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Home My WebLink About0112 INSTALIMENT PROMISSORY NOTE ~ TURTLE REEF ASSOCiATES, INC.~ ~ ~ : t~a2.o0 BANK NAME (B) Premwm iw Ge4t ~ ~~i~tassa~~~ i~ s P. 0. BOX 618, JENSEN BEJ~CH, FL. 33457 ~c~ o«~~.+:~ s~,~.~ s~~ OFFICE ADDRE55 (~1 OtfNt Chs.yEi i~tifn+tii ~ IEI S ~ NOTE NO. DATEO: JaAw~ 7• .~9~ (F) t~ (G) Anwunt F~r?~r~oed ~~./y~ nuE: J~1~~~, , 19~. tA, B. C. D, E. F! S w (N) Inte~est = P~ACE: , FLORIDA (1) Gedit Investg~tan i~ Ul Otne. S Aa~ For value rece~ved, ~he unders~gned (here~nat~er called "Maker"1 lomtly and severally (N (K~ more than one) p~omise to pay to the o1rder of tAe$ank, at its oft~ce listed above, th i~al ~ of Payments ~irom (N) at right) of j3 102•~ Oollars payable ~n S IMI FINANCE CHARGE ec~ual monthly installments of S 1~~~ , the fnst (H, 1, J. K, LI S~•~ ~nstallment due on F~• 21 • , 197~ , and wbseque~t ~nstaliments due on (N) Toul of Psymena (G • M) S 13 10 • ~he Zi day ot each month thereafter, togethu with a FINAL BALLOON PAYMENT OF: ANNUAI PERCENTAGE RATE 1• Xi 5 ~ DUE M~~NNN~~NMN~~N~~~N~f ~7 The Bank shall impose a del~nquency charge aga~nst the Maker on any payment wh~ch has become due snd tlftyiHL M~~Ull ~O~ a Ob~Od M l7lClSS O~ 1O days ~n an amount equal ro 596 of the amount of ths principal part of the payment in detault. In the event chat the Nou a ~ot pad m tu~~ ~t matur~ty, atl psy- rrwnis, whethe~ pr~ncipal, ince~es[ or otherwise, shall bear interest at the maxirtwm legal ra[e atlowed u~der the laws of the Si.ate d Flo.~da_ Aq payme~+[s rnade hereur~der sh811 be credited lirst to interest and theo to pnntipal, however,' io the event o1 default, the 8ank may, as ~ts sde d.svet+on, apply any Dayment to ~n~e.est, pr~nc~pal and/or lawfut charges then accrued. It is the intentio~ ol 1he part~es he~ete that ihe prov~s~w+s f~e.e.o sAali not poY~de daecdY a induKt~Y f v~ the payment of a greater rate oi interest or the retention of a~y other charge than is allowed by Isw. If, iw sny reason, ,nterest ~n e:oea of such Iegal nte w charge prohibited by 1aw shall at any time be pa~d, any wch excess shall erther conshtute and be treated as s payment o~ !!!r pr+rc~ a~~etunded d~rectlv rn the MlakEr. The Maker may prepay the e~t~re unpa~d balance o1 the loan at any time. If the loan ~s prepa~d m full, accelcrasea o- ~e~=nar+ced, the 1Wker shall rece~ve a •efuruf of the unearned port~on ai the interest and msu?ance prem~ums computed by the Rule ot 78's metnod, exoept ttui c?~e Bant st+a~~ be enuNed to retain ~ m~nirtwm mterest charge of $5.00. CREDIT LIFE AND CREDIT LIFE 6 DISABILITY INSURANCE ARE VOLUNTARY ANU iHOT REQUIREO FOR CREDIT Suc3s .raw~ance cwerage ~s .,vadable at the cost designated below for the term of the credit: (a) S to+ Ged~t L~1e Inarance Ibl S 'o~ Credit Li(e & Disabllrty lnsurante= Ch~ck ? Credit Lrfe Insurance ~s desired on the lite ot aPp~ Bi.thdate Bnx ? Credit Life & D~sabil~ty Inw~ance ~s des~red on B~rthdate +~.J Credit L~te and/or Oisability Insurance ~s not des~red. o,~e J8fle1ti1/"f 7. ~97$ Signawre ~ q~? H. 6 _ ' S~gnawre ~ As securiry iw the payment of the Note the Maker he~eby grants to the Bank a secur~ty mierest in dlow~og p.ope.r~r. ~ 0~~~~ i i et~r~st i e T " ~ t e~?eerd~d m A R Beek 2b3.