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Home My WebLink About0128 INSTALLMENT PROMISSORY NOTE TURTLE REEF IISSOCIATES, INC.* (A) Amount Rtc~ived s~Q~0.00 BANK NAME 18) Pr~mium /o~ Cr~dit ~e P. 0. 60X 618, JENSEN BEACH, fL. 33457 ur./a~o~rh i~:. s (C) Doturr~~qry Stamps sa~ne OFFICE AODRESS (D) OthK CharqK (~temi:el =~r~ lEl S~Q NOTE NO, pATEO: ~r lO. ,1977 . ~F~ se~Il~ tG) Amount Financed D:IE: ~C~er 21 ~~g~ _ (A, B, C, D, E, F) S~3Q.~ 1N1 Interest s 83B_FO PLACE: , FLORIOA (ll C~edit Invtstigation SQQj~~ IJI Other s QQtiL Fo~ value rece~ved, the undersigned Ihe~e~naf ter called "Nlake~'7 jointly snd sevaally (if ~K) s aQ~~ more than on~) promise to pay to the order of the Bank, at its o(f~ listed abovs, the Toal of Pa mentslirom tNl at ri ht1 ot ~8.~ ~ t~) s~~ Y 9 Dolbrs psYeble in eyual monthly insta~~ments ot S 6•81 , the lirst ~M~ FINANCE CHARGE 8~~~ Jan Z K. u s ~ns~allment due on • , 19„ a~d subsequent i~stallments due on (N) Totsl of Psymsnts (G + M) S~~.6a ~ne ~i day of sach month [hareatter, cc9e~ne~ w~~n s F~Ne?~ ea~loOH PAVMENT OF: ANNUAI PERCENTAGE RATE _iQ.QS s ~E oe~---------- . ~9---- The Ba~k shall impose a delinquency charge aga~nsi the Maker on a~y payment which Aas become due and ramains in de(au~t for a pe.iod in axcess o( 10 c!ays m a~ amount equai to r'J~ oi tne amuunt ut ti~ F+~n~:~Ga1 Rert ot i~~¢ ~:ya.~nt irt d8tauft. !n iha tverst that the Note is not paid in full at maturiry, all pay- rr,e~is, whether principal, interest or otherwise, shall bear interest at the maximum legel rate allowsd under the laws of the State ot Florida. All payments msde , he~euntfer shall be credited first to interest a~d then to p~incipal, however, in the event ot detault, the Bsnk may, in its sole diu~etion, apply any payment to ~nte~est, principal andlor lawful charges then accrued. It is the intention oi the parties hereto that the provisions herein shall npt provide directly w indirettly t;~r che payment of a greater rate of interest or the retention ot any othe. charge tAa~ is allowed by law. If, for any reason, interest in excess of wch 1e9a1 rate or e charge prohibited by law shall at any time be pa~d, any wch exceu zhall tither constitute and be aeated as a payment on ths principal o. be retunded directly ro the AAaker. The Make: may prepay the em~re unpaed balance of the loan at a~y time. II the loan is prepaid i~ tull, accelerated o. refinanced, ihe Maker sha11 receive a : efund oi the unearned poraon of the mterest and msurar+ce premiums computed by the Rule oi 7$'s method, except that the Bank shall be ent~tled to retain ~ m~mrtwm interest charge of ~.00. CREOIT tlfE AND CREblT LIFE & DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT Such ~nsurancecoverage is a+va~lable at the cost designated below for the teim of the credit: (a) S (or Credit Life Inw.ance (b) S tor Credit life & Disabilrty InsuraaCe: Cneck ? Credit Lite tnwrance ~s desired on the life ot aPp~ Birthdate Box ? Credlt Lrfe & O~sabihty Insurance ~s des~red on ~ Birthdate " ~ Credit Life andlor D~sab~lity Insurance is not des~red. ~~te Gece~ber 10, 1977 s~s~,~~e ' ~ , F~ank . l~a~y Sig~ature ~ • ~G^-~-e - As secu.ity (w the payment o~ the Note the Maker hereby grants to tAe Bank ~ ~r Wlowirg property: ~vi ~ ia~•~+ps+ ie T~rtle Repf _efld I. Recorded on 0 R~k 263,, P~ge 2002... itnit keek 48 1n Ce~d_ ~-29 Ant_ !in_ 0-29 ss ciaec~iho.1 in c~~r1 snrt~pg= ~ e--• • - ° - - ~r.clud~rg alI ~ntreases, subst~tutions, replacements, additions and atceuions thereto and i~ the proceeds thereo( (hereinafter called "Collateral"1. This feturity ~ ~2erest shalt also secure any other indebtedness or liabil~ty o/ [he Maker to the Bank direct or indirect, absolute or con[ingent, due or to become due, now ex- ~st~ng or hereatte~ aris~ng, includ~ng all future adva~ces a loans by the Bank to the Maker. The Bank is also g~ven a I~en and a security interest in all property and securities of the Maker, endorser, surety, guaranto? or accommodation party oi ihis Note (hereinafter reterred to as the "Obligo~i'1, now m o. at any t~me hereaher com~ng inro the control, custody or possess~on of the Bank, rvhether for the ea- P~essed purpose of being used by the Bank as Col~ateral, or for any othe~ pu,pose, and upon any balance or balances to the credit of any accou~ts, including rust and age~cy accounts malntained withtAe Bank by any oi the Obtigors, and the Obligors agree to deliver to the Bank additional Collateral w make such navments in reduction of the principal amount o( the Ioan as shall be satisfactory to the Bank, in the event the aforeme~tioned Collaterat shali deciine in vaiue o~ become unsat~s/actory to the Bank. Addrt~ons to, reductions or exchanges ot, or subst~tutions ~or the Collateral, payments on a~count ot tAis Ipan w~ncreases of the same, or other loans made par t~ally w wholly upon the Collateral, may from time to tirne be made w~thout a(fecting the prpvisions ot this Note. The Bank shall exercix