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Exhibit 10.14
Lehigh Acres First National________________________ INDEPENDENT BANKER'S BANK
Bancshares, Inc.___________________________________ OF FLORIDA
5300 Xxx Boulevard_________________________________ ORLANDO, FLORIDA Loan Number 1144
Lehigh Acres, FL 33970____________________________ Date June 10, 1999
XXXXXXXX'S NAME AND ADDRESS XXXXXX'S NAME AND ADDRESS Maturity Date June 10, 2000
"I" includes each borrower above, jointly and "You" means the lender, its successors and Loan Amount $ $250,000.00
severally. assigns. Renewal Of
Note: I promise to pay to you, or your order, at your address above, the
principal sum of: Two Hundred Fifty Thousand and 00/100 Dollars $250,000.00 plus
interest from date at the initial rate of 6.75 % per year, which rate is subject
to change so as always to be 1% below the following base rate: the Wall Street
Journal prime rate as published daily in the Wall Street Journal
The interest rate in effect on this note may change (as often as) daily
(assuming there is a change in the base rate) ____________ an increase in the
interest rate will cause an increase in the monthly interest payment . [ ] I
also agree to pay a loan charge of a
I will { (a) [ ] on demand.
{ (b) [X] on demand, but if no demand is made, on June 10, 2000.
{ (c) [ ] on pay
this { If (a), (b), or (c) is checked above, I will pay accrued
amount { interest monthly and on the maturity date.
as { (d) [ ]
follows { Basis: Actual/360
LIMITATIONS: The Truth-in-Lending disclosure box below will indicate if there is
any contractual limit on the periodic or total increase in the interest rate for
this note. If neither such limit is disclosed, the only limitation, if any, on
the amount of any interest rate increase will be the usury limit. The usury
limit is the highest allowable rate for this type of loan as determined by
applicable state or federal law and it may be increased or decreased at any time
by changes in state or federal law and regulations.
[X] If checked, if I fail to make a payment within 10 days of when it is due, I
agree to pay a late charge of 5% of the amount delinquent.
**the maximum rate allowed by law
POST-MATURITY INTEREST: Interest will accrue after maturity on the unpaid
balance of the note on the same basis as interest accrues prior to maturity,
unless a specific post-maturity interest rate is agreed to in the next sentence.
[X] If checked, interest will accrue at the rate of ** %per year on the balance
of this note not paid at maturity, including maturity by acceleration.
[ ] If checked, I also agree to pay a minimum interest charge of $ if
I pay this loan off before you have earned that much in interest.
THE PURPOSE OF THIS LOAN IS: to fund organizational line of credit
I have the right to
receive at this time an
AMOUNT FINANCED TOTAL OF PAYMENTS itemization of the
ANNUAL PERCENTAGE RATE FINANCE CHARGE The amount of credit The amount I will have Amount Financed
The cost of my credit The dollar amount the provided to me or paid when I have made
as a yearly rate. credit will cost me. on my behalf. all scheduled payments. YES - I want an itemization
6.75% $17,111.20 $250,000.00 $267,111.20 NO - I do not want an itemization
My Payment Schedule will be:
Number of Amount of
Payments Payments When Payments Are Due
12 $ Monthly interest only beginning July 10, 1999 "a" means an estimate
1 $250,000. All outstanding principal plus all outstanding accrued $ Filing Fees
$ interest due June 10, 2000 $ Non-filing Insurance
$
[X] Demand: [ ] This note has a demand feature.
[X] This note is payable on demand and all disclosures are based on an assumed
maturity of one year.
Variable Rate: The annual percentage rate may increase during the term of this
transaction if the Wall Street Journal prime rate increases
Any increase will take the form of increased monthly interest payments If the
rate increases by N/A% in one N/A , the N/A will increase to N/A
The rate may not increase more often than once a N/A , and may not increase more
than N/A % each N/A .
The rate will not go above N/A%
SECURITY: I am giving a security interest in: Unsecured
[ ] the goods of property being purchased.
[ ] collateral securing other loans with you may also secure this loan.
[ ] my deposit accounts and other rights to the payment of money from you.
