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Home My WebLink About0999 ; ~ INSTA4LMENT PROMISSORY NOTE TURTLE REEF ASSOCIATES, INC. * ~n~ Amount R~ctiwd s1Q.7~-~ BANK NAME (8) Pr~m~um fpt Crsdit P.O. BOX 618~ JENSEN BEACN~ FL. 33457 ~^s. (C) Doturn~ntsry St~mps S OFFICE AD~RE55 (DI OthN CMrg~f (ittmis~l = w~~ ~E~ snorQ NOTE NO. OATEU: 5~ . 19-~• (F) s~ IG) Amount Finanteti ~ DUE: ~~1R ~ , 19_B~, (A, 8, C, O, E, F) S • IHI Int~a: S 21.rJ t).~~ P~ACE: . FLORIOA G~dit Inv~stigation S A~+B IJI OtMr S ~ For ralw rec~ived. the urxfKS~gned (Aereina(ar es1Nd "Makei lointty and severally (if (K) S n~~ more tha~ one) promis~ to pay to the order of tM 8~nk, st iu offin listad sbove, the Toql ot Psyments (trom (N) at right) o! tQ,~.~~~.~ Dolbts paYab~~ in~._ _ equal moothlv installma+t: ot S. Nl tl , tAe tint ~MI FINANCE CNARGE li~~E•~ IH, 1, J, K, L) S installment due on ~,._1R . 19~, and wbsaquent insatlments du~ o~ (N) Total of Psym~++ts (G + M) t 31 •3~I ine_~daY of each nwnth thereafte?, ~o9.ine. w~~n s F~N/?~ BA~~oOt~ PAVMEN7 OF: ANNUAL PERCENTAGE RATE Z~•~ % S NONE auE ------------------------~y-- The Bank sAall impose a delinque~cy chargs ayainst tM M4ker on sny payrtwnt which has becoene dut and remai~s in default tw a period in ezpss ot 10 days in an amount equal to 57fi of the artau~t of the pri~tipsl ps?t of tht Wyme~t in default. In the eve~t that the Note is not paid in fu118t maturity, atl pay- ments, whether principal, interest w othervrise, shstl beu ioterat at the maximum legal rste sllowed under tAe laws ot the State oi Flo?ida. All payments msde hereunder shall be tredited tirst to i~terest and then to pritrcipsl. however, in the event o~ default, the Bank may, in its so~e distretion, appty any psyment to ~nterest, principal and/w lawtul char9es the~ accrued. It is tAe intentio~ of the parties hereto that the provisions herein shall not provide directly or indirectly for the payment oi a 9~eater rate ol interest or the retention of ~~y othe. charge than is allowed b1r law. If, for sny reason, interest in exeeu of wch legal rate or a ctwrge prohibited by Iaw shall at anv time be paid, any wch excess sha11 either cons~itute and be treated as a payment on the principal w be refurxled directly to tAe Maker. • The Makar may prepay the ent~re unpa~d balance of the loan at aay time. It the loan is prepaid in futt, accelerated w refinanced, the Maker shall receive a ~efund oi the unear~ed poruo~ ot t1?e mterat and ~nwrance prem~ums computed by the Rule of 78's method, except that the Bank shall be entitled to retain a m~nimum interest charge oi CREOIT LIFE AND CREOIT LIFE dr OISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREOIT_ Such inwranu coverage is available at the cost des~grwted below for the term ot the ucdit: (a) S for Credit Life Inwrance (b) S for Credit Lite d~ Disabiliry Inwrante: ~ Check ? Credit Life liuurance is desired oo the fife of ' A~~ Birthdate Box ? Credit L~te d~ Disab~GtY ~~surance K desirtd on Birthdate ~ Credit Life and/or Oisabil~ty Inwrance is oot desired. 1~C2~t!T S ~~/itG~~f / - ~~l . Date~ ~ Sgnature L• ~ ~ ~ ~ $gnatur ~ L l. ~ ~ ~ ' ~ ty ~t~~~ie~ € As security tw the payn+ent oi the Note the Maker hereGy grann co the Bank a securi ty: , ! 0 R Booic 263 P Un~t ee s n f Cned B 5 aaG tSnit ~ea~c~ 3~ Y i~ Cnr~.~ ~Snt Obs. a--5 ~!s-3U r2~~ect re y as d~sc~ .,e n ~ ~ n~ M~ I M 1~ utiwbsti~ucioru, replacemenn, additiora and xcessions thereto a~d in Me proceeds thereof (hereinat[er wlled "Collateral"1. ThK secunty ~ncerest sha1 ~ re any other indeb~edness w liabil~ry ot [he Maker to the 8ank dircct w indirect, abaolute or contingent, due w to become due, now ex- ~sung w he.eafte. a~isirg, includ~ng all future advar+ces d loans by the Bank to the Maker. The Bank is also given a t~en and a secunty interest in all property a~d securitits of the Maker, endorser, wrety, guarantor or accommodation party of this No[e (hereinafter referred to as the "Oblgori'1, rww w at any time hereafter comirg into tt?e rnntrol, custody or possession oi the Bank, whether fo. the ex- pressed purpose of being used by the Bank as Collateral, or tor any other purpose, and upo~ any batance or balances to the credit of any accounts, includiny ~ irust and a9e~cy accounts mainta~ned w+ththe Bank by a~ry of the Obligors, and the Obligprs agree to deliver to the Bank additional Collaterat or make wch payments in reduction oi the p~~ncipal amou~t of the loan as sAatl be satisiactory to the Bank, in the event the aforementioned Collatera~ shal~ decline in value ~ or become u~natisfactory to the Bank. _ Add~t~ons to, reductio~s w exchanges of, or wbstitutions for the Collateral, payments on account of this loan or increases of the same, or other loans made parually w wholly upon the Co~lataal, rt?ay from time to time be made without affecting the provisions oi this Note. The 8ank shall exercise reasonable care in the custody