RADIFI FEDERAL CREDIT UNION FKA JAX FEDERAL CREDIT UNION v. WILLIS LOGISTICS LLC A FLORIDA LLC, et al., 2024-CC-009350, 3 (Fla. Duval Cty. Ct. Jun. 4, 2024) (2024)

Filing # 199795966 E-Filed 06/04/2024 01:06:15 PM
`
`16-2024-CC-009350-AXXX-MADiv: CC-E
`
`IN THE COUNTY COURT, IN THE
`FOURTH JUDICIAL CIRCUIT, IN AND
`FOR DUVAL COUNTY, FLORIDA
`
`CASE NO.:
`DIVISION:
`
`RADIFI FEDERAL CREDIT UNION
`F/K/A JAX FEDERAL CREDIT UNION,
`
`Plaintiff,
`
`vs.
`
`WILLIS LOGISTICS LLC, a Florida LLC and
`JOSEPH L WILLIS, an Individual,
`
`Defendants.
`
`
`COMPLAINT
`
`Plaintiff, by and through its undersigned counsel sues Defendants andalleges:
`
`GENERAL ALLEGATIONS AS TO ALL COUNTS
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`1. Atall times pertinentto this action, the Plaintiff was authorized to and doing business in
`
`the State of Florida.
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`2. Atall times pertinent to this cause defendant Willis Logistics LLC was a corporation
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`located in Hillsborough County, Florida. Atall times pertinent to this cause defendant Joseph L
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`Willis has been a resident of Duval County, Florida.
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`3. Plaintiff has performedall conditions precedent required ofit for bringing this action
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`against Defendants and nofacts exist that would constitute a setoff or counterclaim against
`
`Plaintiff.
`
`4. Plaintiff is obligated to pay its attorneys a reasonable fee for their services.
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`COUNTI
`
`AS TO WILLIS LOGISTICS LLC
`
`5. This action is for damages whichare greater than $8,000.00, but do not exceed
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`$50,000.00, exclusive of interest, attorney's fees and costs.
`
`202401361 / Prommisory Note_MultiCount
`
`ACCEPTED: DUVAL COUNTY, JODY PHILLIPS, CLERK,06/06/2024 11:24:06 AM
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`

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`6. On or about November8, 2022, Defendants executed and delivered a Promissory Note to
`
`Plaintiff, a copy of which is attached hereto and incorporated herein as Plaintiff's Exhibit 'A’.
`
`7. Pursuant to the terms and conditions of said agreement, Plaintiff lent money to the
`
`Defendants, which Defendants failed to repay.
`
`8. Defendants failed to pay the installment payment due on November29, 2023 and
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`Plaintiff elected to accelerate paymentof the balance.
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`9. Defendants owesPlaintiff $24,998.21 that is due with interest as a result of the breach on
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`the Promissory Note. A copy ofthe statement that evidences the debt is attached hereto and
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`incorporated herein as Plaintiff's Exhibit 'B’.
`
`WHEREFORE,Plaintiff demands judgment for damages against Willis Logistics LLC in the
`
`sum of $24,998.21 plus interest, court costs and attorney's fees.
`
`COUNTIT
`
`1. This action is for damages whichare greater than $8,000.00, but do not exceed
`
`AS TO JOSEPH L WILLIS
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`$50,000.00, exclusive of interest, attorney's fees and costs.
`
`2. On or about November 8, 2022, Defendants executed and delivered a Promissory Note to
`
`Plaintiff, a copy of which is attached hereto and incorporated herein as Plaintiff's Exhibit 'A’.
`
`3. Pursuant to the terms and conditions of said agreement, Plaintiff lent money to the
`
`Defendants, which Defendants failed to repay.
`
`4. Defendants failed to pay the installment payment due on November29, 2023 and
`
`Plaintiff elected to accelerate paymentof the balance.
`
`5. Defendants owesPlaintiff $24,998.21 that is due with interest as a result of the breach on
`
`the Promissory Note. A copy ofthe statement that evidences the debt is attached hereto and
`
`incorporated herein as Plaintiff's Exhibit 'B’.
`
`WHEREFORE,Plaintiff demands judgment for damages against Joseph L Willis in the sum
`
`of $24,998.21 plus interest, court costs and attorney's fees.
`
`

