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Home My WebLink About0757 INSTALLMENT PROMiSSORY NOTE ' d~~ ~ ~ TUR?LE REE~ IlSSOCIATES~ ItIC.* • (A) Amount Rece~wd s Z~.00 BANK NAME (8) P~~mium (or Credit ur.~~~ssb~i~~r i~:. s n~ , P. 0. BOX d18~ JENSEM BEJICH~ FL. 33467 (Cl Documentsry Stamps s~a~ OFFICE ADDRE55 (0) Oth~r Charges litemize) S~ iE~ s Aoae NOTE NO. OATEO: I? _CP(I1E1PM' ?1 , .~s~. tFl s n~ Jdn. 1 (G) Amount Fi~anced ~ DUE: ,~g_83 (A, B, C, O, E, F) S ~ ( H) Inter~st : ^~ACE: , F~ORIDA Credit I~vestigation s A~ ' f~~ o~n.~ s f101'1~ For value ~sce~+red, the unders~g~ed Ihereinalter called "Maker") joimly and severslly lit ,K~ S Aa~ more than one) promise to pay to the~~9j t~Bank, st its office listed above, the Total ~ ot Payments (lrom INI at r~gAtl of y• pollars payable in ~ _ e~wa~ month~y installments ot S • , t1?e tirst ~M~ fINANCE CHARGE 769~~ Feb. ~ (N. I. J. K, L) S ~ns[allment due o~ , 19 78 , and wbsequent initaNmenu due on (N) Total of Payments tG * M) S • the lstday of each ~tonth thereafta, togethar with a FINAL BALLOON PAYMENT OF:~ ANNUAL P~RCENTAGE RATE • %i 5 ~ DUE ~~~~~N~~N~~ , l~r~~ TAe Bank sAail imposc a deli~quency charge agairtst the Make? on a~y payment which Aas bttome due and ~ertwins in defawt fo• a period in exceu oi 10 days in an amount equal to 59(~ of tAe amount of the principal part of the payment in default. In the event that the Note is not paid in full at maturity, all pay- ments, whether principal, inte~at or othervviu, shall bear interest at the maximum legal rate allowed under the laws ot the State oi Florida. Atl payment: msde hereunder sAaH be credited tirst to interest and the~ to principal, however, in the event of default, the Bank may, in its sole distretion, apply any payment to ~nterest, printipal and/or lawiut charget the~ accrued. It is the i~tention oi the parties hereto that tAe provisions herein s~wll npt provide direttly Ot indir2Ctly !or the payment of a greater rate ot interest ar the rete~tion of any other charge tha~ is altowed by law. If, for any reason, i~terest in exceu of wcA legal rate or a cnarge prohibited by law shal! at any time be paid, any wch excess shall either ca?stiWte and be treated as a payment on the princ;pal or be refu~ded directly to the INeker. The Maker may prepay the entire ur?paid batance of the loan at a~y time, If the loan is prepaid in tull, accelerated or refinanced, the Maker shall receive a e`und ot the unearned poruor~ of the inte~est and inwrance p~emiums computed by the Rute of 78's method, excepr that the 8ank shal! be entitled to retain d m~mmum interest charge of ~6.00. CREDIT LIFE AND CREDIT LIFE & DtSABILITY INSURANCE ARE VOLUldTARY AND NOT RE~UIRED FOR CREOIT. Such insurance coverage is ava~lable at the cost designated below for the term of the credit= la) S tor Credit Life tnwrance (b) 3 'or Credit life di Disability InSUrance: C!~eck ? Credit Lite Inwrance is desired on the ~ife of App~~ 8irthdate Box ? Credit LiFe & Disab~lity In;uranCe i5 dettred on BirtNdate ' n Credit Life and/or Disab,~;ry Inwrance is not desired. ~ /j ~ , ~.ate: ; December 21. 1977 Si9nature~ ~'"i'W~ e~.~'`v2 L i ~Ti i~~ i . Signature ~ As security for th pay n of the Note Ae Maker h reby rants to the k a ur~ty i t t in t f lowi pro - n V ~ ` ~on~ f , Recor~ed on i~. Bootc ~`a I~n~t i~ek`~~~ n . - , ' ~ . u c A sa ~ro 9e. ~nciud~ng all mcreases, substitucions, replacements, addi[ions and acceuions thereto arxf in the proceeds thereo! (hereinafcer called "Collateral"1. This security ~nterest shall also secure any other indebtedneu or liability of the Maker to the Ba~k direct or indirect, abaolute or contingent, due o? to become due, now ex- ~s~~ng or hereaiter arising, including all future advances a loa~s by the Bank to the Maker. The Bank is also given a lien and a security interest ~n all property and securit~es of the Maker, erKbrser, surety, guarantor or accommodation party of this P~ote (hereinatter rete~red to as the "Obligors"1, now or at any time hereatter coming into the control, custody or possession oi the Bank, wheiher fo~ tAe ex- o•essed purpose of being used by the Bank as Collateral, or fw any other purpose, and upon any batance o~ balances to the credit of any accounts, including ~•ust and agency accounts maintairied withtF?e Bank by any of the Obligors, and the Ob~igors agree to deliver to the Bank additional Collateral or make such oaymeots io reduction of the principa( amount of the loan as shall be sat~sfactory to the Bank, in the event the aforementiorted Collateral shall decline in value become unsatisfactory to tF?e Bank. Addiuons to, reductioos or excha~ges of, or wbstitutions tor the Collateral, payments on account of this toan w increases of the same, or other loa~s made pa~c~ally o? wholly upon the Collateral, may from time to time be made without affecting the provisions of this Note. The Bank shall exerc~se reasonable care in ~ !ne custody ar?d