The URL can be used to link to this page

Home My WebLink About0553 INSTAI.IMENT PROMISSORY NOTE TURTLE REEF ASSOCIATES, INC. * (Ai Amount Recewed s ' BANK NAME l91 Premium lor Credit Li(e/Oisability Ins. S P.O. $OX 618~ 3ENSEN BEACH~ FL. 33457 ~c? DocumentaryStamps S np~ UFFICE A~DRE55 (D) Other Charg9s Glemize) S ~ (E) s MA~A NOTE NO. OATED: DEGelflbel" j~ , ~g_]~_ (F) S_M!~ . (G) Amount F~nanced ouE: December 26 ,,9~. tA, e, c, o, e. F~ S. 8,OB2.00 IH) inte~est S --~~a-- PLACE: , FLORIDA Credit Investigation s wnw~ fJl Other s ~ For value rae~ved, the unders~gned (hereinatter W11et1 "Maker") jointly and Seve~ally ~if +K) S more than onel prom~se to pay to thea(,c e of t at its oifice I,sted above, the Total of Payments Ifrom INl at right) of +~~a~~~, Doltaripwyable i?~]~ S ~ eyual mortthly mstaUment: of S 1~•81 , the tirst ~M~ FINANCE CHARGE 4~735.•10 Jdn . 26 IH, I, J, K, LI S ~nsta26 nt due on , 19 78 , and subsequent installments due on (N) Total of Pavments (G; M) S-~~a-- ine day of each monch thereatcer, ~~,ye~ne? w~~n a FiNa~ Ba~~oON PAVrwEruT oF: ANNUAL PERCENTAGE RATE _.~,~,_96 s NONE ~uE --------------------------~s-- • TAe Bank shall impose a delinquencv charge againtt the Maker on any payment which has become due and remains ~n detault tor a period in excass of 10 cfays ~n an amount equal to 5~ of the amount of the principal part of the payment in de(ault. tn the event that th! Note is not paid in ful! a! maturity, all pay- ments, ~rhethe+ principal, interest or otherwise, shall bear interest at the maximum legal rate allowed under the laws of the State of Flor~da. All payments made nereunder shall be credited first to inte~est and then to prinCipal, however, in the event of default, th8 ~ank rtWy, in its sole d~scretion, apply any payment to ~n~erest, prinupal andlor lawtul charges then accrued. It ~s the intention o( the parties hereto that the p?ovisions herein shall not provide direcNy or indirectly +o~ the payment of a greater rate ot interest or the retentio~ Df any other charge than is allowed by law. If, for any reason, interest in excess of wch legal rate or e charge prohib~ted by law shall at any t~me be paid, any such excess shall either constitute and be treated as a payment on the principal or be retunded directly to 2he Maker, The Maker may prepay ~he emire unpabd batance of the loan at any ume. ihe loan ~s prepa,d in tull, accelerated or refmanced, the Maker shall receive a rfund of the unear~ed poruor of the ~nterest and msurance premiums computed by the.Rule of 78's method, except that the Bank shall be ent~tled to retain a m~mmum ~ntEr25t Ch8rg2 Of CREDIT LIFE ANQ CREDIT LIFE & OISABILITY INSURANCE ARE VOLUNTARY ANO NOT REQUIREO FOR CREDtT. Such ~nsurance coverage is ,va~lable at the cost des~gnated below fo~ the term of the credrt: (a) 5• fo. Credit Life Inwrance Ib) S for Credic lite & Disab~l~ty Inswance: Check ? Credirt Life tnsurance is desired on the life oi QPP~- Birthdate Box J C.ed~t L~fe & D~sability Inswance is desired on hdate , ~ Credit Life and/or Disab~l~ty Insurance is not deslred. ; Da,e: December 12 , 1977 S~gnature I~ ~ gn~ce ' l ~3 ~ k...: w,~ . ti..~ I S~gnature ' As securlty for the payment ot the Note the Maker hereby grents to the ~=Qsecurity ~n eresTr the followirg properiy interN~ fu Tnrtle Reef ~nd. I. recorde~ fn O.R. 8aolc 263,~q~ 2002 Unit ~l ks 1-1 and 2 in Cor~d. D-I~, Aat. Mo. 0-1Z as descriDed in said mort~a~e. ! mcluding all inc~eases, substitutions, ~eplacemenis, additions and accessions thereto and in the proceeds thereof (hereinafter calted "Collateral"1. This security ! ~ncerest shaU also secure aoy other indebtedneu w liability of the Maker to the Bank direct or ind~rect, absolute or con[ingent, due or to become due, now ex- ~ ~snng or hereafter arising, including aU future aivances or toans by the 8a~k ro tAe Maker. The Bank is also g~ven a I~en and a secur~ty inte~est in aH property and securities of the Maker, endorser, surety, guarantor or accommodation party of this i Noce (hereinafter re(erred to as the "Obligorz"1, now in or at any ume hereafter coming into the control, custody or possession ot tne 8ank, whether for the ez- p~essed purpose of b¢ing used by the Bank as Collate~al, or for any other purpose, and upon any balance or balances to the credit of any accou~ts, inctuding ±~ust and agency accounts ma~ntained withche Bank by any ot the Obligors, and the Obligors agree to deliver to the Bank addit~onal Collateral or make such payments in reduction of the p~~nupal amount of the loan as shall be satisfactory to the Bank, in the event the aforementioned Collateraf shall deCline in va~ue o- become unsausfactory to the 8ank. ~ Add~t~ons to, r~uctions or exch~nges of, or substitutions for the Collateral, payments on account of this foan or increases of the same, or other loans made ` part~alty or wholty upon the Co~late~al, rtsay frdm time to ume be made without affe~ting the prpvisions of this Note. The Bankshall exerase reasonable care