`

`COUNTHl
`
`AS TO WILLIS LOGISTICS LLC
`
`6. This action is for damages whichare greater than $8,000.00, but do not exceed
`
`$50,000.00, exclusive of interest, attorney's fees and costs.
`
`7. On or about October 20, 2022, Defendants executed and delivered a Credit Card
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`Application and Agreement, a copy of whichis attached hereto and incorporated herein as
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`Plaintiff's Exhibit 'C'.
`
`8.
`
`In reliance on the termsofthe credit card agreement, including Defendant's promise to
`
`repay all charges incurred byvirtue of use thereof, a credit card was issued by Plaintiff to
`
`Defendants.
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`9. Following receipt of the credit card, and, upon utilizing said card, a contract was created
`
`betweenparties based upon the terms and conditions of the credit card agreement.
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`10. Followingreceipt of the credit card, Defendants utilized said credit card to obtain credit
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`for payment of goods and services and/or cash advances; however, Defendants failed to pay the
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`balance remaining on the credit card account or the required minimum monthly installment
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`payment due December 27, 2023 andall subsequent payments thereafter and thereby became
`
`indebtedto the Plaintiff in the amount of $20,866.05 as evidenced by the statement of account, a
`
`copy of which is attached hereto and incorporated herein as Plaintiff's Exhibit 'D'.
`
`11. Defendants owesPlaintiff $20,866.05 that is due with interest since March 2, 2024.
`
`WHEREFORE,Plaintiff demands judgment for damages against Willis Logistics LLC in the
`
`sum of $20,866.05 plus interest, attorney's fees and court costs.
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`COUNT IV
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`AS TO AS TO JOSEPH L WILLIS
`
`12. This action is for damages whichare greater than $8,000.00, but do not exceed
`
`$50,000.00, exclusive of interest, attorney's fees and costs.
`
`

`

`13. On or about October 20, 2022, Defendants executed and delivered a Credit Card
`
`Application and Agreement, a copy of whichis attached hereto and incorporated herein as
`
`Plaintiff's Exhibit 'C'.
`
`14. In reliance on the termsof the credit card agreement, including Defendant's promise to
`
`repay all charges incurred byvirtue of use thereof, a credit card was issued by Plaintiff to
`
`Defendants.
`
`15. Following receipt of the credit card, and, upon utilizing said card, a contract was created
`
`betweenparties based upon the terms and conditions of the credit card agreement.
`
`16. Following receipt of the credit card, Defendants utilized said credit card to obtain credit
`
`for payment of goods and services and/or cash advances; however, Defendants failed to pay the
`
`balance remaining on the credit card account or the required minimum monthly installment
`
`payment due December 27, 2023 andall subsequent payments thereafter and thereby became
`
`indebtedto the Plaintiff in the amount of $20,866.05 as evidenced by the statement of account, a
`
`copy of which is attached hereto and incorporated herein as Plaintiff's Exhibit 'D'.
`
`17. Defendants owesPlaintiff $20,866.05 that is due with interest since March 2, 2024.
`
`WHEREFORE,Plaintiff demands judgment for damages against Joseph L Willis in the sum
`
`of $20,866.05 plus interest, attorney's fees and court costs.
`
`Hiday & Ricke, P.A.
`
`/s/ Joe Eckelkamp FBN 0518212 for
`
`By:
`Jennifer L. Reiss, Esquire
`Post Office Box 550858
`Jacksonville, FL 32255
`(904) 363-2769 Fax: (904) 363-0538
`Email: litigation@hidayricke.com
`Florida Bar No.: 122947
`File # 202401361
`
`This is a communication from a debt collector.
`
`

