HomeMy WebLinkAbout0964 INSTALtMENT PROMISSORY NOTE
?1lRTLE REEF ASSOCIATES IMC. ta? a,~,~~ a«.~r.a s_
BANK HA1NE (8) Pr~tnium to~ C~~dit
Lif~l~is~bititY tns, s •
P. 0. QOX 618. JEIlSE11 QEA[ii. FL. 33457 ~c~ oon,~a.v st.~ s esw~
OFFICE AOpRESS (D) OtMr CMry~s (~t~miz~l = S~
Nov. 25, ~f~ s
NOTE NO. OATEO: , 19 . (p)
(G) Amount Finsnc~d
DUE: ~C. 6+ ,~g ~7 (A. B. C. O. E. F? s ~3~~•~
fHl i~~srKt 5~~~,,Q~,_
PI.ACE: , FLORIDA ~~1 Credit Inwstigalion S__~
(J) OtMr s
For v~lw nceiwd. tM unde~sgned iMrtic+ittar plMd "Ms1ct~") jointly snd sevKally (it (K) s ~f
more ihan oM) p~omist to psy to tM order of Hf~ Ba~dc, ~i its otf~ lated abow, thf TotN
oF DaY~nent~ (trom (N) at right) ot ~.~Q~m ppl~ ~Y~k ia~_. IL) j_
IMI FINANCE CHARGE ' ~
ec~ual mo~thly insqltments of S . , ths (irs~ (H, 1, J, K. ll S s •
~nsta~~me{~,+t dw on Jan ,19_. snd w~c insallmena dw on
?he 6t'Wy of each mo~tA tAeresicei, t IN) Totsl ef Payments (G ~ Ml t Z1.s10.~
oyecna. w~cn • F~nu?~ eA~~ooN Po?vMENT OF: ANNUAL PERCENTAGE RATE . 10_~
s NOME aue
The 8snk shall impose s dNinquency durg~ ag~nst tM IWku on any paYment wt~ich h~s b~coma dutr and remsins in defsutt tor s period in ~xpss of 10
days in an amount aqua~ co 5% of the smo;u+t oi th~ pincipal psrt oi the Wvment in defwlt. In the event that the Note is ~ot paid in tull at maturity, a11 pay-
ments, whe[he. principal, interest w otherwise, sha11 bss~ inttrest st the maximum legal iate allowsd under the laws oi the Stats of Florida, AI! psyments msde
hereunder sha11 be tredit~d fint to interest and then to pi~tipsl, however, in the eva~t oi detsutt, the Bank may, in its sole discretion, apply any payment to
~nterest, pri~tipal a~d/a Iawful t?wrges tAen xpued_ It is ih! inte~tion of the parties heteto that the provisions herein shall not provide directly ot indirectty
for [he paymant ot a qrrster nte o1 interest or the ntention o! any otAe. chs~ge than is sllowed by law. If,1or sny reason, interest i~ excess of such tegal rste w
a charge prohibited by law shail at any time be psid, any wch ~xoess shall eitha~ constitute and be treated as a.paymenc on the principsl o? be refunded direetly
to the Mslca.
The Maker may prepay the ent~re urpaid balar~oe of tAe loan at any time. If the toan fs prepaid in tull, accelerated w re(inanced, the Make~ sAall receiw+e a
~etur?d of ti+e unearnec! po.cion of the +ntaat ~d ~nw~ance premiums canputed by the Rule of 78's method, except that tAe 8ank shall be e~titled to retain
a m~nimum interest thar9e of s6.~.
CREDIT IIFE ANO CREDIT LIFE ~ OISABIIITY INSURANCE ARE VOLUNTARY AND NOT REQUIREO FOR CREDIT. Such inwrance coverage is
ava~table at the cost daignated below for the term o~ the aedit: (a) S tor Gedit life Inwrance (b) S
tor Gradit Life ~ Oisability trtsuranoe:
Cne~k ? Gadit life t~ruurance is des~red on ~he Gie ot
APC~~• Birthdate
Box ? Gedit Lite 8 O~sab~l~ty Inw?anct is deshed on
Birthdate
~ Credit Life and/w D~sab~hty Inwrance is not desired.
