HomeMy Public PortalAboutCrestview Unlimited Security AgreementSECURITY AGREEMENT
THIS SECURITY AGREEMENT (this "Agreement"), dated as of this 14th day of
March, 2022, is made by and between CRESTVIEW UNLIMITED, INC., a Florida not -for -profit
corporation ("Crestview Unlimited"), and the CITY OF CRESTVIEW, FLORIDA, a municipal
corporation ("City").
WHEREAS, as security for Crestview Unlimited's Obligations, as defined below, City
desires to obtain and Crestview Unlimited desires to grant City a first lien security interest in
certain Collateral, as defined by and under the terms and provisions hereof.
NOW, THEREFORE, Crestview Unlimited and City, intending to be legally bound,
hereby agree as follows:
1. Definitions.
(a) "Collateral" shall mean the assets owned by Crestview Unlimited, as set forth on
Exhibit "A".
(b) "Loan Documents" means the Notes, as defined below, this Agreement, any UCC-1
financing statement perfecting City's security interest in the Collateral and all other documents and
instruments evidencing, securing or executed in connection therewith.
(c) "Notes" means (a) that certain Promissory Note executed contemporaneously
herewith by Crestview Unlimited for the benefit of City in the original principal amount of
$273,850.15 evidencing Crestview Unlimited's debt for tractors and certain grounds -keeping and
ancillary equipment, and (b) that certain Promissory Note executed contemporaneously herewith by
Crestview Unlimited for the benefit of City in the original principal amount of $282,102.60
evidencing Crestview Unlimited's debt for golf carts and ancillary parts.
(d) "Obligations" shall mean (1) the payment of all amounts now or hereafter
becoming due and payable under the Loan Documents, including the principal amount of the
Notes, all interest thereon (including interest that, but for the filing of a petition in bankruptcy,
would accrue on any such principal) and all other fees, charges and costs (including attorneys' fees
and expenses) payable in connection therewith, or under any modification, renewal or extension
thereof; (2) the observance and performance by Crestview Unlimited of all of the provisions of the
Loan Documents; (3) the payment of all sums advanced or paid by City in exercising any of its
rights, powers or remedies under the Loan Documents, and all interest (including post -bankruptcy
petition interest, as aforesaid) on such sums provided for herein or therein; and (4) the payment
and performance of all other indebtedness, obligations and liabilities of Crestview Unlimited to
City (including obligations of performance) of every kind whatsoever, whether evidenced by or
arising under the Note or this Agreement or, whether absolute or contingent, joint or several, due
or to become due, now existing or hereafter arising, and all costs and expenses of City incurred in
the enforcement, collection or otherwise in connection with any of the foregoing, including
reasonable attorneys' fees, court costs and expenses. Until paid in full, all amounts due and payable
by Crestview Unlimited hereunder shall be an Obligation and shall bear interest at the highest rate
of interest set forth in the Notes for non -default interest.
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(e) "UCC" means the Uniform Commercial Code, as adopted and enacted and as in
effect from time to time in the State of Florida. Terms used herein which are defined in the UCC
and not otherwise defined herein shall have the meanings ascribed to such terms in the UCC.
2. Grant of Security Interest. To secure the payment and performance in full of all
the Obligations, Crestview Unlimited hereby assigns, grants, pledges, conveys and delivers to City
a continuing lien on and security interest in the Collateral, wherever located.
3. Chanee in Name or Locations. Crestview Unlimited hereby agrees that the
Collateral will be kept at Blackwater Golf Course. Crestview Unlimited shall not remove the
Collateral from such location without providing at least 30 days prior written notice to City. In
the event Crestview Unlimited changes its name or form or jurisdiction of organization, or
establishes a different name in which it may do business, Crestview Unlimited will immediately
notify City in writing of the additions or changes.
4. Crestview Unlimited's Covenants. Crestview Unlimited covenants that it shall:
(a) from time to time and at all reasonable times allow City, by or through any of its
officers, agents, attorneys, or accountants, to examine or inspect the Collateral, wherever located.
