The URL can be used to link to this page

Home My WebLink About0144 INSTALLMENT PROMISSORY NOTE TURTIf RE~F ASSOCiaTES~ Il~C. w AmouM Rectrv~d s 3~i"v,u~ . BANK NAME ~ (8) Premium lor Credit 1if1/0isabilety Ins. S~L P: G~ ~nX f+1~3s ~1~~1~1 t~~ACHt FL. 33457 ~c? Docurn~ntarv Stamps s.pppe OFFiCE AOORESS (0) Oth~r Ch~rges (~iem~te) S J~,(~~ ~ E? s non~ r~OTE NO. OATEO: HOV. 30 ,~g , (F~ s ~0~4 D@C . 11 , 19 S~ (GI IA Bu t;,FO, E, ~Fdl S 7~J4O.MI DUE: IH) Interest s~~. F~qCE: , FLORiDA (l) Crsdit Invesu9auon s~I1~ (J) Other s f1p11e For value rate~ved, the unders~gned (heteioalter Cal(ed "Makar") ~ointly and ssrerally Iif (K~ s e~~ more ihan ons) prom~se to pay to th order oi the Bank, at its office listed above, ~Tjotal ot Payments Iirom (N) st ?ight) of ~Il s~~•~ pollars payable in~"' S~~ euual mo~thly i~stallmentt oi $~•65 , tne t~r:t (MI FINANCE CHARGE (H, 1, J. K. LI S~Z~.~ ~ns[allment due on Jan I1 , ~g , and wbsequent installments due on I l+ti (N) Total of Payments (G + M) S~~grJ~.~ the ~d8y o( exh month thereatter, together with a FINAI BALIOON PAYMENT OF: qNNUAL PERCENTAGE RATE _ IO.~ % 5 _ ~ DUE - - ~ , 19--"-~ The Bank shall impose a delinquency charge agai~st the Maker on a~y payme~t which has become due and ramains in detault ta s period in exceu ot ~O days in an amount equal to 596 0( the amount ot the principat part ot the payment in default. Irr the event chat the Note is not paid in full at maturity, all pay- men[s, whethe? principal, interest or otherwise, sAall bear interest at the maxirtwm legal rate allowed under the laws o~ the State of Florida. All payments made hereuntler shall be credited first to interest a~d then to principal, however, in the event o( default, tha 8ank may, in its sole diuretion, apply any psyment to ~nterest, pri~?Cipa1 and/or tewrful char9es then actrued. It is t1~e i~tention of the perties hereto that theprovisions herein shall not provide dirlctly or indireCtly for the payment of a greater rate of Inte~est o~ the retention of any other charge than is allowed by Iaw. It, for any reason, ~nterest in excess of wch legal rate o~ :s charge p~ohib~ted by law shall at any time be paid, any such ezceu shall eithe? constitute and be treated as a payment on the principal or be retunded direcily co rhe Maker. 7he J1Aaker may pae~ay ehe ent~re unpaid t>alance ot rhe loan at any tirt?e. It the loan is prepaid ~n ~ull, accelerated or refinanced, the Maker thall receive a -er~nd o( the unearned por[~on of ihe ~n[erest and inwrance premiums computed by the Rule ot 78's method, excep~ that the Bank shall be ent~tled to retain m~nir~wm inter~t tAarge of ~j.~, CREDIT LIFE ANO CREOIT LIFE d~ DISABILITY INSURANCE ARE VOlt1NTARY AND NOT REQUIRED FOR CREDIT. Suth insurance coverage is ava~lable at the cost desi9nated below tor the term o( tAe c~edit: (a1 S fo? Credit Lite Inwrance Ib) S fo~ Cred~t Lite d~ Oisability Insurance: Check ~ Credit Life Inw~ance is des~red on the fite of `~p~~~ Birthdate Box l~ Credit Lite b Disab~lilY ~~surance is desired on BitliK3eie ~ Credit L1fe and/or D~sability Insu~ance is not desired. . ~3te NOV. 30, I977 Sigrt,aturg ~ i 1'. $ignatur i As setu~ity fo? the payment o~ [he Note the Maker hereby grants to tF~e Bdll~ ~ i !1 lawit~g pro rty Y intdr~nc ~ i r- Tsr-~ ia ~ei n.,~ p~ Q ~ ~ ~~?1 p~~ Ut17 t CS and 3T in-t:~d. a 1?~., ARL. Mo. n-18, as_..des~*'~~ ~n ~fd ~orlg~a~. :ncluding all increases, substitutions, replacements, additioiu and attessions thereto and in the procceds thereof (hereinafter called "Colla[eral"1. This se~urity ;nte~est st~all also secure any other ~ndebtedneu w liabil~ty of the Maker to the Bank direct or indirect, absolute or contingent, due or to become due, now ez- ~sung or hereafter aris~ng, ~ncludinq al? future advances a loans by the 8ank to the Nlaker. - The 8a~k is also qrven a lien and a secu?ity ente~est in all property and seCUrities of the Maker, endorser, wrety, guarantor or accOmmodation party of this 'Jote (hereinafter referred to as the "Obi~gori '1, now m or at any time he~eafter coming ~nto the tontrol, custody or possession o~ the Bank, whether tor the ex- p-essed pwpose oi being used by the Bank as Collateral, or fpr any other purpose, and upon any batance or balanca to rhe credit of any accounts, includ;r~g !