~~ 2L10'[ L~1 t 1k~kS 35. 36 ; ~ bed in sa~d ~ ~ v ! ~~cludin9 all ~ncreases, substitut~ons, replacements, addrtio~s and accessions thereto and m the p~oeeeds thereof tfx*e+r+afte. ca~red Coi+atual 1_ Tha secur~cy s ~n~er~t shall alw secure any other indebtedneu w~~ability ot the Make~ to the Bank d~rect or ~~d~rect, absolute w con[.~9ent_ a+e o~ ~o becorne due, now ex- ~ ~s[~ng or hereaiter arising, including all tuture advances or loans by the Bank to the M2ker. € 7he Bank is also given a hen and a securi~y mterest ~n all prope?tY and secunues of the Maker, endo~ser, su.etr, guxanto. o~ acconr~waac~on pa.ty o! tMs ~ Note fherematte~ re~e~?ed to as the "Obt~gors"1, ~ow in or at any time hereaiter com~n9 ~nto the conird, custody o+ possesros+ of ~ gynk, wAether fp ttx ex- ~ ~~~essed purpose of be~ng used by che 8a~k as Collate~al, or (or any othe? purpose, and upon any balance o. batances ro iine oeast of anr accou^ts. ~~+Nud~n9 ~ s.ust and a9encY ~counts ma~nta~ned w~ththe Bank by any of the Obligors, and the Obl~gors ag~ee to dNrve* to tt+e Bank ada.t~onal Cd~amal o~ make wch vayments ~n reduct~on ot the D~~~~Pa~ amount o~ the loan as shall be satis~actory to the Bank, ~n the erent Me afaementwned Coelate~ai cAa~~ dtd~~e ~n va~ue ~ t~ecome unsatisfaccory to the Bank. ~ Addit~om to, r¢ducUOns o~ exchanges of, or subsutuhons fo. the Collaterel, payments on account o1 M~s :oan or ~nc*eases o+ t}+e sar*+e. o+ otAe* ~oans made ~ ~~~~c~a11y w wholly upon the Coltateral, may from t~me to ume be made w~thout affecnng Ne prov~sior+s of this Noie. 71x 8ant s~1 e~e*c~se :~ax-.~abte uxe m ~ne custody and prese~vation of the CoUa[eral ~o the extent reqwred by app~~cable s[awte, and shall be de~.-^.e-!'~ ?+ave e:rrused re~scxx+aD~e ca~e ~f ~t pkes wch ~ ~c~~on fw that purpose as Maker sha11 reasonably request i~ wnt~ng, but no omission to do anY act r?ot requested bY ~aker st+ai~ he aee.ned a fa~lure to exaux -P.~S~nahle care, and no om~u~on to comply nnth any request of Maker sha11 of itseli be deemed a iailurc to exarcKe reasor?ab~e cane- Bink sf+att rat be bou~d to ~ *,~ke any steps necessary to preserv~e any rights in the Collateral against p~ior parues and Maker shal~ take al! necessa*r steps fo~ n,c1+ pu*poses. The Bank or its n_r.mmee need not collect interest on, or a pnncipal of, any Collateral or give any nonce wrth respect to ~t. ~ The Bank may continue to hold any Collateral depos~ted hereunder after the payrr~ent o~ Mis Note, ~i at tAe t~rt+e d the payR~ee~t and ~ge he~eof any of ihe parties liable for the payment hereoi shall be then directly or continge~tly IwWe to the Bank as Make., endwse., w~ety, gua?antv w aocw*~nwdat~w? Da«Y ot any other note, drah, bitl oi exchange, or other instrument, or otherwise, and the Bank may the.ealtn e,ce.c~ a1~ +ghu +w+tt? respect to sa~d Coflate~al ~ q~anted herein even though this Note shall have been surrendered to the Maker. ~ If the Bank deems ~tselt insecure or upon the happemng of any of the follow~ng events, each of wMi~h stwN rn~st~[ute a de~ae.!~. ats ~~aDd.