Crestview Unlimited shall do, obtain, make, execute and deliver all such additional and further
acts, things, deeds, assurances and instruments as City may require to vest in and assure to City its
rights hereunder and in or to the Collateral, and the proceeds thereof, including waivers from
landlords, warehousemen and mortgagees;
(b) keep the Collateral in as good of condition as it was at the time of acquisition from
City, less ordinary wear and tear, and immediately notify City of any event causing a material loss
or decline in value of the Collateral, whether or not covered by insurance, and the amount of such
loss or depreciation;
(c) only use or permit the Collateral to be used in accordance with all applicable federal,
state, county and municipal laws and regulations, and for golf course purposes; and
(d) pay promptly when due all taxes, assessments, rents, royalties, governmental charges
and levies with regard to the Collateral or incurred in connection with the use or operation of such
Collateral or incurred in connection with this Agreement; and
(e) have and maintain insurance at all times with respect to all Collateral against risks of
fire (including so-called extended coverage), theft, property damage, collision, and other risks
(including risk of flood if any Collateral is maintained at a location in a flood hazard zone) as City
may reasonably require, in such form, in the minimum amount of the outstanding principal of the
Note and written by such companies as are authorized to engage in the business of insurance in
the State of Florida. Each such casualty insurance policy shall contain a standard Loss Payee
Clause issued in favor of City under which all losses thereunder shall be paid to City. Such policies
shall expressly provide that the requisite insurance cannot be altered or canceled without at least
thirty (30) days prior written notice to City and shall insure City notwithstanding the act or neglect
Page 2 of 8
of Crestview Unlimited. Upon City's demand, Crestview Unlimited shall furnish City with
evidence of insurance as City may require. In the event of failure to provide insurance as herein
provided, City may, at its option, obtain such insurance and Crestview Unlimited shall pay to City,
on demand, the cost thereof. Proceeds of insurance may be applied by City to reduce the
Obligations or to repair or replace Collateral, all in City's sole discretion.
(f) If any of the Collateral is, at any time, in the possession of a bailee other than for
ordinary repairs and maintenance, Crestview Unlimited shall promptly notify City thereof and, if
requested by City, shall promptly obtain an acknowledgment from the bailee, in form and
substance satisfactory to City, that the bailee holds such Collateral for the benefit of City and shall
act upon the instructions of City, without the further consent of Crestview Unlimited.
5. Nep-ative Pled4e: No Transfer. Crestview Unlimited will not sell or offer to sell
or otherwise transfer or grant or allow the imposition of a lien or security interest upon the
Collateral or use any portion thereof in any manner inconsistent with this Agreement or with the
terms and conditions of any policy of insurance thereon.
6. Further Assurances. Crestview Unlimited hereby irrevocably authorizes City at
any time and from time to time to file in any UCC jurisdiction any initial financing statements and
amendments thereto that (a) indicate the Collateral and (b) contain any other information required by
the UCC for the sufficiency or filing office acceptance of any financing statement or amendment,
including, but not limited to (i) whether Crestview Unlimited is an organization, the type of
organization and (ii) any organizational identification number issued to Crestview Unlimited.
Crestview Unlimited agrees to furnish any such information to City promptly upon request.
7. Events of Default. The occurrence of any of the following events shall constitute
an event of default (an "Event of Default") under this Agreement (whatever the reason for such
event and whether or not it shall be voluntary or involuntary or be effected by operation of law):
(a) any representation, warranty or covenant made in this Agreement or
in any of the other Loan Documents shall prove to be false or misleading in any
material respect as of the time made; or
(b) default shall be made in the payment when due of any of the
Obligations and such default remains uncured after notice by City; or
(c) default shall be made in the due observance or performance of any
covenant, condition or agreement on the part of Crestview Unlimited to be observed
or performed pursuant to the terms of this Agreement; or
(d) any default or event of default, as therein defined, shall occur under
any of the other Loan Documents; or
Page 3 of 8
(e) an uninsured material loss, theft, damage, or destruction to any of the
Collateral, or the entry of any judgment against Crestview Unlimited or any lien against or the
making of any levy, seizure or attachment of or on the Collateral which would be superior to City's
lien.
8. Remedies. Upon the occurrence of an Event of Default and Crestview Unlimited's
failure to cure such default within ten days after notice of such default from City, and at any time
thereafter, City may declare all Obligations secured hereby immediately due and payable and shall
have, in addition to any remedies provided herein or by any applicable law or in equity, all the
remedies available to City under the UCC. City, without any other notice to or demand upon
Crestview Unlimited, shall have in any jurisdiction in which enforcement hereof is sought, in
addition to all other rights and remedies, the rights and remedies of a secured party under the UCC
of the State and any additional rights and remedies as may be provided to a secured party in any
jurisdiction in which Collateral is located, including, without limitation, the right to take
possession of the Collateral, and for that purpose City may, so far as Crestview Unlimited can give
authority therefor, enter upon any premises on which the Collateral may be situated and remove
the same therefrom. City may in its discretion require Crestview Unlimited to assemble all or any
part of the Collateral at such location or locations as City may reasonably designate. Unless the
Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on
a recognized market, City shall give to Crestview Unlimited at least five days prior written notice
of the time and place of any public sale of Collateral or of the time after which any private sale or
any other intended disposition is to be made. Crestview Unlimited hereby acknowledges that five
days' prior written notice of such sale or sales shall be reasonable notice. In addition, Crestview
Unlimited waives any and all rights that it may have to a judicial hearing in advance of the
enforcement of any of City's rights and remedies hereunder, including, without limitation, its right
following an Event of Default (subject to Crestview Unlimited's right to cure such default
following notice) to take immediate possession of the Collateral and to exercise its rights and
remedies with respect to this Agreement.
