The URL can be used to link to this page

Home My WebLink About0448 . INSTAIIMENT PROMISSORY NOTE TURTLE REEF ASSOCIIITES~ INC.• (A) Amoum Rsce~wd s I1.142.~_ BANK NAME (8) P~fm~um tOr C~edit P. 0. 60X 61a, JEIfS~N 6EACN, Ft. 33457 '-~r•~~~~'~~~~Y s~ ICl DotumtMary Stamps OFFICE AUDRESS (D) Ot~~r Char9es litemiz~) S ~E? s t~O7E NO. OATEU: J~W~ jO~ , 1978 (F) S~ J~~ry 2I~ ~ (GI Amouot F~r?anced Zi~i~• DUE: ' ,~g_, (A, B, C, C1, E, f) S IHI Interst(' t ~ • PLACE: , FLORIDA Gedit Inwst~gation S~~» UI OtMr = ~a~ For value reca~ved. the und~rs+gned (hertina(ta plled "Nlake~") jointiy and seversHy (if (K) s~ more thae onel prom~a~ to pay to tha~r ~yq~ ~pk, at its otlice Inted above, tl~.~tal ot Paymentt (from (N) at right) oi ~i~~~~~~'~~ pollsrspsyabls in la~ S eyual monthly instalt~s o~ ' , ~he lirsi fMl FINANCE CHARGE 6~~~~ (H, 1, J, K, L) S~-~-y~ ~ns~alyp~nt due on ~ , 19_, and wbsayuent ~n:tallments due on (NI Totsl of Payments iG + M) _ :he i~ esch month the~estter, ~o9ein.r vv~~n s F~Nn~ eA~~.ooN PnvMeNT OF: ANNUAL PERCENTAGE RATE • % 5 DUE ~ , 19 ~ The Bank shall ,mposs a delirpuency charge agaiost the Maker on sny payment which'iws become dw ar?d rema~ns in default ta s period in sxpss ot 10 ~~avs ~n an amoun~ equal to 5% of the amount ot the prinupal pa.t of tM paymani in tletault. In ths evsnt that the Note is noi paid in tull at rtuturity, qlt pay- mencs, whether principal, i~te~at or othervvise, shall bear interest at the maximum tegal rate atlowod unde. tl~e laws of tha State oi Florida, q11 payme~ts msd~ hereuncler shall be credited first to interest and tAen to printipal, hOwever, in the event oi de(sult, the Bank may, in its tote distretion, apply sny payment to intereSt, princ~psl and/w lawiul charges [hen accrued. It is she intent+on ot the parties he.eto that the provisions herein shall not provide directly or indirectly to~ the payment of a greater rate of in~e.est or the reteotia? oi any other charge ~han is allowed by law_ Ii, for any reason, ~oterest in exoess oi wch Icgal ?ste w a cnarge prohibited by law shaU at any t~me be paid, any wch excets shall either constieute and be treated as s payment on tAe principsl w be rofundad dirtctly ~o the Maka. The Maker may prepay the entire unpa~d balance ot the toan at any time. If the loan is prepaid in full, acceferated or refina~ced, the Maker shall receive a efund of the unearned portion ot the mterest and insurance prem~ums computed by the Rule of 78's method, except that the Bank shal! be en[~tled to reisin d mimrtlum ~nt@rest ChBrg! Of . CRED17 IIFE AN~ CREDIT LIFE E~ OISA8ILITY INSURANCE ARE VOLUhTARY AND NOT REQt11REU-FOR CREOIT. SucA ensurancecow~ageis ava~iable at the cost des~qnated below for ihe termot the Credit= (al S for C?ed~t Life lnwrance (bl S i~r C~edit Life & Disabihty Inwrance: Check Credit Life Inwrance is des~red on the lite of ~ Bir thdate 6~x ? Credit Life & Uisability InsuranCe is des~red pn B~rthdate ~ Credic l~fe a~d/a Disabil~~ Inwrance is noi desued. .~y~ J~~~ !0~ 2~8 _J - ~~Se: S~gnature • . ti1! 11 , ~O `C/i1~2~ti~~=Gc.~.... Signature i.s s¢a,y rit '~i ih2 ~2. af (+jO+ LhC M3ke. ti !!h tantc • ~ • ~ ~ 7~~t~~1~ ~~/'tr~! ~to ~hs k a~ O.y .terest ip th~ tgfruwi;orop~ i i R e~ook zb3 P z ~ p . . . if A t~ 9e. ~ncluding alt increases, wbstitutions, replatements, add~tions and acCessions thereta and ~n the proCeeds thereof (hereinatter Called "Collateral"1. This ieCUrity ~nterest shalt also satura any oiher ~ndebtednets pr Iiabitity OI tlx N4lker to the Bank direCt or indirett, absolute or contingent, due or to become due, ~ow ex- ~sung w hereatter arising, inctuding all (uture advances or loans by ihe Bank ro ihe Maker_ The 8ank is also given a lien and a secu.ity +nterest ~o all property and securities of the ~Maker, endorser, w~ety, guarantor o? accommodation psrty oi this Note (hereinatter referred to as the "Obtigori '1, now in or at any time hereafter coming into the rnntrol, custody or posseision of the Bank, whether for the ex- p~essed purpose of beinq used by the Bank as Collateral, or tor any othe? purpose, and upon any balante or baiancts to the credit ot any actounts, intiuding r•usi and agency accounts maintairuA withtAe Bank by any of the Obligors, and the Obligprs agree to deliver to the Bank additional Collate?al or make wch naymen[s in reduCtion of the prir?t,pal amoun[ oi the loan as shall be satisfactory to the Bank, i~ the event [he atorementioned Collateral shall decline in value become unsatistactory to the Bank. Add~tions to, reductio~s a~ exChanges o~, or substitutions lor the Collateral, payments on aecount of this loan w increases of ihe same, o? other loans made p.,•t~a11y or wholly upon tAe Collateral, may trom time to time be made without af(ec[ing the provisions of this Note. The Bankshall exerc~se reason~le care in ;ne custody and preservation of the Collateral to the extent required by applicable