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+ INSTALLMENT PROMISSORY NOTE ~
TINCTLE REEF IISSOCIAYES, INC. w~+^t a.~"~ :~1Bt.~ #
NK NAME lB) ~'Nnium for Chdit ~
l.if~lWs~bflity lea. _ `
P.O. BOX 618, JElISEN aEllp~ _ F~. 33457 tc~ o«~+~an? si.~w, t ~
OFFIC Aooa to? om.. cn~?9.. r~«~+~.~ t--~i
t~ - = no~ ,
NOTE NO. OATE~: OCL. 17 , 19 77 , (F) _ ~d~!__ . ,
Oct. 26, ,t9 87 ~a~ i
e cFO.~
i s 14.18~t.00
~uE' a 311_t0
- (Hl int~nsc t •
P~ACE: . FLORIOA (1) Q~dit Inw~tig~tion i__..,~ '
IJI Othw = ~
Fo~ wfw naiwd. tM und~tqrNd (hK~i~ftft~r plid "MakN") joiodY +~nd t~v~ra11N (ft (K) _
mort th~n an~) p~omi~ to Wy to tM orda of tM 8a~ic. ~t ies offiq li~t~d aDov~. tM Total (L) ~
of Psym~nts Ibom INI at ri~htl ot s~~+~- ~~~~M ~Ml FINANCE CHARGE
eqwl monMiy instsllm~nts of = . tM firtt lH, J. K, L) ' _ ~ Ss3~1.~ ~
insullmMt du~ oe NOV. .1 , a~d wbaqwnt insWlm~nts dw on (N) Toai of Paym~na IG + M) _
cn~2~d~4t_~h monch thKaica, top~lMr wiM a FINAI BALLOON PAYMENT OF: qNNUAI PERCENTA(3E RATE %
; ~A~~E DUE MNM~M~NM~N~~M~~~~~M
Ths B~nk shNl ienpos~ s dNinawncy d+~rqe p~irat dN NI~kM o~ snY WY~+t ~~~'^f in d~twlt fa a p~riod in ~xaa ot 10
deys i~ ~n amount equa~ to S~ of th~ smount of the principat p~tt ot th~ psYrrNnt io d~fwit. le tM w~nt tfiat tM Not~ it not p~id io full at maturiq, all p~y
ments, wMtb~. p~iocipal, int~t o~ otMrwi~t, slwll bw intenst at th~ msximum 1~1 nu Nbvwd unda tM Iw~rt of th~ Stan of Fiwidi. All paymMtt mad~
hereundK sh~ll be rndit~d fint to intK~st and th~n to principst, horvrvt~. in tM w~nt ot d~fault. tM Bank msy. in its soN discntion. appiy ~nY WY~t to
~nterest, principal smf/or iswful chs~ytt d~en socrwd. It is tM inte~tion of tM psrtis~ hertto thst th~ provisions Mnin ~hsil not provid~ dinctiy a indirectly
for the psym~nt of ~ yrqtu rsa oi intenst w cM rote~tion oi sny otMr chsry~ than a albwrd bb 1sw. If. for any rpson, int~rat f~ ~xaa of wch N~el ntt or ~
a cha~yt P?ohibit~d bY !aw sh~tl at am/ tim~ b~ Wid. MY wd~ ~xa~s shall ~ithK tonstitut~ and bt tnat~d ~s ~ psym~nt on tM D~incipd or b~ ?tfun~i~tf direetly ~
to tha M~kK. . `
The ~A~IcK m~y prpsy cM ~ntiro unpaid bslanoe ot the lo~n st any txne. If the Iwn is pnpsid in full, ~ooNKated or refina~ced. tM IN~k~r =hsll r~oeiw a
~etund of th~ unssrned portio~ oi the interat a~d inw~anu pramiumt eort+Puted by ths Rub oi 78's rn~thod, exapt that th~ Bank shsil b~ entitlad to ntain
a minimum intNlst d~uQ~ of Sf1.00. .
