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Home My WebLink About0386 INSTALIMENT PROMISSORY NOTE TURTLE R~ff /1~SOCIAYES, IMC.* (A) Amount R~cs~wd s 7789.00 BANK NAME (81 Premium (or Cr~dit none Li1~JDi~bilitY Ins. s. P. 0. B0~( 618 ~ JENSEN 6EACN ~ FL. 33457 (C? ~ocurt+~nta.y Stamps s none OFFICE ApDRE55 (0) OthN CM~g~s (uem~za) S~~e J~nuary 28. ~e? snone - NO7E NO. DATEO: . 19 ~g . (F) S A~e fGi Amount Fina~c~d ~ DUE: f~~ry 11 ~ ~g ~ (A, 8, C, O, E. F) Sn~• _ IHI Ina~est = • P~ACE: , FLORIDA ~b~t I~vestigation S~V~e Fo~ wtue ~eca+ved, tAe unde~s 0t~~ s n~'1e ~gned (Mre~nalter calqd "Mske?") jointly snd stverally (it =none rnore than or?~) promis~ to pay to t~qf~~f~t~~k, at its ottice 1lsted above, t~e~ al (L' s~ ot Payments itrom (N? st ri9ht) ot il~ • • Dollars psyab~~ in ec~ual mo~thty installm~nts u= • , th~ tint ~M~ FINANCE CHARGE (H, 1, J, K, L) S ~~stall{~ nt due on , 19,.,^, and wbsaquent ins[altmants due on (N) Total of Payme~ts (G + M) S ~ ~ day nt .~,h ~nrh tharealter, toosth~r with a FiNAI BALLOON PAYMENT QF: /~NNU{il PE~iCENTAGE RAT~ ' 9(i $ IM{t DUE , 19 The Bsnk sf?all impose a delinqueocy charge a9ai~st the Maker on sny payment wAicA Ass bccwn~ dus and remains in default fo. a period i~ exqst ol 10 days in an amount equal to 596 0( the amount oi the principal part oi the paYme~t in default. In the event that the Note is not paid i~ full at maturity, all pay- mencs, whether pri~cipal, interest w othe+wise, shall bea~ interest st the maximum legal rate allowecf unda the laws of the State of Florida. Alt psyments made hereunder shali be eredited tirst to interest and then to principal, howeve., in tha event o1 deteuN, tbe Bank may, in its sole distretioo, apply any payment to ,nserest, prinnpsl and/w lawtul charges then accrucd. It is the intention oi tAe parties hereto that the provisions Mrein sAall not provide directly or indi.actly !ur ~he payment of s greate. rate of inte~est or the retention ot any other charge than is allowed by law. Ii, for any reason, interest i~ excess of such legal rate o. a charge prohibited by taw shalt at any time be paid, any wch exteu shall eitAa constitute snd be treated as a payme~t on the principal w be ~efunded di~cctly to the Maker. The Maker may prepay tfie entire unpaid balance ot tht loan a: any t~me. If the loan is prepaid in fult, accelerated w re(inanced, the Maker shall receive a ~e!und of the unea~ned poruon of the interest and insu~ance premiums computed by the Rufe ot 78's method, except that che Bank sha71 be entitled to ?etain a m~nimum interett tharge of CREDIT LfFE ANO CREDIT LIFE b OISABILITY INSURANCE ARE VOLUNTARY ANO NOT REQUIRED FOR CHEUIT. Such ~nwrante coverage is ~va~lable at the cost oes7gnHted belpw ~or the teim oi the credit: (a) S for Credit life Inwrante (bl S !or Credit Lite& Oisability Insutance: Cneck ? Credit life Inwrance is desired o~ tAe Iife ot aop~. Bi.[hdate 8ox ? Gedn Life & D~sab~l~cy Insura~?ce is desired on J~.y 8 ir thdate CT Credit life and/Or UisabNity Iniu~ante is no[ desired. ~ January 28, 1978 / i Da~e: Signature Z ~ S~gnatwe • As security i the y nt the Not ~he Make her r nts o t nk securit est n t t lowi o ty: ~ n k'~ °~.ot~. ~`ceCOrc~~d o~ 9t~4o~C G , ~ag~ . • 1e?~t Nee`~c `~5 n . - u~ n . - r~es Me y as sc a sa ~ncluding all inCreases, substitutions, repla~ements, additioru and aCCessions thereto and in ehe proteeds thereOf (hereinafter Wtted "Cotlateral").~~• intereit shall elso secure any othH ittdebtedneu or liebility of the Maker to ihe Bank dirett or indiiett, abaolute or cantinge~t, due or to become due, now ex- ~s~~ng a hereafter a~ising, includ~ng all future advances w loans by the Bank to che Maker. The Bank is also giver? a lie~ ar+d a security interest in all propertY and securities of the Make~, endorser, wrety, guarantor or accommodation party of this No[e (hereinafter ~eferred to as the "Oblgors"1, ~ow in or at any time hereatter coming into the control, custody or possess~o~ of the Bank, whether for the ex- p~essed purpose of being used by the 8ank as Collateral, or fw any other purpose, and upon a~y bala~ce or balances to the credit of any accounts, including !~ust a~d agency xcounts ma~ntained withtF~e Bank by any of the Obligors, ar?d the Obligors a~ee to deliver to the Bank additional Coflateral oc make such payments in reduction of the pr~n~ipal amount of tl?e loan as shall be satisfactory to the 8ank, i~ the event the aforementioned Collateral sha!! decline in value become unsatisiacto~y to the 8ank. ~ Add~[iom to, reduct;o~s or exChanges of, w wbstituti~ns for ihe Collateral, payments on account of this loan or increases of the same, or other loans made part~ally or wholly upon the Collateral, may from time to time be made without affecting the prpvisions of this Note. The Bankshall ezerc~se reasonable care in ~he custody and preservation of the Collateral to the ezte~t required by applicable statute, and shall be deemed to