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J~nsen Bcach,__I'lori:3a p,,,: i9 i-~____^
LOCAT ~ON '
rj~$~ 7(~ loan Tormt:
Not~ No. Dst~d: , 19 _ 3 2 2 2. 0 0
Pr«eeds i ......_._t.....
FINANCE f3E35. 6d
Arthur Watson & Thel~na M. ~•~atson, his wife s
• - - - CHARGE
afte~ date the u~dersigned, here~natter called Maker, fo~ntly and se~eraUy Uptument~ry
promise(s) (or vdfue ~etewed to pay to the acdc~,~efnc ~3ank, at ~ts ofi~ce Sumps
as i~sted above the sum of (total of paymenisjl
tl. __~hQliS.c"irid__ _ Credi~ lifa (o~ life
d~ I,1`sability)1
~WQ...t?tu~l~xes~ ._a~c~__. ~we?~~y-~M?Q.--.-.-.-.----_-.-.-----.-. the em~ ni.i
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r a zs
Oolirs
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wi~ ~{'nterest thereon a1 the raro of .~.0. per ennum, • pa ablo i~ - ~
I~ ~~r s . . . .
mon~hly instaliments of s6g.~6 each on Ihe da ~
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~ o~ June_ . 19..7. , ~ope~ner w~th ` \
each successiva monlh commenci - ~ : - .
a BALtOON PAYMENT OF i U_ Oue ~ - Ah10i3tiY • ' ' '
- _ . . 19 4 ~ ~U 1~U ,
FINANCED i
A f~ne computed at the rate of =.OS per =1.Op on each instal~r.~en? in defautt 1or ~~~a~ely collected
a period i~ excess of 10 days may be charged ehe Maieer. No such fi~e shall exceed .
15.00. Maker is reguired to pay al! tosts of cotiecrion, ~nciudinq a reasonabte ettor- chargss (item~te) s ~
ney i fee if referred fw collection w legal proceed~ngs. Ali payments, whethe~ prin- ~ ~ "
tipel, interest or otherwise, nof reteived when due shall bear intcrest at lOwo p~~ i...
annum (rom due dale unt~l pa~d. All payments made hereunder sl,att oe credited ANNUAI PERCENTAGE RATE 10_ _ y,
first to ~~terest, then Io lawful <harges ~f~en accrved, and las~ to prf~,:;pal.
If the toan is prepaid in (ull, acceleroted w refinanced. ~he Maker shall as of the date o( such event receive stxh refund Of ~he ~n-
earned po~tion o( the credit life insurance p?emivm and /inance charc~e and such oti~er credit as may be required by law or ss may be
netessary !o avaid u~ury, provided that the Holder may ~eta~n a minimum finance charge o) s25.00, whether or not o~herwise earned,
and except in the csse of e ref~nar+cinq, no finance charge o? premium refund shall be made if it amounts to less than 51.00. Retention
of any minimum linance shall be in addition to service charge ~f any. Any langu qe elsewhere herein to the conlrary notwithstandinp,
neitner Bank nor any holder hereof shall receive a reto~n any charge or interest ~•Ot allowed by law.
As securiry for the payment of this note Maker has pledged or depositeci w~th Bank the following property: . ~
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Unit trJceks 31 and 32 in Condominium C-14 in Turtle lteef
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Con~iominiun~s I, 10500 U.S. .'1Ii~, Ilutchinson Is1anJ, ~'L 33457
(in~lu~lnw~ nll ia•.L, tilntk mKl nll~~•r ~IrviJMn~l•. nn~l all n~il,t•. •.ul~•.ciJw• 1~~~ •.••~unl~r•. m~ni.•nt lu, ~I~vJnir~l or ~~rnnt~d i~~ tonn~•~h~~n w~lh
s~xh pro{xrlyl. wiuth ~no~x~fy, ta~ellrer w~th aH add~hc,ns and :ufistquiions ~~e~cohrr plcilr~ed or c1r+.ovr~•i1 w~th Uonk ~e ea:ied Inc Col-
IaleraL The Col~ateral a also pled~ed as secwi~y for a11 other I~ab~l~t~es 1o Dank, (primory, eecondary, direct, cenh~genf, sole, ioiM or
several), due or to become due or which may be he.eafre~ contracted or acqu~red, of each Maker (or of each Make~ and any o~ner per-
son). The surrender of tnis no~e, upon peyment or oiherwise, snaH not affed ~he ?ignt of Bank to retain the Collaterai for such other
liab~iities.
