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R82-43 12-13-82 RESOLUTION NO. R82-43 A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS, AUTHORIZING THE MAYOR TO EXECUTE NECESSARY LOAN AND SECURITY DOCUMENTS WITH THE CITY DEPOSITORY. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS: That the Mayor .©f the City of Pearland be and is kereby authorized to execute necessary loan and security documents with the City Depository, copy of which is attached to this resolution as Exhibit "A", for the purchase of two catapillar track loaders, inclusive of transport cost and storage facilities, for use at the Sanitary Landfill. II. That the payment of said Loan shall be made from budget funds covered by Sanitary Landfill Operations. PASSED, APPROVED AND ADOPTED this ~ day A. D. 1982. CITY OF~ARLAND ,~AS Mayor ATTEST: City Secret~ \ --- • . t • _ i _ - • PEAR LAND STATE BANK- _ Loan Number f 2301 N.MAIN-BOX 66 PEAR LAND,TEXAS 77581 Date 19 Maturity Date::)—''''' •''; ,19 ' BORROWER'S NAME AND ADDRESS LENDER'S NAME AND ADDRESS Loan Amount!$ "I"includes each borrower above,jointly and severally. "You"means the lender,its successors and assigns. Renewal Of Note:I promise to pay_ to you,or,your order..a_t your address above,the sum of(which.is the same as the Total of Payments): .- ._ „ .-1 "T. .. . .. :Cf:..3i"_ ri ,- `,,..... . .f_1i L ,•.,."t r!. 1 1-';A . . 7 ,, s'i ! I C'o' '7 ,'+C ' `Dollars$ I will pay this amount as follows: t • (a) ❑In installments of$ - each,beginning 19 and continuing on the same day of each❑month `-. :` . I_' thereafter until paid in full. • (b) ❑(other) - • LATE PAYMENTS: If this note is payable in substantially equal, successive, monthly calculated is less than $1.00.The two different methods of calculating this rebate are installments,I agree to pay additional interest of 5%of the amount of a scheduled payment described on the reverse side of this form. j;if all or any part of the payment is not paid within 10 days after it is due.. If you accelerate and demand'payment in full of the unpaid balance of this note,the ! If this note is payable other than in substantially equal, successive, monthly in- precomputed interest included in the note total must be recalculated by the same method tallments, I agree to pay interest on any payment not made when due at the rate of you would use if I prepaid this note in full on the date of demand,to determine the amount due. ' •' %per year from the maturity date of the payment until paid in full. POST-MATURITY INTEREST: Interest will accrue at the rate of • • % per year on the balance of this note not paid at maturity,including maturity _ by acceleration.PREPAYMENT AND ACCELERATION REBATE: I may prepay this note at any time. Partial prepayment will not excuse any later scheduled payments until I pay in full. ' When I prepay this note in full,by cash,renewal,new loan or otherwise,I will be entitled THE PURPOSE OF THIS LOAN IS: to a refund or credit on the precomputed interest.The method you will use to calculate the n:!'.'f„, .), - ;-' is ? f:1 `:'''s rebate will depend upon how this note is originally scheduled to be repaid(as provided in the Texas Consumer Credit Code).However,I will not be entitled to any rebate if the amount • ANNUAL PERCENTAGE RATE FINANCE CHARGE AMOUNT FINANCED TOTAL OF PAYMENTS I have the right to receive at this The cost of my credit The dollar amount the The amount of credit The amount I will have paid when time an itemization of the as a yearly rate. credit will cost me: provided to me or on my behalf. I have made all scheduled payments. Amount Financed % • $ c' 7rr''. .a;!R S 0C''+1 , v, S YES-Iwant My Payment Schedule will be: - • an itemization Number of Amount of - ' NO-I do not want • Payments Payments When Payments Are Due • an itemization • $.,.. . _ - �.:.C1_' ..-- , '1.•:_ _. __, 'i., : ,j' "e"means an estimate $ ...'_ i' r_ S Filing Fees $ $ Non-filing Insurance $ ' Security:I am giving a security interest in: ❑(brief description of other property) . ❑the goods or property being purchased. 0 any right I may have to the payment of money from you. • ❑collateral securing other loans with you may also secure this loan. • Late Charge: ❑If all or any part of a payment is more than 10 days late,I will be charged 5%of the amount of the payment. . ❑Interest will accrue at the rate of %per year on the amount of any installment not paid in full when due. Prepayment:If I pay off this note early,I may be entitled to a refund of part of the finance charge. j I can see my contract documents for any additional information about nonpayment,default,any required repayment before the scheduled date,and prepayment refunds andpenalties. Insurance: Credit life insurance and credit disability insurance are not required to obtain Itemization of Amount Financed credit,and will not be provided unless I