reasonable care ~n rhe custody and preservation oi the Cotlateral to the extent required by applicable statute, and shalf be deemed to have ezerused reasonable care if ~t takes wcA acc~on fw that pu.pose as Maker shall .easonably request m writmg, but no om~ssioo to do any act not requested by Maker shall be deemed a failure to exercise ~easonable cart, and no omission to comply with any request of Maker shall ot itsel( be deemed a failure to exercise reawnable care. Bank sfiatl not be bound to rake any steps necessary'to prese~ve any nghts in ihe Collate~al aga~nst pno? parties and Maker shalt take all necessary steps for such purposes. The Bank or its ~ommee rked not colJect inte~est on, or a princ~pat oi, any Collate~al or give any notice with respect to it. The Bank may contiwue to hold any Collateral deposited hereundar after the payrt~ent o~ Mis Note, it at the tirr~e of ihe payment and d~sd~arge herepf any ot ;he parties liable for ~he payment hereof shall be then directly or contirgently liable to the Bank as Maker, e~dorser, surety, guarantor or accommodation party of a~y other note, d~aft, bi11 of exd~ange, w othe~ mstrument, or othervrise, and the Bank may the~eafte. exe?cise all r;ghts w~th respect~to said Collateral q~anred here~n even chou9h chis Note shall have been surrendered to ~he Maker. If the Bank deems itseli insecure o~ upo~ the happemng of any of the tollowing events, each of which shall cons[imte a default, all I~abilitres of each Maker to the Bank, includir?g the entire unpaid principal of this Note and atcrued interest, less any unea~~ed i~terest and any i~terest in exCeu oi the maximum allpwed ~v and any rebates required by taw; shalt irtwr~ediately o~ thereafter, at the option of the Bank, except thar tl?e occurrence c! (c) w Id) sha11 cause au[omat- ~c accelerat~on; w~thout notice or dart?and, become due and payable: (a) the failure of any Obligor to periwm any obligation, liability or claim fo the Bank, to pay ~nterest hereon w~thin'lOdays after it is due, or it there is no due date, after it is b~lled or otherwise requested or demanded, or to pay any otha tiability what- s~ver to the Bank when due; (b1 the death of any individual Obligor, the dissolution of any partnersF~ip Obligor or the dissolution, merger or oonsolidat~on with- c,uz the Ba~k's prior written conse~t of any Corporate Obligpr; (c) the filing of a petitio~ in benkruptcy or the adjudiWtion of insolvency ot bankruptcy unde~ <~ny reprga~itation, arrartgement, readjustment oi debt, distolution, liquidation or similar proceed;ng under aml Federal or state statute, by or aga~nst any Ohi~gor; (d) an application for the appointment of a receiver lor, or the making oi a geneial assignment fpr the benefit of creditws by, a~y Oblgor; (e) the entry of ~~Mt any Obligor; (i? the iswing of any attachment or garnishment, or the filing of any lien, against any property oi any Obligor; (g) t1?e taking of possession of any wbstantial part of tha property of any Oblgw at the instance of any govtrnmental authority; (h1 the determir?ation by il?e Bank that a materi- a1 adverse change has occurred in the fina~rcia~ cond~tion ot a~y Qbtigor ~,wn the conditions set tath in the most recent financial stacemene oi wch Obligo. heretofore furnished to the Bank, or from the cortdition ot wc.h Obtgor as heretofwe most recently disdosed to the Ba~k, w that any warranty, representation, cert~ficate or statement of any Obligo? (whether contained i~ this Note or notl pertaining to o? in connection with tAis Note or the toa~ rvide~oed by this Note conta~ns an unt~ue statement of mate?ial fact or omits to state matarial fact necessary in wder to make the statements made ~ot m~st~ad~rg; o~, (il the ass~gr?- ment by any Maker of ar?y equity in any of the Collaterat wrthout the priw written consent of the Bank. The Bank shatt have, but shall not be limited to, the following rghts, esch of which msy be exercised at any time whether w not this Note is due: (i) to p~etSge or transfer this Note and the Collateral and ths Bank shall thereupon be relieved of atl duties and refponsibilities hereun0er and reliered trom any and aU ~~abitity vinth respect to any Collateral so pledged or transfer~ed, and any piedgse or transferee shall lor all purposes starxf in the p1aCe oi the Bank hereunder snd have all the rights of the Bank hereunder; (ii) to transfer the whole w any pa?t of the Collateral into the nsme oi itself or its nominee; (~ii) to vote the Collateral; f rv) to ratify ?he Oblgors of a~y Colyter~l to make psyme~t to the Bsnk oF a~y amcunn due w to become due thereon; (v) to demand, we fa, cdlect, or make any compromise o~ settlement it cl~ems desirat~fe ~rith ret~rence to the Cotlateral; and (vi) to uke possstsion or control of any proceeA~ of Collateral. *"BAl~lK" as used hereln wean's lY~t)~ Reef Associates, Inc. and/or its asslgns NOTICE: SEE OTHER SIpE FOR IMPORTANT INFOAMATION O R ~ q , FBS ~52 R~~. BOOi~ 1 PACE 1(.7