9. Marshalling. City shall not be required to marshal any present or future Collateral
for, or other assurances of payment of, the Obligations or to resort to such Collateral or other
assurances of payment in any particular order, and all of its rights and remedies hereunder and in
respect of such Collateral and other assurances of payment shall be cumulative and in addition to
all other rights and remedies, however existing or arising. To the extent that it lawfully may,
Crestview Unlimited hereby agrees that it will not invoke any law relating to the marshalling of
Collateral which might cause delay in or impede the enforcement of City's rights and remedies
under this Agreement or under any other instrument creating or evidencing any of the Obligations
or under which any of the Obligations is outstanding or by which any of the Obligations is secured
or payment thereof is otherwise assured, and, to the extent that it lawfully may, Crestview
Unlimited hereby irrevocably waives the benefits of all such laws.
Page 4of8
10. Payment of Expenses. If such expenses are and remain unpaid by Crestview
Unlimited after they come due, at its option, City may, but is not required to: discharge taxes, liens,
security interests or such other encumbrances as may attach to the Collateral; pay for required
insurance on the Collateral; and pay for the maintenance, appraisal or reappraisal, and preservation
of the Collateral, as determined by City to be necessary. Crestview Unlimited will reimburse City
on demand for any payment so made or any expense incurred by City pursuant to the foregoing
authorization. Any advances or payments so made or expenses so incurred by City shall be an
Obligation owed by Crestview Unlimited to City.
11. Deficiencv. Upon the occurrence of an Event of Default and Crestview Unlimited's
failure to cure such default within ten days after notice of such default from City, and at any time
thereafter, Crestview Unlimited shall pay to City on demand any and all expenses, including
reasonable attorney's fees and disbursements, incurred or paid by City in protecting, preserving,
or enforcing City's rights and remedies under or in respect of any of the Obligations or any of the
Collateral. After deducting all of said expenses, the residue of any proceeds of collection or sale
or other disposition of Collateral shall, to the extent actually received in cash, be applied to the
payment of the Obligations in such order or preference as City may determine. In the absence of
final payment and full satisfaction of all the Obligations, Crestview Unlimited shall remain liable
to City for any deficiency until paid in full.
12. Notices. All notices, demands, requests, consents, approvals and other
communications required or permitted hereunder must be in writing and will be effective upon
receipt. Such notices and other communications may be hand -delivered, sent by email or facsimile
transmission, and a copy sent by first-class mail, or sent by nationally recognized overnight courier
service, to a party's address set forth as follows or to such other address as any party may give to
the other in writing for such purpose:
If to City, to:
City Clerk
198 North Wilson Street
Crestview, Florida 32536
If to Crestview Unlimited, to:
Manager
198 North Wilson Street
Crestview, Florida 32536
13. Non -Waiver. No delay or omission on City's part to exercise any right or power
arising hereunder will impair any such right or power or be considered a waiver of any such right
or power, nor will City's action or inaction impair any such right or power. City's rights and
remedies hereunder are cumulative and not exclusive of any other rights or remedies which City
may have under other agreements, at law or in equity.
14. Severability. In' case any one or more of the provisions contained in this
Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and
Page 5 of 8
enforceability of the remaining provisions contained herein shall not in any way be affected or
impaired thereby.
15. Chanaes in Writing. No modification, amendment or waiver of any provision of
this Agreement nor consent to any departure by Crestview Unlimited therefrom will be effective
unless made in a writing signed by City, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given. No notice to or demand on Crestview
Unlimited in any case will entitle Crestview Unlimited to any other or further notice or demand in
the same, similar or other circumstance.
16. Entire Agreement. This Agreement (including the Notes, documents and
instruments referred to herein) constitutes the entire agreement and supersedes all other prior
agreements and understandings, both written and oral, between the parties with respect to the
subject matter hereof.