[+es of ~d+ Makd to ~ rhe Bank, ~ncluding ihe entire. unpaid prinupal of this Note a~d accrued interest, less any unwrned interest and any mmest w+ e:oess ot cne ma:r*wrt~ slbwed i~y law and a~y rebates required by law, shall imrt~ediately or thereafter, at the optwn of tAe Ba~Jc, ezoept thai tt?e occv?rt~ce af ~cl o. Id1 shaN ca~ue automat- ~ ~c accelerauon; without not;ce or demand, become due and payable= (a) the failure of any Oblgw to pe~form any oblgat.on,lab~++t11 0• ciarn to Me Bank, to pay ~.~cerett hereon within lOdays after it ~s due, or if there is no due date, after it is b~lled w otAerwise requested o. dernarded, a ta par ~y o~+er 1~ab~t~cY wtwt- s~ever to the Bank when due: (bl the death of any individual Oblgor, the dissolution o~ any pa?tnersh~p Obligor or cAe d+uoiut~w+. m~ge~ w aonsd~fatwn witA- r~ nu[ ihe Bank's priw written consent of any corporate OWigw: (c) the filug oi a petition in banic~uptcy or Me ad~ud~c~t~on of .r~solvency or pankruptcy unde~ ~ny reorganization, arrangement, read~ustment of debt, d~uolution, liquidation or s~milar prooeedin9 under any Federa! o. snte st~tute, bY o. a9a~nst any ~ Obl~gor: (d) an application for the appo~ntment ~t a receiver tor, or tht making of a general assgnmer?t to~ the ber~efrt of oed~to~s b1r, ar+y Oblgor: (d tAe e~try oi ~udgment against any Obligor; (f) the issuing o( any attethment or garnishment, or the tiling o( any IiM. agamst atty p?opertY o' an~ Ob~gw: l91 the tak~rg o( possession of any wbstantial part of the property oi any ObHgw at the ~nstance oi any governmental au[haity; (h) che decrm,~a;~n btt t1+e Bank tlwt a mater~ ~I adverse change has occurred in the financial condition of any Oblgor from the co~ditions set fo~th in the mos[ ~ece~+t t+:ajnc~+ uaczmc+~t o~ we++ OW~gor nerecofwe fumished ~o the Bank, or from the condition of wch Obligor as Aeretotore most recen[ly dndosed to [fie Br~t, o• ~*.a; any awrranty, rep~esa+ac~on, i ~ cert~ficate or statement of arty Obligor (whether contained in this Note or nod pertam~ng to or i~ con~ection Nnth thn Nore o~ .!+i foan ev+de~ced btr M~s Nate F~ contai~a an untrue statement of material tact o. omits to state material fact necessary in o.de~ to make the saterr~n ~r~abc nOt malE~drf9: O~. (~1 d~e azs~9n- ment by any Maker of any equity in any of the Collateral without the p~~or written consent ot the Bank_ ~ The Bank shall have, but shall ~ot be lim~ted to, the tollowing rghts, eath oi which may be exe~caed at arW twne Mhethr or noc d+n Note ~s due= li) to ~ piedge a transie~ tliis Note and the Collateral aod the Bank shall thereupon be relieved of all duties snd r~ponsiblrt~es AereunOe~ xd rN~ered from arry and all ~ I ~ablhty with respect to anY Collateral so pledged w transferred, and any pledgee or transferee shall for all pu~po~a stx+d tAe P+:s of Me Bank Ne?a+^de* a~d ~ have all the rights ot the Bank hereunde~: (ii) to transfer ~he whole or any part ot the Collateral into che nsme of ~rsets ur ~a noerunee: 1...1 to wtt the Col~ateral: 1~v) to notify tM Obl~ors oi any Collste?al to make payment to the Bank of any amounts due or to bccon+e due Me*eo++: Iv1 w de.r~and. sue ip, collect, o~ make any comprowws~•a set~ltmsnt.it~eems desirable with reterence to the Collataal; and (ri) to iske possess+o~? w co~ad o1 ar+1l O~~ ~~~tK~. :s xg ~ *~~x~ ~~111~TI~CEa SEE O'THER SID~E FOR MPORTAN~NFORMATtO~~ iLS sui~S. F BS 752 Rev. 7/77 _r ~ Gi~R ' _ ~ _ ~ . ~..,.r_ _ _ - . - _ _ - . _