~usr and agency accounts ma~ntained mththe Bank by any of the Obligors, and the Oblgors agree to deliver to the Ba~k additional Collateral or make such cayments in reduct~on of the principal amount of the ~oan as shall be satisfactory to the Bank, in the event the aforementioned Collateral shall decline in value o- become unsatisfactory to the Bank. Additions to, reduCtions or exchanges of, o~ substitutions ~or the Coilateral, payments on account of this loan o. increases of the same, o? other loans made pa~rially or wholly upon the Collateral, may from time to time be mada without affecting the provisions of this Note. The Bank shall exercise reasona6le care m !he custody and preservation ot the Collateral to the extent requ~red by applicabte statute, and thall be deemed to have exerc~sed reasonable care it it takes wch 3ci~on for that purpose as Maker sha11 reasonabtv request in w.rting, but no om~ssion to da any act not ~eqaested by Maker sliall be deemed a tailure to exercise ~easonable care, a~d no omission to comply with any request of Maker shall of itsetf be deemed a failure to exercise reasonable care. Bank shalt not be bound to ~ake any steps necessary to preserve a~y rights in the Collateral against prio. parues and Maker shall take alt necessary steps for such purposes. The Bank or its nom~nee r?eed not eollect interest on, o~ a principal of, any Collaterat or g~ve a~y notice with respect to ir. The Bank may continue to hold any Collateral deposited he.eunde? a~te? the paYR?ent of this Note, if at the ume of the payment and discharge he~eoi any of the parties liable for tl~e payment hereof shall be then directly or contingently Iwbte to the Bank as Maker, endorser, surety, guara~tw or accommodation party of any other note, draft, bill ot exchange, or other instrument, o~ otherwise, and the Bank may thereafter exercise ali rights with respect to said CoUate.al g~anted herein even chough [his Nore shall have been su?.endered to tbe Maker. If the Bank deems ~eself insecure o~ upon the happening of any of the ~ollowing events, each of which shall const~tute a default, all liabilities of each Maker to ; ne Bank, including the entire unpaid pri~c~pal of this Note and xcrued interest, less a~y unearned interest and any interest in exceu of the maximum allowed bv taw and any rebates required by taw, shall immediately or thereafter, at the option ot the Ba~k, except rhat the occurrence of or (d) shall cause autwr~at- +c acceleration; w+thout notice o?demand, becomedue and payable: 4a) the taiiure of any Obligor to pe?form anV obligation, liab~lity or ~laim to the Bank, to pay ~n~erest hereon within 1Odays after it is due, or ii there is no due date, after it is billed w otherwise requested or demanded, or to pay any other tiability what- sxver to the Bank when due: (b) the death ot any individual Obligor, the d~uolution o~ any partr?ership Obfigor or the dissolution, mergerw opnsplidation with- out the Bank's prior w?itten consent of a~y corporate Obligor; (c) the liling of a petitipn in banktuptCy or the adjudiCation of insolventy o? benkruptCy under any reorganization, arrangement, readjustment of debt, diuolutio~, liquidation w similar proceeding under any Federal w state statute, by or against any Onl~gor; (d) an applicatio~ for the appointment of a receiver tor, or the maki~g ot a ger?eral assignment for Me benefit of credrrws by, any Ob~igor; (e! the entry of judgment agairlst a~y Obligor; (f) the iswing oi any attaChment or garnishment, or the tiling of any lien, against any property of any Obligor; (g) the takin9 of passessio~ of any substarttial part of the qoperty oi any Obligor at the instance of any governmental authority; (h) the determination by the Bank that ~a materi- al adverse change has pccurred in the tin~tiaf ConditiOn ot any Obligpr irom the conditions set fOrth in the most retent financial starement ot wch OWigor he~etofwe furnished tp the Bank, or from the condition oi weh Obligor as heretofore most rece~tly disdosed to the Bank, or that any wa~ranty, representation, certificate o? statement oi any ObLigw (whether contained i~ this Note or not) pertaining to or in connection with this Note w the loan evidencrd by this Note tontairK an untrue statement of material (act or omits to state material f3tt neCessery in or~r to riiake the statements made not misleading; or, (i) the assign- ment by any Maker of arry equicy in any of the Collate~al witAout the prior vrri[ten consent oi the Bank. The Bank s1w11 have, but shalf not be limlted to, the following rights, each of which msy be exerused at any time whethe. or not this Note is due: (i) to pledge w t~ansfer this Note and the Collateral a~d the Bank shall thareupo~ be relitv~d of all duties and responsibilities hereurxfe? and retieved from a~y and ail liab~t~ty with respect to any Collateral w pledged w i~ansferred, and eny pledpee or t~ansferee tt~e11 ior al! pyrppses stand in the place oi the Bank hereunder and have all the rigF~ts of the Bank hereunde.; (ii) to transter the whale or any psrt ot the Collateral into the name of itself or its nominee; (iiil to vote the Collateral; I~v) to notify the Obligors oi a~y Collate?al to make psyment to th~ Bsnk of any amounts due or to become due chereon; (v) to dernand, we fw, collect, or make any compromise a settleme~t it deerr?s dairaWe wi1A ref~rence to ih~ Coflateral; and (vi) to take possession w contro! of any proceeds of Collate~at. *'B~Ai1K'' as used i?ere~n neans turtle Reef Associates, Inc. and/or its ~s~i ~ NOTICE: SEE OTHER SIOE FOR IMPORTANT iNFORMATtON gCOK~r~~ PACE ~Z~ F85 752 Rev. 7/77