17. Counterparts. This Agreement may be signed in any number of counterpart copies
and by the parties hereto on separate counterparts, but all such copies shall constitute one and the
same instrument. Delivery of an executed counterpart of a signature page to this Agreement by
email in pdf format or facsimile transmission shall be effective as delivery of a manually executed
counterpart. Any party so executing this Agreement by email in pdf format or facsimile
transmission shall promptly deliver a manually executed counterpart, provided that any failure to
do so shall not affect the validity of the counterpart executed by email or facsimile transmission.
18. Successors and Assiens. This Agreement will be binding upon and inure to the
benefit of Crestview Unlimited and City and their respective heirs, executors, administrators,
successors and assigns; provided, however, that Crestview Unlimited may not assign this
Agreement in whole or in part without City's prior written consent and City at any time may assign
this Agreement in whole or in part.
19. Interpretation. In this Agreement, unless City and Crestview Unlimited otherwise
agree in writing, the singular includes the plural and the plural the singular; words importing any
gender include the other genders; references to statutes are to be construed as including all statutory
provisions consolidating, amending or replacing the statute referred to; the word "or" shall be
deemed to include "and/or", the words "including", "includes" and "include" shall be deemed to
be followed by the words "without limitation"; references to articles, sections (or subdivisions of
sections) or exhibits are to those of this Agreement unless otherwise indicated. Section headings
in this Agreement are included for convenience of reference only and shall not constitute a part of
this Agreement for any other purpose.
20. Governing Law and Jurisdiction. This Agreement has been delivered to and
accepted by City and will be deemed to be made in the State of Florida. THIS AGREEMENT WILL
BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA. Crestview Unlimited hereby
irrevocably consents to the exclusive jurisdiction of any state court in Okaloosa County, Florida;
provided that nothing contained in this Agreement will prevent City from bringing any action,
enforcing any award or judgment or exercising any rights against Crestview Unlimited
Page 6 of 8
individually, against any security or against any property of Crestview Unlimited within any other
county, state or other foreign or domestic jurisdiction. Crestview Unlimited waives any objection
to venue and any objection based on a more convenient forum in any action instituted under this
Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and
date first above written.
CITY OF CRESTVIEW, FLORIDA, a Municipal
Corporation
By:
,`M`ti•��k�,�nQ°°, ^ e: J.B. Whitten
As its: Mayor
°
s• a „$ttest:
Nmt e Schrader
,•��oaG4�Ro�E3
��' Ass: y rk !
/'•,��
•v s � =
CRESTVIEW UNLIMITED, INC.
IZED
Name: Tim Bolduc
As its: Manager
Page 7 of 8
EXHIBIT "A" TO TRIANGLE/COUCH
SECURITY AGREEMENT
COLLATERAL
Qty
Make
Model
Year
Equipment Type
SeriaUVIN Number
1
John Deere
5055E
2021
New Utility Tractor
1PY5055EHMN153252
1
John Deere
520M
2021
New Tractor
1 P0520MXJMD082099
1
John Deere
800
2021
New Aeration
1TC800ACAMT160001
1
Lely
HR
2021
New Spreader
232011J1827859
1
Agrimetal
660D
2021
New Roller
41453-V
1
John Deere
2500B Diesel
2017
Used Mower - Riding
1TC250BGPHT100081
Greens
1 1
John Deere
2500E Diesel
2017
Used Mower - Riding
1TC250BGLHT100154
Greens
1
John Deere
2500E Diesel
2016
Used Mower- Riding
1TC250BGCGT095564 1
Greens
I
1
John Deere
TX
2017
Used Mower
1MOTURFJLHM120495
1
John Deere
TX
2016
Used Mower
1MOTURFJCGM111959
1
John Deere
9009A
2017
Used Mower - Rough/Trim/Surround
1TC9009AEGV010670 `
TerrainCut
f 1
Buffalo
KB4
2021
New Blower
34935
ij 1
Greensgroomer
920E
2021
New Groomer
923340
1
Progressive
TDR-X
2021
New Mower
21111120
1
Progressive
TDR-X
2021
New Mower
21111121
1
Dakota
410
2019
Used Topdresser
41015319
1
TORO
COMPANY
5800
2017
Used Sprayer
401367986
60
EZGO
TXT Gas EFI
2022
Golf Cart
To be added individually when
delivered
Page 8 of 8
PROMISSORY NOTE
$282,102.60 Crestview, Florida March 11�'2022
For value received, the undersigned Borrower agrees and promises to pay to the order of
CITY OF CRESTVIEW, FLORIDA, a municipal corporation, and the successors and assigns
thereof, the principal sum of Two Hundred Eighty Two Thousand One Hundred Two and 60/100s
Dollars ($282,102.60), with interest thereon at the rate set forth below from the date hereof until
maturity, the principal and interest being payable as set forth below in lawful money of the United
States of America at 198 North Wilson Street, Crestview, Florida 32536, or such other address as the
holder from time to time may specify by written notice to the borrower, the principal and interest to
be paid as follows:
60 equal payments of accrued interest and principal shall be payable monthly
commencing on May 1, 2022 and continuing on the same day of each succeeding
month until the Note is paid in full. Each monthly payment shall be $5,194.20.
