Loading...
Continental Park Estates (Lot 35, Block 2),1990 - Promissory Note PROMISSORY NOTE $ CITY OF SOUTHLAKE, TEXAS August 10 1990 , - 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's and Materialman'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 ($333.00) plus accrued interest 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 -, - 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: Block 2, Lot 35 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's and Materialman's Contract. slake\continent.04 -2- 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 10th day of 1990. August , James T. Cullins (Name of Property Owner) ;171/-') ) L f-Il!t'y-'0 ('Signature) Dorothy M. Cullins (Name of Property Owner) (Signat~~e) " '. ,-" (Name of Property Owner) (Signature) slake\continent.04 -3- ./ MECHANIC'S AND MATERIALMAN'S CONTRACT STATE OF TEXAS i i i COUNTY OF TARRANT THIS CONTRACT made and entered into by and between the City of South lake, a municipal corporation of Tarrant County, Texas, acting herein by and through its duly authorized City Manager, hereinafter called "City," James T. etux Dorothy M. Cullins and hereinafter called "Owner." Y I T N E SSE T H : YHEREAS, said owner desires to have constructed certain sewer il11>rovements upon the hereinafter described property and within the street abutting and adjacent thereto, in accordance with the plans and specifications for the il11>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 improvements 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 South lake in compliance with Owners' request. Said improvements 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: Block 2. Lot 35 Continental Park Estates N(7J, THEREFORE, City agrees with Owner that it will, without unnecessary delay, construct said above described improvements, 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 tha CIty of South lake, Texes, the sum of Two Thousand Four Hundred Ninety-Four Dollars ($2,494.00), with interest at the rate of ten percent (lOX) 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 improvements 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 Southlake, 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 empowers 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 simple, 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 ail 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. This contract is executed and delivered before any labor or material for the construction of said sewer improvements have been performed or furnished. slake\continent.07 .1. n f ~ r1 r" E.J ~~ 2 3 '~J 'I, ' -2- 3! .,; .;.. J CII "U OJ ... ... ... ~ .. a. 0 ~ ~ ..... u .. >- 0 .... Qii: Ii ... .;:; >- ~ ~ ... I ..;, ~ ~ u u ~ ~ ~ l:l ~O w u lil lIl: '0 ~~ 0 15 ~ ~ ~~ ..... 8 ... w CD fa D/: III ... C -l 0 U - - ... >- ... ~ III CII -0 ... :J .... III ... U ..... ~ 0 I ... ... 0 ... j ~ 0'.' CII .. 1: CIl CD CII 8- ... 