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Home My WebLink About0136 ; ~ ` iy~ INSTALLMENT PROMISSORY NOTE TURTLE R~~F ASSI?CIAT~S~ INC. • te?~ Amount Receivsd s36qt.~ BANK NAME (B) Premium for Credit P. 0. 8AX 618, JENSEM BEACH# FL. 33457 ~~r.~o~~b~i~~Y s~ Icl oocumenta?y siamp: S OFF~CE AOORE55 (D) Oiher Charqts litemiz~l S Dec, 5 77 ~E~ s noe~e NOTE NO. OATED: . 19-• (F) S IGI Amou~t Financed December 16~ ~g 8~_ (A, B, C, D, E, F) S i~~ DiJ E: (M) Interttt S-~~ ~ P~ACE: , FLORIOA Cndit Invesugation S A~~ U) Other S n~~ For value rece~ved, the unde~s~gned lherei~atter callad "Maker") joinlly and severalty lif s n~ more ihan o~e) prom~se to pay to the ord~r of the Bsnk, at its oltice listed above, the Totsl of Payments (t~om (N) at .ight) ot Do~~ars payable in (L) S A~~ IMI FINANCE CHARGE ~ • ec;uat monthly installme~dn S . the tint (H, I, J, K. l) S ~ ~nstallment due o~ , 19_, and wbsequent ~nstallments due o~ (N) Total of PaYme~ts (G + Ml S • cne 16tlaay ot each mooth tnerea~ter, eo9ecner wi~n ~ Fituat ea~~ooN PnvMENT oF: ANNUAL PERCENTAGE RATE 1• % s ~'isNE ~uE . ~s--- The Bank shall impose a del~nquency charge against the AAaker on any payment wh~ch has become due and remains in default fo~ a period in excess oi lO ~fays in an amount equal to 596 of the amount oi che pr~nc~pal part of the paVment in default. In the eve~t that the Note is not paid in (u11 at maturity, all pay- ments, whether pr~ncipal, interest or othsrwise, shall bear interest at the maximum legal rete atlowed under the laws o~ the State oi Florida. All payments made hereunder shall be credited first to interest and ihen to p?inCipal, however, in the event of default, the Bank rtwy, in its sole discretio~, spply any payment to ~~,cerest, prinupal and/or lawful chargef the~ attrued. It ~S the intention of the parties hereto that the provifio~s herein shatl not provide dirEttly or indirectly r~~ the paYment oi a g~eater rate of interest or the retention ot any other charge than is allowed by law. If, for any reason, i~terest in exceu of wch legal rate or charge ptohibited by law shall at any time be pa~d, any wch extess shall either constitute and be treated as a payment on the prinCiR;.I or be retunded direttly ro the Maker. The Maker may prepay the ent~re unpa~d balance of the loan at any time. If the loan ~s prepaid in futl, accelerated o. refinanced, the Maker sha11 receive a • efund of the unearned portior o1 the ~n[erest and insurance premiums computed by the Ru~e of 78's method, except that the Bank shall be entitled to retain mimmum interest charge of ~1.(1~. CREOIT LIFE ANO CREDIT LIFE d~ OISABILITY INSURANCE ARE VOLUNTARY ANU NOT REUUIREU FOR CREDIT. Such inwrance coverage is a~adable at the cost designated below for the term of the c~edit~ (a) S fo? Credit Life Insurance (b) S _ tor Credit Life d~ Disabil~ty Insura~ce~ Cneck ? Credit Life Inwrance ~s des~red on the Ifie of qP~~~ Birthdate ~ox ? Credrt Life & Disabihty Insurance is desi~ed on Birtlidate Credit l~fe and/or D~sability Inwrance n oot desired. ~~te December 5, 1977 s,9„at~,e ~J A ~ C S~gnature • . As securi~y fw ihe payment oi ihe Note the Maker hereby grants to the 8a~ a security interest ~n the owi proper[y: i nterest i A Turtl e Re~t ~d. I, itecoMefi 1 n 0. R. Book 263, Pa "~1002. Un t Me~ c n Cc~ad. D-4, Aat. ~o. D-4. u described ia said ~artwge. ~ ~ncluding alI increases, substitutio~s, replaceme~ts, additions and acceuions thereto and in the proceeds thereoi Ihereinafter calted "Coltateral"1. Th~s secunty ;ncerest shall also secure any other indebtedneu w liability of the Maker to the Bank d~rect or indirect, absolute o~ contingent, due or to become due, now ex- ~ ~s~~ng or he?eafter arising, including all future advances w ~oans by the Bank to the Maker. t ~ The Bank is also g+ven a I~en and a security i~terest ~n all property and secu?ities of the Maker, endorser, surety, gua~antor or accommodation parcy of this ~ ~:ote (here~nafte? referred to as the "Obligo.i'1, now in w at any t~me hereafter com~ng into the rnnirol, custody or possess~o~ of the Bank, whether for the ex- { aressed purpose of being used by the 8ank as Collateral, w for any other purpose, and upon any balance or balances to the cred~t of any accounts, includ~ng ~ r-ust and agency accounts mainta~ned w~ththe Bank by any of the Obligors, and the Obligo.s agree to deliver to the Bank addiuonal Collateral or make such payments in reduction o1 the pr~ncipal amount ot ~he ~oan as shall be satisfactory to the Bank, in the event the aforement~oned Cotlateral shall decline in value ~ ru become unsatis~actory to the Bank. Add~t~ons to, ~eductions or exchanges of, or substituaons tor ~he Collatera?, payments on account of this loan or ~ncreases oi the same, or othe~ toa~fs made ~ n;~~ ually or wholly upon the Collateral, may from time to time be made wrthout a(fecting th2 provisions of this Note. The Bank shall exeruse reasonable care in ~ ~ne custody and preservation