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Home My WebLink About0738 INSTALLMENT PROMISSORY NOTE TURTLE REEF ASSOCIATES, INC. * (q? Amount Rxe~vsd s BANK NAME (8) Pr~mium lor Credit P.O. BOX 618, JENSEN BEACN, FL. 33451 ~'''~Oi~''"'''":. s ~c~ o«~~~~e?v sea~: s OFFICE AOORESS _ (O) Othlr CF?srqOS (itemi2e) S December 19 77 ~E~ s NOTE NO. OATED: . 19-• (F? _ (GI Amount Financed ouE: January 1, ,t9 88. ~n. s. c. o. E. F? s 6-~-~ (Hl Interest S PLACE: , FLORIpA Crsdit I~wst~gation S (J) Other S For value rBCe~ved, the unde?s~g~ed (htreinatter callid "Meke~") jointly and severally (i~ 1K) a 'Ar mo~e ~han o~e) promise to pay to the ofp~~~ at its otlKe haced above, the Totsl of Paymsnts (t~om (N) at right) oi Oollsrs payable in ~ S ec~ual monthty installments of S , t~e lirst ~MI FINANCE CHARGE 4~~-~ (H, 1, J, K, L) S ~nsiallme~t due on Feb. 1 , 19~, aod wbsequent installments due on (N) Total oi Payments (G + M) S~ ~he~~~ay of each montA thereaita+, to9eiher w~ih a FINAI. BA~~OON PAYMENT OF: ANNUAL PERCENTAGE RATE ~~_96 5 NONE ouE -----------------------~g--- The Bank shall impose a delinquency charge against the Maker o~ any payment which has become due and remai~s in default tor a period in exuu of 10 days in an amount equal to 576 of tAe amount of the principal part o~ ~he pav~*~ent in de~ault. In the event that the Note is not paid in full at maturity, all pay- ~ne~[s, whether principal, interesc or otherv~rise, shall bear interest at the maximum Iegal rate allowed under tM laws o( the State of Flw~da. All payments made nereunder shall be creditM tirst to i~terest and then to pri~tipal, however, in the event ot defeult, the Bank inay, in its sole diuretion, appty any payment to ~ncerest, printipal and/or lawfui charges then accrued. It is the ineention of the parties hereto that the provisions herein s1w11 not provide direCtly w indirettly ior the payment of a grEate~ rate of inte~est•or the ?etention ol any other charge than is allowed by law. 11, for any reason, interest in excess of wch legal rate or a charge pronib+ted by law shall at a~y time be pa~d, any wc!? excess shall either const~tute and be treated as a payment on the p~incipal or be refuntled directly tn the MOker. The Maker may prepay the enure unpaid balance ot the loan at a~y time. If the loan ~s prepa : in full, accele~ated or ref ~nanced, ~he Maker shall receive a <<~4und ot t~?e ur?ea~ned portion of the inte~est and ~nwrarxe premiums computed by the Rute o~ 78's method, except that the Ba~k shall be entitled to retain m:nimum ~nterest char9e of s5.0~. ~ CREDIT LIFE AND CREDIT LIFf & DISABIIITY INSURANCE ARE VOLUNTARY AND NOT.RE~UIRED FOR CREDIT. Such ~nsurance cove?age is j~a~!abie at the cost designated below ior the cerm o~ [he credit: (a) S for Credit Lite Inwrance (bl S for Credit Life dr Disabil~ty InSUranCl: Check ? Credit Lite lowrance is desired on the GFe ot ,~~p, Birthdate Sox ? Crcdit l~fe & D~sabilify InsuranCe n desi~ed on % Bir L? Credit Life andlor Oisability Insurance ~s not desired. Dare: DeCPiI1bP_1^ IQ* 1977 Signature ; - s G ; Signature As security for the payment of tAe Note the Maker hereby grants to the,Ba~iR`s~lslur~ A~l~# the following property~ Q ! `s ' . € ~ ~ s :nc~uding all increases, su6stftut~Qns, replacements, additions and acceuions chereto ar?d in t e oceeds thereof (hereinafter wlted "Collateral"1. This setu?ity g :ncerest shali also secure~~any other irtdebtedness w ~iab~~~ql oi the Maker to the Bank direct or indirect, absolute or contingent, due w ~o become due, now ex- 3 ~snng w hereafter arisiryg, including all future advanca or loans by the Bank to the Maker. ` T#~e Bank is atso given a Iien and a security interest ~n all Droperty and secuntres of the Maker, e~dorser, surety, guaranto? or accommodation parcy ot this ~ Noce (tw+e~nafter referred to as tf?e "Obfigors"!, now in or at any t~me hereafter coming into the control, custody or possess~on ot the Bank, whether to? the ex- z c~~essed purpose of being used by~the Bank as Collateral, or tor any othe~ purpose, and upon any balance or balances to the credit ot any accounts, including ;•us~ and agencY accounts mainta~ned wrththe Ba~k by any o( the Obligors, and the Obligors ag~ee to deliver to the Bank additional Collateral or make such ~ payments in reduct~o~ of the principal amouni of the loan as shall be satis(xtory to the Bank, in the event the aforementioned Collateral shall decline in value ~ become unsatistactory to the Bank. . ~ Add~tions to, reductiwis or ~xchanges of, or substitut~ons (or the Collateral, payments on account of this loan or increases of the same, or othe. loans made ~ part~ally or wholly upon the Collaterat, may trom time to time be made without affecting the provisions of this iVote. The Bankshall ezercise reasonable care in tre custody and preservatior? ot the Collateral to the extent requ~red by app~icable statute, and shall be deemed to have exercised