sign and agree to pay the additional cost. . Amount given to me directly $ ' - - (a) Type Premium Term Signatures(or Initials) Amount paid on my account $ (b) • Credit I want credit life insurance X Amounts paid to'others on my behalf: I Life Name of Insured To Property Insurance Company $ (c) . Credit I want credit disability . insurance X To Credit Life Insurance Company $ • Id) Disability Name of insured To Disability Insurance Company S (e) • I want joint credit life Joint insurance -X To Public Officials $ (f) Credit Life Name of Insured $ (g) Name of Insured $ - - - (h) • I do not want: t'' Credit Life Ins.; "i• Credit Disability Ins.; Joint Credit Life Ins. • $ (i) ) Property Insurance: I may obtain property insurance.from anyone I want that is acceptable to you.If I get $ -'- - (j) j 'the insurance from or through you I will pay$ for of coverage. S (k) 1.. PROPERTY INSURANCE ❑ IS REQUIRED. ❑ IS NOT REQUIRED. Prepaid Finance Charge $ (I) I have the option of furnishing any insurance you require in connection with this transaction either through AMOUNT FINANCED(a.through k-I) $ r (m) I existing policies I own or control,or,by procuring and furnishing insurance coverages equivalent to what•you . I' require from any insurance company authorized to do business in Texas. Finance Charge(include prepaid) S ' - (n) ' The premium quoted above for Total of Payments(m+n) S - - - (a) insurance is not fixed or approved by the State Board of Insurance. 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 (3)❑ If checked,this note is not further secured. obligation you have(now or hereafter)to pay money to me. (4)❑ If checked,this note is secured by a separate (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 dated property securing this note.You will apply this toward what I owe you. (This property should be described in the Truth-in-Lending disclosure above.) (5)0 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 ', secures are defined on the reverse.side of this form. • • ❑If checked,this security agreement(if filed)should be filed in the real estate records. This property will be used for ❑ Personal ❑ Business ❑ Agricultural Legal Description • ❑;(other) 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. Record Owner(if not me) Signatures . - I Any person who signs within this enclosure does so to give you a security interest in I agree to the terms of the note and security agreement above(including those on the the property described above, but assumes no personal obligation to pay this note., other side of this form)and acknowledge receipt of at least one copy on today's date. • 1' Name �...... Signature ` - '•X Date 0 if checked,the signature below was required as a condition of credit. Signature for Lender-where necessary for filing this security agreement. • <_ Signature X ❑ If checked,the signature below was required as a condition of credit. ,PRECOMPUTED NOTE, DISCLOSURE,AND SECURITY AGREEMENT. • • j'©1901 BANKERS SYSTEMS,INC.,ST.CLOUD.MN 56301 FORM NDS-PI-TX 10/61 Signature f • ADDITIONAL TERMS OF THE NOTE ADDITIONAL TERMS OF SECURITY AGREEMENT The following terms apply to this note whether or not it is secured by the security The following terms will apply to the security agreement which beginsbnthefrontside ,i agreement which begins on the other side of this form(paragraph 5 in the Security section). of this form(paragraph 5 of the Security'section). I. , Definitions -"I"means each borrower who signs this note."I"also means each.other Property-When used in this agreement,the term property means and includes: person and legal entity who by this or separate agreement prornises to pay it.This includes (a) all of my property specifically listed and,if a general description is used(whether or 1 guarantors,endorsers and sureties. not any specific property is listed), in all of my property fitting the general The term"note total"means the total sum agreed to be paid on this note.It includesthe description;and, . ' amount financed and the finance charge. It also includes all additional sums payable (b) all benefits which arise from the described property, including cash or non-cash including any late payment charges,post-maturity interest,required insurance premiums, proceeds, insurance benefits, interest, dividends;stock splits, and voting rights; costs of collection,attorneys'fees;and costs of repossession,preservation,repairs,taxes, and, • • and sale of any property securing this note. (c) any property-which is now or hereafter becomes attached to,a part of,or results from the described property. Applicable Law-I agree this note will be governed by the law of the state where you are • located,especially the Uniform Commercial Code.The terms of any agreement securing the Qwnership and Duties Toward Property-By giving you this security interest,I represent payment of this note may also be governed by the law of the state where the property is and agree: located. (a) I own al:.::,`the property,free of any claim by any-other person,and I will defend it ' Any term of this note.