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Home My WebLink About0402 INSTALLMENT PROMISSORY NOTE ?UICTi,E REEF ASSOCIATESi T~.~ (A) Amou~t R~ceiwd S 5~•~ BANK NAME (B) Prtm~um for Credit Aa~ Lif~/pis~bilitY Ins. S P. BOX 618, J~ ~s 3~57 lCl ~«ume~carv S~amPs S OFF~CE ADDRE55 l0) Ot1?K Charyts I~umue) S 1! ~ . IE! S tvOTE NO. OATEO: . i9 1F1 S cuE: J~Wry 21 ,~s ~c~ iA, B, C FO, E, ~Fd) s 5~ ~ (H) Intenst S PLACE: , FLORIDA 11) G~dit Invest~gauo~ S~ IJI OtMr S ~ For value nce~ved, che undersigned (ha~inatta u1{ed "Msker") lointly snd ssverslly (if (K) S~~ more tAan awl p~om~s1 to pay to t~~of~ Bank, at its office listed sbove, ttV~pul ~ ot Paymeots Ilrom INI st rightl oi ' Oo~iars paysbte in l~ i ~ IMI FINANCE CHARGE ~A equal monthly install~t~ot , the tirst (H, 1, J, K, L) S~7~~~~w~ ,nstall¢~nt due on , 1 and wbsequent instaliments dua on (N? Totsl of Psyments (G + M) S~~~•~~ ihe Zl~v p( each month thereafter, to9ethe~ with a FINAL BALLOON PAYMENT OF:, ANNUA~ PERCENTAGE RATE • 7G S ~ DUE ~ • 19 , The Bank shal{ impose s deli~que~cY cha+ge against the Makar o~ sny payment which has become dw and rema~ns i~ detautt tor a period in excas of 10 ~ays in an amount equal to 576 0~ the amount of the principsl part ot the payment i~ default. 1~ the evsnt thst the Note is not paid in full at maturity, all pay- :nen[s, whether principal, interest or othe?wise, shall bear interest si the mazimum laqat rate attowed under ihe laws of the State of Florida. AII psyments made hereunder shall be credited tirst to interest and tAen to principal, however, in the event of detault, the Bank may, in its so~e d+st~etion, apply any payment to intereSt, prir+cipal and/or Iawful charges then acc.ued. It is the intentior~ of the parties hereto that the provisions herein sha11 not provide directly w indirectly tor the payme~t of a greater .aie ot interest or the retention ot any other charge than is allowed by taw. If, for sny reason, interest in excess oi wch legal rste or a charge prohibited by taw shall at any time be paid, any such excess shall either constitute and be treated as a payment on the principal or be refunded di~ectly to the Maker. The Maker may prepaY ehe entire unpa~d balance ot the ~oan at any time. If the loan is prepaid in iull, sccelaated or refinanced, the Maker shatl receive a re~und oi the unearned poruon o( the interest and inwrance premiums computed by ttie Rute o( 78's method, except that the Ba~k shall be cntitled to retain m~nimum inte~Bft tha~ge of ~1.~. CREDIT IIFE AND CREOIT IIFE & DISABILITY INSURANCE ARE VOIUNTARY ANO NOT REQUIHED FQR CREDIT. Such inwrance co~erage is ava~lable at the cost designated below for the term o~ the credit la) S tor Credit Life Inwrance (b) S tor Credit life d~ DisabilrtY InsyranCt: Check ? Credit Lite Inwrance is desired on the life of Ap~~ Bi~thdate Box ? Credit Life d~ Disabil~ty Insurante is desired on Birthdate ~ Credit Life and/or Disab~lity Inwrante is not desi?ed. \ r. Oate: S~gnature • ' t~ • ~~«lh'w`~ Signature s secun ( th ay t of the ot the k her y gran t the Ba k sec ~ty i te n t follow perty: ~ Q•Oj i~s`~ ~n ~urt"~'t ket~ ~o~d. ~f , ~6ecor~e~ oa ~.~t. '~OO~'c ~~agt . n . , . . as p sa • i mciuding all increases, wbstitutions, r~placements, additia?s and accessions thereto and in the proceeds thereoi (hereinatter caUed "CoUateral"1. This securi;y ' ~ncerest shall also secure any other indebcedness or liab~lity of ihe Maker to the Bank direct or indirect, absotuce or concingent, due a to become due, now ex- ~st~~g w Ae~witer arising, including alf future adva~ces or ~oans by the Bank to the Maker. i The Bank is also given a ~~en and a securiry interest in ali property and secunties of the Maker, endorser, wrety, guarantor or accommodatio~ party of this ~ Note (hereirtafter referred to as the "Obligors'"1, now in or at any time hereafter rnm~ng into the control, custody or possess~on of ihe Bank, whetAer fw the ex- pre55Cd pllrpOSC of being used by the Bank as Collateral, or /or any other purpose, and upon any balance or balances to the credit of any accounts, including c-us[ and agency accounts ma~ntained withthe Bank by any oi the Obtigors, and the Oblgors ag.ee to delive. to the Bank additional Co~lateral ar make such oayments in reduc~ion of the principal amount of the loan as sha~~ be satisfactory [o the Ba~k, in the event the aforementio~ed Collateral shall decline in vatue o~ become unsatis(actory to the Bank. , Add~tions to, ~eductions or exchanges of, or substitut~o~s for the Collateral, payments on account oi this loan or ir?creases of the same, or other loans made oa~tiatly or wholly upon the Collateral, may from time to time be made without affecting the provisions of this Note. The Bank shall exerc~se reasonable care i~ ~ *he custody a~d p?eservatio~ oi the Collateral to the extent required by app~~cable statute, and shatl be deemed to have exercised reasonable care if