The interest rate on this Promissory Note is fixed at 3.991 % per annum as long as
Borrower is not in default of its obligations hereunder or in the performance of any
agreement securing repayment of this note.
The indebtedness evidenced by this note may be prepaid in whole at any time without penalty
or premium.
If there is a default in the payment of any of the sums due under this note or in the
performance of any provision of any mortgage or agreement securing this note, then, at the option of
the holder of the note, ten (10) days after written notice is given by holder to the undersigned
borrower notifying borrower of such default and offering the opportunity to cure, the principal sum
then remaining unpaid shall immediately become due and collectible without further notice, time
being of the essence of this contract, and the principal sum and accrued interest shall both bear
interest at the rate of 18% from the date of default until paid. All sums paid under this note shall be
credited first to accrued interest and then to principal.
Except for the notice provision above, the undersigned borrower hereby waives presentment,
protest, notice of protest and notice of dishonor and agrees to pay reasonable attorneys' fees and
expenses in the enforcement of this note prior or subsequent to judgment and in any and all trial and
appellate tribunals, whether suit be brought or not.
Borrower shall pay to the holder of this note a late charge of Five (5.0%) percent of any
installment not received by the note holder within five (5) days after the installment is due.
Acceptance of late payments or fees associated therewith shall not be considered a waiver by the
holder of strict performance under the terms of this note.
This note is secured by a security agreement of even date herewith. This instrument, and any
security agreement entered into for purposes of securing repayment hereof, is exempt from
documentary stamp tax pursuant to Section 202.24, Florida Statutes.
THIS NOTE, AND ANY SECURITY AGREEMENT SECURING SAME, SHALL BE
IMMEDIATELY DUE AND PAYABLE UPON THE SALE OF THE PROPERTY
ENCUMBERED BY THE SECURITY INSTRUMENT.
BORROWER:
CRESTVIEW UNLIMITED, INC., a Florida not -
for -profit corporation
Tim Bolduc, Manager
BORROWER'S ADDRESS:
198 North Wilson Street
Crestview, Florida 32536
Loan Summary
Loan Amount:
$282,102.60
Number of Payments:
60
Annual Interest Rate:
3.9910%
Periodic Payment:
$5 194.20
Loan Date:
04/01/2022
1st Payment Due:
05/01/2022
Payment Frequency:
Monthly
Last Payment Due:
04/01/2027
Total Interest Due:
$29, 549.58
Total All Payments:
$311, 652.18
Payment Schedule
Date
Payment
Interest
Principal
Loan:
04/01/2022
0.00
0.00
0.00
282,102.60
1:1
05/01/2022
5,194.20
938.23
4,255.97
277,846.63
2:1
06/01/2022
5,194.20
924.07
4,270.13
273,576.50
3:1
07/01/2022
5,194.20
909.87
4,284.33
269,292.17
4:1
08/01/2022
5,194.20
895.62
4,298.58
264,993.59
5:1
09/01/2022
5,194.20
881.32
4,312.88
260,680.71
6:1
10/01/2022
5,194.20
866.98
4,327.22
256,353.49
7:1
11/01/2022
5,194.20
852.59
4,341.61
252,011.88
8:1
12/01/2022
5.194.20
838.15
4,356.05
247,655.83
2022 Totals:
41,553.60
7,106.83
34,446.77
Running Totals:
41,553.60
7,106.83
34,446.77
9:1
01/01/2023
5,194.20
823.66
4,370.54
243,285.29
10:1
02/01/2023
5,194.20
809.13
4,385.07
238,900.22
11:1
03/01/2023
5,194.20
794.54
4,399.66
234,500.56
12:1
04/01/2023
5,194.20
779.91
4,414.29
230,086.27
13:2
05/01/2023
5,194.20
765.23
4,428.97
225,657.30
14:2
06/01/2023
5,194.20
750.50
4,443.70
221,213.60
15:2
07/01/2023
5,194.20
735.72
4,458.48
216,755.12
16:2
08/01/2023
5,194.20
720.89
4,473.31
212,281.81
17:2
09/01/2023
5,194.20
706.01
4,488.19
207,793.62
18:2
10/01/2023
5,194.20
691.09
4,503.11
203,290.51
19:2
11/01/2023
5,194.20
676.11
4,518.09