(and security agreement)which does not comply with applicable against an'v c ther claim. law will not be effective if that law does not expressly'or impliedly permit va i i•;:. (b) The serur I: ,-iterest I am giving you in this property has first priority over.the claim agreement.If any part of this note or security agreement cannot be enforced accordi:._,ioi:_ • 'ofanyc;ih.. vf my general or secured creditors.I.have signed or immediately will ' terms,this fact will not affect the balance of this note and security agreement. sign an•,.,:;dctional documents or provide you with any additional information you may regt'ii to perfect and preserve your first priority in this property.I will not Set-Off -I acknowledge and agree that you may sat-off all or any part of the note total hereafte, do anything to defeat your position. against any obligation you may have,now or hereafter to pay money to me.This includes: (c) I will keep the property in my possession(except for pledged property delivered to •,(a) any deposit account balance I have with you whether time,savings,checking or you),in good condition and repair,a;nduse it Only for the lawful purposes for which it NOW account;and • was intended.Unless otherwise-agreed in writ.ing,the'property will be located at my . (b) any money owing to me on an item presented to you or in your possession for address listed on the front side of this form. collection or exchange;and • (d) Iwillnotattempttoselltheproperty(unlessitisinventoryandidentifiedassuch)or ' . (c) a repurchase agreement or any other non-deposit obligation. otherwise transfer any rights in this property to anyone else.I will not permit the 'If my right to receive money from you is also owned by some other person who has not property to become attached to any real estate without first providing you an agreed to pay this note(such as another depositor on a joint account)your right of set-off opportunity to preserve your first priority status. will extend to the amount Of money which could be withdrawn or paid directly to me on my (e) I.will pay all taxes and assessments on the property as they become due. request or endorsement alone.In addition,(where I may obtain payment from you only with (f) I will provide you reasonable access to the property for the purpose of inspection, the endorsement or consent of someone who has not agreed to pay this note)your right of and notify you of any loss or damage. set-off will extend to my interest in the obligation. Your right of set-off will not apply to an account or other obligation if it clearly appears Insurance- I agree to purchase insurance on the property against such risks and in such that my rights in the obligation are solely as a fiduciary for another,or to an account which, amounts as you may reasonably require.In addition,I agree as follows: by its nature and applicable law(for example an IRA or other tax deferred retirement (a) I will arrange for you to•be named as loss payee on any's:.ch policy so that any account),must be exempt from the claims of creditors. benefit's arising from the insured risks will first be paid to you for application toward Your right of set-off maybe exercised upon my default(except when prohibited by law): the secured obligations. (a) without prior demand or notice;and (b) I agree that you may,in the event of a loss,require additional security or assurances (b) without regard to the existence or value of any property securing this note; and of payment of the secured obligations as a condition of permitting any insurance (c) without regard to the number or credit-worthiness of any other persons who have benefits to be used for repair or replacement of the property. agreed to pay this note. (c) I agree to purchase insurance from a company which is authorized to dobusiness in You will not be liable for wrongful dishonor of a check or other request for payment this state and which is reasonably acceptable to you. I where there is insufficient funds in the account(or other Obligation)to pay such request (d) I Will maintain this insurance until all the secured obligations are paid in full, arising as a result of your exercise of this right of set-off.I agree to hold you harmless'from (e) If I fail to obtain or maintain this insurance,or I fail to arrange for you to be named as. the claims of any person arising as the result of your exercise of this right. • loss payee,you may(but in no event are required to)purchase such insurance which Default - I will be in default on this note if anyone or more of the followingoccurs: will secure only your interest in the property. I agree to pay the cost of