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Home My WebLink About0779 ~ INSTALLMENT PROMISSORY NOTE Tt1RTl.E REEF ASS4CIATES. inC. (A) Amount Rece~vad s BANK NAME* (8) Premium (or Credit R~~ Lif~/Oisability Ins. S p_ Q~ fl0Y 6j~~ J~~,c_F-et aFe~~ 3~T ICI Documenta?y Stamps S 11Ai1! OFFICE ADOaE55 (Dl Other Charges (item~ie) S EI S a NOTE NO. OATEO: ~r~~r ~ , 19~. (p) s n~~ (GI Amount Financed 7~~3~~ DUE: ~E~P 6 ~g~, (A, B, C, D, E, F) S IHI Interest ~ ~~,~7„_~6A - P~ACE: , FLORIOA Credit Investigation s f~~ - - (Jl Other S I1Q11~ For value +ece~ved, the unders~gned Ihereinattsr ca?!ed "Maker") jointly and seve~ally (if (K~ S more than one) prOmite to pay to the prder of the Bank, at its otfice listed above, the To[al e' Ill S 12Dl1~ os Payments (trom tN) at right) ot vll ~~.7~J.60 pollsrs payabls i~~ ~ , tne rnt ~M? FINANCE CHARGE e<iual monthly installme~ts of S (H, I, J, K, LI S ~ns~altment due on J~1. 6 , 19.(~_, and subsequent i~stallme~ts due on (N) Total of Payments (G + M) S I1 •~~.I• ~tie.~~day of esch month thereafter, ioyetne. w~~n a F~tvA~ ea~~ooN vAVMENT oF: ANNUAL PERCENtAGE RATE ~~~(lil~ % S DtlE .1¢ The Bank shall impose a del~nquenty charge ag~inst the Maker o~ any payment which has become due and remains in default for a period in excess oi 10 :1ays in an amount equal to 596 of the amount o1 the principai part of the payment in de(ault. In [he event that the Note is not paid in full at maturity, all pay- menis, whether principal, interest or otherwise, shall bea~ interest at the mazimum tcgal rate allowed under the laws of the State oi florida. Atl payments made nereunder shall be credited first to interest and then to p~inCipsl, however, in the event oi default, the Bank may, in its sote diuretion, apply any payment to ,ncerest, p~+ncipal and/or lawtut charget then actrued. It is the intention of the parties hereto that the provisions ~erein shall r?ot provide direttly or indirectty f o~ iAe payment of a greater rate oi interest or the retention ot any other charge than is allowed by law. If, for any reason, interest i~ excess of wch legal rate or a charge prohibited by law shall at any time be paid, any wch excass shaN e+ther constitute and be ireated as a payment on the principal w be refunded di.ectly >o !he Maker. The Maker may prepaY the entire unpaid balance of the loan at any time. If the loan is prepa~d in tull, accelerated w retinanced, the Maker shall receive a •e~und oi the unearned port~on ol the imeresi and insurance premiums computed by The Rule of 78's me[hod, except chat che Bank shalt be enteded fo .e[ain s minirtWrtl intMBit ChBrye Of ~ . CHEDIT IIFE ANU CREDIT LIFE & QISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such insurance coverage is ata~table at the cost deiignated belpw tpr the term of the credit: la) S for Credit life Inwrance (b) S ror Credit Life d~ Ois~lbility Insurante: Check ? Credit Lite Insurance is desired o~ the life of aPpt. Birthdate 2ox ? Credit Lite & Disability Insurante is des~red on Y~ 8irthdate wlJ Credit Life and/or Oisabitity losurance is not desired. Date: ~Y~QT ~ ~ i9n Signature ~ ~ rlACent R. !~lSttisno _ Signature As security for the payment ot the Note the Maker hereby gra~:s to the ~ Se2.Ur in t"ffi lowing property:~ll ~.~J7b9Y undirided interest 1n Tnrtle R~ef Con~. I, reco~zd ie 0_R_ ~ek 263,~Qe 2002--- tleit ~~ics t5 ~~a in C~'.d. D~3J.. At~ _ Ne_ ~-3C s ccr~ in sat~1 ~,~,g~_ ~ncluding all increases, substitutio~s, reptacements, additioM and acceuions thereto and in the proceeds ehereof (hereinafter cal(ed "Coliaterat"1. This secu~ity ~nterest shall also secure any other indebtedneu w I~abiiity of the Maker to the 8ank di~ect or indirect, absolute or contingent, due or to become due, now ex- ~sung oa heaeafter arising, including aU future advances a loans by the Bank to the Maker. The Bank is also give~ a lien and a security inte.est in all property and securit~es of the Maker, erxbrser, surety, guarantor or accommodation party of this Nare (hereinafter referred to as the "Obl~gors"1, now in or at any t~me hereafter comin9 into the control, custody or pouession of ihe Bank, whether tor the ex- a~essed purpose of bei~g used by the 8ank as Collateral, or for any other pu?pose, and upon any balance or belances to the c~edit of any accounts, includirg ^ust and agency accounts mainta~ned withthe Bank by any of the Obligors, and the Obligors ag.ee to deliver ta the Bank additio~al Collateral or make such pav~nenis i~ reduction of the principal amount ot the loa~ as shall be satisfactory te the Bank, in the event the aforementioned Collateral shall decline in value become unsatisfactory to the Bank. Add~tions to, reductions or exchanges of, o? substitutions for the Collateral, payments on account oi this loan or mcreases of the sart?e, or other loans made pa~c~ally or wholty upon the Collateral, may from time to time be made without affecting the provisions of this Note. The Bank shall exercise reasona6le care in