`

`LOAN NUMBER
`
`LOAN NAME
`
`ACCT. NUMBER
`
`EXHIBIT A
`
`Creditor Use Only
`
`NOTE AMOUNT
`$25,000.00
`
`Willis Logistics LLC
`INDEX (w/Margin)
`Wall Street Journal Prime
`plus 4.000%
`
`RATE
`10.250%
`
`NOTE DATE
`
`11/08/22
`MATURITY DATE
`10/30/25
`
`INITIALS
`
`BJP
`LOAN PURPOSE
`Commercial
`
`PROMISSORY NOTE
`(Commercial - Revolving Draw)
`State of Florida's Documentary Stamp Tax for this Note required by law in the amount of $87.50 has been paid directly to the Florida
`Department of Revenue, Lender's Certificate of Registration is No.
`
`DATE AND PARTIES. The date of this Promissory Note (Note) is November 8, 2022. The parties and their addressesare:
`
`LENDER:
`JAX FEDERAL CREDIT UNION
`562 Park Street
`Jacksonville, FL 32204
`Telephone:
`(904) 475-8062
`
`BORROWER:
`WILLIS LOGISTICS LLC
`a Florida Limited Liability Company
`2955 Edgewood Ave W
`Jacksonville, FL 32209
`
`1, DEFINITIONS. As usedin this Note, the terms have the following meanings:
`'
`ny aes
`A. Pronouns. The pronouns
`me," and "my" refer to each Borrower signing this Note and each other person orlegal entity (including
`guarantors, endorsers, and sureties) who agrees to pay this Note.
`"You" and "Your" refer to the Lender, any participants or syndicators,
`successors and assigns, or any person or company that acquires an interest in the Loan.
`B. Note. Note refers to this document, and any extensions, renewals, modifications and substitutions of this Note.
`C, Loan. Loan refers to this transaction generally,
`including obligations and duties arising from the terms of all documents prepared or
`submitted for this transaction such as applications, security agreements, disclosures or notes, and this Note,
`D, Loan Documents. Loan Documentsrefer to all the documents executed as a part of or in connection with the Loan.
`E. Property. Property is any property, real, personal or intangible, that secures my performance of the obligations of this Loan.
`F. Percent. Rates and rate change limitations are expressed as annualized percentages.
`G, Dollar Amounts. All dollar amounts will be payable in lawful money of the United States of America,
`
`2. PROMISE TO PAY. For value received, | promise to pay you or your order, at your address, or at such other location as you may designate,
`amounts advanced from time to time under the terms of this Note up to the maximum outstanding principal balance of $25,000.00 (Principal),
`plus interest from the date of disbursement, on the unpaid outstanding Principal balance until this Note is paid in full and you have no further
`obligations to make advances to me under the Loan.
`| may borrow up to the Principal amount more than onetime.
`All advances made will be made subject to all other terms and conditions of the Loan.
`
`Interest will accrue on the unpaid Principal balance of this Note at the rate of 10.250 percent(Interest Rate) until November 9,
`3. INTEREST.
`2022, after which time it may change as described in the Variable Rate subsection.
`
`including for failure to pay in full at maturity, you may
`If you declare a default under the terms of the Loan,
`A. Interest After Default.
`increase the Interest Rate payable on the outstanding Principal balance of this Note.
`In such event, interest may accrue at the maximum
`amount allowed by law, subject to your sole discretion.
`B. Maximum Interest Amount. Any amount assessed or collected as interest under the terms of this Note will be limited to the maximum
`lawful amount of interest allowed by applicable law. Amounts collected in excess of the maximum lawful amountwill be applied first to
`the unpaid Principal balance. Any remainder will be refunded to me.
`C. Accrual.
`Interest accrues using an Actual/365 days counting method.
`D. Variable Rate. The Interest Rate may change during the term of this transaction.
`the base rate on corporate
`(1) Index. Beginning with the first Change Date, the Interest Rate will be based on the following index:
`loans posted byat least 70% of the 10 largest U.S. banks knownas the Wall Street Journal U.S. Prime Rate (the "Benchmark"),
`
`Willis Logistics LLC
`Florida Promissory Note
`
`Wolters KluwerFinancial Services, Inc.°1996, 2022 Bankers Systems™
`
`Initials She
`Page 1
`R
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`