198,772.42
20:2
12/01/2023
5,194.20
661.08
4,533.12
194,239.30
2023 Totals:
62,330.40
8,913.87
53,416.53
Running Totals:
103,884.00
16,020.70
87,863.30
21:2
01/01/2024
5,194.20
646.01
4,548.19
189,691.11
22:2
02/01/2024
5,194.20
630.88
4,563.32
185,127.79
23:2
03/01/2024
5,194.20
615.70
4,578.50
180,549.29
24:2
04/01/2024
5,194.20
600.48
4,593.72
175,955.57
25:3
05/01/2024
5,194.20
585.20
4,609.00
171,346.57
26:3
06/01/2024
5,194.20
569.87
4,624.33
166,722.24
27:3
07/01/2024
5,194.20
554.49
4,639.71
162,082.53
28:3
08/01/2024
5,194.20
539.06
4,655.14
157,427.39
29:3
09/01/2024
5,194.20
523.58
4,670.62
152,756.77
30:3
10/01/2024
5,194.20
508.04
4,686.16
148,070.61
31:3
11/01/2024
5,194.20
492.46
4,701.74
143,368.87
32:3
12/01/2024
5,194.20
476.82
4,717.38
138,651.49
2024 Totals:
62,330.40
6,742.59
55,587.81
Running Totals:
166,214.40
22,763.29
143,451.11
33:3
01/01/2025
5,194.20
461.13
4,733.07
133,918.42
34:3
02/01/2025
5,194.20
445.39
4,748.81
129,169.61
35:3
03/01/2025
5,194.20
429.60
4,764.60
124,405.01
36:3
04/01/2025
5,194.20
413.75
4,780.45
119,624.56
37:4
05/01/2025
5,194.20
397.85
4,796.35
114,828.21
38:4
06/01/2025
5,194.20
381.90
4,812.30
110,015.91
39:4
07/01/2025
5,194.20
365.89
4,828.31
105,187.60
40:4
08/01/2025
5,194.20
349.84
4,844.36
100,343.24
41:4
09/01/2025
5,194.20
333.72
4,860.48
95,482.76
42:4
10/01/2025
5,194.20
317.56
4,876.64
90,606.12
Last payment increased by $0.18 due to rounding Calculation method: Normal, 365 days per year
1/2
Payment Schedule
43:4
11/01/2025
5,194.20
301.34
4,892.86
85,713.26
44:4
12/01/2025
5,194.20
285.07
4,909.13
80,804.13
2025 Totals:
62,330.40
4,483.04
57,847.36
Running Totals:
228,544.80
27,246.33
201,298.47
45:4
01/01/2026
5,194.20
268.74
4,925.46
75,878.67
46:4
02/01/2026
5,194.20
252.36
4,941.84
70,936.83
47:4
03/01/2026
5,194.20
235.92
4,958.28
65,978.55
48:4
04/01/2026
5,194.20
219.43
4,974.77
61,003.78
49:5
05/01/2026
5,194.20
202.89
4,991.31
56,012.47
50:5
06/01/2026
5,194.20
186.29
5,007.91
51,004.56
51:5
07/01/2026
5,194.20
169.63
5,024.57
45,979.99
52:5
08/01/2026
5,194.20
152.92
5,041.28
40,938.71
53:5
09/01/2026
5,194.20
136.16
5,058.04
35,880.67
54:5
10/01/2026
5,194.20
119.33
5,074.87
30,805.80
55:5
11/01/2026
5,194.20
102.45
5,091.75
25,714.05
56:5
12/01/2026
5,194.20
85.52
5,108.68
20,605.37
2026 Totals:
62,330.40
2,131.64
60,198.76
Running Totals:
290,875.20
29,377.97
261,497.23
57:5
01/01/2027
5,194.20
68.53
5,125.67
15,479.70
58:5
02/01/2027
5,194.20
51.48
5,142.72
10,336.98
59:5
03/01/2027
5,194.20
34.38
5,159.82
5,177.16
60:5
04/01/2027
5,194.38
17.22
5,177.16
0.00
2027 Totals:
20,776.98
171.61
20,605.37
Running Totals:
311,652.18
29,549.58
282,102.60
Last payment increased by $0.18 due to rounding
Calculation method: Normal, 365 days per year
2/2
PROMISSORY NOTE
$273,850.15 Crestview, Florida March � y , 2022
For value received, the undersigned Borrower agrees and promises to pay to the order of
CITY OF CRESTVIEW, FLORIDA, a municipal corporation, and the successors and assigns
thereof, the principal sum of Two Hundred Seventy Three Thousand Eight Hundred Fifty and
151100s Dollars ($273,850.15), with interest thereon at the rate set forth below from the date hereof
until maturity, the principal and interest being payable as set forth below in lawful money of the
United States of America at 198 North Wilson Street, Crestview, Florida 32536, or such other
address as the holder from time to time may specify by written notice to the borrower, the principal
and interest to be paid as follows:
60 equal payments of accrued interest and principal shall be payable monthly
commencing on May 1, 2022 and continuing on the same day of each succeeding
month until the Note is paid in full. Each monthly payment shall be $5,042.13.