rne custody and preservation of the Collateral to the extent required by appticabie statute, and shaH bs deer~d to have exercised ~easonable care if it takes such acc~on fo. that purpose as Maker shal! reasonabty reques~ in writing, but no omission to do any act not requested by Maker shall be deemed a failure to ezercise •easonabte care, and no omission to comply with a~y request of Maker shall of itself be deemed a failure to exercise reasonable care. Bank shall not be bound to !ake any steps necessary to prese.ve any nghts in the Collateral agai~st prior parties a~d Maker shall take aN reecessary steps for such purposes. The Bank or its ' rominee need ~ot colleci interesi on, or a pr;ncipal of, any Collateral or give any notice with respect to it. ~ The 8ank may continue to hold any Collateral deposited hereunder after the payment oi this Note, it at the time ot the payment and discharp hereof any of !he parties liable tor the payment hereof shall be then d~rectly or contingently liabte to the Bank as Maker, endorser, surety, g~arantw or eccommodation party of any other note, d~aft, bitl of exchange, os other instrument, or otherw+se, and ihe Bank may thereafter exercise a!I rights with respect to said Collateral - granted herein even thou9h this Note shall have been surrendered to the Maker. . If ihe Bank deems itset( insecure w upon the happening of any of the followi~g events, each of which sfwll const~tute a default, aIl tiabilities of each Maker to ehe gank, including the entire unpaid principal of this Note and acc.ued interest, less any unearned interest and any inte~est in excess ot the maximum allowed by law and any rebates required by law, shall immediately or thereafte~, ai the opiion oi the Bank, except that the occurrence of (c) or (d) sAall cause automat- ~c acceleration; w~thout notite or demand, become due and payable: (a) the faiture of any Obligor to pertorm any obligation, liability or claim to the Ba~k, to pay ~nterest he~eon within lOdays aiter it is due, or if there is no due date, atter it is billed w othetwise ?equested or demanded, or to pay any other liability what- sxver to the Bank when due: (b) the deatft of any individual Obligor, the diuolution of any partnership OWigor or the dissolution, merger or consplidation with- out the Bank's prior written consent of a~y corporate Obligw: (c) the filing of a petition in bankruptCy w the adjudica[ion of insolvency or ba~kruptcy under any reprganization, arrangement, readjustment of debt, distplution, liquidatio~ or similar prpcgeding under any Federal or state statute, by or against any 051igor; td) an application tor the appointment of a receiver fo?, a the making of a general assiynment fo~ the beneiit of creditws by, any Obligor; (e) the entry of ~udgrtient against any Obligor; (t) the issuing ot any attachment or garnishment, or the filing of any lien, against any property of any Obligor; (g) the taking of posseuion of any substantial part oi the property of any Obligor at the instance of any go~rernmental authaity; (h) the determination by the 8artk that a materi- af adverse change has occurred in the financial rnndition of any Qbligor irom the conditions set fwth in the most recent financ~al statement oi wch 061igor heretofore fur~ished to the Bank, or from the conditio~ of wch Obligor as heretofore most recently disclosed to the Bank, or that any warranty, representation, certificate w statement of any Obligor (wnether contained in this Note w ~ot1 pertaining to or i~ connection with this Note or the loan evidenced by this Note conwir?s an unt~~ee statement of material fact o? omits to state material fact necessary in order to make the statements made not mitleading; w, (i) the assign- ment by any Maker of any equity ~n a~y of the Cotlateral without tne prior written consent o( the 8ank. The Bank shall have, but shall not be limited to, the follpwing rights, each of whiCh rtWy be exercised at a~y time whether or not this IYote is due: to ptedge or transfer tAis Note and the Collateral and the Bank shail thereupon be reliaved of all dutfes and responsibilities hereunder and relieved from a~y and all lrability with ~espect to any Collateral so plec{ged or transferred, and any pleck,~ee or tra~sferee shall tor all purposes stand in the place of the Bank hereunder and have all the rights o1 the-Bank hereu~der; ~ii) to trartsfer the whole w any part of the Collateral into the name of itselt or its nominee; (iii) to vote ihe Collateral; Iw1 to ratify ~.(~ligors of any Cotlateral to make payrr.ent to the Bank of a~y amounts due or to become due thereon; (v) to dema~d, we ior, collect, or make any comp~omise or setdament it deems desirable with rat~ ence to the Collateral; and (vi) to take possessio~ or control of a~y proceeds of Collateral. *"BAt~K" as bsed herei~ means Turtle Reef Assocfates, Ir.c. and/or its assigns. NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION f~ R~~O ~wi. FBS 752 Rev. 7/77 r ~ i 6.~~r P~,rr