such insurance upon demand,plus interest from the date purchased,at a rate equal to • (a) I fail to make a payment on this note in full when due; ' the rate this note would produce over its full term if each scheduled payment were ' (b) I fail to make a payment in full when due'on any other debt I owe you; paid on the due date,until paid in full. • . (c) I die or am declared incompetent; . (d) I fail generally to pay my debts as they become due; Secured Obligations-This.security interest will secure the payment of the note total(as (e) I fail to keep any other promise contained in this note, any other note,any other' defined in the note).It will also secure(except as provided in the next paragraph)any other • written agreement.with you,including any security agreement; debt I owe you now or hereafter.This security interest will survive even if there are no debts (f) any statement of fact made on an application for credit or any other written owed to you until this security interest is formally discharged in writing. agreement with you appears-to be untrue at the time it was made; However,this security interest will not secure some other debt if a disclosure must be (g) any other creditor attempts,with or without legal process,to gain possession or made with respect to such debt of the existence of this security interest and such disclosure control of any money or property of mine; is not given as required by law.This security interest also will not secure any other debt,if ' (h) I transfer a significant part of my money or property; any person is entitled to a notice of the right to rescind such debt unless.the notice is given (i) I file for relief from my debts(or an application is filed against me for involuntary as provided by law. ' relief)under the United States Bankruptcy Code; The previous two paragraphs define what is meant by the term'"secured obligations" (j) in addition to the above,if a legal entity such as a partnership or corporation agrees in this agreement. to pay this note, if that entity merges, dissolve's, reorganizes, terminates its ' business or existence, or if a partner or,majority stockholder dies or is declared Remedies- If I am in default.on any of the secured obligations you have all the remedies incompetent provided under this security agreement and by law.These remedies are in addition to any ' ' (k) if a fact appears or any event occurs which causes you to consider yourself insecure. provided in the note or other obligation,and include(among oth.rs): If an event of default occurs as to any one-of us,you may exercise your remedies against (a)' If my default consists of failure to pay taxes,assessments or other liens,you may. any or all of us, pay these yourself.You are not required to,however.If you do,the amount you pay will be added to the secured obligations,will be immediately due,and-will accrue Remedies-If I am in default on this note,'you may: interest at a rate equal to the rate this note would produce over its full term if each (a) accelerate the due date of'the note total, making all sums immediately due; scheduled payment were paid on the due date,until paid in full.(This is in addition to (b) exercise your right of set-off; any other remedy you may elect.) ' (c) demand additional security or parties obligated to pay this note (or both) as a (b) You may require me to assemble the property and make it available to you ata place' condition of-waiving,for any period of time,any other remedy you may have under you designate which is reasonably convenient to both you and me. • ,the law and this agreement; (c) You may take immediate possession•of the property,with or without legal process, (d) exercise any remedy you may have under state or federal law for collection of'this. sell it,and apply the proceeds as provided by law to your expenses arid then toward note. •the secured obligations. Expenses include your costs of repossession,attorneys' (e) exercise any additional'right given.to you under any agreement securing the fees(where permitted),repairs(if necessary)and costs of sale. payment of this note. (d).You will be entitled to a deficiency judgment if the proceeds of sale do not pay all the, By electing any one or more of the remedies above,you do not waive your right to later secured obligations(except where prohibited by law). ' elect any other remedy until this note is paid in full.If you do not elect any remedy upon an (e) You may also be entitled to keep the property in satisfaction of the secured' event of default,you do not thereby waive your right to later consider the event as a default if • obligations in certain circumstances. it continues or recurs. I also agree that if any notice is required to be given-to me of your intended sale or' disposition of the property,notice will be considered commercially reasonable if provided by