LOAN DISCLOSURE, NOTE AND

SECURITY AGREEMENT

Account No: 

Loan Amount: $9,434.00

Loan Date: 

Clement Wiredu

7416 EASTMORELAND RD, APT.30

ANNANDALE, Virginia 22003

Name / Address of Borrower(s)

“You” and “Your” refer to each Borrower

above, jointly and severally.

722 Redemption Funding, Inc.

3700B Park 42 Dr., Suite 150A

Cincinnati, Ohio 45241

“We”, “us” and “our” refer to the Lender

above, its successors and assigns.

Federal Truth-In-Lending Disclosure:

ANNUAL PERCENTAGE RATE

(APR) - The cost of your credit as

a yearly rate.

26.091%

FINANCE CHARGE - The dollar

amount the credit will cost you.

$4,148.52

AMOUNT FINANCED - The

amount of the credit provided to

you or on your behalf.

$9,174.00

TOTAL OF PAYMENTS - The

amount you will have paid after you

have made all payments as

scheduled.

$13,322.52

Your Payment

Schedule will be:

Number of Payments:

36

Amount of Payments:

$370.07

When Payments are Due:

On the ______ day of each month beginning

____/_____/_____

Security: You are giving a security interest in your automobile or mobile home specifically described below.

Late Charge: You will be charged five percent (5.0%) of the full amount of a scheduled payment or $15.00, which ever is greater, as a late

charge on any installment not paid in full within ten (10) days after its due date.

Prepayment: If you pay off this loan early, you will not have to pay an early payment penalty.

Note Document: See your contract documents for any additional information about nonpayment, default, any required repayment in full before 

the scheduled date, and prepayment refunds and penalties.

Collateral Description:

Year Make Model Color Serial Number

2013 Toyota Avalon Gray 4T1BK1EB5DU068985

PROMISE TO PAY: You, jointly and severally, promise to pay

to our order the amount equal to the PRINCIPAL AMOUNT OF

LOAN listed as Item (J) under ITEMIZATION OF AMOUNT

FINANCED plus interest on such unpaid balance at the

CONTRACT RATE OF INTEREST specified under

ITEMIZATION OF AMOUNT FINANCED. The actual Finance

Charge will be computed on unpaid principal balances

outstanding from time to time, for the time outstanding (in

accordance with section 1321.57(C)(1)(a) of Ohio Revised Code),

together with such other charges as permitted under O.R.C.

1321.57 and agreed to in this Loan Disclosure, Note, and Security

Agreement.

The payment amount of each installment specified above was

calculated utilizing the Contract Rate of Interest and Principal

Amount of Loan using a regular amortization schedule for the

term of this loan. The Contract Rate of Interest and the Annual

Percentage Rate may not be equal as a result of the classification

as finance charges under Regulation Z of the federal Truth-inLending Act of certain charges that would not be so classified

under O.R.C. 1321.51 to 1321.60. Similarly, the Amount Financed

may not be equal to the Principal Amount of Loan as a result of

such classifications.

COLLATERAL: To secure repayment of this loan, you grant

to us a security interest in: 1) the motor vehicle/personal

property listed above, complete with attachments, accessories

and equipment including all additions and accessions thereto,

replacements and substitutions thereof, whether in whole or in

part and whenever acquired, and 2) all proceeds, from insurance

or otherwise, arising from any disposition thereof (said security

interest hereinafter called "Collateral"). Collateral is intended to

secure payment of the indebtedness described above, together

with delinquency charges as provided and, in the event of default,

amounts actually expended for costs and disbursements incurred

in legal proceedings to collect the loan or to realize on any

security, to the extent permitted by applicable law.

FINANCE CHARGE: The Finance Charge consists of interest,

origination and credit investigation charges. The Finance Charge

disclosed above is computed on outstanding unpaid principal

balances on the basis that installments shall have been paid

according to contract. Delinquency will increase the Finance

Charge as the contract rate is computed on actual unpaid

balances of amount financed for the actual time outstanding.

