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Home My WebLink About0152 INSTALLMENT PROMISSORY NOTE TURTLE REEF ASSOCIATES, INC.* ~a Amount Rec~~~a s~ ' BANK NAME (B) Pr~mium 10~ C«dit ui.ia~~i~N i~:. s~. P. 0. BOX 618 ~ JENSEN 6E~CN ~ FL. 33457 o«~~~~a~v stsmo: s OFFICE ADORE55 (0) Oth~? Chsry~s (it~m~td = December 30, .19 77 ~F? s ~ NOTE NO. DATE~: IG) Amount Finsnced ouE: Januarv 11 ,19 88 ~A, e, c, o. E. Fi s~,1~-~ IH1 Incerat S PLACE: , FLORIUA (~1 Cr~dit Imreshgauo~ S~d IJ? Other S ~y~ For valus raceived, the unders~gned (hereinsfter Wlled "Meker") jointly and swerally (ii (K) S more ihan one) prom~se to pay to the orde~eoi tM ~Bnsnk, at it: oifKe IistM above, the Toal ' ot Payments (from (N) at right) of ~31.7VV.w Dollars payable i~ s eyual moethly installments of S~5.~ , the I~r:t ~MI FiNANCE CHARGE Feb. 11 (H, 1, J, K, L) S 11~~-m ;ns~allment due on , 19_, and wbsequent installments due on ~N) Total of Payments (G + M) 5..~~~-~ ~ne 11 dav o( esch month thereaiter, to9ether with a FINAI BALLOON PAYMENT OF: ANNUAI. PERCENTAGE RATE IO~~ % g ~E OUE ; ty~.-~ The 8ank shall impose a de~inquency charge against the Maker on amr paVment which has becoma due and remsins in detautt iw a period in excess ol 1O , days i~ an amount equal to 596 0~ the amount of the principal part oi the paY~nt i~ deiault. In the event that the Note ~s not paid in full at rtwturity, all pay ments, whethe? principal, interat or othervv~se, shall bear interest at the maximum legal rate allowcd under the Isws at the State ot Florida. All payments msde I~ereuMler shall be tredited tirst to interest and then to pri~?tipal, however, in the event ot detault, the 8ank may, in its sole discretion, apply any payment to ~ncerest, pnncipal and/o~ tawiu~ charges then accrued. It is the intention ot the pa~ties hereto that the provisions he~ein shall not provide directly or indirectly tor the payment of a greater rate oi inte~est or the ?etention of anY other charge than is allowed by law. If, tor s~y reason, interest in excess of wth legal rate W a charge p~oh~bited by law shsll at any time be psid, any wch exceu shall either constitute and bs treated es a payment on the printipat or be refunded direCtly !o the Maker. The Maker may prepay ihe entire unpaid balance of the loan at any time. If the loa~ ~s txepaid in tull, accelerated or reiinanced, the Nlaker shall receive a -r~urxi of the ur?earned po*tion ot the interest a~d insurance prem~ums cart~puted by the Rule ot J8's method, except that the Bank shall be ent~tled to retain a m~mmum ~nterest tharqe of ~J.~. ' CREDIT LIFE AND CFiEDIT LIFE d~ OISABIIITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Suth ~nwrance coveraga is ava~~able at the cost designated below 1or the term of the credit: (a) S fo? Credit Life Inwrance (b) S ior Credit life & Disabihty InsuranCe: Check ? Credit life Insurance is desi?ed on the lite of 8irthdate ~ox ? Cred~t L1fe & Disabil~ty lnswance is des~red o0 Bfrthdate Credit lHe and/or Disabitity Inwrance ~s not des~red. ~ ~~te December 30. 1977 Signatur ~ . Sherrard ~~c-r~~-a~/ I . Signatur! i As security tor the paymen[ of the Note che Maker hereby grants to the Bank ~r~eM~f~l~~wv~ng p~opercY~ R 1 i - ~i , ~j itutions, replacements, additions acceuions ther to and in t e p~oceeds thereo here~na ter called Ilateral" _ This security E ,nt~ ~aR~ bcher ~ndebtedneu o~ liabiliry of the Maker to the Bank d~rect or indirect, absotute or contingent, due or to become due, ~ow ex- ~ isting Or hereaiter arising, including all fu[ure advances or loans by ~he Bank to the Maker. ~ ~ The Bank is also given a ~~en and a secur~ty interest in atl property and securities of the Maker, endorser, wrety, guarantor or accommodation party of this No~e (hereinafte~ ~eferred to as the "'Obl~gori '1, now in or at any time hereaiter com~rg i~to the control, custody or possess~on of the Bank, whether tor the ex- p~essed purpose o( being used by the 8ank as Colla[e~al, w tor any other purpose, and upon any bala~ce or balances to the credit of any accounts, including fg ~•ust and agencY ~counts mainta~ned w~ththe Bank by any ot the Ubtigors, and the Obligors ag~ee to deliver to the Bank additional Collateral or make such payments ~n reduction of the p~~ncipal amount oi the loan as shall be satistactory to the Bank, ~o the event the aforemenuoned Collateral shall dec!ine in value ~ become u~sausfactory to the Bank. Addit~ons to, reductions o. exchanges of, or wbstitutions (or the Collateral, payments on account of this loan or Increases of the same, or other loans rrade p~• t~ally or wholly upon the Co~lateral, may from time to time be made without affecting the provisions of this Note. The Bank shall exere~se reasonabte care in ine r.ustodv and preservation of the Collateral to the extent required by app~icable statute, and shall be deemed to have exercised reasonable ca~e if it takes such ~ .