Other Security-Iagreethatanypresentorfutureagreementsecuringany-other debt(owe first class mail addressed to me at the address listed on the front side of this form mailed 10 you Will also secure-the payment of this note. days before the date of intended disposition. However,an agreement securing any other debt will not secure this note if either of the . ' following applies: . Pledges - Property which is described on the other side of this form as "pledged" is (a) you fail to make a disclosure required by law of the existence of such other security property which I am delivering to your possession to secure the payment of the secured •agreement;or obligations. You have the right to retain possession of this property.until the secured (b) you fail to provide(to any person entitled)any notice of right of rescission required obligations are paid in full.All other terms of this note and security agreement also apply to • by law for this transaction. • . this property. • In particular (without intending to limit these provisions only to pledged property): , Obligations Independent-I understand that my obligation to pay this note is independent (a) You must use reasonable care in the custody and preservation of this property; of the obligation of any other person who has also agreed'to pay it.You may release any of however,you are not required to preserve any rights I may have against any prior us,release any security,waive any right you might have against any of us,extend new parties to this property. credit to any of us,renew this note,or all of the above,without affecting my obligation to pay (b) I agreeto pay any additional costs you incur for the custody. preservation and the loan amount. • enforcement of any•rights in this property. . Waiver-Iwaive(to the extent permitted by law)certain rights Imight otherwise have.These (c) You may hold any increase'or profits from this property as additional security, •include demand,.presentment,protest,notice of dishonor,and notice of protest. though money must be applied toward payment of the secured obligations. (d) You may arrange for yourself or your nominee to be shown as owner of the property, , Prepayment Rebates- If this note is payable in substantially equal,successive,monthly inform any prior party to make any payments on the property directly to you,and installments beginning within one month plus 15 days'after the date of the note,I will,be • repledge the property upon terms which do not affect my right to,redeem it. entitled upon prepayment in full,to.a rebate of a portion of the finance charge.If prepaid in full (e) The risk of accidental loss or damage is on me to,the extent of any deficiency in after the first installment due date,the rebate will be as great a proportion of the precomputed effective insurance coverage. , 'interest contractedforasthe sum of the periodic balances scheduled to follow the installment (f) You are not responsible for any decline in value of the propertyw„hileitremainsin ,date after the date of prepayment bears to the sum of all the periodic time balances under the your possession. • . original schedule of payments.If the prepayment occurs before the first installment due date. Filing -A carbon,photographic or other reproduction of this security agreement may be ' youshall•retainforeachdayfromthedateoftheloantothedateofprepayment,one-thirtieth used as a financing statement where permitted by law. of the portion of the interest which could be retained if the first installment period were one month and the loan were prepaid in full on the first installment period due date. If this note is-payable in other than substantially equal,successive;monthly install- • • •i rnents beginning within one month plus 15 days after the date of the note,you shall be entitled to retain earned interest for the period from the date of the note to the date of prepayment in ,full in an amount not to exceed that which would accrue at the simple annual interest rate which the note would have produced over its full term if each scheduled payment had been • made on the date due when applied to the unpaid principal amounts determined to be . outstanding from time to time according to the original schedule of payments. . • . Guarantee-By'signing below I unconditionally guarantee the payment of theInsert FTC Notice if Applicable note total(as • defined in the note).I.also agree that all the other terms of the note will apply to me. ' NAME ' ' • 'X NAME X • I do not claim any interest in the property listed in the security . ' (initial) • agreement. However, my guarantee of payment of the note total includes any amounts agreed to be paid under the terms of the security agreement. • _. I do claim an interest in the property('r. in the security agreement. ' . (initial) 1. The terms of the security agreement v. f'also apply to me. •