preservation ot the CoOa(e~a1 to the extent required by applicable siatutt, and shall be deemed to have exercised reasonable care if it takes such act~o~ (or that purpose as Maker shall reasonably request in writing, but no omission to do any act not requested by Maker shall be deemed a tailure to exercise ~easonable care, and no omiuion to comply with any requett of Maker shall of itself be deemed a failure to exercise reasonable care. Sank shalt not be bound to ; rake any s[eps neceuary to pres?rve any rights in the Collatera! agalr~st prior pa.Yres and Make. shaU take all necessary steps for wch purposes_ The Ba~k or its ^uminee need not collect i~terest on, or a p?incipal ot, any-Collateral or give a~y notice with respect to it. The Bank may continue to hotd any Collateral deposited hereunder after the payrnent of this Note, if at the time of the payment and discharge hereof any of ~he parties liable tor the payment hereof shall be then directly or contingently IiaWe to the Bank as Maker, endorser, wrecy, guarantor or accammodation party of any other note, draft,.bil! of exchange, or other instrument, or otherwise, and the Bank may thereatter exercise all rights with respect to said Collateral granted herein even though this Note shall have been surrendered to the Nlaker. ~ If the Bank deems itself insecure or upon the happening of any of the following eve~ts, each ot which shall constitute a detault, all liabilities of each Alaker to cr.e Bank, including the entire unpaid principat of this Note and accrued interest, leu any unearned interest and any interest in exCess of the maximam a!lowed bY a+~d any rebates aequired by law, shall imrnediately or thereafter, at the option of the Bank, ezceQt ihat the oocurrence of (cl or ld) shall cause automat- , ~c accelerauon;without notice o?demand, becomedue and payable: (a) the failure of any Obligor to perform any obligatio~, liability w ctaim to ~he Ba~k, to pay - ~nterest hereon within 10days after it is due, or if there is no due date, after it is bilied or otherwise requested or demanded, w to pay any other liabelity what- scever to the 8ank when due; (b) tne death of any individual Obligor, the diuolution o( a~y partner~hip Obiigor or the dissolution, merger or consolidatia? with- out the Bank's prior writtett consent of any corporate Obligpr; (c) the filirg of a pEtition in ba~kruptcy or the adjudiCation of insolve~Cy or bankruptCy untkr any reorganization, arrangert~e~t, read~ustment of debt, dissolution, iiquidation o? simitar proceeding under any Federal or state statute, by or against any dbligor; 1d) an application fo? tF?e appointment ot a receiver for, w the making oi a general assignrr~ent for the benefit of c~editws by, any Obligor; (e) the entry of judgrnent agaiMt any Obligor; (f) the iuuing of any attachment or garnishment, or the filing of any lien, against any property of any Obl~gor; (g) the taking of possesslon of any wbstantial part ot the property of any Oblegw at the irutance of any gavernmental authority; 1h) the determi~ation by the Bank tbat a materi- af adverse change has occuned in the financial condition of any Oblgor from the conditions set fprth in the most rece~t financial statement ot wch Obligor heretofore furnished to the Bank, or from the condition ot wch Obligor as F?eretofore most recently disdosed to the Bank, or that any warra~ty, representacio~, certificate w staterne~t of a~y Obl'gw (whether contained i~ this Note or ~ot! pertainirg to or in connection with tnis Note w the loa~ evidenced by this Note ~ contains an untrue statement ot material tact or omits tp state material fact necessary in prder to make the statements made not misleading; w, (i) the ass~g~- ment by any Maker of any equity in any oi the Collateral without the priw written consent of the Bank. . The Bank shall have, but shall not be limited to, the following rights, ea~h of which may be exercised at any time whether or not chis Note is dur. lil to pledge or transfer this Note and che Collateral a~d the Bank shal! thereupon be refieved of all duties and raponsibilitiss hereunder and relieved irom any and all tiabllity with respett to any Collateral so pleclged or transferred, and any pledgee or transferee shell for all puryoses stand in the ptace ot tht Bank hereunder a~d have all the ri~hts of the Bank hereunder; (ii) to transfer the whole or any part of the Collateral into the name oi itsetf or its nominee; (+iil to vote the Collateral; (iv) to nO~f~F the Obli9ws of sny Collatwa! to make payment to the Bank of any amounts due or to become due thereo~; (v) to demand, we to~, collect, or make a~y compromise w settlement it deems desirable with reference to the Collateral; a~d (vi) to take posseuion or controF of any proceeds of Collatenl_ *"BANK" as used herein weins Turtle Reef Associates, Inc. and/or 1ts assigns. NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATIpN U R Fos ~52 R~y aooK 28~ P,~c~ 755