in ! che custody and preservation of the Collateral to the extent requ~red by applicable statute, and shall be deemed to have exerciseil reaso~abte care if it takei such act~on for that purpose as Maker shall reasonably request in writing, but no omission to do any act not requested by Maker shall Ge deemed a tailure to exe.cise -easo~able care, and no om,uion to comply with any reyuest of Maker shall of itsel( be deemecf a failure to exerc~se reasonable care. Bank shall not be bound to rake a~y steps ~eceuary to preserve a~y nghts in the Cotlateral aga~nst prior parties and Maker shall take all neceuary steps tor wch purposes. The Bank or its i nommee need not collect mter~t on, or a principal ot, any Col(ateral or give any notice with respect to it. The Bank may cont~~ue to hold any Cotlateral deposited hereunder after the payment of this Note, it ai the t~me o' the payment and discharge herQO( any of rne pa.ties I~able ~or the payment hereot shall be then directly o. co~tingentty tiable to the Bank as Maker, endorser, surety, guarantor or accommodation party of a~y other note, dratt, bill of exchange, o~ other instrument, o? otherwise, and the Bank may thereafter exerc~se all rights w~th respect to said Cof!ate~al granted herein even though this Note shall have been surrendered to the Maker. If the Bank deems itself insecure or upon rhe happe~ing of any o! the follow+ng events, each o~ which shall constitute a default, all tiab~li[ies of exh Maker to ihe Bank, includ~ng the enhre unpaid principal oI this Note and accrued interest, less any unearned interest antl any interest in ezceu of the maximum allowed by law and any rebates requ~red by law, shall immediately or thereafter, at the option of the Bank, except that the occu.rence o( (c) or (d) shali cause automat- ~c accelerauon; without nohce or demand, become due and payable: (a? the failare of any Obligor to perform any obligation, tiabdrty or claim to the Bank, to pay ~nrerest hereon w~thin lOdays a~ter it is due, or if there is no due date, after it is b~lled or otherwise reQuested or demanded, or to pay any other liabiliry what- scever to the Ba~k when due; Ib) the death of any individual Oblgor, the d~uolution oi any partnership Obligor or the dissolution, merger o. consolidatio~ wlth- out the Ba~k's pno. wr~tcen conserit of any corporate Qbligor; !cl the f;ling of a petition in bankruptcy or the adjudication of insotvency w bankruptcy under any reo.ganization, arrangertsent, readjustment of debt, diuolutian, liquidation or similar proceeding unde~ any Federal or state statute, by or against any Obl~gor; (d) an application for the appointment of a receiver for, or the making oi a general assignment for the benefit of creditors by, any Qbligor; le) the entry of ~~g~~t a9ainst any Obligor; (fJ tAe iuuing of any attachment or ga~nishment, or the filing of any lien, against any p~operty oi any Obligor; (g) the taking of possessio~ ot any substant~al part of the property oi any Obligor at the inztance of any governmental authority; (h) the determinai~on by the Bank that a materi- al adverse change has occurred in the financial condition of any Oblgor from the conditions set forth in the most recent financia~ statement of wch Obligor her~ tofore furnished to the Bank, or from the condition oi wch Obligo? as heretofore most ?ece~tly disclosed to the Bank, or that any warranty, representatio~, certiticate w statement of anY Obligor (whether contained in this Note or not) pertaining to or in connection w~th this Note or the loan evidenced by this Note contains an untrue statement of mater~al fact or omits to state material (act necessary in order to make the statements made not mitlead+ng: a, iil the ass~gn- ment by any Maker ot arty equity in any of the Collateral without the prior written consent of the Bank. The Bank's~iil! have, 6ut shall not be limited to, the fotlowing r~ghts, exh of which may be exercised at any time whether or not this Note is due: (i) to p~edge or transfer this Note~and the Collateral and the Bank shall thereupon be relieved oi all duties and responsibilities hereunder and relieved from any and alt I~ability with respect to any ~ofleteral so pledged or transterred, and any pledgee or transferee shall for a11 pu.poses stand in the place of the Bank he~eunder and have all the rights of the Bank hereunder; (ii) to transfer the wAole or any part oi the Collateral into the name of itself or its nominee; (iii) to vote the Collateral; l~v) to notify the Obligors at any Collatecal to make payment to the Bank of any amounts due or to become due thereon; (v) to demand, we for, coltect, o~ make a~y compromise a settlement it deems desirabte with reference to the Collateral; and Ivi) to take possession or control of any proceeds of Collateral. *"BANK" as used herein means Turtle Reef Associates, Inc. and~or its assigns. Fes ~52 Q,64C'K,~vO i i1•E ~5z NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION E~RK2~8 PAuE2619 _ - ~ - - . T . _ . _ ~