`

`The Benchmark is the most recent index value available as of 45 days before each Change Date. You do not guaranty by selecting
`this Benchmark, or the Margin, that the Interest Rate on this Note will be the same rate you charge on any other loans or class of
`loans you make to me or other borrowers.
`If this Index is no longer available,
`| agree and consent to you selecting a substitute
`Benchmark and an alternative Margin - all at your sole discretion. You will give me advance notice of your selection. As usedin this
`subsection, "no longer available” includes, but is not limited to, when a Benchmark is terminated, becomes deregulated, or becomes
`unacceptable for use by a regulator.
`If the Benchmark is deemed to be no longer available it will be replaced if any of the following events (each, a "Replacement Event")
`occur:(i) the administrator,
`including any successor administrator of the Benchmark, has stopped providing the Benchmark to the
`general public;
`(ij) the administrator or its regulator issues a public statement indicating that the Benchmark is no longer reliable or
`representative; or (iii) the effective date of an applicable federal or state law, or applicable federal or state regulation that prohibits use
`of the Benchmark.
`If a Replacement Event occurs, you will select a new benchmark (the "Replacement Benchmark") and may also
`select a new margin (the "Replacement Margin"), as follows:
`(a)
`If a replacement benchmark and margin has been selected or recommended by the Federal Reserve Board, the Federal Reserve
`Bank of New York, or a committee endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York at
`the time of a Replacement Event, you shall select that benchmark and margin as the Replacement Benchmark and Replacement
`Margin.
`(b)
`If (a) is not available at the time of a Replacement Event, you will make a reasonable, good faith effort to select a Replacement
`Benchmark and a Replacement Margin that, when added together, you reasonably expects will minimize any changein the cost of the
`loan, taking into accountthe historical performance of the Benchmark and the Replacement Benchmark.
`The Replacement Benchmark and Replacement Margin, if any, will be operative immediately upon a Replacement Event and will be
`used to determine the interest rate and payments on Change Dates that are more than 45 days after a Replacement Event. The
`Benchmark and Margin could be replaced more than once during the term of the Note. After a Replacement Event, all references to
`the "Benchmark" and "Margin" shall be deemed to be references to the "Replacement Benchmark" and "Replacement Margin." You
`will also give me notice of the Replacement Benchmark and Replacement Margin,
`if any, and such other information required by
`applicable law and regulation.
`(2) Change Date. Each date on which the Interest Rate may change is called a Change Date. The Interest Rate may change
`November 9, 2022 and daily thereafter.
`(3) Calculation Of Change. Before each Change Date you will calculate the Interest Rate, which will be the Benchmark plus 4,000
`percent (the "Margin"), Subject to any limitations, this will be the Interest Rate until the next Change Date. The new Interest Rate
`will become effective on each Change Date. The Interest Rate and other charges on this Note will never exceed the highest rate or
`charge allowed by law for this Note.
`
`(4) Limitations. The Interest Rate changes are subject to the following limitations:
`{a) Lifetime. The Interest Rate will never be greater than 18.000 percentor less than 7.250 percent.
`(5) Effect Of Variable Rate. A change in the Interest Rate will have the following effect on the payments: The amount of scheduled
`payments will change.
`
`4, ADDITIONAL CHARGES. Asadditional consideration, | agree to pay, or have paid, these additional fees and charges,
`A. Nonrefundable Fees and Charges. The following fees are earned whencollected and will not be refunded if| prepay this Note before
`the scheduled maturity date.
`Florida Doc Stamp. A(n) Florida Doc Stamp fee of $87.50 payable from separate funds on or before today's date.
`UCCFiling. A(n) UCC Filing fee of $35.00 payable from separate funds on or before today's date.
`Document Prep. A(n) Document Prep fee of $200.00 payable from separate funds on or before today's date.
`Origination. A(n) Origination fee of $250.00 payable from separate funds on or before today's date.
`
`5. REMEDIAL CHARGES. In addition to interest or other finance charges, | agree that | will pay these additional fees based on my method and
`pattern of payment. Additional remedial charges may be described elsewherein this Note,
`A. Late Charge.
`If a payment is more than 10 dayslate, | will be charged 5.000 percent of the Amount of Payment or $25.00, whichever
`is greater,
`| will pay this late charge promptly but only once for each late payment.
`6. GOVERNING AGREEMENT.This Note is further governed by the Commercial Loan Agreement executed between you and meas a part of
`this Loan, as modified, amended or supplemented. The Commercial Loan Agreement states the terms and conditions of this Note, including
`the terms and conditions under which the maturity of this Note may be accelerated. When | sign this Note,
`| represent to you that | have
`reviewed and am in compliance with the terms contained in the Commercial Loan Agreement.
`7. PAYMENT.
`| agree to pay all accrued interest on the balance outstanding from time to time in regular payments beginning November 30,
`2022, then on the same day of each month thereafter. A final payment of the entire unpaid outstanding balanceof Principal and interest will
`be due October 30, 2025.
`Payments will be rounded up to the nearest $.01. With the final payment | also agree to pay any additional fees or charges owing and the
`amount of any advances you have made to others on my behalf. Payments scheduled to be paid on the 29th, 30th or 31st day of a month
`that contains no such day will, instead, be made on the last day of such month.
`Interest payments will be applied first to any charges | owe other than late charges, then to accrued, but unpaid interest, then to late charges.
`Principal payments will be applied first to the outstanding Principal balance,
`then to any late charges.
`If you and | agree to a different
`application of payments, we will describe our agreement on this Note. The actual amount of my final payment will depend on my payment
`record,
`
`
`Willis Logistics LLC
`Florida Promissory Note
`
`Wolters Kluwer Financial Services, Inc.®1996, 2022 Bankers Systems™
`
`Initials The
`Page 2
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`

