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Home My WebLink About0747 INSTALLMENT PROMISSORY NOTE ~k (A1 Amount R~teiwd S TURTLE REEF ASSOCIATES, INC. BANK NAME (B) PrtmiuT fOr Cr~d~t ~ P.O. BOX 618, JENSEN BEACN, FL. 33457 ~''•~a~b~~~~ i~~. s ICI Docum~nta~y Stamps S ~f OFFICE AOORE55 (0) Oth~r Charyss (hem~ie) S ~ ~e~ s ~ NOTE NO. DATED: ~~r . t9~• (F) S~ ~~IV~/~ li .t9 p~ IG) Amount Financed OUE: s~ IA. B. C, O, E, F) S 10•~•~ (H) Inter~st S ~~Z~•~ PLACE: , FIORIDA (1) Gedit Investigation S ~ IJI OtMi S ~f For value rece~ved, the u~dersigned (herainafter Wlled "Maker") jointly and severally lif (K) S ~ more than one) promise to pay to tAe or th k its otfice 1~sted above, the Total S of Payments (irom (N) st right) of ~~~~~~r Do~lars psyable in ~~1 , the t~rst ~MI FINANCE CHARGE i 2~ ~ equal monthly install~qts of~ 4H, I, J, K, ll S ~ • ~nstall~ent due on , 19_. and wbsequent installments due on (N} Totsl ot Psyments (G + M) S • the ll day ot eacn month thereafter, together with a FINAL BALLOON PAYMENT OF: ANNUAL PERCENTAGE RATE • % 5 NONE ouE The Bank shall impose a dalinquency charge against the Maker on any payment which hst become due and remains in default tor a per~od in exceu of 10 days in an amount equal to 5~16 of the amount of the pr~ncipal part of the payment in detault. In the event that the Note is not paid in full at maturity, all pay- ments, whethe~ Rrincipal, i~terest or oihe~vvise, shall bear interest at the maximum legat rate allowed unde. the laws of the State o1~Florida. All payme~ts made nereunde~ shall be credited first to interest and then to pri~cipal, however, in the event o1 default, the Bank may, in its sole discretion, eppty any payme~t to inlCrtit, principal and/or lawtul charges ihen accrued. It is Ihe intention oi the par~ies hereto that the provisions herein shall not provide directly or indirectt~C !or the payment of a greater rate of interest or the retention of any other charge than is allowed by Iaw. It, fo? a~y reason, imerest in excess of xch legal rate or a charge prohibited by law shall ai any time be paid, any wch exteu shall either constitute and be treated as a payment on the printipal w be refunded direttly to the Maker. The Maker may prepay the entire unpaid balance of the loan at any time. !f the loan 1s prepaid in full, accelerated a refinanced, the Maker shall receive a refund of the unearned po.uon of the ~nterest and insurance premiums computed by the Rule o( 78's method, except that the Bank shall be entitled to retain a m~nimum inte~est tharge of ~J.~. ' CREDIT LIFE AND CREDIT LIFE & DISABILITY INSURANCE ARE VOLUNTARY AND NOT HEQUIRED FOR CREOIT. Suth ~nsurante coverage is avai!able at the cost designated below tor the term of the credrt: (al S (or Credit Life Inwrance Ibl S for Credit Life d~ Disability Insurante: ~ . • Check ~ ? C~edit Life Inw~ance is desired on the lite of APp~ Birihdate Sox ? Credit life & Uisab~lity InsuranCe is desired on Birthdate ~'C~edit Lite and/or D~sability Inw~ance is not desired. Date: ~r JV . 14~ Signature ~ ~ s • i ~ Signa ~ i e~ ' in t~wh~ay~eo the the • kpJ; ereby gran s t t~p Q:~sec r~~tY ~ter t in the foltowi roper:y:~~~•11~.7~ W1~irt~ YTLI T ~ Q00 . , . . as cr n sa~d ~ ae ~ ~ncluding all increases, wbstitutio~s, replacements, additions a~d acceu~ons thereto ar~d in the p~oceeds thereoi (heremafter called "Collateral '1. Th~s secunty ~ ~nterest shall also Secure any other indebtedneu or liabil~ty of the Maker to the Bank dirett or indirect, absolute or contingent, due w to betome due, now ex- ~st~ng or hereafter arising, including all future advances w loans by the Bank to the Maker. The Bank is also given a lie~ and a seturity interest in all property and seturities of the Maker, entbrser, surety, guarantor or accommodation party of this Note ihereinafter referred to as the "Obligors"1, ~ow in w at any time hereafter comi~g into the controi, custody o~ possession of the Bank, whether for the ex- ~ pressed pu~pose of being usecf by the Bank as Collateral, w for any other purpbse, and upon any balance or balances to the credit of any accounts, including 4 c~ust and agencY accounts maintained withthe Bank by any oi the Obl~gors, and the Obligors agree to deliver to the Bank additional Collateral or make such payments ~n reduction oi the p~~nc~pa~ amount of the loan as shall be satistactory to the Bank, i~ the evem :he aforementioned Collateral shall declioe in value ~r hecome unsatisfactory to the Benk. Additior?s to, reductions or exchanges of, or substitutians tor the Coltateral, payments on account of this loa~ or increases of the same, or other loans made pa~tially or wholly upon the Collateral, may trom time to time be made without afiecting the provisions ot this Nole. The Bank shalt exerc~se reasonable care in che custody arxf preservation of the Collaterat to the extent required by applicable statute, and shall be deemed to have ezercised