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Home My WebLink About0991 INSTALLMENT PROMISSORY NOTE TtiRTLE R~f~ ASSOCIATES, 1!IC. • iA) Amount R~u~wd s ~:~.~0 BANK NAME (B) Vt~rtfium for Gldit lil~/Difability Int. s P.O. 60X 618, JENSEii BEJICN, fl. 33A57 tc~ o«~n,.~~..,, s~.mo: s ~o ~ OFFiCE AODRESS (0) Oth~r Chu~s (rt~rtuill = N~TE NO. DATED: ~ , i~ . (p) S~~~~- (G) Amount Fins~ted OUE: i ,~g (A, B, C, O, E, F) S___ 77I (H) Inttnst s ~ • PIACE: ' , FlOR10A (1) CrWit Inwscigation s~ IJi Oth~r S For value rateived. tM unders~gr?W p~eninafter Ca1Nd "NlakN") iointly a~d tsverslly (it (K) s more than on~) promis~ to psy to the o at itt olf~u listed abov~, t~'9~~ al ~ u ot Payments itrom (N) at right) of Do~lsrs psvable in u`~ (Ll s ~ IMI FINANCE CNARGE eyual montbly install nts of £ • , tM ti~st IH, 1, J. K. L) S ~nsty~nt due on 2 , 19~, snd wbsequent installments due o~ ~N) Toql of P~yments (G ~ M) S ~ • the jss daY,~cn month chereatter, to9ad+er with s F1NAl BAILOON PAYMENT OF: ANNUAL PERCENTAGE RATE • % S IW~ DUE 7he Bank shall impose a delinquency charg~ agsinst tfro M~ker on aMr payment which has beca»e due and remains in detault fw a period in expss oi 1~ days in an arteount equal to 5% ot the amount of the principal part of tM payment in default. I~ tl~e eveot that the Note is not paid in tult at maturity, sll pay- ments, whether principal, interest or otherwise, shall b~r interest at the mazirtwm legat ~ate allowed under the laws o( the State o~ flwida. All psyments mada tiereunder shal[ ba credited (irst to inte~est a~d tAe~ to prinCipsl, however, en the evertt of defeult, the Baalc may, in its sole distretion, apply any payment to ~nrerest, {xi~tipal and/or tawtul charges then eccrusd. It is the intention oi the parties he~eto that tAe provisions herein sFwll not provide direetly or indirectly for the payment of a grwter race of interest or the ~etention oi any other charge than is allowed by law. It, for a~y reason, interest in exceu oi wch tegal rate or a charge prphibited by law shatl at any time bg paid, any such axcess fhsll either constiWte and be treated as a peyment on the printipal or be rofundetl directly to the Nlaker. • _ The Maker may prepay the entire unpaid bala~ce o! the loan at any time. Ii the loan is prepaid in full, accelera[ed w refina~ced, the Maker shall receive a ~efund o( the unea~ned portion of the interest and inwrance premiums computed by the Rute ot 78's metAod, excep[ [hat the Bank shaU be entitled to reta'+n a m~nimum interest charge of CREDIT tIFE AND CREOIT IIFE & UISABILITY INSURANCE ARE VOIUNTARY AND NOT REQUIRED FOR CREDIT. Such ~nwrance toverage is ava~table at ~he cost designated below for [he term of the credit: (a) S tor Credit Life Inwrance (bl S tor ~redit life d~ Disability I~surance: . Check ? Credit lite Inwrance is desired on the lite of apP~~ 6irthdate Box ? Credit Lite & disab~lity Insurance is desued on 8irthdata ~ Credit life and/or Qi ~I'ty Insurance is not dese?ed. ~ ~ No~. 20, l~~l / ' - Dace: Signature lC~~' .L~ h1~ . S~gnature As secu~ity tor the payment o~ the Note the Make~ hereby ants to tAe Bank a seCwity interest in the tollow~ property. • r ~ n tQrest 1 n Turt] e Reef . I racor~ed i n 0. R. Book 263 ltt02. t1~ t s ~ n . t. llo, as n s~ . ~ncluding all inCreases, subititutions, replacements, addiEiOnS ar?d accestipns the~eto and in the proCeeds :hereoi (hereinafter called "Collateral"). This SeCUrity ~rcerest shall also secure any other i~debtedneu or tiability of the Maker to the 8ank direct or indirec[, absolute or contingent, due or to become due, now ex- ~zt~ng or hereaftM arising, intluding all tuture advantes a Ipans by the Bank to the Maker. The Ba~k is also given a lien and a security interest in all property and securit~es of the Maker, erKforser, wrety, gua~antor or accommodation party ot this Noce (herei~aiter referred to as the "Obligors"), now in o? at any time hereaiter com~ng into the rnntrol, custody o? possession of the Bank, whether /or the ex- p~essed purpose of beinq used by the Bank as Co!lateral, or for any other purpose, and upon any balance or balances to the c~edit of any acCOUnts, inctuding ~~ust and age~cy accou~ts rt?aintained withthe Bank by any ot the Obligprs, and the Obligo.s agree to detiver to the Bank additional Collateral or make such payments in reduction oi the principal amount ot the loan as shall be satistactory to the Bank, in the event the atorementioned Collaterel shall decline in value o~ become u~satisfactory to the Ba~k. Add~tions to, reduet~ons w exchanges ot, or wbatitutions tor the Collaterat, payments on accou~t of this loa~ or increases of the same, or other loans made oar~~ally o. wholly upon the Collateral, may (rom [ime to timr be rtwcfe without atfecting che provisions of chis Note. The Bank shall exerc~se reasonable care in tr~e custody and preservation of the Coltateral