`

`8. PREPAYMENT.
`until | pay in full.
`
`| may prepay this Loanin full or in part at any time. Any partial prepayment will not excuse any later scheduled payments
`
`9, LOAN PURPOSE. This is a business-purposeloan transaction.
`
`10, SECURITY. The Loan is secured by separate security instruments prepared together with this Note as follows:
`
`Document Name
`
`Parties to Document
`
`Security Agreement - Willis Logistics LLC
`
`Willis Logistics LLC
`
`11, DUE ON SALE OR ENCUMBRANCE. You may, at your option, declare the entire balance of this Note to be immediately due and payable
`upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or sale ofall or any part of the Property. This right is
`subject to the restrictions imposed by federal law, as applicable,
`
`12. WAIVERS AND CONSENT. To the extent not prohibited by law,
`acceleration, notice of intent to accelerate and notice of dishonor.
`
`| waive protest, presentment
`
`for payment, demand, notice of
`
`In addition, |, and any party to this Note and Loan, to the extent permitted by law, consent to certain
`A. Additional Waivers By Borrower.
`actions you may take, and generally waive defenses that may be available based on these actions or based on the status of a party to this
`Note,
`
`(1) You may renew or extend payments on this Note, regardless of the number of such renewals or extensions.
`(2) You may release any Borrower, endorser, guarantor, surety, accommodation maker or any other co-signer.
`(3) You mayrelease, substitute or impair any Property securing this Note.
`(4) You, or any institution participating in this Note, may invoke yourright of set-off.
`(5) You may enter into any sales, repurchases or participations of this Note to any person in any amounts and | waive notice of such
`sales, repurchases or participations.
`(6) | agree that any of us signing this Note as a Borroweris authorized to modify the terms of this Note or any instrument securing,
`guarantying or relating to this Note.
`(7)
`| agree that you may inform any party who guarantees this Loan of any Loan accommodations,
`modifications, substitutions or future advances.
`
`renewals, extensions,
`
`the exercise of any of your rights, remedies,
`B. No Waiver By Lender. Your course of dealing, or your forbearance from, or delay in,
`privileges or right to insist upon my strict performance of any provisions contained in this Note, or any other Loan Document, shall not be
`construed as a waiver by you, unless any such waiveris in writing and is signed by you.
`
`| understand and agree that you (or youraffiliate) will earn commissions or fees on any insurance products, and may earn
`13. COMMISSIONS,
`such fees on other services that | buy through you or youraffiliate.
`
`14. APPLICABLE LAW. This Note is governed by the lawsof Florida, the United States of America, and to the extent required, by the laws of
`the jurisdiction where the Property is located, except to the extent such state laws are preempted by federal law.
`In the event of a dispute,
`the exclusive forum, venue and place ofjurisdiction will be in Florida, unless otherwise required by law.
`15. JOINT AND SEVERALLIABILITY AND SUCCESSORS. Myobligation to pay the Loanis independentof the obligation of any other person
`who has also agreed to pay it. You may sue me alone, or anyone else whois obligated on the Loan, or any numberof us together, to collect
`the Loan, Extending the Loan or new obligations under the Loan, will not affect my duty under the Loan and|will still be obligated to pay the
`Loan. This Note shall inure to the benefit of and be enforceable by you and your successors and assigns and shall be binding upon and
`enforceable against me and my successors andassigns.
`
`16, AMENDMENT, INTEGRATION AND SEVERABILITY. This Note may not be amended or modified by oral agreement. No amendment or
`modification of this Note is effective unless made in writing. This Note and the other Loan Documents are the complete and final expression
`of the agreement.
`If any provision of this Note is unenforceable, then the unenforceable provision will be severed and the remaining provisions
`will still be enforceable. No present or future agreement securing any other debt | owe you will secure the payment of this Loan if, with
`respectto this loan, you fail to fulfill any necessary requirements orfail to conform to any limitations of the Truth in Lending Act (Regulation Z)
`or the Real Estate Settlement Procedures Act (Regulation X) that are required for loans secured by the Property or if, as a result, this Loan
`would become subject to Section 670 of the John Warner National Defense Authorization Act for Fiscal Year 2007.
`
`17, INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for
`convenience only and are not to be used to interpret or define the terms of this Note.
`
`18. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering
`it or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other address
`designated in writing. Notice to one Borrower will be deemed to be notice to all Borrowers.
`| will inform you in writing of any change in my
`name, address or other application information.
`| agree to sign, deliver, and file any additional documents or certifications that you may
`consider necessary to perfect, continue, and preserve my obligations under this Loan and to confirm yourlien status on any Property. Timeis
`of the essence.
`
`19. CREDIT INFORMATION. | agree to supply you with whatever information you reasonably feel you need to decide whetherto continuethis
`Loan. You will make requests for this information without undue frequency, and will give me reasonable time in which to supply the
`information.
`
`Willis Logistics LLC
`Florida Promissory Note
`
`Wolters Kluwer Financial Services, Inc.©1996, 2022 Bankers Systems™
`
`Initials Tha
`meray
`
`