APPLICABLE LAW: The laws of the State of Ohio will govern this

note and any agreement securing this note. The federal Truth-InLending disclosures on the front page hereof are disclosures only

and are not intended to be terms of this agreement unless

expressly referred thereto herein. The fact that any part of this

note cannot be enforced will not affect the rest of this note. Any

change to this note or any agreement securing this note must be

in writing and signed by you and us.

ITEMIZATION OF AMOUNT FINANCED

Amounts disbursed on your behalf:

Attorney Fee Escrow Account: $750.00 (A)

Capital One $8,274.00 (B)

(C)

 Appraisal Fee to:

Collateral Valuation Services $0.00 (D)

Single Interest Insurance Premium to:

Valley National Insurance $135.00 (E)

Service Contract to:

N/A (F)

Lien recording costs, etc. $15.00 (G)

Loan origination charge* $250.00 (H)

Credit investigation charge* $10.00 ( I )

PRINICIPAL AMOUNT OF LOAN

(Sum of A through I) $9,434.00 (J)

Prepaid finance charges $260.00 (K)

AMOUNT FINANCED (J minus K) $9,174.00 (L)

*Payable to 722 Redemption Funding, Inc.

CONTRACT RATE OF INTEREST 23.99%

PREPAYMENT: You may prepay this loan in whole or in part at any time. If you

prepay in part, you must still make each later payment in the original amount as

it becomes due until this note is paid in full.

LENDER’S SINGLE INTEREST INSURANCE, if written in connection with this

loan, may be obtained from any person of your choice that is acceptable to us. 

If you desire that this insurance be obtained through us, the cost is set forth in

the ITEMIZATION OF AMOUNT FINANCED.

DEFAULT CHARGES AND RETURNED CHECK FEES: We may collect a

default charge (also known as a “Late Charge”). The amount of the Late

Charge shall be in accordance with the block indicated above for each full

month that any installment is outstanding after the due date of such installment

scheduled by the contract. We may collect a Late Charge for one full month for

any installment that is past due more than ten (10) days. We may also charge

and receive check collection charges not greater than twenty dollars ($20.00)

plus any amount passed on from other financial institutions for each check,

negotiable order of withdrawal, share draft, or other negotiable instrument

returned or dishonored for any reason. Late Charges and returned check fees

may be collected at the time they accrue or any time thereafter.

(Continued on back)

POWER OF ATTORNEY

To facilitate your grant of a security interest in the Collateral, you irrevocably constitute and appoint us to be your attorney-infact to perfect our lien with regard to the Collateral and to do such other acts as necessary or convenient thereto.

By signing below you agree, jointly and severally, to the terms and conditions set forth on the face and reverse of this

document and acknowledge receipt of a fully completed copy.

NOTICE TO BORROWER(S): DO NOT SIGN THIS LOAN DISCLOSURE, NOTE, AND SECURITY AGREEMENT BEFORE YOU

READ IT (FRONT AND BACK) OR IF IT CONTAINS ANY BLANK SPACES. YOU ARE ENTITLED TO AN EXACT COPY OF THE

DOCUMENT YOU SIGN. THIS LOAN IS MADE UNDER THE AUTHORITY OF O.R.C. 1321.51 TO 1321.60.

________________________________________________________ ________________________________________________________

SIGNATURE OF BORROWER SIGNATURE OF CO-BORROWER

Case 19-13146-KHK Doc 24 Filed 12/17/19 Entered 12/17/19 10:25:57 Desc Main

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ADDITIONAL TERMS AND CONDITIONS

(Continued from front page)

USURY: The interest rate and other charges on this loan will never

exceed the highest rate or charge allowed by applicable law for this

loan.

POST-MATURITY INTEREST: Interest will accrue on the principal

balance remaining unpaid after final maturity at the Contract Rate of

Interest specified on the front page hereof. For purposes of this

section, final maturity occurs:

(a) If the note is payable on demand, on the date we make demand

for payment;

(b) If the note is payable on demand with alternative payment

date(s), on the date we make demand for payment or on the

final alternative payment date, whichever is earlier;

(c) On the date of the last scheduled payment of principal; or

(d) On the date we accelerate the due date of this loan (demand

immediate payment).