ot the Co~latera~ to tl~e extent reqwred by apptitable statute, and shall be deemed to have e,:ercised reasonable wre if it takes such ~ 3cc~on for that purpose as Maker shall reasonably reyuest in writ~ng, but no om~ssion to do any xt not requated by Make. shall be deemed a tailure to exercise ~ •easonable care, and no om+uion to comply with any request of Maker shal: itz~lf be deemed a failure to exercise reasonable care. Bank shall not be bound to ~ake any steps necessary to preserve any nghts m the CoNateral agamst prior parties and Maker shall take all necessary steps ~or wcA purposes. The Bank or its ~ nom~nee need not collect interest on, or a principal of, any Collateral or give any notice with respect to it. The Bank may co~tinue to hold any Collateral depos~t~! hereunder atter the payrt?ent of this Note, if at the time ot the payment and discharge hereof any of ~ ~he parties 6able fo~ the payment hereof shall be then direcdy o? contingenUy liable to the Bank as Maker, endorser, wrety, guarantor or accommodation party uf a~y other note, draft, bill ot ezchange, or other instrument, or othe.wise, and the Bank may thereafter exercise all rights with respect to said Collaterel ~ u~anted herein evet? though this Note shall have been wrrendered to the Maker. ~ 4 ~ I! the Bank dcems itself insecure or upon the happening of any oi the following events, each of which sFwll constitute a de(ault, all Iiab~lit~es oi each Maker to >i,e Bank, includirg the ent~re unpaid prirxipal of this Note and acc~ued interest, leu any unearned interest and any interest in exceu of the maximum allowed ~ by law and any .ebates required by law, shall imrtrodiately or thereaiter, at the option of the 8ank, except that the occurrence of (d or (dl shatl cause automat- ;s ~c accelerauon;without notice or demand, becomedue and payable: (a) the failure of any Obligor to periorm any obligation, liability or claim to the Bank, to pay ~~terest hereon within lOdays after it is due, or if the?e is no due date, aiter it is billed a utherwise requested or demanded, w to pay any other liability what- " s~ver to the Bank when due; (b) the deeth of any individual Obligor, the diuolution of a~y p2rtnersh~p OWigor or the diisolution, merger w Co~solidatlon with- out the Bank's prior written consent of any corporate Obligor; (c) the filing of a petition in bankruptcy w the adjudication of insolvency or bankruptcy under ~ .~ny rewga~izatio~, arran~ement, read~ustment of debt, dissolution, liquidation or similar p?oceeding under any Federal or state statute, by or against any Gbl~gor; (d) a~ applicatiw? for the appo~ntment of a receiver fw, or the making of a general assignment for Me benefit of creditors by, any Obligor; (e! the entry of ~udgment a9ainst any Obligor; (fl.the iuuing o~ any attxhment or garnishment, or the filing o1 any fien, agai~st any property oi any Obligor; (gl the taking of ~ possession of any substantial part of the property ot any Obligo? at the instance oi any governmental authoriry; (h) the determmaUOn by the Bank that a materi- al adverse change has occurred in the financial condition o~ any Oblgor (rom the conditio~s set fwth in the most recent f~nancial statement of wch OWga ~A neretofore fur~ished to the Bank, or irom the condition of wd~ Obligor as heretofwe most recently disdosed to the Bank, or that any warranty, representation, ~ certificate or stateme~t of a~y Oblgor (whether co~tained in this Note w not) pertaining to or in connecta~ with this Note o~ the loan evidenced by this Note ` contains an untrue statement of material (act w omits to state mau~ial fact necessary in order to make the statements made not mislead~ng: o?, (i) the aui9n- ment by any Make~ of any equity in any oi the Co~lateral withoui the priw writte~ consent ot the Bank. ~ The Baok shall have, but shall not be limited to, the following rights, each of whid? malr be exerc~sed at any time whe~her or not this Note is due: (i) to pledge a transfer this Note and the Collateral and the Ba~k shall tAereupon bt relieved of all duties and responsibilities hereuncSer and relieved from any and all ~ ~~ability with respect to any Col{~tlr~l so ptedged o~ tra~sierred, and any pled~jee or transteree shall for a~l purposes stand i~ the place of the Bank hereunda and ~ ,ave aU the ri9hts of the Bank I~reunder, (ii) to tjarqfw th~ whole or a~y part of the Collatersl into the name ot itselt or its oominee; (iii) to vote the Collateral; z;~ !~vl to nosify the Obligors o~ any CoNatwsl to rtt~ke p~yment to che Bank of any amounts due or to become due thereon; (v) to demand, we fw, collect, or make any comWom~se or settlement it deertu desireble'with nierence to th~ Collateral; and (vi) to take possession or control ot any proceeds of Collateral. *"BAAUK" as us~ed btnetn ~aas Turtl• Reot Associates, Inc. a~1or tts assiqns. NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION E~~~28~ PACE - F BS 752 Rev. 7!77 ~z w~: _ a v~_ . _ _