`

`20. ERRORS AND OMISSIONS. | agree, if requested by you,to fully cooperate jn the correction, if necessary, in the reasonable discretion of
`you of any and all loan closing documents so that all documents accurately describe the loan between you and me.
`| agree to assumeall
`costs including by wayofillustration and notlimitation, actual expenses, legal fees and marketing losses forfailing to reasonably comply with
`your requests within thirty (30) days.
`
`21. AGREEMENT TO ARBITRATE. You or | may submit to binding arbitration any dispute, claim or other matter in question between or among
`you and methat arises out of or relates to this Transaction (Dispute), except as otherwise indicated in this section or as you and | agreeto in
`writing. For purposes of this section, this Transaction includes this Note and the other Loan Documents, and proposed loans or extensions of
`credit that relate to this Note. You or! will not arbitrate any Dispute within any "core proceedings" under the United States bankruptcy laws.
`You and | must consent to arbitrate any Dispute concerning a debt secured by real estate at the time of the proposed arbitration. You may
`foreclose or exercise any powersof sale against real property securing a debt underlying any Dispute before, during or after any arbitration.
`You may also enforce a debt secured bythis real property and underlying the Dispute before, during or after any arbitration.
`You or | may, whether or not any arbitration has begun, pursue any self-help or similar remedies, including taking property or exercising other
`rights under the law; seek attachment, garnishment, receivership or other provisional remedies from a court having jurisdiction to preserve the
`rights of or to preventirreparable injury to you or me; or foreclose against any property by any method or take legal action to recover any
`property. Foreclosing or exercising a powerof sale, beginning and continuing a judicial action or pursuingself-help remedies will not constitute
`a waiver of the right to compelarbitration.
`The arbitrator will determine whether a Dispute is arbitrable. A single arbitrator will resolve any Dispute, whether individual or joint in nature,
`or whether based on contract, tort, or any other matter at law or in equity. The arbitrator may consolidate any Dispute with any related
`disputes, claims or other matters in question not arising out of this Transaction, Any court having jurisdiction may enter a judgment or decree
`on the arbitrator's award. The judgment or decree will be enforced as any other judgment or decree.
`You and | acknowledgethat the agreements, transactions or the relationships which result from the agreements or transactions between and
`among you and meinvolve interstate commerce. The United States Arbitration Act will govern the interpretation and enforcement of this
`section,
`
`in effect on the date of this Note, will govern the selection of the
`The American Arbitration Association's Commercial Arbitration Rules,
`arbitrator and the arbitration process, unless otherwise agreed to in this Note or another writing.
`22. WAIVER OF TRIAL FOR ARBITRATION. You and | understand that the parties have the right or opportunityto litigate any Dispute through
`a trial by judge or jury, but that the parties prefer to resolve Disputes througharbitration instead oflitigation.
`If any Dispute is arbitrated, you
`and | voluntarily and knowingly waive the right to havea trial by jury or judge during the arbitration.
`23. WAIVER OF JURY TRIAL.
`If the parties do not opt for arbitration, then all of the parties to this Note knowingly and intentionally,
`irrevocably and unconditionally, waive any andall right to a trial by jury in anylitigation arising out of or concerning this Note or any other
`Loan Documentor related obligation. All of these parties acknowledge that this section has either been brought to the attention of each
`party's legal counsel or that each party had the opportunity to do so.
`24. SIGNATURES.
`Bysigning, | agree to the terms contained in this Note.
`
`| also acknowledgereceipt of a copy of this Note.
`
`BORROWER:
`
`Willis Logistics LLC
`
`By
`
`LAW
`
`
`Josept
`L. Willis, Authorized Member
`
`Date ufg/ eH
`
`LENDER:
`
`Jax Federal Credi
`
`ion
`
`_ la|45WY
`
`
`
`Brian J.
`ek, Commercial Loan Officer
`
`Date JB dA
`
`By
`
`|J-
`
`has
`
` Willis Logistics LLC
`Florida Promissory Note
`Initials
`JAS
`Page 4
`a0
`
`Wolters KluwerFinancial Services, Inc.°1996, 2022 Bankers Systems™
`
`

