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Home My WebLink About0972 . . ' ~ INSTALLMENT PROMISSORY NOTE TURTLE REEF ASSOCIATES, INC. ~a Anwunt R~t~iwd S 8,442.00 6ANK NAME (8) Prem~um tor Crbit none P.O. SOX 618, JENSEN BEACH, FL. 33457 Lif~/Disability I~s. S ~c~ Oocumenqry Startips s none ~ OFFICE AODRE55 (OI OthN ChHgfs (itNTiI~I s none ~e~ s none NOTE NO. OATEO: ~C~er 12 ~ , 19 77. (F) ' s none ~ (G) Amount Fina~c~d g 442.0~ ouE: December 26, ,19 87, tn, e, c, o, E. F~ s • ` ~H~ = 4, 946 . 40 1 , FLORIOA s ~ none PLACE' tn OtMr s none Fw vslue.receivtd. the undersiqn~d (hNeioatt~? ull~d "Maker") lointly snd sw~rslly (if (K) s none mo.e tAsn on~) promist to PaY to th~ ordN of tM Bank, st its olfic~ list~d abov~, th ToW 110ne o( Paymtnq (trom IN) at rightl of S13 ~.3~_40 Dollm piyabl~ in 1~~ S eaus~ monte~y ie:cat~mencs of S 111. 57 ' , th~ tint ~MI FINANCE CHARGE 4 946.4~ (H, I, J, K, l.) S ~ ~nstallm~nt dus o~ Jdn . 26 , 1g 78 . snd wbspwnt in:tallrtNnK dw on (N) Toql of PayrtNnts (G + M) S ~ • ~ne I~,day of tach month thaqftK, ~oy.~n~. vw~h a F~w?~ BAI.~oON PAVMENT OF: ANNUAI PERCENTAGE RATE lO.OO y~, S None-- ouE --------------------------iy---- Tn~ Ba~k shsll impos~. s dNi~qu~r chsrg~ s9sinst [M IN~k~r on sny WYm~nt which hss b~oom~ dw and nrtqina in deisutt fa s paiod in ~xcaa of 10 days in ~n smount equsl to 59L of th~ snwunt of tM prFncipsl psrt oi tM psyment in d~isult. In tM twnt that cM Not~ is not psid in full st rn~turity, all psy- ?rxnn, wMthe. prineipal, intKht or othKwia~, shslt b~x intu~st at tht maximum I~yal rsa slbw~d uMa tM Iwvs of th~ Saa of Flwida. All paym~nts ensd~ ~ereunef~? ~ht11 b~ endiad fi~tt to int~ntt snd tMn to prietipal. how~~r, in th~ ewnt ot dNsutt, ch~ B~nk msy. in its sot~ distntion, spply sny paymMt to interat. printipal ~nd/o~ Iswful thuy~s th~n actru~d. It is tM intMtion of tM partias hento thst th~ provisio~s hK~in shall not provid~ dinctly w indirsetly fw th~ ~ym~nt of a grestK nn of incKat or tM nt~ntion of sny other charg~ chsn is albw~d by law. It, fw sny r~sson, intNKt in ~xpn of wch IpN r~t~ o~ a chs~ prohibited by ~sw shsll at aml tim~ b~ paid. a~w weh ~xpss shsll eieher c«neieua snd b. aeaad a~ a psymM~ on ch. prineipsl w b~ nfund~d dine~fy !o tM M~kK. = Th~ MskM m~y pnpsy tM ~ntir~ unpi~d bilsne~ of the losn st s~y tim~. I( cM loan n p~paid in full, sccel~rst~d or retin~ne~d, th~ Mak~r shalt ne~i~ ~ re+und of tM unexMd portion of tM intaest snd inwnnp praniums tomputed by tM Rul~ of 78's ~tAod, excapt thst tM Bank shall bs Mtitled to r~t~i~ a mininwm inter~st cha?~ o( 56,~0. • _ - CRE~IT LIFE AND CfiEO1T IIFE a OISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIREO FOR CREOIT. Such inwranCS tov~ray~ is - ava~IaW~ st tM cost dnignst~d bNow for tM ttrm of tA~ tndit: W S tor Gedit life Inwnnc~ (b) S ; for G~dit Life ~ Disability I~usnp: _ _ i Check ? Credit life Inwr~nt~ is d~sind on tM life ot ~ qppt. 8irthdste Box ? Gedit Lif~ ~ Disability Inwrsnct is desirsd on BirtAdste > ? Gedit Life a~d/or Dis~bility Inwrance is no[ desircd. . ~ oate: December 12. 