and Wese?vation of the Collateral to the extent requ~red by appticaWe statute, and shall be deemed to have exercised reasonable care if it takes wch aci~on to. that purpose as Maker sna11 reasonably reques~ in writing, bu[ no omission to do any xt not requested by AAaker shall be deemed a failure to exercise reasonable care, and no omissio~ to cornp~y virith a~y request of Maker shall of itself be deemed a iailure to exercise reaso~able care. Bank shatl not be bound to take any steps necessa?y to preserve any ~igt?ts in the Collateral agairut prior parties and Maker shall take all necessary steps for wch purposes. The Bank or its nominee need not collect interest on, or a principal of, any Coltateral or give any notice with respect to it. The Bank may continue to hold any Coltate.al deposited hereunde~ afea the payrt~ent of this Note, if at the time of the payment a~sd discharge hereof any of the parties liable tor the payrnent hereof shall be then direttfy or tontingently liabk to the Bank as Maker, endorser, wrety, guarantw or accommodation party of any other note, drait, bill of exdwnge, or othe~ instrument, w otf?erwix, and the Bank may ihereatte~ exercise all rights wi[h respect to said Cotlateral granted herein even though chis Note shall have been wrrendered to the Maker. If the Bank deems itseli i~saure a upon the happening oi any of the following events, each of which slwll constitute a default, all liabilities oi exh Maker to the Bank, includi~g the entire unpsid pnncipal ot this Note and accrued interest, lets any unlarned interest and any interest in exceu of the maximum allowEd by law and any rebates required by law, shall inxrrcdistdy or thereaite., at the option of the Bank, except that the oocurrence of (c) or (dl shall cause automat- ~c accelerat~on;withouc notice o. demand, becomedue a~d WYable: (a) the failure ot any Obligor to pertorm any obligation, liability or claim to the Bank, to pay y ~nrerest hereon within lOdays after it is due, or if tMere a no due date, alter it is billed or othen~vise requated or demanded, or to pay any other liability what- ~ soever to the Ba~k whM duE: (b) the death of at~y individual Obligtx, the d~ssolution ot any partnership Obligo? or the dissolution, merger or Consolidation with- ou[ the Bank's prior w.itten consent oi any corpwate Obligor; (c) the filing ot a petition in bankruptey a the adjudicatio~ of insolvency or bankruptcy under ~ any rewganiration, arrangement, readjustment of debt, dissolution, liquidation Or similar proteeding under any Federel or state statute, by or against aoy ~ Obligor; (d) an applicatian for the appointment ot a reoeiver to~, or the making of a general assignmer?t for the benefit of creditas by, a~V Obligor; le) the entry ot judgment agairut any Obligor; 1~1 the iswing oi sny attachment or garnishment, o~ the filing of am/ lien, against any property ot any Obligor; (g) the taking o( possession of any substantial psn of the property ot aoy Obligor at che irtsance of any governrne~tal authority; (h) the determination by the Bank that a materi- al adverse charge has oocurred in the tinanc~al cot~ditiw~ of any Obli9w from the tonditioru set forth in the most retent firwntial statement ot wch Oblgw ~ heretofwe tumished to the Bank, o? from the condi[io~ of wch Obligpr as heretofwe most recendy disdosed to the Bank, or that any warranty, reprasentation, certificate or statement of any Ob1gw (whether cantsined in Mis Note w not) pertaining to or in connection with this Note or the loan evidenced by this Note comains an untrut si~tement o( mataial fact a omits to swte mscerial fact necessary in wder to make the swcements made not misleading: o., (i) the auign- ment by any MakN of ~itiy equity ~ryany Qt tht Collsteral without the p?ior written consent ot the Bank. 1 The Bank shall have, but shall notb~ Gmited to, the tdlowiny rights, exh of which rt+a1r be exa.cised at any time whether w not chis Note is due: (i) to pledgs or transte~ this Note and the Collatersl and ths 8ank shsll thereupon be relieved ot all dutNS and ra~ponsibilities hereunder and relieved irom sny and all liability with respect to any Collataal so pladged w trs~fe..ed, and any pleOgee or transferee shall for all purposes stand in the plaoe o( the Bank hereunder and have all the ripl~ts of the Bank Me?wnder, (ii) to tra~utar Me v~Awl~ or amr psrt of the Collstenl i~to the narne oi itsett or its nominee; (iii) to vote the Collatenl; (iv) to ratify the Oblgws ot any Colbtersl to rtake psyme~t to the Bank ot any smounu dua w to become due thereon; (v) to demand, we tor, collect, or ~ make any comp.omise w settkment it deems desiraWe wiM ~ef~rence to the Collateral; ard (vi1 to ake possession or control ot any proceeds oi Collateral. *"BANK" as used herein means Turtle Reef Associates, Inc. and/or its as~}q ~ NOTICE: SEE OTHER SIOE FOR IMPORTANT INFORMATION 6OOK~~V PAGE VtJV cac 7a9 v.v 7~77