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Home My WebLink About0174 ~ • INSTAILMENT PROMISSORY NOTE Tl~t't.E REEF 11SSOCIA?'a,2Il~, * (A) Amount Rtct~vsd s~,3a2-~ BANK NAME (BI Premium for Credit Lif~/Dissbil~ty Ms. S ~x 61a~ '3~'J (C) Ootumtnury Stamps S OFFICE AODRG55 (D) Oth~r Charges (~tem~:e) s ~ ~E? s ~ NOTE NO. DATED: OCt. 31 . 19 77 IF) S ~ (G) Amount Financed S~'~~~ DUE: NOV. 11 . 19 87. (A, B, C, D, E, F) S (H) Interest S~~ • PLACE: , FLORIDA Credit I~wst~gat~on S ' IJl Oth~r S ~ Fo? value rece~ved, the undersigned (hereinafter called "Maker") jointly and sevarsliy (it (K) S S~~ more than onel promise to pay to the order of the 8ank, at its oitKe I~sted above, the Toal of Payments tfrom (N) at ri9ht) ot _ Dolfars psYable ir~_ S Z.I3 , tne lir:t ~MI FINANCE CHARGE eclual monthly installments of S (H, 1, J, K. l) S ';s~'~•~ ,ns~allment dua on ~C . 11 , 19 77 , a~d wbsequenc installments due on (N) Toal o! Payme~ts (G + M? S aa~5-~ ~he llt~y o( each mo~th thereatter, toqether with a F~NA~ BA~~OON PAYMENT OF: ANNUAL PERCENTAGE RATE ~T_~L 5 ~ DUE Y .t9~-_. The Bank shall irt~ose a delinquency charge ageinst ihe AAaker o~ any payrt+ent wi~~c1? has Gecome dua and rema~ns in default tor a period in exceu O~ ~O ciays in an amount equal to 596 of the amount of the principal part o( the payment ~n detautt. In the event that the Note ~s ~ot paid i~ full at maturity, all pay- nienls, whether principal, interest o. o~herwise, shall bear interest at the rt+axirtwm legal rate altowed unds~ the laws of the State of Florida. Atl payments made hereunder shall be credited first ta inte~est and then to principal, however, in the eve~t oi detault, the Bank may, i~ its sole discretion, apply any psyment to ~neerest, pnncipal and/or lawful charges then accrued. It is the intention of ihe pa~ties hereto that the provisions herein shall not provide directly or indirectly ~o~ the payment oi a greater rate of interest or the rete~tion of any oiher cha~ge than is a~~owed by law. If, tor any reason, ~nterest in exceu of wch tegal rate or a charge prohibrted by law shall at any time be paid, any wch excess sha~l either constitute and be treated as a payment on the principal or be refunded directly ro the Maker. The Maker may prepaY the enure unpaid balance of the loan at any time. If the loa~ is prepaid in full, accelerated or refinanced, the Maker shall recefve a •e+und ot the unearned port~on of the interest and inwrance premiums computed by the Rule of 78's meihod, except that the Bank sha~l be entitled to retain a mmimum ioter@St Cherge Of ~,1.~. CREOIT LIFE AND CREDIT LIFE & DISABIIITY INSURANCE ARE VOIUNTARY ANO NOT REQUIRED FOR CREDIT. Such ~nsu~ance toverage is available at the cost designated below for the term oi the credit: (al S tor Credii L~1e Inw.ance (b) S for Cradit life ~ Disabil~ty InsuranCe' Check ? Credit Life Insurance is desired on the life of qpP~ Birthdate Ftox ? Credit Lite & D~sab~hty Insurance is des~red on w ~ ~ ~ e L~ Credit Life andio~ p~sabdity Inw~ance is not des~red. • October 31, 1977 ..lK/ ~~C~ . paTe Signatur e' l Y ~ R ~ vo~~ L- ' i[ Tt- t-- 1' ,i Sgna ~ F As security for the payme~t of the Note the Maker hereby g~ants to tlx n~securiEy ~ the fotl ~ ~ In T~rt ' ~ 4 s . t. - ~ ~ncluding all increases, substituuons, replxements, additiont and atcess~o~s thereto and in the proceeds thereof (here~nafter called "Collateral"1. This security ~ ~nterest shall also secure any other indebtedness or tiability o( the Maker to the Bank drcect or indirect, absolute or contingent, due-a to become due, now ex- I ~sc~ng or hereafter arising, includin9 all future advances a loans by the Bank to the Maker. ~ The Bank is also given a Iien and a security mterest in all property and secur~ties of the Maker, endorser, surety, guarantor or accommodation party oi this Noce (here~naiter rete~red to as the "Obl~gors"1, now in or at any t~me hereafter coming into the control, custody or pouess~on of the Bank, whether for the ex- ~ p•ezsed purpose of being used by the Bank as Collate.al, or for any other purpose, and upon any ba~ante or balances to the credit of any accounts, including ~ vust and agency accounts maintained w~ththe Bank by any ot the Obhgors, and tbe Obligors agree to deliver to the Bank add~tionat Collate~al or make wch ~ oayments in reduction ot the princ~Pal amou~t of the loan as shall be sausfac[ory to the Bank, in the event the aforemennoned Coltaterat shall decline in value ~ o- become unsat~stactory to the Bank. ` Additions to, reductions or exc~anges of, or substitutions tor the Collate~al, payments on account oi this loan or increases o~ the same, or other loans made ~ car[ially or wholly upon the Collateral, may from time to time be made wrthout affecting the prov~sions ot this Note. The Bank shall exer¢~se reasonable care in ±he custody anci preservation oi the Collateral to the extent requ~red