1977 _ sg~„~m ero oe s ra Sigoawre As s~cu?ity (or the paym~nt oi thc Mote the Maktr hereby grants to tM Ban a securi ~ t t in the 1dl ~ P.o~. - An ~.0769~ .undi vi ded ~ interest in Turtle Reef Cond. I, recorded in O.R. Boo~C Page ~ni ee s an ~n ' -D 12 Aot No D-12 as described in said mortqaqe. . j including all inc~easa. substitutions, rcplacements. additions snd accessions tfie?eto and in the p~oceeds thereot lhereinafte~ wlled "Collatenl"1. This securitY ' ~ncerat shall also sewre arry other irdebtedness w liability ot the Msker to the Bank direce or indirect, absolute or eontingsnt, due or to become due, now ez- E ~st~ng or he~esfter arisinp, induding atl futur~ advsnces w loans Dy ths Bank to the Maker. ~ Th~ Bsnk is slso gi+ran a litn snd a sccurity interest in all p~opnty and sscu~ities ot tM Maker, endorser, wrery, 9uasntor or aceanmodation puty oi this ~ Note (hartinafter ?etared to as the "Obligas'), now in ar st any cim~ heresfter coming into the control, custody or possession of the Bank, whether tor the ez- . ~ pressed purpbs~ of b~iny us~d by~ the Bank ss Coltateral, w fw any othe~ purpose, and upon aM/ balance or balances to the uedit of any ~ocounu, ineludi~g crust and spenclr socounts rrnintsi~ad withthe Bank by any of tM Obli9on, a~d the Obligors agree to deliver to the Bank additional Collatersl or m~lce auch ~ paymena in rsductio~ of the principsl smount of the loan ss sAall be satisfattory to the Bank, in the event ehe a(wementioned Collatenl shall deeline in vNu~ e~ fleeoms u~sacisfsecory to tM Bsnk. - Additions co, reductions p exclwnges of, or wbstitutwns (or the Collatxal, payme~ts on sccount of this loan w increases of the same, or other losns msde part~a~ly or wholly upon th~ Colla[eral, may irom [irtk to time b~ made without atfactiny the provisions of this Note. The Bankshall exercise reasonable care in tne custody and preservation of the Collateral to the extent rpuir~d by applicsble stacute, and shall be deemed to have exercised reasonable qre if it Uka wch ac~~on for thst purpose as MakK shall rtssonsbly requnt in writin9, but no omission to do any sct not requested by Maker sha11 be deemed a fsiluro to exercise reasonabl~ wre, and no omiuion to comply with sny request ot ?Jlaker shall oi itself b~ deemed a failum [o exercise reasonable wre. Bank shatl not bs bou~d to cake any steps necessary to preserw sny rights in the Collatersl against priw parties and Maker shall take all necessary steps tor wch purposes. The Bank or its ~ominee need not coll~cc intenst on, or a principal of, sny Collateral or give any notite with respeet to it. The Bank rtwy continue to hold any Collateral depositsd hereunder aite~ the payrnent of this Note, it at the [ime of the payment and discbar9e hereoi any of che parties liable fw the payment hereof shaH be then directly or co~tingently liabk co the Ba~k as Maker, endorser, wrety, guarantor or attommodation party o~ any othe. note, drat[, bitl of exchangs, or otha instrument, or oiherwise, and the B'a~k msy thereatter exercise all rights with respect to said Co{lateral g~anted lurei~ even though this Not~ shall Aave been wrrendered to the Maktr_ If the Bank deems itseif insecure a upon the happsnirg of any of the following events, eaeh of which shall rnnstitute a default, all liabilities of each Maker co ~ ~he Bank, including the entire unpsid principal of Mis NoM and accrued interest, less any unearnad~interest a~d any interest in excess of the maximum sllowtd U