NDV. Z~J~ i977 Sg[qture~~~~ K~~
Date:
~~usr~.
SgnaWr ~ ~
eq+?i o~
the~
y~'*~^t~~~ te the Maka hereby grents to t a !rlst in the idlowing propert~ T1~}'~~l~ Q!~*
r_~ T~
~ i~~.R• YW~ G7~S ~ ~~t ~ ~
i n s . ~~T~
includirg all inCreases. subsutuUOns, replacements. sdd~tipns and aooessions thNeto and in the poteeds tAereot Ihereinafter Called "Collateral"1. This seturity
~nterest shall also sccure any othe. ~rWebtedneu a Iiabil~ty of tAe Maktr to the Ba~k direct or indirect, absolute or contirge~t, due o? to become due, now ez-
ist~ng q hereaiter arning, inctud~ng all future advances o. loans by the Bank to the Maker.
The Bank is also given a I,en a~d a security ~n~erest in all property and securieies oT the Maker, endorser, wrety, guarantor or accommodation pa~cy of this
Note (Ae•eu?aite~ refe~red to as [he "OWgo.i '1, now ~n or at any i~me hereafter coming into the control, cus[ody or possession of the Ba~k, whether for the ex-
p~essed purpose of being used by the Bank as Cotlacenl, p~ for any othe~ purpose, and upon any balance o~ balances to [he credit of any accounts, inctuding
rrust and agency accounts mainta~ned withthe Bank Dy any ot tAe Obligors, and the Obligprs agree to ~deiiver to the Bank additional Collatera! or make such
payments in reduction oi the p.~ncipal amount of the Ioan as shall be satisfxtory to the 8ank, in the event the aforementioned Collateral shall decline i~value
or become utKitiffectory to the Bink_
Addit~otK to, rtdutUwK o~ ezchanges of, w wbati[ut+onf fo? the Collateral, payrnents o~ actount of this Ipa~ p~ increases of the same, or other loans made
part~ally w wholly upo~ the Collate?al, miy from time to time be rrwde without atiecting the provisions o( this Note. The Bank shall exercise reasonable ca~e in
the custody a~d p?eservation of the Cotlateral to the extent required by applicable statute, and shall be deemed to have exercised reasonable care if it takes wch
ac[~on (w that purpose as Maker shall .eu~bly request m vKitirg, but no omissio~ to do any act not requested by Make~ shall be deemed a tailure to exercise
~easorwWe care, a~d no om~ssion [o comply wi[h aml requesi ot Maker shall of itsel( be deemed a failura to exe.c+se reasonable care. Bank shall not be bound to
rake any steps necessary to press*ve any rgAts in the Collateral against pria parties and Maker shall cake a11 necessary steps fdr wch purposes. The Bank or iis
nominee need rqt Collett ~nter~st oo, or a priitcipsf of, any Cp1let~yal or give any noti~e with res~ect to it.
The Bank may co~tiiwe to hold a~y Collateral deposited hereunde. after the payment of this Note, if at the time of the payment and discharge hereof any of
~he pa~ties liable fw the payrne~t Aereof sAa11 be then directty or contirgently liabtc to tlie Bank as Maker, ernforser, wrety, guaran[or or accommodation party
of any other ~ote, d?att, bi11 of exchan9e, w od~ Mst?umenr, o. otherwise, and the Bank may thereafter exercise all rights with respect to said Collateral
g.anted herein even tfio~gh this Note shall have been wrrendered to the Maker.
