Continental Park Estates (Lot 1, Block 4),1990 - Promissory Note
PROMISSORY NOTE
CITY OF SOUTHLAKE, TEXAS
August 30
19 90
, -
$ 2,494.00
FOR VALUE RECEIVED, the undersigned, jointly and severally,
hereby promise to pay to the City of Southlake or order the amount
of Two Thousand Four Hundred Ninety Four Dollars ($2,494.00), plus
interest at the rate of ten percent (10%) per annum from the date
of completion and acceptance of the sewer improvements referred to
in the hereinbelow described Mechanic I s and Materialman I s Contract,
in lawful money of the united states, payable at the office of the
Assessor and Collector of taxes of the City of Southlake, 667 North
Carroll Avenue, Southlake, Texas 76092.
Principal and interest on this note are payable in five
installments as follows:
(1) the first installment shall be payable in the
amount of One Thousand Seventy-Nine Dollars
($1,079.00) on or before July 1, 1990;
(2) the second, third and fourth installments shall
each be payable in the amount of Three Hundred
Thirty-Three Dollars ($333. OO) on or before
January 1, 1991, July 1, 1991 and January 1,
1992, respectively; and
(3) the entire amount of principal and interest
remaining unpaid following payment of the
fourth installment shall be payable in a fifth
installment on or before February 1, 1992.
Interest will be calculated on the unpaid principal to the date of
each installment paid. Payments will be credited first to the
accrued interest and then to reduction of principal.
If it should be determined that any excess interest is pro-
vided for by this note, or any agreement between the undersigned
and the payee, the undersigned shall not be obligated to pay the
amount of interest to the extent that it is in excess of the amount
permitted by law and any excess interest paid shall be credited as
a payment on the principal balance, or if the principal balance has
been paid in full, refunded to the undersigned. In determining
whether the loan evidenced by this note is usurious under
applicable law, all interest at any time contracted for, charged
or received from the undersigned in connection with the loan shall
be amortized, prorated, allocated, and spread in equal parts during
the period of the full stated term of the loan.
It is expressly provided and stipulated that, notwithstand-
ing any provision of this note, or any agreement between the
undersigned and the payee, in no event shall the aggregate of all
slake\continent.04
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interest paid or contracted to be paid to the payee by the
undersigned (or any guarantors or endorsers) ever exceed the
maximum amount of interest which may lawfully be charged the
undersigned by the payee on the principal balance of this note from
time to time advanced and remaining unpaid. It is expressly
stipulated and agreed that it is the intent of the payee and the
undersigned in the execution and delivery of this note to contract
in strict compliance with applicable usury laws. In furtherance
thereof, none of the terms of this note, or any agreement between
the undersigned and the payee, shall ever be construed to create
a contract to pay interest at a rate in excess of the lawful rate,
for the use, forbearance or detention of money.
The undersigned (whether one or more) expressly agrees that
in the event of default in the payment of this note or of any
installment of principal and/or interest of this note when due, or
in the event of default in the performance of any of the
terms, covenants, or conditions contained in any instrument or
instruments given as security for the payment of this note, the
holder hereof may, at its option, without notice of nonpayment,
demand for payment, presentment for payment, notice of intention
to accelerate maturity, notice of acceleration of maturity,
protest, notice of protest, or any other demand or notice of any
kind, all of which are hereby expressly waived, declare the
principal of this note and all unpaid accrued interest at once due
and payable.
The undersigned retains the right to pay one or more
installments in advance of any payment date, and in such event the
undersigned shall be credited with unearned interest thereon. This
note shall be deemed paid in full if the principal amount of Two
Thousand Seventy Eight Dollars ($2,078.00), plus accrued interest
thereon, has been paid on or before January 1, 1992.
The payment of this note is secured by a lien contained in
that certain Mechanic's and Materialman's Contract this day
executed between the undersigned and the City of Southlake upon the
following property:
Lot 1 Block 4
Continental Park Estates
It is understood and agreed that failure to pay this note or
any installment thereof, when due, shall at the election of the
holder hereof, mature the entire amount of this note, both
principal and interest, and it shall thereupon become subject to
foreclosure proceedings under the said Mechanic I s and Materialman's
Contract.
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It is specially agreed that if this note is placed in the
hands of an attorney for collection, or if it is collected through
any character of foreclosure, or sale, or judicial proceedings, the
undersigned agree to pay costs of collection and attorneys' fees.
DATED at Southlake, Texas this
1990.
30 day of
August
Edward Robertson
(Nama of Propert~owner)
i
n' ! Jdj::i~
. ,/vt.A.A'/ . // / .
(Signature)
(Name of Property Owner)
(Signature)
(Name of Property Owner)
(Signature)
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~-
-.->
MECHANIC'S AND MATERIALMAN'S CONTRACT
STATE OF TEXAS
i
Ii
Ii
COUNTY OF TARRANT
THIS CONTRACT made and entered into by and between the City of Southlake, a municipal corporation of
Tarrant County, Texas, acting herein by and through its duly authorized City Manager, hereinafter called "City,"
Edward Robertson
and
hereinafter called "Owner."
