1
EXHIBIT 10.13
INSTALLMENT NOTE
75,000.00 DeLand FL 03/01/96
--------------------- ------------------------------------------------------
(City) (State) (Date)
For value received, the undersigned (whether one or more, hereinafter called the
"Obligors") promise(s) to pay to the order of SouthTrust Bank of Florida,
National Association (hereinafter called the "Bank" or, together with any other
holder of the note, the "Holder"), at any office of the Bank in DeLand, FL, or
at such other place as the Holder may designate, the principal sum of
SEVENTY-FIVE THOUSAND AND NO/100 Dollars together with interest thereon at the
rate and on the date(s) provided below from the date of this note (or other
interest accrual date shown below) until maturity, and with interest on the
unpaid principal balance after maturity at the rate which is 2 percent per annum
in excess of the rate stated below or the maximum rate allowed by law, whichever
is less, from maturity until said indebtedness is paid in full. Interest will
accrue beginning on the date of this note unless another date is shown here:
________________________________________________________
INTEREST RATE.
The above-stated sum shall accrue interest as follows (check applicable
box(es)):
|_| Variable Rate -- interest from date
Interest will accrue on the above-stated principal sum at the rate per annum
which is ____________ percentage points in excess of the Index Rate. Unless
another rate is made applicable below, the "Index Rate" is the rate of interest
designated by the Bank periodically as its Basic Rate. The Base Rate is not
necessarily the lowest rate charged by the Bank. The Base Rate on the date of
this note is ____________ percent.
|_| (check box if applicable) The "Index Rate" is the weekly auction average
yield of ____________ week U.S. Treasury Bills at the most recent auction prior
to the date the Index Rate is calculated. The Index Rate on the date of this
note is ____________ percent.
The rate of interest payable under this note will change to reflect any change
in the Index Rate:
|_| on any day the Index Rate changes.
|_| on the day each payment of interest is due as provided below.
|_| on the ____________ day of each month hereafter.
|-| _____________________________________________________________
Obligors may prepay this note in full at any time without penalty.
|X| Fixed Rate -- interest from date
Interest will accrue on the above-stated principal sum at the rate of 10.750
percent per annum.
Interest on the principal sum will be calculated at the rate set forth
above on the basis of a |X| 360 |_| 365 day year and the actual number of days
elapsed by multiplying the principal sum by the per annum rate set forth above,
multiplying the product thereof by the actual number of days elapsed, and
dividing the product so obtained by |X| 360 |_| 365.
PAYMENT SCHEDULE.
The above-stated principal sum and interest thereon shall be paid as follows
(check applicable box(es)):
|_| Installments of Principal, Interest Paid Separately
The Obligors promise to pay the above-stated principal sum in ____________
consecutive |_| monthly installments |_| quarterly installments |_| ____________
installments in the amount of $____________ each, beginning ____________ and
continuing on the same day of each month, quarter, or other period (as
applicable) thereafter until ____________, at which time the unpaid balance of
the principal sum and all accrued but unpaid interest thereon shall be due and
payable.
The Obligors promise to pay accrued interest on the principal sum: |_| monthly
|_| quarterly |_| ____________ beginning ____________ and continuing on the same
day of each month, quarter, or other period (as applicable) thereafter until
maturity.
|X| Installments of Principal and Interest
The Obligors promise to pay the above-stated principal sum and interest
thereon in 47 consecutive |X| monthly installments |_| quarterly installments
|_| ____________ installments in the amount of $1,935.34 each, beginning
APRIL 1, 1996 and continuing on the same day of each month, quarter, or other
period (as applicable) thereafter until MARCH 1, 2000 at which time the unpaid
balance of the principal sum and all accrued but unpaid interest thereon shall
be due and payable.
LOAN FEE. (This provision applicable only if completed):
A loan fee in the amount of $937.50 has been |X| included in the amount of
this note and paid to the Bank from the loan proceeds. |_| paid to the Bank by
cash or check at closing. The loan fee is earned by the Bank when paid and is
not subject to refund except to the extent required by law.
RATE CHARGE.
If any scheduled payment is in default 10 days or more, Obligors agree to
pay a late charge equal to 5% of the amount of the payment which is in default,
but not less than $.50 or more than the maximum amount allowed by applicable
law.
PREPAYMENT.
If the Interest rate on this note is a variable rate, Obligors may prepay
this note in full at any time without premium or penalty. If the interest rate
on this note is a fixed rate, unless the paragraph which follows is applicable,
prepayment of the principal sum of this note in whole or in part is not
permitted.
|_| If this box is checked, and if the interest rate on this note is a fixed
rate, Obligors may not prepay this note in whole or in part during the first
year after the date of this note. Thereafter, prepayment will be permitted on
any scheduled payment date on condition that the amount of the prepayment must
equal the sum of (a) the principal amount prepaid plus (b) accrued interest on
the amount prepaid plus (c) a premium equal to 1% of the principal amount
prepaid multiplied times the number of years or parts of a year remaining until
final scheduled maturity of this note. No prepayment premium need be paid if
prepayment is made within one year prior to the final scheduled maturity of this
note.
If prepayment in full without penalty or premium is required to be
permitted by applicable law, the foregoing provisions will not apply and
prepayment will be allowed in accordance with such law.
COLLATERAL.
This note is secured by every security agreement, pledge, assignment,
stock power, mortgage, deed of trust, security deed and/or other instrument
covering personal or real property, (all of which are hereinafter included in
the term "Separate Agreements") which secures an obligation so defined as to
include this note, including without limitation all such Separate Agreements
which are of even date herewith and/or described in the space below. In
addition, as security for the payment of any and all liabilities and obligations
of the Obligors to the Holder (including this note and the indebtedness
evidenced by this note and all extensions, renewals and modifications thereof,
and all writings delivered in substitution therefor) and all claims of every
nature of the Holder against the Obligors, whether present or future, and
whether joint, several, absolute, contingent, matured, liquidated, unliquidated,
and direct or indirect (all of the foregoing are hereinafter included in the
term "Obligations") the Obligors hereby assign to the Holder and grant to the
Holder a security interest in and security title to the property (the
"Collateral") described below: (Describe Separate Agreements and Collateral.)
As further described in Security Agreement dated MARCH 1, 1996
The Obligors are jointly and severally liable for the payment of this note
and have subscribed their names hereto without condition that anyone else should
sign or become bound hereon and without any other condition whatever being made.
The provisions printed on the back of this page are a part of this note. The
provisions of this note are binding on the heirs, executors, administrators,
successors and assigns of each and every Obligor and shall inure to the behalf
of the Holder, its successors and assigns. This note, executed under the seal of
each of the Obligors and of the indorsers, if any.
The provisions on the reverse side are a part of this note.
CAUTION - IT IS IMPORTANT THAT YOU THOROUGHLY READ THE CONTRACT
BEFORE YOU SIGN IT.
Address of Obligor:
--------------------------------------------------
--------------------------------------------------
No.
-----------------------------------------------
Officer: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
-----------------------------------------
Branch: Downtown
------------------------------------------
Weststar Environmental Services, Inc. (SEAL)
------------------------------------------------------------------
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ President
---------------------------------------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Title
Signature (SEAL)
---------------------------------------------------------
Signature (SEAL)
---------------------------------------------------------