REAL ESTATE OR RESIDENCE SECURITY: If this loan is secured

by real estate or a residence which is personal property, the existence

of a default and our remedies for such a default will be determined by

applicable law, by the terms of any separate instrument creating the

security interest and, to the extent not prohibited by law and not

contrary to the terms of any such separate instrument creating the

security interest, by this agreement.

DEFAULT: Subject to any limitations in the “REAL ESTATE OR

RESIDENCE SECURITY” paragraph above, you will be in default on

this loan and any agreement securing this loan if any one or more of

the following occurs:

(a) You fail to make a payment in full when due;

(b) You die, are declared incompetent, or become insolvent;

(c) You fail to keep any promise you have made in connection with

this loan;

(d) You make any written statement or provide any financial

information that is untrue or inaccurate at the time it is provided;

(e) The Collateral securing the loan is damaged, destroyed, seized

or stolen;

(f) You fail to provided any additional security we may require; or

(g) Anything else happens that causes us to believe we will have a

difficult time collecting the amount you owe us.

If any of you are in default on this note or any security agreement,

we may exercise our remedies against any or all of you.

REMEDIES: Subject to any limitation in the “REAL ESTATE OR

RESIDENCE SECURITY” paragraph above, if you are in default on

this loan or any agreement securing this loan, we may:

(a) Cause unpaid principal, earned interest and all other agreed

charges you owe us under the loan to be immediately due;

(b) Use the right of set-off as explained below;

(c) Demand more security or new parties obligated to pay this loan

(or both) in return for not using any other remedy;

(d) Make a claim for any and all insurance benefits or refunds that

may be available on your default;

(e) Pay taxes or other charges, or purchase any required

insurance, if you fail to do these things (but we are not required

to do so). We may add the amount we pay to this loan and

accrue interest on that amount at the interest rate disclosed on

page 1 until paid in full:

(f) Require you to gather the Collateral and any related records

and make it available to us in a reasonable fashion;

(g) Take immediate possession of the Collateral, but in doing so we

may not breach the peace or unlawfully enter onto your

premises. We may sell, lease or dispose of the Collateral as

provided by law. (If the Collateral includes a manufactured

home, we will begin the repossession by giving you an

opportunity to cure your default, as required by law.) We may

apply what we receive from the sale of the Collateral to our

expenses and then to the debt. If what we receive from the

sale of the Collateral is less than what you owe us, we may take

you to court to recover the difference; and

(h) Use any remedy we have under applicable state or federal law.

You agree that when we must give notice to you of our intended

sale or disposition of the Collateral, the notice is reasonable if it is sent

to you at your last known address by first class mail 10 days before the

intended sale or disposition. You agree to inform us in writing of any

change in your address.

By choosing any one or more of these remedies we do not give up

our right to use another remedy later. By deciding not to use any

remedy should you be in default, we do not give up our right to

consider the event a default if it happens again.

If any of you are in default on this note or any security agreement,

we may exercise our remedies against any or all of you.

COSTS OF COLLECTION: You agree to pay us all costs and

disbursements to which we may become entitled by law in connection

with any suit to collect this loan or any lawful activity to realize on any

security after default. This provision also shall apply if you file a

petition or any other claim for relief under any bankruptcy rule or law of

the United States, or if another files such petition or other claim for

relief against you.

SET-OFF: You agree that we may set off any amount due and

payable under this note against any right you have to receive money

from us. “Right to receive money from us” means:

(a) Any deposit account balance you have with us;

(b) Any money owed to you on an item presented to us or in our

possession for collection or exchange; and

(c) Any repurchase agreement or other non-deposit obligation.

“Any amount due and payable under this note” means the total

amount of which we are entitled to demand payment under the terms

of this note at the time we set off. This total includes any balance the

due date for which we properly accelerate under this note.

If your right to receive money from us is also owned by someone

who has not agreed to pay this note, our right of set-off applies to your

interest in the obligation and to any other amounts you could withdraw

on your sole request or endorsement. Our right of set-off does not

apply to an account or other obligation where your rights arise only in a

representative capacity. It also does not apply to any Individual

Retirement Account or other tax-deferred retirement account.

We will not be liable for the dishonor of any check when the

dishonor occurs because we set off this debt against any of your

accounts. You agree to hold us harmless from any such claims arising

as a result of our exercise of our right of set-off.

