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Home My WebLink About0771 INSTALLMENT PROMISSORY NOTE . . • TURTLE REEF ASSOCIATES, INC. * (A) Amount Recewed s BANK NAME (81 Prem~um for C~edit lile/Oissbilitv Ins. Sn~e P.O. 64X 618, JENSEN BEACH, FL. 33457 (C) Dotumsntary Stamps s~~Q OFFICE ADDRE55 !D) Oth~r Charqes Iitem~zel seene , ~e? snc~ne NOTE NO. OATEO: ~A . 19~-• IFI SI'~O~ (G) Amount Financed DUE: ~GP~B~' ~1 ,~sBL, (A, B, C. D, E. FI sg262_~0 (H) Interest S ~8~_ PLACE: , FLORIOA C~~~~ ~nvest~gation S fJl Other S For value recelved, the u~ders~gned (hereinaft~? called "Maker") Iointly and severally (il (K! S more [han one) promise to pay to the orde? of the 8a~k, at its office listed above, the Total of Payments (~rom (N) at right) of~13.1~.~ Dollars payable in ~ S equal monthly instaNmants of S 1~ l0 , the fir:t ~MI FINANCE CHARGE (H, 1, J, K, L) 5~~.~ ~nscallrt~t due on .~Afl_ ~l , 19~, and wbsequent installments due on (N! Total of Payments IG + M) S~~1QZ.~ ih?1.._day oi each month thereafter, ~o9etner w~tn a F~N/?~ BAl~00N P~?vMENT OF: qNNUAI PERCENTAGE RATE 1Q.~ '16 s NONE ouE ---------•---------------nr--- The Bank shall impose a delinquenty charqe against the Meker on any payment whicA has betome due and rertwins in default for a pe?iod in exCess of 10 c;ays in an amount equal to 59L ot the amount oi the p~ir?cipal part of the payment in default. In the event that the Note is not paid in full at maturity, all pay- ments, whethe? principal, interest or otherv~rise, shall bear interest at the maximum leya{ rate allownd under cAe laws of the State of Florida. Atl payments made hereu~der sha~l be credited tirst to interest and tAen to principal, however, in the event ot default, tha Bank rtwy, in its sok diu~etion, apply any payment to ~nterest, printipal and/or lawiul charges then accrued. It is the intention o( the partia hereto that the provisions herein shall not provide directly or indirectly ?or the payment of a greater rate of interest or the retention oi any other charge than is allowed by law. It, for a~y reason, inte~est in excess of wch legal rate or + charge prohibited by law shall at any time be paid, any wch exceu shall either constitu~e a~d be treated as a payment on the principal o? be refunded directly ~o the Maker. The Make? maY Prepay the entire u~pa~d balante of the loan at any time. If the loan is Wepaid in tull, accelerated or reiinanced, the Maker shall receive a .~fund oi the unearned portion of the interest and msurance premiums computed by the Rute ot 7$'s method, except ihat the Bank shall be entrtled to retain ~ m~nimum inte.est charge of ~•0~- CREDIT LIFE AND CREUIT LIFE & DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIREU FOR CREDIT. Suth ~nsurance coverage is ,va~lable at the cost designated be~ow fo~ the te~m ot the c~edit: (al S for C~edit Life lowrance (b) S ~or Credit life d~ Disabi6tY ~~surante: - ; ~heck ? Credit Life tnsurance ~s desired on the life of ;~pp~. Birthdate gox ? Credit Life & O~sabdity Insurence ~s desired on Birthdate ~I Credit Lite and/or Disability Insu~ance is not desired. ~ , ~C~~" 10 ~ I977 Signature z i.ate ~ . N lanoff ' Signature ~ As security ~w the payment of the Note [he Maker hereby g~ants to the Bank ~ ~t~b~~I1Nlf~!'{~Ilowing property: ~ ~ ~ proce thereoi (hereinafter called '"Collateral"1. This securi ~ •ncluding all increases, substitutions, ?eplatements, additions and atcessions thereto and in the ry ~ ~n~erest shall aiso secure any othe? indebtedneu w ~~abil~ty oi the Maker to the Bank dirxt or indirect, absolute or contingent, due or to become due, now ex- t ~zc~ng w hereaiter arising, including all future advances w toans by the Ba~k to the Maker. i The Bank is also give~ a fien and a security interest m all property and securiues ot the Maker, endorser, surety, guarantor or accommodation party ot this - ^.ote (hereinafter refe«ed to as the "Obl~gors"1, now i~ or at any t~me hereaiter coming into the control, custody or possess~o~ of the Bank, whether for the.ex- ; p~essed purpose of being used by the Ba~k as Collateral, or fer any other purpose, and upon any balance or balances to the credit of any accounts, including e ~•ust and agerxY ~counts mainta~ned w~ththe Bank by any of the Obligors, and the Obligors agree to delive? to the Bank additional Collaterat or make such ~ payments in reduction of the principal amount of the ~oa~ as shall be satisfactory to the Bank, ~n the event the aforementioned Coltateral shall decline in value o~ become unsatisfactory to the Bank. ~ Add~t~ons to, reductions or exchanges of, or substitutions for the Collateral, payments on account oi this loan or increases o( the same, or other loans made ~ part~atly or wholly upon the Collateral, may irom time to time be made without affecting the provisions of this Note. The Bankzhall exe.c~se reasonable care in , *ne custody and p?eservation of the Collateral to the extent