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HomeMy WebLinkAbout0120 ~ c, 'S'*~ INSTALLMENT PROMISSORY NOTE TiIRTLE REEf IATFSa ING (Al Amount R~ceiv~d s a~2~`7~~ BANK NAME (8) Premium to~ Crsdit ~O~ Lil~/pisability Ins. S P~ N4X 618, ~IENSf~1 BEACN, FL 33457 - ~c~ ~ocurt~ntary Stamps S ~ OFFICE AODRESS (DI Other Charges (ittmize) S ~re . ~E~ s ao+~e NOTE NO. OATE~: DeCelllbel" ~J , 19~. (F) S IG) Amount Financed ouE: December 16. ,19~. ~A, e, c, o. E. F~ s a~•~ IHI tnterest S • PLACE: , FIORIDA Cr~dit Invesugatron S ~ IJI Other S ~ For value rece~ved, the unders~g~ed (hereinafter wllsd "Meker") jointly and severally (if (K) S ~e more than one) prom~se [o pay to ~h order of the tBAank, at its affice ~isted above, the~ Totsl of Payments (~rom (N) at right) of 13 I3j • RI pollars payable in ,_l,f~![_ (LI S eciual moo~hly instailments ot S~ •~3 , tne (irst ~MI FINANCE CHARGE ~~~5~.6~ (H, I, J, K, L) S ~nstallment due on 1dI1 _ 16 19~$, and wbsequent instatlments due on (N) Totat of Payments (G + M) S ~ne_~GaV of each month thereafter, together w~th s F~NA~ BA~LOON PAYMENT OF: ANNUAL PERCENTAGE RATE % 5 ti~~ DUE x •19~-. The Bank shall impose a de~~nquency charge against the Maker on a~y paY~+ent which has become due and ~emains in default lor a period i~ exoau of 1~ days ~n an amount equa! to 596 0~ the amount of the prinupal part of the payment ~n default. In the event that the Notc is not paid in full at matu~ity, atl pay- men[s, whether pri~cipal, inceres~ or otherwiu, shall bear interest at the maximum legal rate allowed unde+ the laws of the State of Florida. All payments made he.eunder shall be credited (irst to interest and then to pnntipal, however, in [he event of default, the Bank may, in its sole diure~ion, apply any payMent to ~merest, pr~nupal and/or lawtul chargos then accrued. It ~s the intentio~ of the pa~ties hereto that the provisions herein shall not provide directly or indircttly tor the payment of a greater rate o~ interest or the retention oi any otner chargg than is allowed by law. If, tor any reason, interest in exCeis ot suth legal rate or a charge prohib~ted by law shall at any time be paid, a~y wch excess shall eithe. constitute and be treated as a payment on the principal or be refunded directly ~o the Maker. The Make~ may prepay [he ent~re unpa~d ba~ance of the loan at any Ume. If the loan is p~epaid in (ull, accelerated or ret~nanced, the Maker shall r~eive a ~e~und oi the unearned poruon of the mterest and ~nwrance premiums computed by the Rule of 78's method, except that the Ba~k shall be entitled to retain a mmimum interest charge o~ gJ.~. CREUIT LIFE AND CREDIT IIFE & OISABILITY INSURANCE ARE VOI.UNTARY ANO NOT REQUIRED FOR CREDIT. Such ~nwrancecoverage is ava~~able at the cost des~g~ated be~ow fo? the ~erm oi the c.edit: (a1 S tor Credit Life Insurance (b) S for Cred~t Li(e & Disabil~ty Insurance: Check ? Credit Life Inwrance ~s desired on the 11te of ApP~ Birthdate Box ? C~edu Lrfe & D~sabd~ty Insurance is desired on Bnthdate ~ ~J C~edit l~fe and/or O~sability Insurance is not desired. /'"`-~l oa«: December 5. 1977 s~~,,,~e ~ ` . Signature tAt@/'u@SLtlii 1 a~ tQ tneyot ine •kC~~ Y~COf'~~~~R L~.a K.ur~ inlere~t~r~c.eid~~ Ler l..Y. A t•~s undn4~d f 1 K 3 P ~ A ~ . ii TI N Sa Cji9e ~ncluding all increases, substitutions, replacements, additions and access~ons the~eto a~d in the proceeds thereof (here~naiter called '"Collateral"1. Th~s secunty ~nterest sha11 also secure any other indebtedness or I~ability of the Maker to the Bank direct or indirect, absolute or conungent, due or to bxome due, now ex- ' ~sung w hereaiter a.ising, includmg all future advances w ~oans by tix Bank to the Make?. ~ The Bank is also glven a I~en and a security inte~est m all property and securiUes of the Maker, endorser, wrety, guarantor or accommodateon party of this Note Ihere~na(ter referred to as the "Obl~gors"1, now ~n or at any time hereafter ~om~ng ~nto the control, custody or posseu~on of the Ba~k, whether for the ex- p~essed purpose o~ being used by the Bank as Collateral, w tor any other purpose, and upon any balance or balances to the credit of any accounts, including trust and agency accounts main[a~ned vniththe Bank by anv o1 the Oblegors, and the Obligors agree to deliver to the Bank additionat Cotlate?al or make such payments in reduct~on oi the p.