0 0 0 .r: C ... ~ ... ..... "" CD - 0 LO"lUaU!lUO~\a~e11 ~:) ~ ... QI ~ U >- i u .;.. l o e ~;s ~~~ ;~S u. a ..... c:r:~ t:....=s _~:z: U 5 ~~ .' '''' . ~ I lfI r~,.,":, . w 5 >- 1XI :,,",,:,-.._- .f- "066l ' . J,I ~r~J~~~?N " ," ~ :. ., . : 1 ! I . '--. '-',;/" J Jok"~~JY~~:~~~ ONY ONVH AN 1l3ONn N3A 19 SYX31 'AINnoJ INYHHYl 1l0~ aNY NI " , "palelS UlaJaljl ~ll~ede~ a4l ul pull passaJdxa U!aJaljl UO!lIlJap!SUo~ pull sasodJnd aljl JOJ uOlleJodJo~ lj~ns JO l~e aljl Sll awes aljl paln~axa a4 lllljl pull 'uonllJodJo~ II ' a>jeLlf+noS JO A:)'~J PIllS JO l~ll aljl Sll" awllS aljl lllljl aw 01 pa6pal"OU~~1l pull 'luawnJ1SUl 6Ul06aJoJ aljl 01 paq!J~sqns I! aweu asolj" Ja~!JJo pue UOSJad aljl aq 01 aw Ol U"OU~ ' JO ' .Aof)euew AH:; paJlladde A lleUOSJad Allp S lljl uo 'Al pOljlne pallS I sJapun aljl '3M 3IlCU38 >jMeH ':3 s n..,lnJ t IlMlllYl :10 UIUlXJ t t SYX31 :10 31YlS ~t("~f':';>("C'--"'-~-:..:e-:":'Ot:. SYX31 'AlNnoJ INYIlIlYl HO~ aNY N I Aa.en~ HY.,lOK '^' I; -<~'l ,\ ; ') )/ '066l . , -, t ' ~~ '. ' .. .'; ..;':. "f }i ,I"-'I'.I'~ "; :J;.~:lr \\'~~'.-~,~.;.;;,~i 'V '10. ^9P'I:...~.'l>i:.>.it~r :10 lY3S ONY ONYH AN 1l3aNn N3AJ9 "passaJdxa ulaJaljl UO!leJapIsuo~ pull sasodJnd aljl JOJ awllS aljl paln~axa aljs/alj lllljl aw Ol paSpa1"ou~~e pue 'luawnJlSU! BUlOBaJoJ aljl Ol paqlJ~sqns sl awllU asolj" UOSJad aljl aq 01 aw 01 U"OU~ ' sU~LLnJ "W ^4:).0..,l00 pUP. '1 sawer paJlladde All11UOSJad Aep Slljl uo 'AlIJOljlne pauBISJapun a4l '3M 3110:138 t IlMlllYl :10 UIUlXJ t t SYX31 :10 31YlS H3NI\O '1} , sU~LLnJ 'w ^4:).OJOO ; II 3 NI\O I~ .- (t ' . " 1 . I I 1- " - L,?/ -1 su~ L LnJ "I saweD ~3N~ 1':) c......J (/"'_:,,>. J.3NIlOHY All' . :Al11Y931 ONY HIlO~ 01 SY a3^OHddY " - 'i I' lf~'llt.t'\lW Al1:1 r,o' 'I, \ / ,""'1 r ')If ~/l . ---:,;.. I ! -t I (.>-f'-v)J AlI\l131l:J3~1t.n fP11~';/{V;5/~ 3)Y1Mlnos ~o A1IJ ,/ : lS,Il.lV .066l ' +sn6n\f JO Aep 4+01 aljl Sllj~ S8Jnleu!lls Jno SS3"1I" "lJll lOU Ill" JO lOUUeJ 'alnlllsqns JO 1euIB!JO 'aalsnJl AUll sasne~ PIes JO Aue WOJJ Ja^aUa4K pue uallo se lSlxa 11114S aalSnJl alnl!lsqns JO Jossa~~ns e lUloddll Ol 14BIJ 4Jns pue ~a^ll~aJJa pue Plle^ Allenba aq 11e4s JaSe4~Jnd aljl Ol aJullAa^uoJ sllj pull 'pawllU aalSnJl PIes uo paJJa}UO~ u!aJalj Sa!lnp pue sJa"od 'Sllj61J 'a1lll a41 1111 aln~axa pull ssassed 'P10lj uodnaJaljl 1111ljs alj pull SaSIWaJd PIes 1111 uI a1lll pue allllsa aljl 'aalSnJl se 'W!4 U! lSa^ 11114s a~ueAa^uo~ Sl41 pull ~6UlllJ" U! UO!11lU61sap pull luawlU!oddll ue ueljl Al!lBWJOJ Jaljlo lno41!" 'ssaupalqapu! pull alOu PIllS lO Japlolj aljl Aq palU!oddll pull 'palnlllSuo~ 'paweu aq ABW 81nlllsqns pull Jossa~~ns II 'pe Ol pawllU ulaJalj aalsnJl a4l }O aJnl!IlJ JO 1esnJaJ 'AH l!qeuI '4leap 'a~asqe JO ase~ ul \1 >i, \' 'I , ~. '.1 ~L 1 , j 'lL. ' .1 l.. hi 11, /.\1" ; I \1 ""11, !: '" ',I,' '1, !',:\l 1-"" 't I,'j 1 11-~1 '{-" (~L, E F~~, i\ i '-'.1 J L ~ -i "'J (' :\i ~, (I, !_"j H 4,(..-\ 11_, i:il If' 1.1'<:: 1,li::': lulf; P,P,( ("-. f ........ r-- ",J ~ Ll C. f" "I fr"IC: j (~J ; '. r 1442:, (JI~ '" f ~ ,: ~.