by appl~cable statute, and sha11 be deemed to have exerc~sed reasonable care if it takes such ~ acuon tor that purpose as Maker shall reasonably request in writ~ng, but no om~zsion to do any act not requested by Maker shall be deemed a faiture to exercise ~easonable care, and no om~uion to comply w~th any request o~ Maker shall of itsel( be deemed a fa~lure to exerase reasonabte wre. Bank shall not be bound to ~ ~ake any steps necessary to preserve any rights in the Collateral agamst pr~or parues a~d Maker shall take all necessary steps for such purposes. The Bank or its ~ ~ominee need not collect interest on, or a principal ot, any Collateral or give any notice with respect to it. The Ba~k rt?ay continue to hold any Collateral deposited hereunder after the payment of this Note, i! at the time of the payme~t and disd~arge hereof any ot ~ ~ne parties I~able for the payrtxnt hereof shall be then directly or contingently IiaWe to the Bank as Maker, erxlorser, surety, guarantor or accommodation party ot any other notn, dratt, bill of exchange, or other instrument, or otherwise, and the Bank may the.ea(ter exerc~se a11 r~ghts wrth respect to said Collate~al ~ granted he?ein even though this Note shall have been wrrendered to the Maker. ~ If the Bank deems itsel( ~nsecure or upon the happenir?y of any of the iollowing events, each of which shall constitute a default, all liabilities of each Mekpr to ~ the Bank, iocluding the enure unpaid pnncipal of this Note and atcrued interest, tess a~y unearned interest and any interest in excess of the maximum allowed ~ by law and any rebates .eqwred by 1aw, shall immed~ately or thereafter, at the option oi the Bank, except that the occu~rence oi (c1 or (d) shall cause automat- ' ~c accete~ation;wrthout notice ordemand, becomedue and payable: (a) the tailure of any Obligo? to pertorm any obligation, Iiab~lity or cla~m to the Bank, to pay - ~~rerest hereon within lOdays atter it is due, or it there is no due date, after it is billed w othe~wise requated or demanded, w to pay any other liability what- ; soever to the Bank when due; (bl the death oi any individual Obligor, the diuoiution of a~y partnership Obligw or ihe dissolution, merger w tonsolidat~on with- " out the Bank's priw wntten content of any corporate Obligo?; (c1 the filing of apetition in benkruptty Or the adjudiWtion Of insotventy or bankruplCy under ~ any reorgenization, arrangement, readjustmeot of debt, diuolution, tpuidation or s~milar proceeding under any Federal or state statute, by or against any L'bllgot; Id) an application (or [be appointmen[ of a receiver tor, or the rttaking of a general assignment for the benefit of creditors by, any Obligor; (e) the entry ~ o~ judgment a9ainst any Obligor; (f) the iswing oi any attachment or ga?nishmeM, or the iilirg of any lien, against any property oi any Obligor, (g) the taking o{ ~ # possession of any substa~ual part ot the p~operty ot any Obtgw at the instance o( any govemmentsl authdity: (h) the determination by the Bank that a materi- _ ai adverse change has occurred in the linancial condition oi a~y Obligor from the cond~io~s set fwth in the most recent financial statement of wch OW~gor ~ heretofore turnished to the Bank, or irom the condition of wch Obligor as hereto(we most recently~isdosed to the Bank, or that any warranty, representation, ? cernfiwte or statement of any Obligor (whether tontaioed in this Note w not) pertaimng to or io tonnettion wi[h this Noce or the loan evidenced by this Note contains an untrue staterrrnt ot material faet p omits to state mate~ial fact necessary in order to make the statements made not misleadirg: w, (i) the auign- ment by any Maklr of a~y equity it? any of th~ COllaterel without the Prior written consent of the Bank. ~ The Bank shall have, but shall not be limited to, the (ollowing rghts, exh of which may be exercised at any time whethe~ w not this Note is due: to ~ ptedge or transfer this Note and the Collateral snd the Bank shall thereupon be relieved oi a11 duties a~d respo~sibilities hereunder and relieved from any and all ~ i~ability with respect to any Collateral so pleclged w transferred, and any pleclgee or transferee shall tor all purposes stand in the plate of the Bank hereunder and ~ have ail the rghts oi the Bank hereunder; (ii) to transter tM whole w any part ot the Collateral into the name of itself or its nom~nee; (iii) ~o vote the Collaterai; ~ I~v) to ootity the Obligors oi any Collateral to make payment to the Bank ot any amounts due w to become due thereo~; (v) to demand, we fo~, collact, or ~s make a~y comprom~se w settleme~t it deems desirabte with reference to the Collateral; arxl (vi) to take possessio~ or co~trol of any proceeds oi Collateral. *"BANK as used herein means Turtle Reef Associates, Inc. and/or its a~~i NOTICE: SEE OTHEfi SIOE FOR IMPORTANT INFORMATION BOOK PACE 1~ Fes 7s2 aev. 7/77 _fi~_'