havr exercised reasonable care if it takes wch .3ct~on for that purpose as Maker shall reasonably requat in writirg, but no omission to do any att not requested by Maker shall be deemed a tailure to exercise ~ easonable care, and no omission to comply with any request of Maker shall of itself be deemed a failu~e to exercise reasonable care. Bank shall not be bound to cake any steps necessary to preserve any rights in the Collaterat ,igai~st priw parties a~ Maker thaN take all netessary steps fo? wCh purposes. The Ba~k or its nominee need npt colle~t interest on, or a pri~c~pat oi, any Collateral or give any notire with respect to it_ 7he Bank may continue to hold any Collateral deposited hereunder atter the payrr~ent of this Note, if at the time of the payment a~d discharge hereof any of ihe pa~ties liable for the payment hereof shall be then directly or contingencly liable to the Bank as Maker, endorser, wrety, guarantw or accommodation party of any other note, d?aft, bitt o( exchange, or other inscrument, o. othe.wise, and ~he Bank may ~hereafter exerc~se all rights w~th respect to said Collateral 9~anced he~ein even thou9h this Note shatl have been wrrendered to the Maker. If the Ba~k deemt itself insecure or upun the happening of any of the follow~ng events, each of which shall rnnsti[uee a detault, all liabilities of exh Maker to ~he Bank, including the entire unpaid principal of this Note a~d accrued interest, less any unea~ned interest and any interesi in excess of the max~mum allowed by law and any rebates required by law, sha11 irruriediately or thereatter, at tMe option of the Bank, except that the occunence of (c) or (d) shall cause automat- ~c acceleraiio~; without notice or demand, becorr~edue and payable: (a) the failure of any Obligpr to pertorm any obligation, liabiiity or daim to the Bank, to pay ~nterest hereon within lOdays after it is due, w if there is no due date, atter it is bifled w otherwise requated or demanded, o~ to pay any other liability what- soever to the 8ank when due; (b} the death oi any endividual Obligor, tha dissolution ot any pa?tne.ship Obligw or the dissolution, merger or oonsolidatio~ with- out the Bank's p?ior w?itten co~sent ot any cwpora[e Obligor; (c) ehe filing of a petition i~ ba~kruptcy or the adjudiwtio~ of intolvency or bankruptcy unde~ any reorganization, a~retgement, readjustment of debt, dissOlution, liquidation or similar proceedirg under any Federal or state statute, by or against any Obi~gor; (d1 an application for the appoerttment o1 a?eceivar for, or the making of a general auignment for Me benelit of creditws by, any Obligcx; (e) the entry of ~~~Knt against any Obligor; (f) the iswing ot a~y attechment or garnishment, or the filing of any lien, against amr p?operty ot any Obligor; (g) the taking oi posseuion ot any substantial part of the property of any Obligor at the ir?stance of any governmsntai authwity: (h) the determ~nation by the 8a~k that a materi- a1 advers~ chanfle has oocurred in the finantial condition of any Obligor irom the co~ditions set fpth in the most recent tinancia~ statement of wch Obligor heretofore furnished to the Bank, or irom the cor?dition of wch Obligor as heretofore most recently disclosed to the Bank, or that any warranty, representation, ceri~ficate w statement of any Obligor lwhethe? contained in this Note w not) pertaining to or in cannection with this Note o. tha loan ev;denced by this Note ' concains an untrue statement of material fact w omits to state material tact necessary in order to make the statements made not misteadirg; o~, (i) the assign- ment by any Maker of any equity in any of the Collateral without the prior written consent of the Bank. The Bank shall have, but shall not be limited to, the tollowing rights, esch of which may be exercised at any time whethe~ w not this Note is due: (i) to piedge w trarotal tjys Note and tM Coltatenl and the Bank shall thereupon be retievetf of a!1 duties a?+d ~esponsibilitiesl~ereunder and relievsd from any and atl I ~ab~lity with r~t t~ any Collat!?al fo plad~d or trensf~rred, and any pledgee or transferee shall tor all purposes stand in the place of the Bank hereunder and nave all the righb'of th! Bsnk hereunde~; (ii) to transier the whok or any part oi the Collateral i~to the ~ame oi itself or its ~ominee; (iii) to vote the Coitateral; l~v1 to ~otify the Obliyc~rs o~ any Collate~al to rwke paymsnt to the 8ank of any amoLnts dui or to become dus [hereon; (vf to demand, we fw, collect, o? make a~y com~promise w setdement it deems de~irable with refererxe to the Collateral; and (vil to take possession w control of ar?y p.oaeds of Collateral. *~es~WK" as used herein means Turtle Reef Associates, Inc. and/or 1ts usigns. NOTlCE: SEE OTHER SlpE FOR IMPORTANT INFORMATION ~ FB5 752 Rev. 7/77 . UA~Y pIn ~ D 1/ ,a,• , - - _ . ~ _ . . . . . ~ ~>ti ~ . " - ' ' . . _ . . . _ . . I : _:J ~~~-"_`"~-,_s--~' r.~_.r _n~~ . . . , ~ j~