reasonable care if it takes such ~ ~ act~on for that purpcne as Maker shall reasonably requat in writin9, but no omission to do any act not requested by Maker shall be deemed a aiture to exeruse ~ reasanaWe care, and no omiuion to comply with any request of Make? shalt of itselt be deemed a failure to exercise reasonable care. Bank shall not be bound to cake any steps necessary to preserve any nghts in the Collateral against prior part~es and Maker shall take all necessary steps fa wch purposes. The Bank or its ~ nominee need not collect interest on, or a principal ot, any Collateral or give any notice with respect to it. ~ The Bank may continue to hotd any Cotlateral deposited hereunder after the payrt?ent oi this Note, ii at the time of the payment and discharge hereof any of ~ the parties liable for the payment h~:reof shall be then d+rectly or contirx,~ently IiaWe to the Bank as Maker, endorser, surety, guarantw or accommodation party ~ ~f a~y ot1?e~ ~ote, draft, bill of exchange, w other insnument, or othe?wise, and the Bank may the.eafter exeruse all rights w~th respect to said Collaterat g~anted he~ein even though this Note shall have been surrendered to the Maker. ~ If the Bank deems itselt insecure or upon the happening ot any of the following events, each of which shall constitute a default, all I~abilities of each Maker to cne Bank, including the entire unpaid pr~r?cipal of this Note and accrued interest, leu any unea~~ed interest and any inte.?sr ~n excess of the maximum allowed t."-. by law and any rebates required by taw, shall irtwr~ediately or thereafter, at the option of the Bank, except that the occurre~ce oi (c? or (d) shall cause automat- ~c acceleration: without notice or demand, becomedue and payabte: (a{ the faiture oi any Obligor to pertorm any oWigation, liability or ctaim to tfie 8ank, to pay ~ ~nterest hereon within 10days after it is due, or if there is no due date, atter it is billed or otherwise requested os demanded, or to pay any other liabitity what- ~ scever to the Bank when due; fb) the death of any individual Obligor, the distolutio~ oi any partnMShip OWigor or the dissolution, merger ot contplidation with- out the Bank's priw written consent of any corporate Obligor; Ic) the filing of a petition in bankruptcy w the adjudication of insolvency or bankruptcy under any reorganization, arrangement, readjustment of debt, diuolution, liquidation or s+milar proceeding under any Federal or state statute, by or agai~st any 'v' Obligor; (d) an application for the appoi~tment ot a receiver for, or the making of a 9eneral assig~ment for the ber?efit of creditors by, any Obtigor; (e) the entry - of judgment against any Obligor; (f) the iswing of any attachment or garnishme~t, or the filing ot a~y lien, against any property of any Obligor; (g) the takirg ot ~ possession oi a~y substantial part of the property of any Obligor at the instance of any governmental autho~ity; (h) the determination by the Bank that a materi- q'- al adverse change has occurred i+~ the financial condition of any Obligor from the conditio~s set forth in the most recent fina~cial statement oi wch Obligor heretofore furnished to the Bank, or irom the condition of such Ob~igor as heretofore most recently disdosed to the Bank, or that a~y wa~ranty, representation, ceruficate or statement of any Obligor (whether containad in this Note or not) pertaining to or in connection with this Note or the loan evide~ced by this Note = contairn an u~true statement of mate?ial fact or omits to state ~naterial fact necessa?Y in order to rtwke the statements made ~ot misleading: or, (if the assign- ment by any Maker of any equity in any of the Collateral without the prior mitten consent ot the Bank. The Bank shall have, but shail not be limited to, the following rights, each of which may be exercised at any time whether or not this Note is due= (i) to ple<k~e w vanste~ this Note and the Collateral and the Bank shall thereupon be rNieved ot all duties and responsibilities hereunder and relieved from any and all Iiability with respect to any Colbteral so P~ed9ed or transferred, and aoy pledgee or transteree shall tor a~~ purposes stand in the place of the Bank hereunder and c~ have a11 the rights of the Bank he~~under, (ii) to tramf~r the whok or any part oi the Collateral into the name of itself or its nominee; Gii1 to vote the Collateral' ~ I~v) to notify the Obligors of any Collateral to mak~ psymsnt to the Bank of any amounts due or to become due thereon; (v) to demand, we for, collect, or make any compromise or settlement it deems desirable vrith reference to the Collateral: and Iv~) to take possession or control of a~y proceeds of Collateral. *"BANK" as used herein means Turtle Reef Associates, Inc. and/or its assigns. " NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION BvOK~VO PAGE FBS 752 Rev. 7/77 ' ~ - - _ , . ~ ; . '..,.r M . _ _ ~ . : . . . ..~-..-ds