The interest rate on this Promissory Note is fixed at 3.99% per annum as long as
Borrower is not in default of its obligations hereunder or in the performance of any
agreement securing repayment of this note.
The indebtedness evidenced by this note may be prepaid in whole at any time without penalty
or premium.
If there is a default in the payment of any of the sums due under this note or in the
performance of any provision of any mortgage or agreement securing this note, then, at the option of
the holder of the note, ten (10) days after written notice is given by holder to the undersigned
borrower notifying borrower of such default and offering the opportunity to cure, the principal sum
then remaining unpaid shall immediately become due and collectible without further notice, time
being of the essence of this contract, and the principal sum and accrued interest shall both bear
interest at the rate of 18% from the date of default until paid. All sums paid under this note shall be
credited first to accrued interest and then to principal.
Except for the notice provision above, the undersigned borrower hereby waives presentment,
protest, notice of protest and notice of dishonor and agrees to pay reasonable attorneys' fees and
expenses in the enforcement of this note prior or subsequent to judgment and in any and all trial and
appellate tribunals, whether suit be brought or not.
Borrower shall pay to the holder of this note a late charge of Five (5.0%) percent of any
installment not received by the note holder within five (5) days after the installment is due.
Acceptance of late payments or fees associated therewith shall not be considered a waiver by the
holder of strict performance under the terms of this note.
This note is secured by a security agreement of even date herewith. This instrument, and any
security agreement entered into for purposes of securing repayment hereof, is exempt from
documentary stamp tax pursuant to Section 202.24, Florida Statutes.
THIS NOTE, AND ANY SECURITY AGREEMENT SECURING SAME, SHALL BE
IMMEDIATELY DUE AND PAYABLE UPON THE SALE OF THE PROPERTY
ENCUMBERED BY THE SECURITY INSTRUMENT.
t 1] - t1W1,1 1T
CRESTVIEW UNLIMITED, INC., a Florida not -
for -profit corporation
By. ..
�f im Bo duc, Manager
BORROWER'S ADDRESS:
198 North Wilson Street
Crestview, Florida 32536
Loan Summary
Loan Amount:
$273 , 850.15
Number of Payments:
60
Annual Interest Rate:
3.990096
Periodic Payment:
$5 042.13
Loan Date:
04/01/2022
1st Payment Due:
05/01/2022
Payment Frequency:
Monthly
Last Payment Due:
04/01/2027
Total Interest Due:
$28, 677.76
Total All Payments:
$302, 527.91
Payment Schedule
Loan:
04/01/2022
0.00
0.00
0.00
273,850.15
1:1
05/01/2022
5,042.13
910.55
4,131.58
269,718.57
2:1
06/01/2022
5,042.13
896.81
4,145.32
265,573.25
3:1
07/01/2022
5,042.13
883.03
4,159.10
261,414.15
4:1
08/01/2022
5,042.13
869.20
4,172.93
257,241.22
5:1
09/01/2022
5,042.13
855.33
4,186.80
253,054.42
6:1
10/01/2022
5,042.13
841.41
4,200.72
248,853.70
7:1
11/01/2022
5,042.13
827.44
4,214.69
244,639.01
8:1
12/01/2022
5,042.13
813.42
4,228.71
240,410.30
2022 Totals:
40,337.04
6,897.19
33,439.85
Running Totals:
40,337.04
6,897.19
33,439.85
9:1
01/01/2023
5,042.13
799.36
4,242.77
236,167.53
10:1
02/01/2023
5,042.13
785.26
4,256.87