reasonable care ii it Wkes wch ~ :euon for that purpose as Maker shall reasortably request in miting, but no omissio~ to do any xt not requested by Maker shall be deemed a~ailure to exercise ~ • e~sonable wre, and no omiss~on to comply with any requat of Maker shall of itsel( be deemed a(ailure to exercise reasonable care. Bank shall not be bound to ~ sake any steps necetsary to prEserve arry rights in the Collateral against pnw parties and Maker shall take aU ~ecessary steps for wch purposes. The Bank or its ~ nom~nee need not collect inteiest on, or a prfncipal ot, a~y Collateral or give a~y ~otice with respect to it. r= The Bank may continue to hold any Collateral deposited he~eunder alter the payment oi this Note, if at the time of the payment end discharge hereof any of =5 the parties liable for the payment hereof shall be then directly or contingently liable to the Bank as Maker, endorser, surety, guarantor or accommodation party ~ o( any other note, d~aft, brl~ exchange, w other instrument, or otherw~se, and the Ba~k may the~eaiter exeruse ali nghts with respect to said Collateral s gra~ted herein even though t Note shall have been wrrendered to the Maker. If [he Bank deems itself ~Asecure or upon the happening of any of the following events, each of which shall constitu[e a default, all Iiabilities of each Maker to ~ ~ne Baok, including the entire unpaid principal of this Note and accrued interest, less any unearned interest and any interest in ezcess of the maximum altowed by faw aod any rebates rebui~ed by law, shall immediately or thereafter, at the option ot the Bank, except that the occurrence oi (c1 0. (d) shall cause automat- ~c accelerat~on; without not o~ demand, become due and payable: la) the failure oi any Obligor to perform any obligation, Iiability or claim to the Bank, to pay ~nterest hereon within 'IOc~ fys aher it is due, or if there is no due date, after it is b~lled w otherwise reVuated or demanded, or to pay any othe. liability what- s:~ever to the Bank when dpe: (bl the death of any individua~ Oblgor, the diuolution of eny partnership Obligor or the diuolution. merger or oonsolidation with- out the Bank's pnor vrritttn consent oi any corporate ObliSw; (c) the fiting of a petition in bankruptcy os the adjudica~ion of insolvency or bankruptcy under any reorgamzation, arr ment, readjustment of debt, dissolution, liquidation w similar proceeding under any Federat or state statute, by or against any _ Oh6gor; (d) an applicati (or the appointment ot a receiver tor, os the making of a ge~eral assignment for the benefit of creditors by, any Obligor, (e) the entry of ~udgment against a~y ligor: 1f I the issuing of any attxhment or garnishment, or the filing of any lien, ageinst any property of a~y Obligor; lg) the taki~g o( = possessiort ot any subst tial part ot the property of any Obligor at the instance of any gover~mental authority; (h) the determination by the Bank. that a materi- aI adverse change h's Qcturted ~n tfie fina~cial condition of any Obligor from the conditions set forth in the most recent iinancial statement o( wch Obligw t~eretofore furnished to the Bank, or irom the condition of wch Obt~gor as heretofwe most recently disdosed to the Ba~k, or that any warranty, representation, `y cer~ifica[e or statement of an Obtiqor (whether conta~ned in this Note o? not) pertaining to or in connection with this Note or the toan evide~ced by this Note ~;3 contairx a~ untrus stateme~o! materisf fact w omits to state material tact necessary in order to make the statements made not mislead~ng: or, (~1 the assign- ment by any Malcer of ar?y ql~uity in any ot the Collateral without the prior writte~ consent ot the Bank. { The Ba~k sh~'f?~q; dpt shall not be limited to, the following rights, each of which may be exercised at aoy.time whether or not this Note is due: li) to :Jw; piedge or transfer ttwsiNa(e and tNs CONate?al and ths Bank sha0 thereupon be relieved of all duties and respo~sibilities hereureder and relieved from any and all I~ability with respeCt to°~~1 y Collattral so pl~dged or transferred, and any pledc~ee w transieree shell for ell purposes stand in the place ot the Bank hereunder and _ have alt the rights of the 6ank hereunde?: (ii) to tra~sfer the wfiole or any part of the Collateral into the name ot itself or its nomirxe; (iii) to vote the Collateral; ' 1 ~v) to notity the Oblig~is oi any Collateral to make paYment to the Bank of any amounts due or to becane due thereon; (v) to demand, sue for, collect, or make any comp~omise Qr settleme~t it deems desir~le arith reterence to the Cotlateral; and (vi) co take possession or control of any proceeds of Collateral. *"BANK" as used herein means Turtle Reef Associates, Inc. and/or its ass~ig~s NOTICE: SEE OTHER SIDE FOR tMPORTANT INFORMATION a~OK2vO F~LE ~4,~ = F Bs 7s2 aev. 7!77 r • ; , _ . _ - 1`` = f~ ~ - - - - - ::x~e ~ . ,.v . . . _ . . ~ _.'~"'-E . . ..a„~~._