~nc~pa~ amount o1 the ioa~ as shfll be sat~sfactory to the Bank, ~n the ever?t the aforementio~ed Collateral shall decline in value ur become unsatisiactory to the Bank. Additio~s to, reduct~ons or exchanges of, or wbstitutions for the Coltateral, payments on account oi this ~oan or ~ncreases of the same, or other loans made ~ par[~ally or wholly upon the Collateral, may from time to time be made without affecting the provisions oi this Note. The Bank shail exeruce reasonable care in ihe custody and preservation of the Colla[eral to the extent reqwred by app~icable stacute, and shall be deemed to have exer~ised reaso~able care if it takes wch ~ ac[~on tor that purpose as Maker shall reawnably request m writmg, but no omission to do any xt not requested by Maker shall be deemed a failure to exercise ~easonable care, and no om~ssion to comply with any request of Maker sha11 of itseli be deemed a~ailure to exercise .easonable wre. Bank shall not be bound to cake any steps necessary to prese~ve any r~ghts in the Collateral against prior parties and Maker shall take all ~ecessary steps tor wch purposes. The Bank or its nom~nee rxed not collect mterest on, or a pnncipat oi, any Cotlateral or give any ~otice with respect to it. The Bank may cont~nue to hold any Collate?a! depos~ted hereunde. atter the payment of this Nate, if at the time of the payment and discharge hereoi any of the parties leable for the payment hereof shall be then directly or contingently liable to the Bank as Maker, endorser, surety, guarantor or accommodation party ~ oi any other note, d.af~, bill ot exchar?ge, or other instrument, or otherwise, and the Bank may thereafter exeruse all rights with respect to said Collateral g+anted herem even though this Note shalt have been wrrendered to the Maker. If the Bank deems ~tsell insecure or upon the happening of any of the following events, each of which shall constitute a default, all liabilitia of each Maker to the Bank, including the entire unpaid principal of this Note and accrued interest, less any unearned interest and any interest in exceu of the rt?aximum a~lowed ` by law and any rebates requ~red by law, sha11 imrnediately or thereafcer, at the op[ion of the Bank, excep[ ~hat the occunence o1 (c) o? (d) shall cause automat- ~c accelerat~on; w~thout not~ce or demand, become due a~d payable: (a) ~he faiture ot any Ob~igor to perform any obligation, liability or cla~m to the Bank, to pay " ~n~e~est hereon w~th~n lOdayt a~ter it is due, or if there is no due date, atter it is b~~led or otherwise requated or demanded, w to pay any other liability what- a; soever to the Bank when due: (bl the deatA of a~y individual Obfgor, the diuolution ot any partnership Obligor or the d~ssolution, merger w oonsoliclation with- ~ out the Bank's pr~or wr~tten consent of any corporate Oblgw; (c) the filing oi a petition in bankruptcy w the adjudication of insolvency o. bankruptcy under ~ any reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar p?oceeding und~r any Federal or state statute, by or against any~ ~ ~ Obligor; id) an applicat~on tor the appointment of a receiver for, or the making oi a general assignment (or [he be~efit of creditas by, any Obligor; (e) the entry of ~udgment against a~y Obligor; the isw~ng of any attachment a garnishment, or thv filirg of a~ryr lien, against a~Y property of a~y Obligor; (g) the takin9 0( ~ possession of any substani~al part ot the property of any Obligor at the instance of any governmental authority; (h) the dete?mination by the Bank that a materi- ~ at adverse thange has occurred in the finantial Condition of any Obligo~ irom the conditions set twth in the most recent tinanc~al statement oi such Obligo~ ~ heretofore turnished to the Bank, or from the condition of wch Obligor as heretofore most recently disclosed to the Bank, or that any warranty, representation, cert~ficate w statement o( any Oblgor (whether contained in this Note w not) Pertaining to w in connectan with this Note or the loa~ ev~denced by this Note contair~s a~ unt?ue statement oi material fact w omits to state ~naterial fact necessary in order to make the statemenls made not misleadinq; o~, (i) the assign- 3 ment by any Maker of any equity in any of the Collateral without iM priw written consent of the Bank. ~ The Bank,~hall have, but shall not be limited to, the following rigl?ts, esch of which may be exercised at any time whether or ~ot this Note is due: (i) to ,~'~s pledge o~ tralKtN this Note and,tlN~~'qllateral and the Bank shall thereupon be relieved of att duties and responsibilities hereunder ar?d relieved from any and all ~ I~ability with respsct to any Coll~teral " pledped w t.ansferred, arxf any pledyce or transieree shall (or aU purposes stand in the place oi the Bank hereunder and have all the rights ot the Bank hereu~; (ii) to transfe~ the whofe or any pa?t oi the Collate~al into the name oi itself or its nominee; (~ii) to vote the Collateral; ~ (iv) to notify the OWigws oi any Cotlatenl to make payment to [he Bank ot any amounts due or to becon?e due thereon; (v) to demand, we tw, cotlect, or make any comp~omise or settlertrcnt it deems desirable with reference to the Cotlateral; and (vil to take possess~on or control o~ any proceeds of Coltateral. ~ *`BAt~iK" as as~d b~i~ ~esas t~rtie Reef Associates. I~c. ard/or its ~ss~gns. NOTICE: SEE OTHER SIDE FOR IMPORTANT fNFORMATION ~O((~1 F~~i 119 Y.~' FBS 752 Rev. 7/77 • - " ;5::, v ' - ~ .ti - . . ~ . . 4 ~ ~ e,.,_..