statute, and shall be deemed to have exercised reasonable care if it takes wch ~c~~on for chat purpose as Maker shalt reasonably request io vw~t~ng, but no omission to do any act rrot requested by Maker shall be deemed a failure to exercise •easonable care, and no omiuion to comply with any request o1 Ntaker shall of itself be deemed a~ailure to exerc~se reawnable care. Ba~k sha~l not be bound to ;,~ae any steps neceuary to preserve any rights in the Collateral against pna parties and Maker shall take aU ~ecessary steps fa such purposes. The Bank or its normn~ nEld rlpt COIIeCt iDtErKt On, or a principai of, any Coltateral or gfve any notrce with respsct to ~t. The Bank may conti~ue to hold any Colfateral depos~ted hereunder a~ter the payment of this Note, if at the time o( the payrnent a~d discharge hereot any of ihe parties liable tor the payment hereof shall be then directly or contingently I~able to the Bank as Maker, endoFSCr, wrety, guaranta or accommodation parcy . of any ofher note, d~att, bill oi exchange, w other instrument, or otherwise, and the Bank may ihereafter exercise ali nghts with respect to said Collateral 9-anted herein even though this Note shal! hare been su.rende.ed to the Maker. iF the Bank deems ~tselt insecure o? upo~ the happe~ing of a~y of tbe following events, each of whicA shall constitute a detault, aIl liabilities of each Maker to the Bank, includ,ng the ent~re unpaid pr~ncipal ot ~his Note and acc~ued interest, less any unearned interest and any interest in excess of the maximum allowed by Iaw and any reba[es required by law, shall immediately or thereatter, at the option of the Ba~k, except that the occurrence ot pr 1di shall cavse automat- ~c accelerat~on; without notice w demarxl, becomedue and payable: (a) tlie failure of any Obligor to perform any obligation, liability or claim ~o the Bank, to pay ~nte.est hereon withi~ 10days a(ter it is dua, w if there is no due date, aiter it is b~lled or otherwise requested or demandtd, or to pay any other liability what- - scever to the Bank when due; (b) the death ot any individusl Obligor, the d~ssofution oi any partnerfhip Obligw pr tne diisolutio~, me~gEr or Cpntolidat~on with- our rhe Ba~k's ptior written consent of any corporate Obligw; (c) the filirg ot a petition in bankruptty or the adjudicetio~ of insplventy or bankruptcy undEr any reorgan~zation, arrangement, readjustment of debt, dissolution, tiquidation o? similar proceeding under any Federal or state statute, by or against a~y O~I~gor; (d) an application for the appointment of a rEOeiver tor, w the making of a generat assignment tor the benefit of creditors by, any Obligor; le) the et~try o! ~~jrne~t against arry Obtigor; (t) the ~uuing of any attachment w garnishment, or the tiling o( any I~en, against any {xoperty of a~y Obligor; (g) the taking of possession of any substantial part of the property of any Obligor at the ~iutance of any governmantal authority; (h) the determination by the Bank that a materi- ai advt~se thanpe has ot~urred in the fina~cial conditiot~ oi any Oblgcx (rom the Conditiorn set forth tha most rece~t /inancial statement oI wch Obligor neretoto~e furnished to the Bank, w(rom the eondition ot wch Obligw as heretoiore most recently disclosed to the Bank, o+ that any warranty, representation, cerc~licate w statement of a~y Obligor (whether contained in this Note w nof) pertaining to o~ i~ connection with this Note w the loan evidenced by this Note contai~s an untrue staternent o~ rr?aterial txt or omits to state materiat /act naCessary in order to ntake th! statements made nOt misleading; p, (i) tAe assign- ~nent by any Maker oi any equity in any of the Collateral without the prior written consent oi the Bank. The Bank shall h~v~, but shall not be limited to, the following rights, each of which may be ezercised at any time whether or not this Note is due:.li) to pledgs Or tranffer this Nots and the Coll~tp~) and the Bank shall thereupo~ be relieved oi alt duties and responsibilities hereunder and relieved from any and all i~abflity with .espect to a~y CoNsteral so piecfp~d or « snsfe~red, and any pledgee or transteree shall for all purposes stand in [he place oi the 8ank Aereunder and have all the rigfits of the Bank hereunder; (~i) to transta the whole w a~y put of the Collateral into the name of itself or its nominee;liiil to wte the Cotlateral; I~v) to notify the Obligws of any Collaural to make payment to the @snk ot a~y amou~ts due or to become due thereon; (v) to demand, we for, codect, or make any compromise p settlement it dssms desirable with reference io the Collateral; and (vi) to take posseuion or control of sny proceeds oi Collateral. •"BAM1C" as used b~r+ein ~eans Tartle 16~f Associates, Inc. aud/ar its asslyns. NOTICE: SEE OTHER SIOE FOR IMPORTANT INFOFiMAT10N ~ Rr • F Bs Is2 Rev 7/; ) ~r~ j CtrC ~~a'~.> . -T - - - _ , . -y'."' ~ ~ . _