to the extent required by applicabte s[atute, and shatl be deemed to have exercised reasonable care if it takes wch acc~on fo. that purpose as Maker shall reasonably request in writing, but no omissio~ to do any act not requested by Maker shall be deemed a failure to exercise ~easonable care, and no om~uion to comply with amr request of Maker shall o( itself be deemed a failure to exercise reasonable care. Bank shall not be bound to !ake any stepi neteuary to p?eserve any rights in the Cotlateral against prior pa~ties a~?d Maker shall take all necetsary steps fa wch purposes. The Bank or its nom~nee ~~eed not collect interest on, or a principal of, any Collateral o. give any notiee with respect to it. The Bank may cont~nue to hold any Cotlateral deposited hereunder after the payment of this Note, if at the time oi the payment and discharge hereof any of ~he parties liable for the payment hereoi shall be then directly or comingently liable to the Bank as Maker, endorser, wrety, guaran[or or accommodation party of any other note, dratt, bitl of excAange, or other instrument; or otherwise, and the Bank may thereafte? exercise al1 rights with respect to said Collateral granted herei~ even though chis Note shall have been wrrendered to the Make~. It the Bank deems itself insecure w upon the happenirg of any of the follovring events, each of which shall co~stitute a default, all liabilities o( exh Maker to tne Bank, including tbe entire unpeid principal of t1?is Note a~d attrued interest, leis any unear~ed interest and any interest in exteis oi the mazimum atlorvld by taw a~d any reba~es required by law, shall imrnediately or tAereafte., at the option ot ths Bank, except that the oocurre~ce of (c) or (d) shall cause automat- ~c accelera~ion: w~thout notice or demand, become due snd payable: (a) the failure of any Obligor to perform any obligation, liability or ctaim to the Bank, to psy ~ncerest hereon within lOdays aRer it is due, or i( t1~ere is no due date, after it is billed or otherwise reqvested or demanded, or to pay any other liability whac- scever to the Bank when due; Ib1 the death of any individua! Obligor, the dissolutiori oi eny partr~ership Obligw or the diuolutiprt, merger Or tonsplidation with- out the Bank's prior written conu~t ot any cwporate Obligor; (c) the filing oi a petitio~ in bsnkruptcy or the adjudication ot insolvency or ba~kruptcy under any reorganization, arrangement, resdjustment ot debt, diuolution, liquidatio~ p similsr procaeding under arry Federat or state statute, 6y or against any Obl~gor; (d) an appticat~on ior the appointment oi a reteive~ fpr, or tMe makin9 of a general assignrnet~t for the benetit of creditas by, any Obligor; (el the entry of ~udgrnent against any Obl~gor; If) the iswirg of a~y attathment or garnishment, or the tiling oi any lien, aqainst any property of any Obligor; (g) the taking ot possession of any wbsta~ual part of the property of any Obligor at the instance of any governrt~ta( autho.iry; (h) the determinatio~ by the Bank that a materi- a~ adverse thai~ge Itas octurred i~ the finantia! cond'etion of any Qbligor from tl~e conditio~s set forth in the most recent financial statemEnt of wth OWigor heretofwe furnished to the Bank, or from the condition oi wch Obligor as heretofore most recently disdosed to the Bank, or thae any warranry, represe~Wtion, ; certificate orntate~e~t of any Oblgor (whether co~tai~ed in thit Note o. ~ot) pertaining to or i~ co~neetion with chis Note or the loan evidenced by this Note contains an urrtrue_statement f m~terial tact or omits to state materisl ixt neceuary in orde~ to make the sWtements rtwde ~ot misleading; or, (i) the auign- mem by any Maka of s~y eq~~y~in ~ny oi the Collate~al without the prior written consent oi the Bank. The Bank shall have, ~ut shall not be limitsd to, t1M fdlowing righK, esch of which rtwy be exercised at any time whether o. not this Note is due: (i) to o~ed9e a transier this Note and the Collateral snd the 8a~k shsll thereupon be relieved of sll dut+es and responsibilities hereu~de? and relieved from any and all l;ability with respect to any Collateral'so pletlgsd Or cransfKrW, ~nd sny pledpee p~ transferee shdl tpr all purposes sta~d in the plaoe o~ the Bank hereunde~ and have all tM rights oi the Bank hereunder;lii) to transter the whoM w any psrt oi the Collatersl into the name of itself or its nominee; (iii) to vote the Collateral; (~v) to notify tf?e Obti~on ot any Collateral to make payrn~nc to ths Bank of arty amouna due or to becoms due thereon; (v) to demand, we for, colleet, a n'?ake sny compromise a settlement it deems dssirsbl~ with n(Kence to ch~ Colbteral; and (vi) to ake possession or controt ot any propeds of Collateral. u~~ ~ns Turtte Reef Assoctat~s, Inc. and,lor iis asslg~s. ~ NOTICE: SEE OTHER SlDE FOR lMOORTANT tNFOAMATtON /yy~ FBS 757 R~v. yin 6pRr PAf,F .`i: ~ 1