231,910.66
11:1
03/01/2023
5,042.13
771.10
4,271.03
227,639.63
12:1
04/01/2023
5,042.13
756.90
4,285.23
223,354.40
13:2
05/01/2023
5,042.13
742.65
4,299.48
219,054.92
14:2
06/01/2023
5,042.13
728.36
4,313.77
214,741.15
15:2
07/01/2023
5,042.13
714.01
4,328.12
210,413.03
16:2
08/01/2023
5,042.13
699.62
4,342.51
206,070.52
17:2
09/01/2023
5,042.13
685.18
4,356.95
201,713.57
18:2
10/01/2023
5,042.13
670.70
4,371.43
197,342.14
19:2
11/01/2023
5,042.13
656.16
4,385.97
192,956.17
20:2
12/01/2023
5,042.13
641.58
4,400.55
188,555.62
2023 Totals:
60,505.56
8,650.88
51,854.68
Running Totals:
100,842.60
15,548.07
85,294.53
21:2
01/01/2024
5,042.13
626.95
4,415.18
184,140.44
22:2
02/01/2024
5,042.13
612.27
4,429.86
179,710.58
23:2
03/01/2024
5,042.13
597.54
4,444.59
175,265.99
24:2
04/01/2024
5,042.13
582.76
4,459.37
170,806.62
25:3
05/01/2024
5,042.13
567.93
4,474.20
166,332.42
26:3
06/01/2024
5,042.13
553.06
4,489.07
161,843.35
27:3
07/01/2024
5,042.13
538.13
4,504.00
157,339.35
28:3
08/01/2024
5,042.13
523.15
4,518.98
152,820.37
29:3
09/01/2024
5,042.13
508.13
4,534.00
148,286.37
30:3
10/01/2024
5,042.13
493.05
4,549.08
143,737.29
31:3
11/01/2024
5,042.13
477.93
4,564.20
139,173.09
32:3
12/01/2024
5,042.13
462.75
4,579.38
134,593.71
2024 Totals:
60,505.56
6,543.65
53,961.91
Running Totals:
161,348.16
22,091.72
139,256.44
33:3
01/01/2025
5,042.13
447.52
4,594.61
129,999.10
34:3
02/01/2025
5,042.13
432.25
4,609.88
125,389.22
35:3
03/01/2025
5,042.13
416.92
4,625.21
120,764.01
36:3
04/01/2025
5,042.13
401.54
4,640.59
116,123.42
37:4
05/01/2025
5,042.13
386.11
4,656.02
111,467.40
38:4
06/01/2025
5,042.13
370.63
4,671.50
106,795.90
39:4
07/01/2025
5,042.13
355.10
4,687.03
102,108.87
40:4
08/01/2025
5,042.13
339.51
4,702.62
97,406.25
41:4
09/01/2025
5,042.13
323.88
4,718.25
92,688.00
42:4
10/01/2025
5,042.13
308.19
4,733.94
87,954.06
Last payment increased by $0.71 due to rounding Calculation method: Normal, 365 days per year
112
Mortgage Payment Schedule
Date
Payment
Interest
Principal
43:4
11/01/2025
5,042.13
292.45
4,749.68
83,204.38
44:4
12/01/2025
5,042.13
276.65
4,765.48
78,438.90
2025 Totals:
60,505.56
4,350.75
56,154.81
Running Totals:
221,853.72
26,442.47
195,411.25
45:4
01/01/2026
5,042.13
260.81
4,781.32
73,657.58
46:4
02/01/2026
5,042.13
244.91
4,797.22
68,860.36
47:4
03/01/2026
5,042.13
228.96
4,813.17
64,047.19
48:4
04/01/2026
5,042.13
212.96
4,829.17
59,218.02
49:5
05/01/2026
5,042.13
196.90
4,845.23
54,372.79
50:5
06/01/2026
5,042.13
180.79
4,861.34
49,511.45
51:5
07/01/2026
5,042.13
164.63
4,877.50
44,633.95
52:5
08/01/2026
5,042.13
148.41
4,893.72
39,740.23
53:5
09/01/2026
5,042.13
132.14
4,909.99
34,830.24
54:5
10/01/2026
5,042.13
115.81
4,926.32
29,903.92
55:5
11/01/2026
5,042.13
99.43
4,942.70
24,961.22
56:5
12/01/2026
5,042.13
83.00
4.959.13
20,002.09
2026 Totals:
60,505.56
2,068.75
58,436.81
Running Totals:
282,359.28
28,511.22
253,848.06
57:5
01/01/2027
5,042.13
66.51
4,975.62
15,026.47
58:5
02/01/2027
5,042.13
49.96
4,992.17
10,034.30
59:5
03/01/2027
5,042.13
33.36
5,008.77
5,025.53
60:5
04/01/2027
5,042.24
16.71
5,025.53
0.00
2027 Totals:
20,168.63
166.54
20,002.09
Running Totals:
302,527.91
28,677.76
273,850.15
Last payment increased by $0.17 due to rounding
Calculation method: Normal, 365 days per year
2/2