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Home My WebLink About0440 INSTAILMENT PROMISSORY NOTE , (A) Amou~t Rece~ved S 3141.~ T11~ F REEF ASSOCIATES. I • BANK NAME (8) Premwm tor Credit n«~ Lite/DisaD~hty Ins. S P. 0. ~X 618, JEMSEN BEACH, fL. 33457 tc? o«~~~~e~v s~a~.ww: s A~ OFFiCE A~DRESS (D) Other Charges (nemizel s~t ~E? s noea NOTE NO. ~ DATED: Jd~ 3 , 1g 78 , (F) S A~~ Jan 11 88 ~c~ iA B C,FD aE, F) s 31~~. DuE: _ . 19_ . IH1 Interest S ' P1-ACE: , FLORIOA C~~it Invesugation S na~ IJI OtMr S ~~e For value race~ved, the unders~gned thereinalter wlled "Maker"1 1o~ntly and severally (~f (KI 4 S~ more ttwn one) promise to pay to the order of the Bank, a~ its oftice I~s?ed above, the Total aa~ of Payme~ts (irom (Nl st ri9htl oi ~~4_~ Do~lars payable ~n _„ypt.. s ecwal monthtv installments ot S 74 , the ~irst - ~M? FINANCE CHARGE ~3~~ Feb. 11 ~g~, (H, 1, J, K, L) S ~nstallment due on and wbsequent ~ns~allments due on (N) Tota1 ot Payments (G + M) S~4-~ ~he l lti~ ot exh montA thereatter, together wntA a FINA~ BA~LOON PAYMEN7 OF: ANNUAL PERCENTAGE RATE lO.~I X g r~~ DIiE~~~~~.. .19'-~'- The Bank shall impose a delinquency cAarge aga~nst the Maker on any payment wh~ch has become due and rema~ns m default for a period in exceu of 10 , d~ys ~n ao amount equa~ to 5'16 0~ the amount o( the pr~ncipal part of the payme~t in default. I~ the event that the Ncte is not paid in full at matu~ity, all pay- menc:, whethe~ pri~cipal, interest or o~herwise, sha11 bear interest a~ the maximum tegal rate altowed u~der the laws ot the State of Ftorida. Atl payments made nereur~de~ shall be credited first to in[erest and then to pnncipal, however, in the event of default, the Bank may, i~ its so~e diuretion, apply any payment to ~nce~est, principal and/or lawiul charges then accrued. tt is the intention of the pa.ties hereto that the provisio~s herein shall not provide directly or indirectly to~ ~he payment oi a greate~ rate of inte~at w the retention ot any other charge than is allowaf by law. 11, for any ~easo~, interest m excess of such legal rate or ~ charge prohibited by law shall at any time be paid, a~y wch ezcets shall either constitute and be t~eated as a payment o~ the principal or be refunded directly to the Maker. ? The Maker may p.epay the entire unpaid batance o1 the loan at any time. If the loan is prepaid ~n lull, accelera[ed o~ re(inanced, the Maker shall receive a ~e'und o( the unearned poruon of the mterest and iowrance premiums computed by the Ru~e of 78"s metAod, except that the Bank shall be enthled to rotain m~nimum mterest charge of ~i.~(l. CREDIT LIFE AND CREUIT LIFE d~ DISABILITY INSURANCE ARE VOIUNTARY AND NOT REUUIRED FOR CREDIT. Such ~nsura~cecoverage is . ava~lable at tAe cost desi9nated below fb~ the term of the credit: (a) S for Credrt Lite Insurance (b) S for Cred~t Life & Disability lnsurance: Check ~ Credit Life Insurance ~s des~red on the lite of ;~PP ~ Bir thdate - Boz ? Cred~t Life & O~sabiGty Insurance is desi~ed on ' Bvthdate ~ Credit life and/or Oisability Inw~ance is not desired. , Jd~1 3 ~ 1978 S~gnature / Date: ~ S~gnature • As security for the payme~t oi the Note the Maker hereby grants to the Bank a security inte~est in the follow~ng property: id TV~~e RP~f _ r~ t ~ e Q~1~256,~~~! --~tn~t Yn~lc 22 in Cond. C-it. Aot. ' Yn f` 11 ~e dse~r~l~d iA Si~d . ! ~nduding all increases, substitutions, ~eplacements, addiuons and acceu~ions thereto and ~n the p.oceeds thereof (here~naf~er catled Collateral 1. Th~s secur~ty ~ ~~cerest shall also secure any other ~ndebtedneu or liabil~ty o( the Maker to the Bank direct or indirect, absolute o. cont~ngent, due or to become due, now ex- ~st~ng or hereafter arising, inCluding atl future advantes w loans by the Bank to the Maker. ~ The Bank is also given a I~en and a security interest in all prope~ty and securit~es of ihe Maker, endorser, wrety, guaranro~ or accommodation party of th~s ~ No[e Ihereina(ter reterred to as the "Obl~gors"1, now in or at any time he~eaher comirg i~to the control, custody or posseu~on of the Bank, whethe? for the ex- ~ pressed pu.pose oi be~ng usPd by the Bank as Collateral, w for any other purpose, and upon any balance or balances to the credit of any accounts, includ~ng [~usr and agency accounts mainta~ned w~ththe Bank by any oi the Obl~gors, and the Obligors agree to de~iver to the Bank addnional Collateral o~ make such ~ oayments in reduCUOn of the pnr?upal amount of the loan as shall be satisfactory to the Bank, ~n the event the afweme~tioned Coilateral shall decl~ne in value o+ become unsat~sfacto.y to The Bank. ~ Additions to, reductions or exchanges ot, or subst~tut~ons for the Coltateral, payments o~ account of this toan a~ncreases of ihe same, o+ other loans made par *~ally w wholly upon the Collateral, may from ~ime ~o ume be made without affecting the prov~siuns oi this Note. The Bank shall exeruse reasonable care m ~re custody arxi preservation of the Collateral to the ex~ent reywred by