HomeMy WebLinkAboutReal Estate Lien Notice 1
I Certify this to be a true and cermet
copy of the original.
REAL ESTATE LIEN NOTE
UNIVERSITY TITLE COMPANY
COMMERCIAL
DATE:
June 14, 2002 By•
Karen Mc arroil, Escrow Officer
MAKER: FOUR AGS INVESTMENTS, LP, a Texas limited partnership
PAYEE: " FIRST AMERICAN BANK, SSB, A TEXAS STATE SAVINGS BANK
PLACE FOR PAYMENT: P.O. Box 1033, Bryan, Texas 77805
Ir A
PRINCIPAL AMOUNT: THREE HUNDRED NINETY SIX THOUSAND EIGHT HUNDRED
AND NO /100 DOLLARS ($396,800.00). THE FUNDS TO BE ADVANCED UNDER THIS
NOTE REPRESENT AN ADVANCING LINE OF CREDIT AND WILL BE ADVANCED ON A
PERIODIC BASIS UNTIL DECEMBER 14, 2002, AFTER WHICH TIME NO ADDITIONAL
ADVANCES WILL BE MADE ON SUCH NOTE.
ANNUAL INTEREST RATE ON UNPAID PRINCIPAL FROM DATE OF FUNDING
UNTIL MATURITY:
The lesser of A or B below:
(A) The National Prime Interest rate as published in The Wall Street Journal plus One
(1.00 %) percent ( "Applicable Interest Rate "), provided however, that the Applicable Interest
Rate shall be floating and adjusted as of the effective date of any change in the National
Prime Interest Rate as published in The Wall Street Journal so that at all times prior to
maturity, the Applicable Interest Rate hereof shall be at a rate equal to the National Prime
Interest Rate, as published in The Wall Street Journal, plus One percent (1.00 %), floating.
Such rate is published by The Wall Street Journal as a general reference rate of interest,
taking into account such factors as The Wall Street Journal may deem appropriate, it being
understood that many commercial or other loans are priced in relation to such rate, that it is
not necessarily the lowest or best rate actually charged to any customer of First American
Bank, SSB, a Texas State Savings Bank, and that First American Bank, SSB, a Texas State
Savings Bank, may make various commercial or other loans at rates of interest having no
relationship to such rate. In the event The Wall Street Journal publishes more than one
interest rate as the National Prime Interest Rate the National Prime Interest Rate used herein
shall be the highest of such published Prime Interest Rates, unless Holder notifies Maker in
writing of Holder's intent to use one of the Lower Published Prime Interest Rates in
determining the ( "Applicable Interest Rate "). If such Prime Interest Rate or Index is no
longer available, or if such Prime Interest Rate is no longer ascertainable, the Note Holder
will choose a new publication or index (which is based upon comparable information) to
calculate the National Prime Interest Rate. The Note Holder will give Maker notice of the
new publication or index; or
(B) the maximum rate of interest permitted by applicable law.
TERMS OF PAYMENT (PRINCIPAL AND INTEREST): DUE AND PAYABLE ON
DEMAND, OR IF NO DEMAND IS MADE, Interest only as it accrues shall be due and payable
monthly, each, payable on the 14th day of each and every calendar month, beginning July, 2002,
and continuing regularly thereafter until and including December 14, 2002, when the entire amount
hereof, principal and accrued interest then remaining unpaid, shall be then due and payable.
LATE CHARGE FOR OVERDUE PAYMENTS:
If the Note Holder has not received the full amount of any payments by the end of 15
calendar days after the date it is due, the Note Holder may require the. Maker to pay a late charge to
the Note Holder. The amount of the charge will be five (5 %) percent of the entire scheduled
payment of principal and interest notwithstanding that Borrower may make a partial payment of a
JDW/lmc/Four Aggie/Note /02 -0887 1
scheduled payment. Maker will pay this charge only once on any late payment and Maker is not
obligated to pay a late charge on any payment if the payment of such late charge would result in a
usurious rate of interest.'
ANNUAL, INTEREST RATE ON MATURED, UNPAID AMOUNTS:
EIGHTEEN '(18 %) PERCENT PER ANNUM, Interest on matured unpaid amounts shall be
computed on the basis of a three hundred sixty -five (365) day year or a three hundred sixty -six (366)
day'year'a'the case 'may be, subject however to the following limitations: commitment fees, points,
filing fees, late fees or other charges or fees, if any, which are deemed to be interest and are allocated
or proratbd-td a particular year plus the annual interest charged under this particular paragraph shall
never exceed eighteen (18 %) per annum.
