HomeMy WebLinkAbout0564 INSTALLMENT PR~MISSORY NOTE
~C r~~ ~~IaT~ INC. (A) AmountRece~ved 5-8~61~~~Q,
BAN~ NAME (BI Premium for C~edit
life/Disability Ins. S- ~nl~
P•~. BOX 618~ J~~ SGn4~1)~ 33357 (Cl Dotumentary Stamps S
OFFICE ADDRE55 (D) Othar Char9es I~tem~iel $
iE1 S ppp~
NOTE NO. DATED: D@C 8 t9 77 ~F~ S ~~A
(G! Amount F~nanced 6,Z~ ~
o~,E Dec. 21 ,,s 87 . ie?, a. c, o. E. F? s~3• .
IHl I~terest S 2~37Q~Q_
PLACE: , FLCRIOA Credit fnveshgation S m~~
(J? Other $ llAile
For value rece~ved, Ihe unders~gned (hereinafter called '"Maker") jointly and severatly (it ~K~ S m~g
more than one) prom~se to pay to the order ot lhe Baok, at its offlce hs[ed above, ~he Total
of Fayments (from (N) at right? of,sj~ g~~~d Doltars payable m bf1 S .~ne ~
IMl FINANCE CHARGE 3]O ~O
e~iual montAly ins~allments o( Slfi3. 24 , the first (N, K, l) S 2~ •
;nscallment due on Jan 21 , 19 78 , and wbsequent installments due on (N) Total o( Payments (G + M) 5~~~ ~.4~
~ne 215aey of each month therea(ter, togethe? with a FINA~ BAI.IOON PAYMENT OF: qNNUA! PERCENTAGE RATE 1~ %
s none DUE _ Y : ,s..~.: ,
The Bank shatt fmpoze a delinquency charge against the Make~ on any payment which has become due and remains in default tot a period in excess of 1~
~-~~vs ~n an amount equal to 596 of the amount of the princ~pal part of the payment in default. In the event ihat the Note is ~ot pa~d in fuli at maturity, all pay-
m~nts, whether pr~ncipal, inter~t or otherwise, shall bear interest at the maximum Iegal rate altowed under the iaws of the State of Florida. All paymenis made
hereunder shall be credlted first to interest and then to principal, however, in the event of defauh, the Ba~k may, in its sole d~scretio~, apply any payment to
n~e~est, princ~pal and/or lawful cha+ges then accrued. It is ihe intention ot the parties hereto that the provisions he~ein shalt not provide directly or i~directly
~r ihe payme~t of a greater rate ot interest or the retention of any other charge than is atlowed by law. tf, far any reason, mterest in excess of such legal rate or
+ charge prohibited by law shall at any t~me be pa~d, any wch excess shall either consutute and be treated as a payment on the princ~pal or be refunded dir¢rtly
. . !he Maker.
The Maker may prepay the ent~re unpa~d balance oi the toa~ at any t~me. If ihe loan is prepa~d in iull, accelerated or ref inanced, che Maker shall receive a
.•rund of the unearned port~or, of the ~nterest and insurance p~em~ums computed by the Rule oi 7$'s melhod, except that the Bank shall be entitled to retai~
~ rn+mrtwm intesest charge ot $S.Q~.
CRE01T LIFE AND CREDIT LIFE & DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such ~nsurance coverage is •
;:.~.~ahle at the cost des~gnated Getow for [he cerm of the cr¢dit~ (a) 5 for Credit Life Insurance (b) 5
Gedrt life & Disab~l~ty Insvrance:
C~eck ? Credrt Life Insurante is deshed on the Gfe of
~~~'P~ Birthdate
~x u Credlt L~te & O~sabil~ty lnsurente ii desired on
~ Bvthdate
r~: Gedrt L~fe and%o~ D~sab~hty Insurance is not desired.
- ;;.e December 8, 1977 Signatur~ , ~
Max . ee~~~ ~
S~gnaturex
i As security fo? the payment oi [he Note tbe Maker hereby grants to the n a secur,ty interest in the following property:l~1 ~7 ~
inter~ast in Tartle Reef nd.
n Cond. ~-6. Aot. D-6 as described tn ~~a ~~age~,
r,cluding all increases, substituuons, replacements, additions and accessions thereto and in the proceeds [hereo( (here~nafter called "Collarera!"). This security
t ~•,rerest shall also secure any othe. ~ndebtedneu or 6abitity of the Maker ro the Bank direct or indirect, absolute or contingent, due or to become due, oow ex-
? ;=.~ng or hereafte. arising, including all future advances or I~ns by the Bank to the Maker.
The @a~k is alw g~ven a hen and a securrty mterest m all prope~ty and secur~t~es o~ ~he Maker, endorser, surety, guarantor or accommodation party of this
^:ote (hereinafter referred to as the "Obi~gors'"1, now in or at any ume hereatte~ com~ng into [he control, custody o+ possess~on of the Sank, whether for~the ex-
a-essed purpose ot be,ng used by the Bank as Collateral, or for any othe~ pu~pose, and upon any balance or balances to the credit of any acCOUnts, including
••ust and agency accounts ma~nta~ned withthe Bank by any oi the Obhgors, and the 061~gors agree to de~rver to the Bank addiuonal Collateral or make such
~ n~vments in reduct~on of the pnn~ipal amount ot ihe loan as shaN be sausfactory to the Bank, m the event the aforementioned Collaieral shall decline in value
; become unsausfactory to the Bank. .
