Terms & Conditions

PROMISE TO PAY

I (“Borrower”) jointly and severally promise to pay to Austin Capital Bank (“Lender”), or order, in lawful money of the United States of America, the principal amount of Two Thousand Five Hundred dollars and 00 cents ($2500.0) or so much as may be outstanding

PAYMENT

I will pay this loan in Sixty equal installments of $49.00 each, beginning July 23, 2024, with all subsequent payments to be due on the same day of each month after that. Unless otherwise agreed or required by applicable law, payments will be applied to any attorney’s fees, legal expenses or other costs, late fees, interest and principal, in the order determined by Lender in its sole discretion. I will pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing.

INTEREST CALCULATION METHOD

Interest on this Note is computed using the true daily earnings method, which computes the interest charge by applying a daily rate to the unpaid balance of the principal amount. The earned finance charge is computed by multiplying the daily rate by the number of days the principal balance is outstanding.

PREPAYMENT

I may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve me of my obligation to continue to make payments of accrued unpaid interest. Rather, early payments will reduce the principal balance due. I agree not to send Lender payments marked “paid in full”, “without recourse”, or similar language. If I send such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and I will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: Credit Strong, a Division of Austin Capital

LATE CHARGE

If a payment is 15 days or more late, I will be charged a late fee of 4% of the payment amount.

INTEREST AFTER DEFAULT

Upon maturity, whether scheduled or accelerated by Lender because of my default, the interest rate on this Note shall not be increased.

COLLATERAL

This note is secured by a security interest in a deposit account further described in a security agreement having the same date as this note.

DEFAULT

I will be in default under this Note if any of the following happens:

Payment Default. I fail to make any payment when due under this note.
False Statements. Any representation or statement made or furnished to Lender by me or on my behalf under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished.
Death or Insolvency. Any Borrower dies or becomes insolvent; a receiver is appointed for any part of my property; I make an assignment for the benefit of creditors; or any proceeding is commenced either by me or against me under any bankruptcy or insolvency laws.
Taking of the Property. Any creditor or governmental agency tries to take any of the property in which Lender has a lien including taking of, garnishing of or levying on my account which secures this Note. However, if I dispute in good faith whether the claim on which the taking of the property is based is valid or reasonable, and if I give Lender written notice of the claim and furnish Lender with monies or a surety bond satisfactory to Lender to satisfy the claim, then this default provision will not apply

LENDER’S RIGHTS.

Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then I will pay that amount.

DEFAULT LIQUIDATION OF COLLATERAL.

If the loan is in default, any collateral I have pledged/assigned to secure the loan may be liquidated by the Lender and the proceeds of such liquidation will be used to repay any amounts owing to the Lender

CANCELLATION OF E-DISCLOSURES.

Lender will provide statements and agreements for this loan in electronic format. If Borrower cancels or withdraws consent to electronic disclosures after accepting this loan agreement, this loan will be cancelled. Funds owed on this loan will be set off by amounts in Borrower’s deposit account, and any remaining available funds in Borrower’s deposit account will be distributed to Borrower via ACH or debit card transaction.

ATTORNEYS’ FEES EXPENSES

Lender may hire or pay someone else to help collect this Note if I do not pay. Unless otherwise prohibited by applicable state law, I will pay Lender attorneys’ fees assessed by a court and any court costs, in addition to all other sums provided by law.

BORROWER’S ATTORNEYS’ FEES FOR LOANS SUBJECT TO NEW HAMPSHIRE LAW OR NEW YORK LAW.

For loans to New York or New Hampshire residents, if I prevail in an action, then Lender will pay my attorneys’ fees assessed by a court. If I successfully defend against an action by Lender a court may award me reasonable attorneys’ fees. If I am successful in mounting a partial defense, counterclaim, recoupment or setoff, a court may withhold all or a portion of Lender’s attorney fees.

DISHONORED ITEM FEE.

I will pay a fee to Lender of $14.00 if I make a payment and the check or preauthorized charge with which I pay is later dishonored.

GOVERNING LAW.

This Note will be governed by federal law applicable to Lender and the usury law of the State of Texas, the state of domicile for Lender.