apphcable statute, and shall be deemed to have exercised reasonable care if it takes such acc~on fw tAat purpose as Make? shall reaso~ably request in miting, but no omission to do any act not requested by Maker shall be deemed a failure to exercise ~ e~zonable care, and no omiu~on to comply with any request o1 Maker shall of itselt be deemed a fadure to exeruse reasonable care_ Bank shall not be bound to c 3ke any steps necessary to preserve any r~ghts ~n the Collateral against priw parties and Maker shall take a~l necessary steps tor wch purposes. The Bank or its ~ominee necd not collect interest on, or a priocipal of, any Collateral or give any notice with respact to it. . ~ ~ The Ba~k may continue to hold a~y Collateral deposited hereunder a!ter the payrr~ent ot this Note, at the time ot the payment and discharge hereof any ot ~ ~he parties I~abte tor the payment hereof shall be the~ directly or cont~ngently Iiable to the Bank as Maker, endorser, wrety, guarantor or accommodation party o~ any other note, d~aft, b~ll of exchange, w other instrument, or otherwise, and the Bank rt?ay thereafter exe~cise all rights with respect to said Collateral ~ ,~an~ed herein even though this Note shall have been wrrendered [o the Maker. ~ It the Bank deertn itself insecure w upon the happening oi any of the tollow~~g events, each of which shail constitute a default, all liabilities of each Maker to ,i,e Bank, i~cluding the entire unpaid principal of this Note and accrued mterest, less any u~earned interest and any ~nterest m excess of the maximum allowed ~ i~y law a~d any rebates required by law, shall irtwnecfiately or thereaiter, at the option of the Bank, except that the oocurrence of Ic) or ld) shall cause automat- ~c acceleration; without notice o~ demand, become due and payable: la) the lailure of any Obligor to periorm any obligatio~, liability or claim to the Bank, to pay ~ ~~ter@Sl ANlOfl V1IItF11(1 lOdays afcer i[ is due, or if there is no due date, after it is b~Ited w othe.wise requested or demanded, o? to pay any other I~ability what- soever to the Bank when due; (b) the death oi any individual Obligor, the dissolution of a~y partnership OWigw or the d~ssolution, merger q Consolidation with- ~ ouc the Bank's p.ior written consent of any cwporate Obligor; (c) the filing ot a petition in ba~kruptcy or the adjudication of insolvency or bankruptcy under ~ any reprgaoization, arrangement, readjustment of debt, disfolution, liquidation w similar proceeding under any Federal or state statute, by or against any Gbl~gor; Id) an application for the appointment of a receiver for, w the making of a general assignment for the benetit of creditors by, any Obligor; (e) the entry ~ of judgrt~ent a9ainst any Obligor; (f) the iswing of any attachment or garnishme~t, or the filirg o( a~y tien, against any property oi any Obli9or; (g) the taking ot ~ possession of any substantial part oi the property of any Obligor at the instance of any governrt~tal authority; (h) the determination by the Bank fhat a materi- ~ ai adverse change has occurred in the i~na~cial cw~ditio~ ot any OGlgor trom the co~di[ions set torth in the most recent tinanc~al statement of wch Obligor heretofore furnished to the Bank, w from the conditio~ of wch Obligor as heretotore most recently disclosed to the Bank, or that any warranty, representatio~, ~ cert~ficate or statement of any Obligor Iwhether co~tained in this Note w not) pertaming to or in connection with this Note or the ~oan ev~denced by this Note ~ comaiiu an untrue statement of materwl (act or omits to state mate~ial fact necessary in order to make the sWtements made not misleadirg: w, (i) the ass~gn- _ _ ~ mem by any Maker of any eqwty in any of the Collateral without the prior written consent ot the Bank. ~ The Bank shall have, but sha~l not b~ limited to, the tollowing rights, esch ot which may be exercised at any~time vrhether w not this Note is due: (i) to ~ o~edge or trans~ this Note and the Collateral and the Bank shall thereupon be relieved of all slutiss and responsibilities hereunder and relieved from any and all I~ah~lity with reipect to any Collateral so pledged or trsnsierred, and any pledgee or transteree shall tor all purposes sta~d in the place oi the Bank hereunder and neve all the rights of the Bank hereunde~: (ii) to tra~sfa~ the whole o~ any part of the Collateral into tAe na~ne oi ~tsel( or its nominee; (iii) to vote the Collateral; f ~v) to notify tAe Obiigors ot any Cotlate.sl to make paymenc to the Bank of any amounts due or to become due thereo~; (v) to demand, we (or, collect, w ; ~ make any compromife or settlement it deems desirabte with raferer+ce to the Collateral; and (vi) to take posseuio~ o~ control of any procesds o( Collateral. ~ *"BIUIK" as used her~ln ~eans Turtle Reef Associates, Inc. and/o~ its assigns. ~ ~ NOTICE: SEE OTHER SIOE FOR IMPORTANT INFORMATION '~~R~ 2$~ ~~,fE L~32 "Y f ts5 752 Rer. 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