= Addiuons to, reductions os exchanges of, o~ substrtutlons tor the Collateral, payments on account ot this loan or increases of the same, or aiher loans made
:,~tiatly or wholly upon the Collate~al, may (rom time to t~me be made withou* affecting the prpvisions of this Note. The Bankshall exerc~se reasonabte care in
' s~N custody and preservac~on of the Cottatera~ ro the eztent requued by app?icable statute, and shall be deemed to have ezer~ised reasonable care if it takessuch
! ;ccwn tor that purpose as Maker shall reasonabty request m wriung, but no om~ssion to do a~y aci not requested by Maker shall be deemed a falure to exercise
~ •easonable care, and no om~ssion to comply w~th any request ot Maker shall oi itself be cieerned a failure to exerc~se reasonable care. Bank shaH not be bound to
~ ~a!ce any steps necessary to prese~ve any riqhts in the Collateral aga+nsi pnor parties an~1 Maker shall take alt ~ecessary steps for such purposes. The Bank or its
~u,mmee need not collect ~nrerest on, or a prmcipal o~, any Collaceral or give any notice w~ih respect to it.
The Bank may continue to hotd any Collateral deposited hereunder after the payment of this Note, at the t~me of the payment and discharge hereof any of
3 tne parties Ilable for the payment nereot shatl be then directly or contingent(y nable to the 6ank as Maker, endorser, surety, guarantor o. accommodation party
o! a~y other note, d~aft, b+Jl ot exchange, o~ other mstrument, or otherwise, a~d the Bank may thereafter eze~use alt rights whh respect to said Colla[eral
a~anted herem even though th~s No~e shall nave been surrendered to the Maker.
!f the Bank deems itself insecure or upon the happening of any of the tollow~ng events, each of which shall constitu~e a default, all liab~liues of each Maker to
hz Bar.k, i~cluding the e~tire unpaid principal of this Note and accrued ~nterest, less any ur~earned interest and any interest in extess of the max~mum allowed
' by law and any .ebates .equired by law, shall immediately or thereafter, at the optw~ of the Bank, except that the occurre~ce of or (d) shall cause aucomat-
i ~c acceleration;w~thout not~ce or demand, becomedue and payable: (a) the failure o! any Obligor to perform a~y obligation, liabi~~ty or claim to the Bank, to pay
~~~erest hereon w~thin 10days after it is due, or if there is no due date, after it is b~lled or otherwise requested o? demanded, or to pay any other liability what-
s;eve~ to the Bank when due; (b) ~he death of any ~ndmdual Obli9or, the diuolution of any partnership Obligor or the dissotution, merger or consolidaUOn with-
:;ut the Bank's pr~pr wntten tonsent of any torporate Obligor, (cl the filing of a petition in bankruptcy or the adjudication of insolvency or bankruptcy under
,ny reorgan~zation, arra~gement, readjustment of debt, diuotution, liquidation or simllar proceeding u~der any Federal or state statute, hy or against any
Ot~~~9o•; (d) an application fo~ the appo~mmen[ ot a receiver for, o~ the makmg of a general assignment tor the benefit of cred~[ors by, any Obligor; (e) the entry •
of ~udgment against any Obhqor, (f) the ~ssuinq of any attachment or garnishme~t, or the filing ot any lien, agalnst any property of any ObGgor, (q) the taking o(
possession of any subs[ant~al part of the property of a~y Obfigor at the instance of any governmental authority: (h) ~he determina[ion by the Ba~k that a materr '
-;3 adverse change has occurred m the financwl condition of a~y Obl~gor from the conditions set fwth in the most recent financ~al statement ot such Obl~gor •
heretofore (ur~fshed to the Bank, or from the condition of such Obligor as heretofore most r~ently disclosed to the Bank, or that any warranty, representation,
certificate or statement of.any Obtigor (whether contained in this Note o. noH pertaining to or in connection with this Note or the loan ev~denced by this Note
con:ains an untrue statement of macerial Iact or omits to state material fact necetsary in order to make the statements made ~ot m~sleadug: or, (i) ~he ass~g~-
ment by any Maker ot any equ~ty in any of the Collateral without the prior w.itten consent of the Bank.
ThP Bank shall have, but shall ~ot be I~m~ted to, the following rigbts; each of which may be exercised at any time whether or not this Note is due: lel to
ptedge w transfer this Note and the Coltaxera! and the Bank shall thereupon be relieved ot all duties and responsibilit~es hereunder and relieved from any and all
~~ab~lity with respect to any Collateral sp pledged or transferred, and any pleclgee or transferee shall for all purposes stand in the place of the Bank he~eunder and
t~ave all the rights oi the Bank he~eunder; (ii) to transfer the whole or any part of the Co~(ate~al i~to the name of itselt or its ~ominee: (~ii) to vote the Collateral;
1~v1 to notify the Obligors oi a~y Collate~al to make payment to the 66nk of any amounts dut or to become due thereon; (v) to demand, sue for, collect, or
make a~y compromise or settlement it deems desirable v?ith reference to the Collateral; and (vi) to take posseuion or control of any proceeds of Collateral.
Q 6ArIK' as used herei~ ~eans Tu~tle Reaf Assaci3tes Inc. ~nd/or its assigns.
NOTiCE: SEE OTHER SIpE FOR IMPORTANT 1NFORMATION t" ~~~~5
FBS ~52 R~. w~7~~ _ rj~?2 ~ c,a~c r,~~.f ~
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