CREDIT LIfE AND CREOIT IIFE b DISABIIITY INSURANCE ARE VOLUNTARY AND NOT RE~UIRED fOR CREOIT. Such insurance
coverage is ava~iabie at tne cost designated below for the term of ~he credrt: (a) S fw Crc~oit life In-
surance (b) S---.----- for Cred~t l~fe 6 D~sab~i~ry Insurance:
Check
Appt. Q Credit life Insu~ance is desired on the life of_ -
Box
_ - Birthdate '
~ Credit life b Disabifity Insuronce is desired on ;
- B~rthdate - `
r~
~ Crcdit Life anc/a Disab~lity Insurance is n desiredy~L~ -•.-1- -
~ - ~ -
Siqneture / i.n i1~N~._tf. _
oate: - Sf 81-7~6--- ~ tl?-`-=
' - ~ . ~ ; 1 ~ ' :
- . .
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Additions to, reduc~ions w exchanges of, or subst~tutions for the Coliateral, payments on accounl of this loan o~ ir.creases of the
same, w othe. loans made partially or wholly upon ti~e Collateral. may from fime to time be made vr+thout a(fecting the provisions
of tn~s note. dank shall exerc~u reasonable cere ~n tne custody a~d preservat~o~ of the Collateral to the extent required by applicable
statute, and shal~ be deemed to have exercised reasonab~e care if it takes such action fo? that purpose as Maker shafl reasonebly request
~n wnting, but no omiss~on to do any act not req~ested by Make. shal! bc decmed a(ailure to exe?use reasonable care, and no omis-
I' sion to compiy w~tn any reqvest oi Meker shell of itself be deemrd a fa~lu.e to e~erc~se reaaonabte care. Ba~k sheli no~ ba baund to
' take any sreps necessary to preserve any r~ghts in the Collareraf aga~nst p~~or parnes and Maker shall lnke all necessary steps for such
purposes. Bank or its nomir~e need not coliect interest on or princ~pal of any Colla~eral o~ g~~e any notice with respect to it.
I If the Colfateral shali at any time become unsahsfactory to Bank. Maker shail within one day after demand pledye and deposif ~
with Bank as parl of the Coilatera! addit~ona) properry wh~ch is sansFactory to Bank.
,
If Bank deems itself insecvre, or upon the heppen~ng of any of ~he following evenfs, each of which shatl consr~tute a default here-
~ unde?, all Iiab~Gties of each /Aaker 1o Bank shall ti~e~eupon a~ thBreA~ter, at thc oplion of Ban{., without not;ce or demand, b<•come tiv~
end n~/ebi~: (al n~e fa~lure of any Ohh.~or (whi~h ~c~m :i~.~ll m•.nn ar~~l ~nriu~le c.ui~ Ma4~r, nnc)Or•.r.~_ turely, erxl gu.xu~~t~ir of thi:
nol~•1 f0 (r•r~r.rn~ Any ayre~~m~.ht I~n~rU~KICr, lo (~A~ i~J~•ri tt Lc~~•u.~ w~l~nn ~on ~Inya A(t~•r ~t ~S (~lrv. O/ i~ 1~~ •IC fK IW ~~u~• c~n!r ~~1~~•r ~1
~ is billed or otLor~visc rcqucs~rd or dr.m.~nded, lo pay eny ott~er I1ab~INy wl~atsoever to (innk whcn due; (bj the Jeath ol any Obiiyor; '
~ (c} the fili~g of any pet~~ion under the Bankruptcy Act, or any sim~lar (ederai or state sta~ute, by o~ against any Obligor; (dj an epp~~ca-
t~on for the appo~ntment of a receiver for, the mak~ng of a general ass~gnment for tne bene(i~ of cred~tors by, or the insolvency of any
~ 061igor; (e) the enrry of a ~udgement aga~nst any Obi;gor; (f) ihe issv~ng of any at~achmrnt w garnishment, or ihe fiiing of any lie~,
aqainsl any properly cf any Obiigor; (g) the takiny of possession of any subsrant~at parr of ~he prope~ty af any Obliqo~ a? the instance
of any governmental authority; (h) the dissol~tio~, merger, consoiidation, or reorganization of a~y Obligor: (i) the assignment by any
Maker of eny equity in any of the Colleteral without the written consent of ~he 8ank. Each Obiigor hereby waives any requ~~ement of
notice or demand refiecring such acceleration insofar as such requirement be in addition to the mere ezerNse of any remedy affo~ded in
this Note or the institution of suit by the then hotder.