LATE CHARGE: [X] I will be charged 5% of the amount of a payment which is late
by more than 10 days after it is due.
PREPAYMENT: If I pay off this note early, I [ ] may [X] will not have to pay a
penalty, and I [ ] may [X] will not be entitled to a refund of part of the
finance charge.
[ ] ASSUMPTION: Someone buying my home [ ] may, subject to conditions, be
allowed to [ ] cannot assume the reminder of the mortgage on the original terms.
I can see my contract documents for any additional information about nonpayment,
default, any required repayment before the scheduled date, and prepayment
refunds and penalties
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INSURANCE: Credit life insurance and credit
disability insurance are not required to obtain
credit, and will not be provided unless I sign and
agree to pay the additional cost. I may assign any
other policy or policies I own or may procure for the
purpose of covering this loan.
ACKNOWLEDGEMENT: I have read and
understood the previous two sentences: x
Type Premium Term Signatures (or initials)
----------- --------- ------ ---------------------------------------------------
Credit I want credit life
Life insurance x_________________________________
Name of Insured
----------- --------- ------ ---------------------------------------------------
Credit I want credit disability
Disability insurance x_________________________________
Name of Insured
----------- --------- ------ ---------------------------------------------------
Joint I want joint credit life
Credit insurance x_________________________________
Life x
----------- --------- ------ ---------------------------------------------------
PROPERTY INSURANCE: I may obtain property insurance from anyone I want that is
acceptable to you. If I get the insurance from or through you I will pay
$ for of coverage.
ITEMIZATION OF AMOUNT FINANCED
Amount given to me directly $250,000.00 (a)
Amount paid on my account $ (b)
$
Amounts paid to others on my behalf:
To Insurance Companies $ (c)
To Public Officials $ (d)
Documentary Stamp Tax $ POC (e)
$ (f)
$ (g)
Prepaid Finance Charge $ (h)
AMOUNT FINANCED (a through g-h) $250,000.00 (i)
Finance Charge (include prepaid) $ 17,111.20 (j)
-----------
Total of Payments (i + j) $267,111.20 (k)
-----------
Security - To secure the payment of the note total (defined on the reverse
side):
(1) I acknowledge and agree that you have the right to set-off this note against
any obligation you have (now or hereafter) to pay money to me.
(2) You may collect the proceeds (or rebates of unearned premiums) on any
insurance policy insuring me (where you are named as loss payee) and on any
policy insuring the property securing this note. You will apply this toward what
I owe you.
(3) [ ] If checked, this note is not further secured by any contemporaneous
agreement (other than (1) and (2) of this section).
(4) [ ] If checked, this note is secured by a separate date .
(5) [ ] Security Agreement - If checked, I give you a security interest in the
property described below. The rights I am giving you in this property, and the
obligations this agreement procures are defined on the reverse side of this
form. Unsecured
Florida Documentary Stamp Tax in the amount of $875.00 has been paid or will be
paid directly to the Florida Department of Revenue Certificate of Registration
#592258003-58-001.
Assumptions - Unless specifically agreed in writing to the contrary, this
security agreement _____ any loan. If secures cannot be assumed by any person
who buys the collateral described above from me, and I understand and agree that
if I attempt to transfer any interest in this collateral (including, but not
limited to, possession) I will be in default on all secured obligations.
This collateral will be used for purposes
[ ] If checked, this is a purchase money loan. You may include the name of the
seller on the check or draft for this loan.
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Signatures: I agree to the terms of the note and security agreement above
(including those on the other side of this form) and acknowledge receipt of at
least one copy on today's date.
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Any person who signs within this enclosure does so to give you a security
interest in the property described above, but assumes no personal obligation to
pay this note.
Name
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x Date
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VARIABLE INTEREST NOTE, DISCLOSURE, AND SECURITY AGREEMENT.
_____ BANKERS SYSTEMS, INC., ST. CLOUD, MN 56301 FORM NDAS - VI-FL
COSIGNERS - SEE NOTICE ON REVERSE SIDE BEFORE SIGNING
Signature LEHIGH ACRES FIRST NATIONAL BANCSHARES, INC.
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Signature /s/ Xxxxx X. Xxxx, Chairman of Board
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Signature
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