~cuon tor that purpose as Nlaker shall reasonably request in wriung, but no om~ssion to do any act not requested by Maker shall be deemed a iailure to exercise ~easonable care, and no omiuion to complY with any request oi Maker shall o( itself be deemed a lailure to exercise reasonable care. Bank shall not be bou~d to ~ •,ke any steps necessary to preserve any nghts m the Cotlateral against prior parties and Maker shall take all necessary steps for such purposes. The Bank or its ~ ~ommee need not collect interest on, o. a principal of, any Collateral or give any notice with respect to it. ~ The Bank may continue to hold any Collateral deposited hereu~der after the payrtient of this Note, if at the time of tAe payment and discharge hereof any of ~ [he parties liable for the paYme~t he~eof shall be then d~rectly or cont~ngently liable to the Bank as Maker, endorser, w?ety, guaranto? or accommodation party of any ot1+e? note, dra~t, bill of exchange, or other instrume~t, o~ otherwise, and the Bank may thereafter exerc~se all rights w~th respect to said Collateral ~ g~anted herein even ihough this Note thall have been surre~dered to the 11IIakEr. ~ If the Bank deems itsNf insecure w upon the happening oi any of the following events, each oi which shall constitute a detault, all liabilities of.exh Maker to ~ ,ne Bank, i~cluding the entire unpaid prrncipal of this Note and accrued interat, Iess any unearned interest and any interest in excess of the maximum allowed ~ by law and any rebates required by taw, shall immediately or thereafte?, at the option of the Bank, except that the occurrence of (c! or (dl shall cause automat- ~c acceleration; w~tAout not~ce or demand, become due and payable: (a1 the failure of any Obligor to perform any oW igation, liability or ctaim to the Bank, to pay = ~nte.est hereon within lOdays after it ~s due, or if there is no due date, aiter it is billed or otherwise requated or demanded, o? to pay any other liability what- soever to the Bank when due; (b) the death of any individual Obligw, the diuolution of eny parinersMip Obligor o? tt~e d~ssolution, merger or oo~solidatia? with- out che Bank's prior nnitte~ consent of any caporate Obligor; (c) the filing of a petition in bankruptcy o? the adjudication ot insolvency w bankruptcy unde~ ~ any reorga~ization, arrangeme~t, readjustment of debt, ditsdution, liquidation or timilar proteedi~g under any Federal or state statute, by or against any ~ Obl~gor; (d) an application for the appointment of a receiver fa, o? the making of a general assignment (or the benefit oi creditors by, a~y OWigw; (e) the entry ~ of sudgment against any Obligor, (1) the iswing of any attxhment or garnishment, or the fding oi arry lien, against any property ot a~y Obligor, (g) the taking of pozsession of any wbstant~al part of the properry of any Oblgw at the inst:.r?ce ot any governmentat authority; Ih) the determinauon by the Bank that a materi- . .~I adverte change het Atcurred in the financial tondition of any ObligcK trom the conditions set fpth in the most retent fina~c~al staterMnt of wth Obligor heretofwe furnisl~ed to the Bank, or from the condition of wch Obligor ss heretotore most recently disclosed to the Bank, or that any warra~ty, representation, ~t certrfica[e o. statement of any Oblgor (whether tontained in this Note or noN pertaini~g to or io connection with this Note o. the Ioan evidenced by this Note contairn an uotrue stateme~t o1 material fut or omits to state material tact neceuary in order to make the statemems made not misleading: or, (i) the auign- ment by any Maker of any equity in any of ths Collateral without the priw written consent of the Bank. J ~ The Bank shall have, b~t shall not be limited to, the (ollowing rights, each of which msy be exarcised at any time whether or ~ot this Note is due: to pledgs w transfer this Not~ aed the Collaural ~r1d the Bank shslf thereupon be relieved oi all duties and respoosibilities hereunder and relieved trom any and all i~ability with respect to any Collateral fo p1ed~WW o? haraferred, snd any pledgee or transferee shdl tor all purposes sund in the place o~ the Bank hereunder and ~ have all the rights oi the Bank hereunder; (ii) to transi~r tM whole w any part of the Collateral into ths name of itself or its nominee: (iii) to wte the Collatenl; ~ (~v1 to notify the Obligors of a~y Collateral to make psyment to the Bank oi any amounts due w to become due thereon; (v) to demand, we fp, tollect, or r~ make a~y compromise w seidement it deems desirabte with nier~nce to the Collsteral; and (vi) to ake possessfon o~ control oi any procesds of Collatersl. ~ ~ *"BArtK" as used herein mesns Turtle Reef Associates, Inc. and/or its assiQ~ . ~ NOTICE: SE~OTHER SIDE FOR IMPORTANT INFORMATION ~ R ~p,~ c ~5~ ~ Fas ~5z RQ~ 600K Ol f~~. rt~