it takes such ~ act~on for [hat purpoae as Maker shall reasonably request in writing, but no omission to do any act not requested by Maker shall be deemed a faiiure to exe.cise ~ ; easanable care, and no omiuion to comply with a~y request oi Maker shall oi itself be deemed a failure to exeruse reasonable wre. Ba~k shall not be bound to ~ take any steps netessary to preserve any rights in the Collateral against prior parties and Maker shall take all necessary steps for wch purposes. The Bank or its nom~nee neecl not collect interest on, or a principal of, any Cotlateral or give any notice with respett to it_ The Bank may cont~nue to hold any Collateral deposited hereunder after the payrt~ent o~ this Note, at the time of the payment and discharge hereof any of ~ the parties I~able for the payment hereof shall be then directly or contingentty liable to the Bank as Maker, e~dorser, wrety, g~aranto~ or accommodation party ~ oi any other note, ckatt, b~ll ot exchange, or other inst~ume~t, or otherwise, and the Bank may thereafter exercise all rights with respect to said Collateral g~anted hErein even though this Note shall have been surrerMered to the M2ker. If the Ba~k deems ~tself insecure w upon the happening of any of the followir?g events, each of which shall constitute a default, a~l liabilities of each Maker to ~ the Bank, ~ntluding the entire unpaid principal oi this Note and actrued interest; less any unearned interest and any interest in exceis of the rtWximum allowed ~ by law and any rebates required by law, shall immad~ately or the~eatter, at the option ot the Bank, except that the occurrence of (c) w.(d) shall cause ~tomat- ~c acceleration; without notice or demand, become due and payable- (a) the failure af any Obligor to perform any obligacion, liability o? claim to tt~e Bank, to pay ° ~ ~ncerest hereon within lOdays afcer it is due, or if there is no due date, after it is billed or otherwise requested or demanded, o~ to pay any other lisbility what- t scever to the Bank when due; (b) ehe death of any i~dividual Obligor, the dissolution oi any partnership Obligor or the dissolution, rtterger a Qonsolidation with- ou2 ~he Bank's priw wntten consent of any corporate Obligor; (c) the fili~g of a petition i~ bankruptcy o? tAe adjudiwtion of insolvency w bankruptcy under = any reorganization, arrangement, read?ustment of debt, diuolutian, ~quidation w similar proceeding urxfer a~y Federal or state statute, by or aga~nst any Obl~gor; (d) an application tor the appoiMment of a receiver fw, or the making of a general assignmant for the benefit of creditors bV, any Obligor; (e? the entry ~ ot Judgment against any Obligor: If) the iswir?g o~ any attachment or gamishmem, or the filing of arry ~ien, against any Droperty ot any Obligor, (gl the caking of possession ot any substantial part of the properry of any Obligo? at the insta~e of any governmenql authority; (h) the determination by the Bank that a materi- a1 adverse char~ge has occurred i~ the linancial condition of any Oblgw from the conditions set forth in the most recent fina~c~al statement of wch Obligor ~ hPretofore fumished to the Bank, or (rom the co~dition of wch Obligor as heretofore most recently disdosed to the Bank, or ihat any warranty, representation, ~ ce~~ifitate w staterrient of any Obligor (whetAer tontained in this Note or not) pe?taining to or in tonnettion with this Note w the loan evidenced by this Note e'~ con[ains an untrue statement oi material fact or omits to state msterisl (att necessary in order to make the statements m~cfe not misleadirg: w, (i) the assign- ~ ment by a~y Maker of any equity in any of the Collateral without ths prior written cansent of tF~e Bank. ng ights, each oi wfiich may be sxercised st any time whether or r?ot this Note is due: (i) to ~ The Bank shall have, but shall not be limited to, the tollowi r pledge or trar?sfN this Note and tM CoUateral and the Bank fhsU thereupon be relieved oi all duties a~d responsibilities hereunder and rNieved irom any a~d all ~ I~ab~lity with respect to any Collsteral so pledged or tra~?sferred, and a~y pledyee or transfens shatl for all purposes stand in the place oi the Ba~k hereunder and ~ have all the riphis of the Bank hereunder, (ii) to transfer the whole w any part ot the Collateral into tAs n~me oi itsel( or its nominee; liii) to vote the Collateral; ~ 1 w) to notify th~ Oblipws of ~ny Collateral to make psyment fo the Bs~k o~ any amounts due or to become due thereon; (v) to demand, we to~, collect, or ~ make any compromise or settlement it cteems desirable with ro(erence to the Collatasl; and Ivi) to take possession o? control of any proaeds of CollateraL ~ *'BANK' as used I~rein ~eans T~1e~ef Assoclates, Inc. aad/or its assigns. ~Y NOTICE: SEE OTHER SIOE FOR IMPORTANT INFORMATION 6G~K 2$2 ~acE 394 ~5 FRS ~5~ R~v 7/77 -.~.1~ . _ . . _ . _ _ . 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