t,y Iaw and any rebates rcquired by law, shall immedisiNy a thereatter, st the option of th~ Bank, excep~ chat the occurrence oi (e) a(d) shall cause wtomst- - .c acceleration;without notice or d~mand, becomedue and psyaWe: (a) the tailurs of any Obligo? to pertorm a~y obligation, liability or ~taim to the Bank, to pay ~ ~n[erost hereon within ~OdsYS 8her it is dus, or if chers is no due date, stter it is billed w otherwise requested or demanded, or to paY anY other Iiability whst- w ;~ever to the Bank wMen due; (b) the d~sth ot s~y individual Obligor, tM dissolution of any psrtt~ership Obligo~ w the dissolution, merger wconsolidatio~with- ~ o;,c ~he Ba~k's pria w~itten consent of am co?pona Ob1iDw: (c) tM filing of a p~tition in bankruptcy or the adjudication of insolvency or bankruptcy under any reorganization, arrargsrr»nt, resdjustment of debt, di~olution, liquidation or similar proceedirg under a~y Fedaal or sate statu[e, by or against any ~ Obl~r~Or; (dl an application iw the appointrnent of s receiver for, or the making of s 9enersl assiynment for the benefit of creditors by, any OWigor; (e) the entry ~ of judgment against any Obligw; the iswirg of any stcachme+~t or 9srnishment, o~ the filing of any li~n, against any prope?ty of any Obligor; (g) the akirq ot ~ posseuion oi any wbstantial psrt ot the property o~ any Obligor at tM instance ot a~y governmentsl authority; (h) the determination by the Bank tAat s materi- a1 adve~se thqnge Aas occur~ed in the financial condition of any Obliqor irom the COnditiora set forth in the most recent financia~ staument of wth Obliyor heretofwe furnisF~ed to the 8ank, or from the condition of wch Obligw as heretofore most recently disclosed to the Bank, or that a~y vwna~ty, represenation, ce.2~ficate w stateme~t of any Obligor (whethe~ connined in tfiis Note w ~ot) pe~qining to or in co~nection with this Note o. the loan evidenced by this Non ~ conrains an untrue statement oi msterisl (aet or omits to stste mate?isl fact necessary in wda to make ihs statements made not misleading; or, (i) the sssg~- n,.nt oy any Maker ot any equity in sny of the Collateral witAout the prior writte~ consent of the Bank. ~ The Bank shall have, but sha11 not b~ limited to, t1~~ fdlowing ~ights, esch of wtiid~ may bs exsrciaed st sny time wfistha w not this Nots is dw: (i) to p;>dge or tra~s(er this Nots and tM Collateral and tM Bank slull thereupon be reliered of all duties s~+d responsibilities hereunde~ and rNieved from any a~d all I~abil~ry with respect to any Collatasl so pled~d w usnsfand, and any pledgee w transferN shsll (or sll pu~poses sa~d in the ptap ot tl~e Bank hereunder and n ave sll tM : ights of the Bank hereut~d~r, (ii) to transfN tM whok or srry put ot tM COIIStMaI into tht name ot itsNf or its nomi~et; (iii) to vot! tht Collsters~; ! to ~otify th~ Ubligors of sny Collatasl to make psyment to the Bank of a~y amounri du~ or to becomt due th~rwn; (v) [o d~n~nd, we for, collsct, or ~ r*~a~s any CGmprdmif! Or fetNltlfMt it deems dai~ with rof~re~+u co ~h~ Collate:al; snd (vi1 to bk~ posstssion or tontrol of aey procyeds of Collatasl. ~ +3ANK" as used herein means Turtle Reef ~lssoc~ates, Inc. and/or its assigr~sR 4 ~ NpTICE: SEE OTHER SIpE FOR IMPORTANT INFORMATION b(~Kf.r~ v~~ ~ -a~>~~ ~