SECURITY FOR PAYMENT:
Deed of Trust of even date herewith, executed by Makers hereof to ROBERT K. NORDHAUS,
Trustee, upon the following described real property, to -wit:
TRACT ONE:
Lot Two A (2A), Block One (1), Replat of Lots 1 and 3, Block One, Melrose Subdivision, City of
College Station, according to plat thereofrecorded in Volume 3020, Page 89, of the Official Records
of Brazos County, Texas.
TRACT TWO:
"Common Area ", Block One (1), Replat of Lots 1 and 3, Block One, Melrose Subdivision, City of
College Station, according to plat thereofrecorded in Volume 3020, Page 89, of the Official Recods
of Brazos County, Texas.
APPLICABLE LAW:
Applicable Law means that law in effect from time to time and applicable to this Note which
lawfully permits the charging and collecting of the highest permissible lawful, non - usurious rate of
interest on loans of this type, including laws of the State of Texas and laws of the United States of
America.
CALCULATION OF INTEREST:
Any provision contained herein to the contrary notwithstanding, computations of interest on
the unpaid principal amount of this Note, from time to time outstanding from date until maturity, at
rates provided in this Note, shall be made on the basis of an actual three hundred sixty (360) day
year.
Maker promises to pay to the order of Payee at the place for payment and according to the
terms ofpayment the principal amount plus interest at the rates stated above. In addition, the Maker
agrees to pay the commitment fees, points, filing fees, late fees, or other fees and charges set forth
herein, or in any Loan Commitment between Maker and Payee. All unpaid amounts shall be due
by the final scheduled payment date.
If default is made in the payment of any installment of principal or interest hereof, as and
when the same is or becomes due, or if default occurs under any instrument securing the payment
hereof or executed in connection herewith, the owner and holder of this Note may, without notice
or demand (both of which are expressly waived by Maker), declare all sums owing hereon at once
due and payable. If default is made in the payment of this note at maturity (regardless of how its
maturity may be brought about) and the same is placed in the hands of an attorney for collection,
or suit is filed hereon, or proceedings are had in bankruptcy, probate, receivership, reorganization,
arrangement, or other judicial proceedings for the establishment or collection of any amount called
JDW/Imc/Four Aggie/Note/02 -0887 2
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refund the amount of such excess (to the extent only of the excess of which interest
payments above the maximum amount which could lawfully have been collected and
retained) upon the discovery of such error by the party receiving such payment or
notice thereof from the party making such payment.
•
Each Maker is responsible for the entire amount of this note.
Maker grants to the holder of this Note a contractual possessory security interest in, and
hereby assigns, conveys, delivers, pledges, and transfers to the holder of this Note all of Maker's
right, title and interest in and to all of Maker's accounts with the holder of this Note, including
without lihittation, all accounts held jointly with someone else and all accounts Maker may open in
the future, excluding, however, all IRA, Keogh and Trust accounts. Maker authorizes the holder of.
this Note to the extent permitted by applicable law to charge or offset all sums owing on this Note
against such accounts.
The terms Maker and Payee and other nouns and pronouns include the plural if more than
one. The terms Maker and Payee also include their respective heirs, personal representatives, and
assigns.
In the event of a conflict between the terms of this note and the terms of the Deed of Trust,
security agreement or mortgage securing the indebtedness represented by this note, the terms of this
note shall control.
Maker reserves the option ofpre- paying the principal of this Note, in whole or in part, at any
time after the date hereof without penalty. Accrued and unpaid interest with respect to such principal
amount pre -paid is due and payable on the date of such pre - payment. All amounts of principal so
pre -paid and received by the owner and holder to this Note shall be applied to the last maturing
installments of this Note in their inverse order of maturity.
If more than one person or entity executes this Note as Maker, all of said parties shall be
jointly and severally liable for payment of the indebtedness evidenced hereby. Maker and all
sureties, endorsers, guarantors and any other party now or hereafter liable for the payment of this
Note in whole or in part, hereby severally (i) waive demand, presentment for payment, notice of
dishonor and of nonpayment, protest, notice of protest, notice of intent to accelerate, notice of
acceleration and all other notices (except only for any notices which are specifically required by this
Note or any other Loan Document), filing of suit and diligence in collecting this Note or enforcing
any of the security herefor; (ii) agree to any substitution, subordination, exchange or release of any
such security or the release of any party primarily or secondarily liable hereon; (iii) agree that the
holder hereof shall not be required first to institute suit or exhaust its remedies hereon against Maker
or others liable or to become liable hereon or to enforce its rights against them or any security
herefor; (iv) consent to any extension or postponement of time of payment of this Note for any
period or periods of time and to any partial payments, before or after maturity, and to any other
indulgences with respect hereto, without notice thereof to any of them; and (v) submit (and waive
all rights to object) to personal jurisdiction in the State of Texas, and venue in Brazos County, Texas,
for the enforcement of any and all obligations under the Loan Documents.
JDW/Imc/Four Aggie/Note/02 -0887 4
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