required by applicable statute, and shall be deemed to have ezercised reaso~able wre it it takes such y equest in miting, but no omiss~on to do a~y act not requested by Maker sF~all be deemed a failure to exercise ~ acc~on tor that purpose as Maker shall reasonabl r ~easonable care, and no omission to compty with any request of Maker shall of itself be deemed a failure to exercise reasonable wre. Ba~k shall not be bound to ~ ~ake any steps netetsary to preserve any nghts m the Collateral against prior parties and Maker shall take all necessary steps for such purposes. The Bank or its r - nominee need not collect interest on, or a principal of, any Collateral or give any noUCe with respect to it. ~ The Bank may contmue to hold any Collateral deposited hereunder a(ter the payment ot this 11ote, if at the time ot the payment and discharge hereof any of ~he parties liabte for the payment hereof shall be then directly or contingently IiaWe to the Bank as Maker, endorser, surety, guara~tor or accommodation party zz of any other note, d~aft, bill of exchange, or other instrument, o+ otherwise, and the Bank rtwy thereafte? exerc~se all rights with respect to said Collaterat - g-a~ted herein even though this Note shall have been wrrendered to the Maker. :K If the Bank deems itself insecure or upon the happening of any of the following events, each of which shall constitute a detault, all liabilit~es of exh Maker to ?he Bank, including the entire unpa~d principal ot this Note and acc~ued interest, less any unearned interest and any interest in exceu of the max~mum allowed ~L' by law and aoy rebates reqwred by law, shall immediately or thereafter, at the option of the Bank, except that the occurrenre of (c) w(d) shall cause automat- :c acceleration; without notice or demand, becomedue and payable: (a) tAe failure ot any Ob~igor to perform any oW igation, liability or claim to the Bank, to pay ~ncerest hereon w~thin lOdays after it is due, or if there is rto due date, after it is b~lled or otherwise requested or demanded, w to pay any othe? liability what- soever to the 8ank when due; (b) the death of any individual Obtigor, ths diuolution of any partnership Obligor or the dissolution, merger or consolidation with- ,Y cut the Bank's priw written consent of any corporete Obligor: ld the filing of a petition in bankruptty or the adjuditation of insolvency w bankruptcy under " any reorgani2ation, arrangement, read~usime~t of debt, dissolution, liquidation or similar proceeding under any Federal or state statute, by or against any Obligor; (d) an application for the appointment of a receiver tor, o? the makit?g ot a general auignment for the benefit of creditors by, any Obl~gor; (e) the entry - of judgrr?ent agairtst any Ob~igor: If) the issuing of any attachment or garnishment, or the filing of any liert, against any properiy of any Obligor; (gl.the taking of possession of any substantial part oi the property of any Obligor at the instance of any governmental authority; (h) the determination by the Bank that a materi• al adverse change has occurred in the financwl condition of any Obligor irom the conditions set forth in the most recent financ~al statement of such Obligor =;'s heretofore furnished to the Bank, or from the corvlition of such Obligor as heretofare most recently disdosed to the Bank, or that any warranty, representation, - certificate or statement of any Oblgor (whether contained in this Note or not) pertaining to or in con~ection with this Note or the loa~ evidenced by this Note contairu an untrue statement of mater~al fact or omits to state material fact necessary in order to make the statements made not misleadirg: w. Ii) the assign• ment by any RAaker of any equ~ty in any of the Collateral without the prior written consent of the 8ank. ~ The Ba~k shall have, but shall ~ot be limited to, tF~e following rights, esch of which may be exercised at any time whether or not this Note is due: (i) to pledge or transfer this Note and the Collateral and tbe Bank shall theroupon be relieved of all duties and ~esponsibilities hereu~erand relieved from any and all I~ability with respect to any Collateral so pledged w transferred, and any pledgee or transteree shalt for all purposes stand in the place of the Bank hereunder and have all the rights of the Bank hereunder: lii) to transfer the whole or any part of the Collateral into the name of itselt or its nominee; (iii) to vote the Collateral; (;v) to ratify the Obligors of any Collateral to make payme~t to the Ba~k of any amounts due or to become due thereon; (v1 to demand, we tor, collaet, or make any comprOrtlite Or setttement it deems des~rable with reference to the Collateral; and (vi) to take possession o? control of any proceeds of Collateral. *"BANK" as sued herein means Turtle Reef Associates, Inc. and/or its as~s~g ~ NOTICE: SEE OTHER SIUE FOR IMPORTANT INFORMATION RCCK ~O ~'~SGE FBS 752 Rev. 7177