COUNTERPARTS

This document may be executed in any number of counterparts, each of which shall be deemed to be an original, as against any party whose signature appears thereon, and all of which together constitute one and the same instrument. This document shall become binding when one or more counterparts hereof, individually, or taken together, shall bear the signature of all the parties reflected hereon as the signatories.

SUCCESSOR INTERESTS.

The terms of this Note shall be binding upon me, and upon my heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns.

NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES.

I may notify Lender if Lender reports any inaccurate information about my account(s) to a consumer reporting agency. My written notice describing the specific inaccuracy(ies) should be sent to Lender at the following address:

GENERAL PROVISIONS.

If any part of this note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. I and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. However, I may be entitled to notice of default and may have the right to cure as provided by law. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender’s security interest in the collateral. All such parties also agree that Lender may modify this loan without the consent or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several. This means that the words “I”, “me”, and “my” mean each and all of the persons signing below.

NO ORAL AGREEMENTS

This written loan agreement represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

NOTICE TO CONSUMER

1. Do not sign this paper before you read it. 2. You are entitled to a copy of this paper. 3. You may prepay the unpaid balance at any time without penalty and may be entitled to receive a refund of unearned charges in accordance with law.

Although Austin Capital Bank, SSB is exempt from several of the below requirements, we are required to provide you a printed copy of the following Alaska Statutes:

Sec. 06.20.230. Maximum interest permitted.

(a) A licensee may lend any sum of money not exceeding $25,000 and may charge, contract for, and receive on the loan interest at a rate not exceeding three percent a month on that part of the unpaid principal balance of a loan not in excess of $850; two percent a month on the unpaid principal balance exceeding $850 but not exceeding $10,000; and at a rate agreed by contract on the remainder of any unpaid principal balance exceeding $10,000 but not exceeding $25,000.

(b) Notwithstanding the provisions of (a) of this section, a licensee who makes open-end loans under this chapter may charge, contract for, and receive interest at a rate not exceeding three percent a month on that part of the unpaid principal balance of a loan not in excess of $850; two percent a month on the unpaid principal balance exceeding $850 but not exceeding $10,000; and at a rate agreed by contract on the remainder of any unpaid principal balance exceeding $10,000 but not exceeding $25,000.

(c) Interest on loans under (b) of this section shall be computed according to the actuarial method on the entire unpaid principal balance as determined under AS 06.20.285(b).

Sec. 06.20.240. Loans for purpose of obtaining higher interest.

A licensee may not induce or permit a person, or a husband and wife jointly or severally, to split up or divide a loan or to become obligated, directly or contingently or both, under more than one loan contract at the same time, for the purpose or with the result of obtaining a higher rate of interest than would otherwise be permitted by AS 06.20.230. However, a licensee may enter into new or different loan transactions with the borrower or the borrower's spouse at a different time so long as the purpose of the additional transaction does not violate this section.

Sec. 06.20.250. Payments and interest.

(a) Interest may not be paid, deducted, or received in advance. Except for open-end loans made under AS 06.20.285, interest shall be computed and paid only on unpaid principal balances and may not be compounded; however, if part or all of the consideration for a loan contract is the unpaid principal balance of a prior loan, the principal amount payable under the loan contract may include any unpaid charges on the prior loan that have accrued within 60 days before the making of the loan contract. The maximum interest permitted on loans made under this chapter shall be computed on the basis of the number of days actually elapsed. For the purpose of these computations a month is any period of 30 consecutive days.

(b) A licensee may compute interest for a loan as provided in this chapter on an interest-bearing or actuarial basis either at the rates stated in AS 06.20.230 or at the single annual percentage rate that would earn the same finance charge as the rates stated in AS 06.20.230 when the debt is paid according to the agreed terms and the calculations made according to the actuarial method.

Except for open-end loans under AS 06.20.285, a licensee may not enter into a contract for a loan that provides for a scheduled repayment of principal over more than the maximum terms set out below opposite the respective size of loans

(d) Loan contracts must provide for substantially equal payments, and the payments must be due at least once a month, with the first payment beginning not later than 45 days from the date the loan is made.

(e) If the irregular payment is confirmed in writing by the borrower, and the method of repayment is consistent with the maximum term and annual interest rate provided in this chapter, and if a borrower demonstrates sufficient seasonal or extraordinary income to support repayment of a loan, the loan contract may provide for irregular payments and first payment extensions greater than 45 days from the date the loan is made.