Y I T N E SSE T H :
YHEREAS, said owner desires to have constructed certain sewer iq>rovements upon the hereinafter
described property and within the street abutting and adjacent thereto, in accordance with the plans and
specifications for the iq>roving of the unit of which this construction is a part, now on file in the Office
of the City Engineer of the City of Southlake, which plans and specifications are specifically made a part
hereof; and
YHEREAS, said iq>rovements shall consist of constructing and laying mains, laterals and extensions and
all appl iances and necessary adjuncts including 6" and 8" sewer I ines, manholes and 4" services I ines or lines
of adequate size to service the adjacent property; to be installed and constructed by the City of Southlake in
cOlfllliance with Owners' request. Said iq>rovements are to be made by doing above described work and furnishing
the material therefor on the street abutting and adjacent to the following described property belonging to
Owners in the City of Southlake, Tarrant County. Texas:
Lot 1 Block 4
Continental Park Estates
N~, THEREFORE.
City agrees with Owner that it will, without unnecessary delay, construct said above described
iq>rovements, performing all the labor and furnishing all the material necessary to be used, and will pay all
expenses incident to such labor and the furnishing of such material.
In consideration therefor, Owner agrees to pay the City of South lake, Texas, the sum of Two Thousand
Four Hundred Ninety-Four Dollars ($2,494.00), with interest at the rate of ten percent (10X) per annum, and has
this date executed and delivered to said City his promissory note in said amount payable as follows: One
Thousand Seventy-Nine Dollars ($1,079.00) payable on or before July 1, 1990; three installments of Three Hundred
Thirty-Three Dollars ($333.00) each payable on or before January 1, 1991, July 1, 1991 and January 1, 1992,
respectively; and, the balance of the unpaid principal and interest payable on or before February 1, 1992, with
all of the above amounts bearing interest at the rate of ten percent (10%) until paid.
TO SECURE the payment of said note and indebtedness, Owner hereby gives and grants a mechanic's and
materialman's lien on said above described property and all buildings and iq>rovements now thereon or which may
hereafter be placed thereon. Further, to secure the payment of said note and indebtedness, Owner hereby grants,
bargains, sells and conveys said above described property to the duly appointed Land Agent of the City of
South lake, Trustee, his successors and assigns.
TO HAVE AND TO HOlD said premises, together with, all and singular, the rights, hereditaments and
appurtenances now or hereafter at any time before foreclosure hereof in anywise appertaining or belonging
thereto, unto the said duly appointed Land Agent of the City of South lake, Trustee, his successors and assigns,
in trust, however, to secure the payment of the aforesaid indebtedness.
BUT IF SAID NOTE AND INDEBTEDNESS BE PAID according to its terms, or any renewal or extension or partial
renewal and extension thereof, THEN THIS CONVEYANCE SHALL BECOME NUll AND VOID, and this instrument shall be
released at the cost of Owner, but in case said note and indebtedness or any part thereof is not paid when due,
then Owner hereby fully authorizes and eq>Qwers said Trustee, his successors and assigns, at any time after
default, to sell said property to the highest bidder for cash, at the place and in the manner and after giving
notice as required by law in making sales under deeds of trust. In the event of and after sale, as aforesaid,
the Trustee, his successors and assigns, shall make and deliver to the purchaser of said premises a deed
conveying said property in fee siq>le, and shall receive the proceeds of said sale to be applied as follows:
First, to the payment of the proper expenses of making the sale; second, to the payment of said indebtedness,
together with all interest accrued thereon; and the remainder, if any. to be paid to the Owner, or his or their
assigns.
It is agreed that the holder of said note and indebtedness at the time of such foreclosure shall have
the right to become the purchaser, if at such sale it be the highest or best bidder. Owner binds himself or
themselves that he or they will surrender to the purchaser at such sale immediate control and possession of
said property purchased by such purchaser, and in default thereof they shall be tenants at sufferance of such
purchaser, removable at the latter's will by forcible detainer proceedings or by any other legal proceedings.
Should Owner fail to keep and perform any of the above recited agreements, thereupon any holder of said note
and indebtedness at the time of such default, at its option, may declare all the indebtedness then owing,
together with accrued interest, to be due and payable, and may proceed to foreclose such lien in the manner
above provided or by foreclosure suit.
,\ I
1
This contract is executed and delivered before any labor or material for the construction of said
sewer iq>rovements have been performed or furnished.
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D191.031819
CITY OF S0UTHLAKE
67 N CARROL.L AVE
SOUTHLAKE, TX 76092
W A R N I N G-- -TH13 IS PART OF THE OFFICIAL. RECORD---D 0 N O T D E w . T R O Y
F I L E D -- T A R R A N T C O U N T Y T E X A S
S U Z A N N E H E N D E. R S O N -- COUN T Y CLE RK
O F F I C I A L R E C E I F T
T 0: CITY OF 3OUTHLAKE
RECEIPT NO REGISTER FRINTED DATE TINE
191110751 DR91 03/01/ :10:39
INSTRUMENT FEECD AMOUNT FILED TIME
1 D191031819 ML. 5.00 910301 10:39 CK 1448
T O T A L_ . DOCUMENTS: 0.1 F E E 5.00
qe.somassonwaf
rw Y :. _____ 7 ___________
AN'T FRO''. /I8IoN WHICH RESTRICTS THE 8AL E RENTAL OR USE
OF THE DESCRIBED REAL PROPERTY BECAUSE OF COLOR: OR FACE
IS INVALID AND UNFORCEAELE UNDER: FEDERAL LAW.
4