure to exercise reasonable came. Bank shall not be bound to take any
steps necessary to preserve any rights in the Collateral against prior parties and Maker shall take all necessary steps for such purposes.
Bank or its nominee need not collect interest on or principal of any Collateral or give any notice with respect to it.
If the Collateral shall at any time become unsatisfactory to Bank,Maker shall upon demand plodge and deposit with Bank as part of
the Collateral additional property which is satisfactory to Bank.
If Bank deems itself insecure, or upon the happening of any of the following events, each of which shall constitute a default here-
under, all liabilities of each Maker to Bank shall thereupon or thereafter, at the option of Bank,without notice or demand,become due and
payable: (a) failure of any Obligor (which term shall mean and include each Maker,endorser,surety and uarantor of this note) to perform
an agreement hereunder,to pay interest hereon within ten days after it is billed or otherwise requested�r_demanded, or to pay nay other
ty whatsoever to Bank when duebthe death ofnayObligor, (c) the filingofnaypetitiounder e tcy Act, or any similar
federal or state statute,by or against nay Obligor; (d) an applicatin fortheappointmntofa receierfthe making of a or
assign-
ment for the be
of creditors by,or the insolvency of any Obligor (e) the entry of a judgement against an Obligor, (f) the issuing of
nay attachment or gmaishment,or the filingo
of any lien, against nay property of any Obligor, (g) the.takfng of possession of auy substan-
tial port of the property of nay Obligor at the instance of any governmental authority;{h) the dissolution,merger,consolidation,or reorgan-
izatioa of nay Obligor (i) the assignment by any Maker of any equity is any of the Collateral without the written consent of Bank.
Bank shall have,but shall not be limited to,the following rights, each of which may be exercised at any time whether or not this note
Is due: (i) to pledge or transfer this note and the Collateral and Bank shall thereupon be relieved of all duties and responsibilities here-
under and relieved 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 the place of Bank hereunder and have all the rights of Bank hereunder, (ii) to-transfer the whole or any part of the
Collateral into the name of itself or its nominee; (iii) to vote the Collateral; (iv) to notify the obligors on any Collateral to make payment to
Bank of any amounts due or to become due thereon; (v) to demand, sue for,collect,or make any compromise or settlement it deems desir-
able with-reference to,the Collateral; and (vi) to take control of any proceeds of ColfateraL
Bank is hereby given a lien upon and a security interest is all.property of each Obligor now or at any time hereafter in the posses-
sion of Bank in any capacity whatsoever,including but not limited to any balance or share of any deposit,trust, or agency account, as se-
curity for the payment of this note, and a similar lien upon and security interest in all such property of each Maker as security for the pay-
ment of all other liabilities of each Maker.to Bank (including liabilities of each Maker and any other person); and Bank shall have the same
rights as to such property as it has with respect to the Collateral.
If Bank deems itself insecure or upon the occurrence of any default hereunder Bank shall have the remedies.of a secured party under
the Uniform Commercial Code and,without limiting the generality of the foregoing,Bank shall have the right, immediately and without fur-
ther action by it,to set off against this note all money owed by Bank in any capacity to each or any Obligor,whether or not due, and also
to set off against all other liabilities of each Maker to Bank all money owed by Bank in any capacity to each or any Maker, and Bank
shall be.deemed to have exercised such right of set-off and to have made a charge against any such money immediately upon the occur-
rence of such default even though such charge is made or entered on the books of Bank subsequent thereto. Unless the Collateral is perish-
able or threatens to decline speedily in value or is of a type customarily sold on a recognized market,Bank will give Maker reasonable notice
of the time and place of any public or private sale thereof.The requirement of reasonable notice shall,be met if such notice is mailed,postage
prepaid,to any Maker at the address given below or at any other address shown on the records of the Bank,at least five days before the time
of the sale.Upon disposition of any Collateral after the occurrence of any default hereunder, Maker shall be and remain liable for any de-
ficiency; and Bank shall account to Maker for any surplus,but Bank shall have the right to apply all or any part of such surplus (or to hold
the same as a reserve against) any and all other liabilities of each or any Maker to Bank
No delay or omission on the part of Bank in exercising any right hereunder shall operate as a waiver of such right or of any other right
under this note. Presentment, demand, protest,,notice of dishonor, and extension of time without notice are hereby waived by each and every
Obligor. The Obligors, jointly, and severally, promise and agree to pay all costs of collection and reasonable attorney's fees incurred or paid
by Bank in enforcing this note upon the occurrence of any default. Changes in interest rate may be made by Bank from time to time, notwith-
standing the interest rate specified. Any notice to Maker shall be sufficiently served for all purposes if placed in the mall, postage prepaid,
addressed to, or left upon the premises at, the address shown below or any other address shown on Bank's records.
a- Due
(SEAL)
Address 1t' t,_ P
° (SEAL)
0022 (COLLATERAL NOTE)
4
In addition to the liability as endorsers,which the undersigned hereby assume,for value received and intending to be le-
gally bound, the undersigned (and if more than one, each of them jointly and severally) (a) hereby become surety to the
payee of the within note,its successors, endorsees and assigns, for the payment of the within note,and hereby unconditionally
guarantee the payment of the within note and all extensions or renewals thereof and all sums payable under or by virtue
thereof including,without limitation,all amounts of principal and interest and all expenses (including attorneys'fees)incurred in
the collection thereof,the enforcement of rights thereunder or with respect to any security therefor and the enforcement hereof,and
waive presentment, demand, notice of dishonor, protest and all other notices whatsoever, and (b) consent and agree (i) that
all or any of the Collateral may be exchanged,released, surrendered or sold from time to time, (ii)that the payment of the note,
or any of the liabilities of the Maker thereof, may be extended or said note renewed for any period (whether or not longer than
the original period of said note), (iii) that the holder of said note may grant any releases, compromises or indulgences with
respect to said note or any extensions or renewals thereof or any security therefor or to any party liable thereunder or here-
under (including but not limited to failure or refusal to exercise one or more of the rights or remedies provided by said note),
and (iv) that any of the provisions of said note may be modified; all without notice to or consent of and without affecting the
liability of the undersigned as endorsers and sureties, and guarantors and further consent and agree that any of the under-
signed may be sued by the holder hereof with or without joining any of the other endorsers or makers of said note and without
first or contemporaneously suing any such other persons, or otherwise seeking or proceding to collect from them an any of
them, and without resort to any Collateral or security or other riahts or remedies whatever.
(SEAL)
(SEAL)