CREOIT LIFE AND CREDIT LIFE 8 DISABILITY INSURANCE ARE VOIUNTARY ANO NOT REQUIRED FOR CREDtT. Such inwrsnp cov~sps is
availabl~ st tM cast dKipr?~ted below (or tM term of the uadit: (s) S fot G~dit Lite Inwrsnoe (b) S
- 1
for G~dit 4t~ b Diability Inwrsno~: ' '
- ~ ` ' 1
Cheek O G~dit Lii~ Inwrsna is desi.~d on tln life of
• . , Birthdste
Box ? Gedit Lite di Oissbility Insursnce is desired on
Birthdsts
~o Gedit life and/a D"~sability Insurance is not desired. ~ ~ t C/
Date: ~I~ 17 7Q77 Signsture ~
• ~ ~P•
$ipnature ~ ~ c.w,~ ,
, .
sen,.~ir ~o. tn. wv~t or it+e Note tne M.ke. n.~.br ~a to u,. . wa,n ~ n.ac ~n ctie ta~ow~ny aops.tiA11 O.lrl3~ 1¦Idivldtd
~tersst 1n T
a ~ . t - -
includinp a11 increua. sub~titutions, r~plscementi, sdditions and ~aessiom thKt(o and in tM P~~~ dNrwf (1~einsfar eslled "Collatust"1. This »curity
~ntense shall slso sewrt sny other irKlebtedns~ or ~iability of the Msker to tM Bank direct or indiroct, atrsolut~ or continyent, dw or to bscan~ due, now sx-
isung or herqfter xi~np. induding all futws advances w loans by the Bank to tMe Malclr.
Th~ Bank is sho yiven s lien a~M s security innrest in sll property snd seturities of tM Mak~r, e~dor~sr. wreri. gusrantw or.sxortwr?odit~on psrty of this
~ Note (hp~insttsr nterred to as tM °Obliyo.s"1, now in or ~t sny tirtr ha~tta cominp into th~ co~trol, custody or possess~on of the Bank, wMtMr fa the.~x-
pressed purpo~s of beinp ussd by the Bank as Collatersl, w for uiy other purpose, and upon sny balanct w ba~anoss to tfie asdit of aM/ socounts, includi~y
t.ust and spency accounu mai~uinad withthe Bank by u~y of the Oblipors, snd che Obligors spree to delive. to ths Bsnk sdditionsl Collsteral or mslce wch
paYments-in nduction of th~ prindpsl amount oi ths loan ss shsll be sstisfactory to the Bank, in the aYent the atorementiaNd Collaterd shsll dedim in value
o. become unsatitfsctory to tM Bsnke$'
Additions m, reductio~s w exchsnyes of, w wbstitutions fa the Collsteral. psyments on_aocount of this losn w intreases of tF~e same, or oMer losns msde
partially or wholly upon tM Collatenl, msy from time to time b~ nwds vvid?out affactirq the provisions of Mis Not~. The Bank shall ezercise ~m~soaabl~ csrs in
the cuaody snd pr~servation ot tM Collatersl [o tM extent ~equihd by epplicable statuce, a~d thall be daemed to hsve ex~rcis~d rsssonsWe pre if it taka wch
action for that purpos~ as Msker shsll reasonsbty requea in writiny, but no omission [o do atn? act not requested bY Maker fhdl bs deenNd s fsiluro to ~xetci~
reaso~aWe qre, snd no omittio~ to cornply with sny request of Msker shall of itself be d~em~d ~ fsilure to exereise ressonable ~sre. Bsnk shsll not b~ bou~d to
cake ami stps neoeasrY to prtserve snY ~yha in tM Cotlatenl spsinst prio? psrties and Maklr ~MII tak~ sll nsnswy stsps tor such purposet. TM B~nk or its
nomines twsd not oollsct inurest o~, or s principel of: arW Collaural or yive ~ny notio~ with resqtt to it.
The Bank may continue to hold smr Collete~sl d~posited her~urwf~r afca tM psymsnt of this Not~, if at the tims ot the payment and ditd~sr9e hsr~oi my of
the putiet liabl~ tor ths psymMt hereof shall be thM di?ectly W continpe~tly liabb to the 8ank a Maker, endorser. wrety. yuarsnta ar aooo~m~odatiop psrcy
of any othK nots, d?att, bill af exchs~gs, w otha instrum~nt, or otMrwise, and tM Bank m~y thoreafcer exKeise alt rights with ~ssact to ssid CoNatenl
grant~d herein eYM tha+gh this NoU snall hsve baN? w?renderod to th~ Mske?.