`

`LOAN NUMBER
`
`LOAN NAME
`
`ACCT. NUMBER
`
`AGREEMENT DATE
`
`INITIALS
`
`RATE
`10.250%
`
`11/08/22
`MATURITY DATE
`10/30/25
`
`BJP
`LOAN PURPOSE
`Commercial
`
`plus 4.000% Creditor Use Only
`
`NOTE AMOUNT
`$25,000.00
`
`Willis Logistics LLC
`INDEX (w/Margin)
`Wall Street Journal Prime
`
`COMMERCIAL LOAN AGREEMENT
`Revolving Draw Loan
`
`DATE AND PARTIES. The date of this Commercial Loan Agreement (Agreement) is November 8, 2022, The parties and their addresses are as
`follows:
`
`LENDER:
`JAX FEDERAL CREDIT UNION
`562 Park Street
`Jacksonville, FL 32204
`
`BORROWER:
`WILLIS LOGISTICS LLC
`a Florida Limited Liability Company
`2955 Edgewood Ave W
`Jacksonville, FL 32209
`
`1. DEFINITIONS, For the purposesof this Agreement, the following terms have the following meanings.
`A. Accounting Terms.
`In this Agreement, any accounting terms that are not specifically defined will have their customary meanings under
`generally accepted accounting principles.
`B. Insiders.
`Insiders include those defined as insiders by the United States Bankruptcy Code, as amended; or to the extent left undefined,
`include withoutlimitation any officer, employee, stockholder or member, director, partner, or any immediate family member of any of the
`foregoing, or any person or entity which, directly or indirectly, controls, is controlled by or is under common control with me.
`C. Loan. Loan refers to this transaction generally,
`including obligations and duties arising from the terms of all documents prepared or
`submitted for this transaction,
`
`D. Loan Documents. Loan Documentsrefer to all the documents executed as a part of or in connection with the Loan.
`E. Pronouns. The pronouns "|", "me" and "my" refer to every Borrower signing this Agreement and each other person or legal entity
`(including guarantors, endorsers, and sureties) who agrees to pay this Agreement.
`"You" and "your" refers to the Loan's lender, any
`participants or syndicators, successors and assigns, or any person or company that acquires an interest in the Loan.
`F. Property, Property is any property, real, personal or intangible, that secures my performance of the obligations of this Loan.
`
`2. ADVANCES. Advances under this Agreement are made according to the following terms and conditions.
`A. Multiple Advances - Revolving.
`In accordance with the terms of this Agreement and other Loan Documents, you will extend to me and |
`may from time to time borrow, repay, and reborrow, one or more advances. The amount of advances will not exceed $25,000.00
`(Principal),
`B. Requests for Advances. My requests are a warranty that | am in compliance with all the Loan Documents. When required by youfor a
`particular method of advance, my requests for an advance must specify the requested amount and the date and be accompanied with any
`agreements, documents, and instruments that you require for the Loan, Any payment by you of any check, share draft or other charge
`may, at your option, constitute an advance on the Loan to me. All advances will be made in United States dollars.
`| will indemnify you
`and hold you harmless for your reliance on any request for advances that you reasonably believe to be genuine. To the extent permitted
`by law, | will indemnify you and hold you harmless when the person making any request represents that | authorized this person to request
`an advance even when this person is unauthorized or this person's signature is not genuine.
`| or anyone | authorize to act on my behalf may request advancesby the following methods.
`{1) | make a requestin person,
`(2) | make a request by phone.
`(3) | make a request by mail.
`C. Advance Limitations.
`In addition to any other Loan conditions, requests for, and access to, advances are subject to the following
`limitations.
`
`(1) Discretionary Advances. You will make all Loan advancesat your sole discretion.
`
`Willis Logistics LLC
`ag:
`Florida Commercial Loan Agreement
`InitialsJL
`Page 1
`*
`
`Wolters Kluwer Financial Services, Inc.©1996, 2022 Bankers Systems™
`
`

`

`(2) Advance Amount. Subject to the terms and conditions contained in this Agreement, advances will be made in exactly the amount
`| request.
`(3) Cut-Off Time. Requests for an advance received before 5:00:00 PM will be made on any day that you are open for business, on
`the day for which the advanceis requested.
`(4) Disbursement of Advances. On my fulfillment of this Agreement's terms and conditions, you will disburse the advance in any
`manner as you and | agree.
`(5) Credit Limit.
`| understand that you will not ordinarily grant a request for an advance that would cause the unpaid principal of my
`Loan to be greater than the Principal limit. You may, at your option, grant such a request without obligating yourselves to do so in
`the future.
`| will pay any overadvancesin addition to my regularly scheduled payments.
`| will repay any overadvance by repaying you
`in full within 10 days after the overadvance occurs.
`(6) Records. Your records will be conclusive evidence as to t

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RADIFI FEDERAL CREDIT UNION FKA JAX FEDERAL CREDIT UNION v. WILLIS LOGISTICS LLC A FLORIDA LLC, et al., 2024-CC-009350, 3 (Fla. Duval Cty. Ct. Jun. 4, 2024) (2024)

FAQs

What is the new name for Jax Federal Credit Union? ›

Welcome to RadiFi, formerly known as JAXFCU

We're still the same credit union that's been known and trusted by the community for over 80 years — just with a new name and a few rad changes, including our mission: To empower our members to live vibrantly through our care and guidance.