Bank shall have, but shatl not be limited to, ~he foilowing riahts, each of which may be exercised at any rime whether or no~ this
note is due: ro pledge or transfer +his note and tt,e Coltaterai and Bank shali thereupon be retieved of ali duties and responsib„~fies
hereundcr a~d relieved from a~y and a~l Iiabi{~ty with respect to any Coi~arerai so pledged or transferreo, and any pledgee or trans-
~ ferec shall fo. all purposes stand in the place of Bank hereunder and have al! the rignts of Bank herevnder; (ii) to transfer the whole
o~ anv part of the Collatera~ into the name of itself or ~ts nominee; (i~i} to vote The Collateral; (iv) to notify the Obligors of any Col-
Iaterai to make payment to Bank of any amounts d~e or to become due rhereon; (v) to oemand, s~e fw, colled, w make any comp~o-
mise or sertlement it deems desirable with re(erence to the Collateral; and (vi) to take control of any proceeds of Collateral.
Bank is hereby g~ven a ~~en upon and a security interest in aii Froperty of each Obligor now or at any time hereafter in tne pos-
session of Sank in any capacity whatscever, inctuding but not iimiled to any halance or share of any deposit, trust, or agency account,
as tne secunty fo+ the paymem of tnis note, and a sim~iar lien upon and secur~ty imerest in all such property cf each Maker as secur~ty
fo. the payment of all other I~abilities of each Maker to Bank (inciud~ng liab:[it~es of each Maker and any o~her person); and Bank shall
have tne same rights as to stxh property as it has w+th respect to ~he Co~lateral.
~ {f penk d~emt ~tself insecure or upon the occurrence of any defauh hereunder Bank shal~ have fhe (oredosure and other remedi~s
~ of a srcu~r~l party unde~ the Unifo~m Commercial C~xle, or other uppliceble law and, without {imitinq the qeneraii~y of tlir Iomr3ornq,
~ Bank sh.~fl have tt;e riqht, imm~iately and witl:oul (urther action by it, to set off aga~nst th~s ~o?e all meney owed by Bank in .iny c.i-
~ paNr/ ro each or any Maker; and ~f such sehoff shall occur, Bank shall be deemed to I:ave exe~c~sed such riqht of set off and to heve
rnade a charge aga~nst any svch mo~ey ~mmediately upon tne occur.ence of sucn default even though such charge is made or entered
~ on the books of Bank subsequent thereto. Unless the Co~~atera~ is per~shable o~ tnreatens to decline speedily in vafue or is of a type
cusroma~~ly so~d o~ a recogni:ed market, Bank will give Maker reasonable not~ce o~ the ~~me and place of any public sale tnereof o~ of
~ the time a(te~ wh~ch any privare sale or any other iNended d~sposit~on tnereof is to be made. The .equirement of reasonabie notice shali
be met if svch notice is mailed, postage prepaid, to any Maker at the address given below or a~ any other address shown on the rec-
ords of rhe Bank, at ~east five deys before the hme of ~he sate or disposit~on. Upon dispoiiho~ of any Collatera~ after the occu~rence
~ of any default nereunder, Maker shall be and rema:n liable for any aefiuency; ano Bank shaH account to Maker for any yurpius. b~t {
~ Bank shal~ have ~i,e riflht to apply all or any parf of sucn surplus (or to hotd ihe same ss s reserve egainst) any snd all oTher liabi;~ties
~ of each or any Maker to Bank.
No de~ay or omiss~on on Ihe Dart of Bank in exeras~ng any r~qnt hereunder shall operale as a waiver of suth right or of any o?her
~ right under rh~s note. Presentment, demand, p~otest, notice of dishonor, and extension of hme without notice a~e hereby waived by
each and eve.y Obi~gor. ihe Obligors, ~ointiy and seve~ally, promne and agree to pay .~II costs of collect~on end reasonable atrorneys
~ fees (nor iess than 10% of the prfncipal sum) incurred or pa~d by Bank ;n enforcing this nore upon the occu~rence of any default. .
Any nor~ce to Maker shall be suff~cie~lty served for aii pu.poses if ieft upon or placed ~n the ma~l, pos~sye prepaid, sddreuod to the
~ premises et ~he address shown below or eny other address snow~ on Bank's records.
Wnerever tr,~s note ~s execu~ed by a co-maker or endorser who ~s tne wife of a maker w endo~ser, the seid w~fe does hereby ex-
~ press~y ack~owledpe the wlrh~n debt ss her ~oin~ and ~nd~v~duat debf.
Each of Msker ~cknowiedges receipt of a completed copy oi '~+sl o~ on the ebove ts.
: . . • ~ ~ ~ ~ j ~ ~ (Seal)
ndd?.u: - -.12Q1__.Mar.tin_LutYver._Kir.g . _ c~~-~------..____.-
~ Orlando, ~lorida : r ur Watson ~.-y: ~
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• Thel ~a ~M. ~Watson'•---.. . - -
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