If tt~e Bsnk d~e~s itself insscun or upon the happ~~inp of ~ny oi d?e followinp ew~ts, qch of which shall constitutt s detwlt, sll lisbilities of srch MskK to
che 8snk, intludin~ tAe entir~ unpaid Wincipal of Ma Note snd axru~d intenst, tesf sny unesrn~d i~arest and ~ny interest in exoeta of tM maxirtwm a~lorwd
by Isw srd srn? r~bius rpuired by Isw, thall i~mrdiately w d~e.qiter, at ths option of tM Bsnk, ~xppt that tfN oocwr~nte ot (cl or (d) fhall CauM automst-
K accalastion: without notios or den~nd, b~oon» dw aid WyaWr. (a) th~ fsilura of sny Oblipor to Wrtam a^Y oblgrtion, liability or daim to tM Bsok, to pay
~ incerest hsreon within 10d~n afa? it is dw, w if than is ra dus dsa, ~fter it is bi1Nd or ocharwifs raquested or dem~nded. o? to psy sny otl~ lisbility whst-
soever to tht Bsnk whan dw: (b) tlu dtath of sny individusl Oblgor, th~ di~solution ot ~nY p~rcnenhip Oblya w tlw disfolution. ~r w oonsolid~tion witM
out th~ B~nk's pr'wr,w?itten consMt of sny torporst~ Oblipa: 1c) tht filitg of s p~tition in bsnkruptcy w tht ~djudieation ot insolv~ncY a bankruptCy und~t
any reorp~nization, sn~nt, rMdjustmsnt of dbbt, di~olucion, liquidation w simil~r Woc«dirg under vW Fedasl or stat~ ttatuu, bY or s~inst anY
Oblipo?; (d) sn applicstion for th~ sppointm~nt of i nqiw~ to~, w the rtnkinp of s qN+~ral ~t for th~ ben~fit of u~diton by, snN Oblipo~; (e) tfM entry
of judprn~nt spsirot any Oblipa: (f) tht isuiny of ~ny ittaChrtMnt or yanishrtient, or the filinp oi any lien, painst any propKtY of eny Oblqor: (p) tht tskinp of
poss~aion oi any wbstantisl ps.t oi cM prape?ty of sny Oblga at tht i~tanp of sny yov~t~m+wntal wtho?ity: (h) tM deurmination by th~ 8ank th+t a m~tai-
al sdwru d~srgt ha octurnd in tla financisl ooedition of anY Oblgor irom tM caditions s~t torth in tfN matt nant fin~ncisl ttsterrMnt of wd~ Oblgor
her~tofon furnislwd to the 8s~k, or from tM condition of auh Oblipa ss Mnto(on mo~t nantly d'ado~d to ths Bsnk, o? tfat any vwnsnty, rp~aa~t~tioo,
certifipa or ttstemMt of sm? Oblgor (wh~tMr contiin~d in thit Noa w not) P~raininy to w in oonrnctia~ with this Noa or tM lo~n evid~ne~d bY Mis Nou
conqiro an untrw ~Utem~nt of rrotKisl f~ct w omits to stst* nqtais~ isct n~sry in ordK to nrln th~ ~tacemrnts mad~ rwt mwlMdinO: or. ~he uspn-
ment by any Msicer of soy puity in sny of tIN CollawN wid~out tM priw w~?itten oo~Mnt of tht 8ank. .
TM 8snk ~sll lav~, but sANI rat b~ limitrd to, dw idlowinp rphu, pd~ oi wAicb ~rn~? b~ ~xKCiNd at any tim~ whtdw or not thia Noa i~ dw: (i1 to
pled~ o~ tnn~fK Mu Note u~d tha Collsterd and tfN Bank daN t1~~upon b~ nliwrd of aN duti~ and rapo~uibiliti~s htnund~r ~nd rNi~e~d from an1? and ~II
I iability witA rMpCt to anN Collaursl w pbdp~d o~ trsroiM?~d, and a~ry P~~dD~~ Or trant(MN thMl for all purpoM~ swid in tM plaq of the BM~k Mtwr~r and
havs all tM ri¢~ts of tM Bank hK~und~?: (iil to tranatp the MA~oM or sny psrt of tM Colbt~ral into th~ nsm~ o~ its~lf w iq nanins~: (iii) to vot~ 1M Cdbarsl:
(~v) W notify iM Oblpas of anY CollataN to m~k~ P~Ymtnt to tM Bar~ic of any artaunb dw or to b~tar» dw tMr~a+: Id to d~r~wid, a~ ta, ooll~et. or
msk~ s~r~? oompromia a Mttlarwnt it dMnr d~si~~bN wid~ nt~~nn to tM Co1latKal: s~fd ~vi) to t~ce P~ o~ Conbol of ~ny proolds ot ColhqrM.
*"BANK" as used herein means Turtle Reef Associates, Inc. and/or its assig?~.~ ~
NOTICE: SEE OTHER SIOE fOR IMPWiTANT INFORMATION B~2 S~
FSS 75? Rw- 7/77