OTHER SECURITY: Any present or future agreement securing any

other debt you owe us also will secure the payment of this loan. 

Property securing another debt will not secure this loan if such property

is your principal dwelling and we fail to provide any required notice of

right of rescission.

OBLIGATIONS INDEPENDENT: You understand that your obligation

to pay this loan is independent of the obligation of any other person

who has also agreed to pay it. We may, without notice, release you or

any of you, give up any right we may have against any of you, extend

new credit to any of you, or renew or change this note one or more

times and for any term, and you will still be obligated to pay this loan. 

We may, without notice, fail to perfect our security interest in, impair, or

release any security and you will still be obligated to pay this loan.

WAIVER: You waive (to the extent permitted by law) demand,

presentment, protest, notice of dishonor and notice of protest.

PRIVACY: You agree that from time to time we may receive credit

information about you from others, including other lenders and credit

reporting agencies. You agree that we may furnish on a regular basis

credit and experience Information regarding your loan to others

seeking such information. To the extent permitted by law, you agree

that we will not be liable for any claim arising from the use of

information provided to us by others or for providing such Information

to others.

FINANCIAL STATEMENTS: You will give us any financial statements

or information that we feel is necessary. All financial statements and

information you give us will be correct and complete.

PURCHASE MONEY LOAN: If this is a Purchase Money Loan, we

may include the name of the seller on the check or draft for this loan. 

Purchase Money Loan means any loan the proceeds of which, in

whole or in part, are used to acquire any property securing the loan

and all extensions, renewals, consolidations and refinancings of such

loan.

SECURED OBLIGATIONS: This agreement secures this loan

(including all extensions, renewals, refinancings and modifications) and

any other debt you have with us now or later. Collateral described in

this agreement will not secure other such debts if we fail to give any

required notice of the right of rescission with respect to the Collateral. 

Also, this agreement will not secure other debts if this security interest

is in household goods and the other debt is a consumer loan. This

agreement will last until it is discharged in writing.

OWNERSHIP AND DUTIES TOWARD PROPERTY: Unless a coowner(s) of the Collateral signed a third party agreement, you

represent that you own all the Collateral. You will defend the Collateral

against any other claim. You agree to do whatever we require to

perfect our interest and keep our priority. You will not do anything to

harm our position.

You will keep the Collateral in your possession (except if pledged

and delivered to us). You will keep it at your address unless we agree

otherwise in writing.

You will not try to sell or transfer the Collateral, or permit the

Collateral to become attached to any real estate, without our written

consent. You will pay all taxes and charges on the Collateral as they

become due. You will inform us of any loss or damage to the

Collateral. We have the right of reasonable access in order to inspect

the Collateral. If the Collateral is a motor vehicle, you represent that it

is not a vehicle seized pursuant to any federal, state or local forfeiture

law.

INSURANCE: You agree to buy insurance on the Collateral against

the risks and for the amounts we require from a provider reasonably

acceptable to us. You will name us as loss payee on any such policy.

You will keep the insurance until all debts secured by this agreement

are paid. We may require added security on this loan if we agree that

insurance proceeds may be used to repair or replace the Collateral.

You agree that if the insurance proceeds do not cover the amounts you

still owe us, you will pay the difference.

FILING: A copy of this agreement may be used as a financing

statement when allowed by law.

ASSUMPTIONS: This security agreement and any loan it secures

cannot be assumed by someone buying the Collateral from you. This

will be true unless we agree in writing to the contrary. Without such an

agreement, if you try to transfer any interest in the Collateral, you will

be in default on all obligations that are secured by this security

agreement.

The following notice applies only if the proceeds of this loan have

been applied in whole or substantial part to the purchase of goods

and/or services from a person who, in the ordinary course of business

sells goods and/or services to consumers, and Borrower has been

referred to the Lender by the Seller, or Lender is affiliated with the

Seller by common control, contract, or business arrangement.

NOTICE: ANY HOLDER OF THIS CONSUMER CREDIT

CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES

WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF

GOODS OR SERVICES OBTAINED WITH THE PROCEEDS

HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL

NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER.

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