What is the difference between a federal credit union and just a credit union? ›

Credit unions are not-for-profit enterprises that enjoy tax-exempt status. A federal credit union (FCU) is regulated and supervised by the National Credit Union Association (NCUA). State credit unions instead adhere to state-specific regulations and guidelines, but not all states have such laws in place.

Who owns CSE Federal Credit Union? ›

CSE continues to be member-owned and operated, unlike most of the banks in our area.

Who owns Digital Federal Credit Union? ›

Who is DCU? Digital Federal Credit Union, better known as DCU, is a not-for-profit financial cooperative owned by and operated for our members. DCU was chartered in October of 1979. Since then, DCU has been chosen as the credit union for more than 700 companies and organizations.

What bank did VyStar merge with? ›

VyStar Credit Union announced today it has completed its Merger Agreement with 121 Financial Credit Union.

Who is the CEO of Jax credit union? ›

Jax Federal Credit Union has hired a 23-year industry veteran as its new CEO and president, the company announced Tuesday. John Servos, who had led Neighbors Credit Union in St. Louis, Mo., formally started his new job last week.

Are federal credit unions better than banks? ›

Better interest rates: Credit unions typically offer higher interest rates on savings accounts because they have lower overhead costs than banks. Similarly, they offer lower interest rates on loans. Customer service: Credit unions pride themselves on offering better customer service than banks.

Why would a credit union not be federally insured? ›

Deposits made by member shareholders in state-chartered credit unions are generally insured by private insurers. The insurers are not backed by the full faith and credit of the United States government. Therefore, the coverage they provide for deposits is non-federal insurance.

What is the best credit union to be in? ›

Here are some of the country's top credit unions:
  • Alliant Credit Union. Alliant offers an above-average interest rate for savings. ...
  • Consumers Credit Union. ...
  • Navy Federal Credit Union. ...
  • Connexus Credit Union. ...
  • First Tech Federal Credit Union.

Who owns banks vs credit unions? ›

A bank is owned by shareholders. A credit union is owned…by its members! This means a bank must turn higher profits to satisfy the shareholder demand for income. They tend to have higher and more fees, and they also charge more interest on loans as a result.

Who owns and controls a credit union? ›

Credit unions are owned and controlled by the people, or members, who use their services. Your vote counts. A volunteer board of directors is elected by members to manage a credit union.

Who is the CEO of the local government federal credit union? ›

Dwayne Naylor is the President & CEO of Local Government Federal Credit Union and Civic Federal Credit Union.

Is Partners Federal credit union owned by Disney? ›

The entire process - from planning to preparation to pursuit - is a huge part of life's journey. As the credit union for The Walt Disney Company, Partners is operated by cast members for cast members, crew, Imagineers, retirees, employees, and their families.

Why would DCU lock my account? ›

If DCU places a Freeze on your Account(s), DCU will provide to you any notice required by law. We may give notice after a Freeze is placed; for instance, if we suspect fraudulent activity, we may immediately place a Freeze on your Account(s) and then give you notice.

Who did Empower Federal credit union merge with? ›

In October of 2021 we completed the merger with Horizons Federal Credit Union and welcomed approximately 12,500 members to the Empower family.

Why did use credit union change their name? ›

USE Credit Union Unveils New Name, BluPeak Credit Union, to Reflect their Broad and Diverse Membership and Commitment to Being a Top Employer. The $1.2 billion credit union's new name represents a high-quality banking option that is more inclusive of everyone within their field of membership. SAN DIEGO, Nov.

What is the new name for FFA private bank? ›

FFA Private Bank to be renamed I&C Bank. Hires new Managing Director, To provide corporate loans in fresh dollars - Lebanon. FFA Private Bank will add corporate lending to its activities and will start providing loans in fresh dollars in early 2023, said Elias Alouf, the newly-appointed Managing Director at the bank.

What did PenFed used to be called? ›

Ten volunteers founded Pentagon Federal Credit Union in March 1935; it was originally known as the War Department Federal Credit Union.

What is the full name of PenFed bank? ›

Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.9 million members worldwide with nearly $35 billion in assets.

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