Ii tAe 8ank deems itseli i~uecure or upo~ the happe~i~g of any of tAe ioUowing events, eadt Oi whith shall tonstitute a defeu(t, all leabilities Of eacA Maker to
the Bank, inctudirg ef~e entire unpaid principal of chis Note and sccrued inte.est, less any unearned interest and a~y interest in excess of the maximum allowed
by law and am? ~bstes required by 1sw, shatl inrnedistely a thereafca, at the option of tF~e Bank, except that the occurrence of (c) or (d) shall cause automat-
tc accelerat~ort;without notioe p denwid, beoomedue and payable_ (a) tMe failure of any Obligor to perform any obligatio~, lia6iiity or claim to the 8ank, to pay
~n?erest hereon witAin 10days afce. +t is due, or if tl~e ;s rw due date, at~e. it is dlkd or otherwise requested or demanded, o. to pay any 9ther liability what-
soever to the Bank when dve; (bl the deatfi of arty individusl Obligor, the dissolution of any partnership Obligor .o. the dacolution, merger or opnsplidat~on with-
out [he Bank's prio~ vwitte~ consent of a~r corpo.ate Obliga; (c) ti~e filirg of a petition in bankruptcy or Me adjudecation of insolvency or bankruptcy under
any reorganiratio~, arrangertrcnt, r~djusiment of debt, diuotution, Ipuidation or similsr ptoteeding unda any Federal or state statute, by or against any
Obligor; (d) a~ appiication fo. ehe appo;ntment of a?eoeiver for, or tAe making of a genersl auignn~nt for Me benefit of c~editors by, any Obligor; (e) the entry
of j~nt against any Oblgw; (f) the ~swing of a~y stteehment or garnishment, w the fi(i~g of any lien, against any property o( any OWigor; (g) the taking ot
possessio~ ot any wbsUnt~al pa~t of tAe property oi any Obligpr at tAe ir?stance of any gpvernme~tal authority; (h) the determination by the Bank that a materi-
al atfverse cha~ge has acur~ed in the financial cpd~tia+ of u~y Obligor from the co~ditions set fp?th in the most recent tinancial statement of wch Obligor
heretofore furnishad to the Bank, or irom the condition of wd~ Obligor as heretotwe most rece~tty disdos~eed to the Ba~k, or that any war~anty, rtpresentatian,
0
certiticate w statsrtknt ot any Obligw (rMrothe. contained in tha Note or not) pertainirg to or in connection with this Note o. the loan evide~ced by this Note
co~tai~u a~ unt4ua ;t~terr~c ot ipawial (act o~ omits to sqte materisl fact necessary in order to make the statemen[s rt~ade not misleadirg; or, (i) the aug~-
ment by anY Nl~nf 4f ~H? equity ~n'any ot t!N Colboenl witNout tM pripr written consent C/ the Bank.
The Bank slesll hare, but sha(t noi be limited co, the tollowi~g rights, es~h of which may b~ ezerc+sed at any time whether o. not this Note is due: (i) to
pleclge or t»nstfr tAis Note aod the Cdlatenl snd the Banfc sA~ll thereupon be relieved pt all duties and responsibilities he~eunder a~d relieved from a~y and all
tiability with respect to any Collataal so pledgsd pr aa~ferred, snd any pledgee w transferes shall for a11 pu.poses stand in tFie plate of the 8ank hereunder and
have all the ri~hn of the Bank he.eu~der; (iil to trinsfsr ch~ whol~ or any psrt oi the Co1lateral into tbe name of itself or its nomines; liii) to vote the Collateral;
(~v) to notify the Obligon of any Cotytaal to maks psyment to the Bank of any amounts due w to 6ecome due thereon; (v) to demand, we iw, collect, o?
make any cort~omi~e a settlement it deen+s daiw6le with ret~renc~ to che Collatenl; a~d (vi) to take possaaion or control of any proceeds oi Collateral. !
'"'~AtAC' u used hereia ~ers Turtie R+eet Assoclates, Inc. and/or tts assigns.
NOTICE: SEE OTNER SIpE FOR {MPORTANT INFORMATION O R ~
~as ~5? Rey. aoox~~ FAGE