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HomeMy WebLinkAbout0456 INSTALLMENT PROMISSORY NOTE ~Tt ~ QF~F ~SSOCLATES IKC _ ~n~ Amount R~ceiwd s~0,3~0.00 BANK NA E (81 Oremium for Credit none lift/Dissbility Ins. Z a~ [e~x 6i8 ~FMSFN BFAC3~ F1 ~~~57 ICl o«~m~nia?v S?amps s none oF ICE ADp ~o~ o~n.. CMrges Gtem~i~) s none none NOTE NO. DATEO: Jd11Ua1"JI IG ,19 78 ~F~ s none IGI Amount FinsnCed Qs3~•~ ouE: February 1 , t9 88 ~n, e, c, o, e. F? s~ ~H~ i~t.~.~t s 6,~i4_!~ , FIORIDA c~~~~ s none PLACE: IJI Other s none Fo? value nce~ved, th~ unders~gr?ed (Mreinalter calied "Maksr") jointly and severally (if (K) s none more thsn on~) promise to pay to the order of tM Bank, at its offics liited above, the Toal nOne of Paym~nts Ifrom (N) at right) o/~~~~~~-~A Oollars psyable in .~.2Q.._ s , the ~irst ~MI FINANCE CHARGE eyual monihly i~stallme of S (H, 1, J, K, l) S, 6-m4-4a ~nstallment due oo ~rC , 19_, and wbsequent insqllments due on Totsl ot Pavments (G + M) 7~.ii-3~.4~ tne lse~y of each month th~reatter, togsther w~th a FINA~ BAl~00N PAVMENT OF: ANNUAL PERCENTAGE RATE ~O % 5 ~IlA OUE X • t9x-. The 8ank shall impose a delinque~cy charge against the Meker O~? any payrt?ent which has beCOrt+s due and rems~~s in default iw a period in excass of 10 ciays in an amount equal to 5X+ of tAe amount of the principal part of the payme~t in detault. In the event that the No[e is not paid in full at matu~ity, all pay ments, whether principal, interest or othenvise, shall bear interest at the maxirtwm legal rate allowed unda the laws of the State oi Florida. Alt psyments made hereunder sAall be crMited tirst to interett and then to prinCipal, however, in the ever?t oi deisult, the Bank rnay, in its sola disCretion, apply any psymMt to ~ntereSt, pri~cipsl and/or lawful charges then accrued. Ic is the intention ot the pa~ties hereto that the provisions herei~ shall not provide directly o~ indirectly to~ [he paymaf?t of a greater rate of interest or tAe retention of a~y othe~ c?~arge tAan is allowed by law. If, tor any reasa?, interest in exceu ot wch legsl rate or a charge p~ohibited by law shall at any time be paid, any suth exceu shall either constitute and be «eated as a payment on the printipal o. be retunded directly . to the Nlsker. The Maker may prepay the entire unpaid balance ot the loan at any time. It the toan is prepaid i~ full, accelerated o. ?efinanced, the h~aker shall receive a ~e~und of the unearned port~on of the interest and insurance premiums ccmiwted by the Rule of 78's method, except that the Bank shall be entitled to retain minimum interest charge of ~,1.~. CREDIT IIFE ANO CREOIT LIFE & DISABIIITY 1NSURANCE ARE VOLUNTARY AND NOT HEQUIRED FOR CHEDIT. Such inwrance covera9e is ava~lable at the cost des~gnated below for the term oi the uedit: (al S tor Credit Life Insurance (b) S for Credit Lrfe & Disability Insurance: Check ? Credit Li(e InsurantE is des~red on the li(e of A~p~ Birthdate Box ? Credit L~fe & Disab~lity Insurance is desired on Birthdate . 1~ Credit l~~e and/or pisability Inwra~ce is not desired. ^ Date: t~aI1aU1°~/ iG~ I978 Signature , ~ ~ S Signature As security fo~ the payment of the Note the Maker hereby grants to the dri , t in the Ilowing properry:~ QT69~ undiridea i nc~~tt ~y~?~~~ R~~f CY~~~~_ i~ f www i~ O~ 9SRIC ~ a~ f n Cand. a4~~Rt G-4 !s descrfh~ 1n ~id ~~~aQ- ' ~nc~uding all increaus, wbstitutions, replacemeots, additions a~d acceu~ons thaeto a~d ~n the proceeds thereof (heremafcer called "Collaeeral 1. This secunty ~n[erest shall also secure any other indebtedness or liability of the N~aker to the Bank direct or indircct, absolute or contingent, due w to become due, now ez- I! ~sung or hereaiter aris~ng, including all future advances or ~oans by the Bank to the Make.. ! The Bank is also given a lien and a securiry interest ~n all property and securities oi the Maker, endorser, wroty, guarantor or accommodation party of this ~ tioce (hereinafte. ref~rred [o as the "Obligors"1, now in o~ at any time hereafter com~ng into the cont~ol, custody or possess~on of the Bank, whether for the ez- p•essed purpose oi bei~g used by the Bank as Collateral, or for a~y other purpose, and upon any ba~ance or balances to the credit of any xcounts, includi~g ±~usc and agency accounts maintained withthe Bank by any oi the Obligors, and the Oblgors ag.ee to ddiver to the Ba~k additionaf Collateral or make wch ~ payments in reduction oi the pr~ncipal amount of the loan as shall be satistactory to the Bank, in the event the aimementioned Collateral shall decline in value o~ become unsatistactory to the Bank. ~ Additions to, reductio~s or exchanges of, or wbstitutions tor the Collateral, payments on account oi this loan or inc~eases of the same, or other loa~s made pa~t~ally Or wholly upon the Collater8l, may from time to time be made wnthout ai(ecting the provisions of this Note. The Bankshall ezerc~se reasonable care in ~ ~he custody and preservation of the Collateral to the extent required by app~icab~e statute, and shall be deerned to have exercised reasonable care if it takes suth ~c~~on for that purpose as Make? shall reasonabty requett in writing, but no omission to do any act not requested by Maker shafl be deemed a failure to exercise ~easonable caro, and ~o omiuion to comply with any request of Maker shall of itseli be deemed a failure to exercise reasonable care. Bank shall not be bound to rake any steps neceua~y to preserve any rights in the Collateral agalnst priw parties and Maker shall take all necessary steps for wch purposes. The Bank or its nominte need ~ot collett interett on, o~ a principal of, any Collateral or give any notite with respett to it. The Bank may continue to hold any Collateral deposited hereunder after the payment of this Note, if at the time of the payment and discharge hereof any of ~ ~he pariies liable fw the payment hereof shall be then directly or contingently liable to the Bank as Maker, endorser, wrety, guarantor or accommodation parry ~ of any other note, draft, b~ll of ezchange, or othe~ instrument, or othe?wise, and the Bank rtwy thereaher exerc~se all righu wi~h respect to said Collateral granted herein even though this Note zhall have been wrrendered to the Maker. If the Bank deems itsetf insecure o. upon the happening of any oi the following events, each of which shali colutitute a defautt, all liabilities of each Maker to ~ the Bank, intluding the encire unpa~d principal of this Note and accrued interest, Iess any unea~ned interest and any interest in excess of the maximum allowed ~ b~ law and any rebates requi?ed by law, shall immediately or thereaiter, at the option of the Bank, except that the occurre~ce oi (c) w(d) shall cause automar ~c acceleration; without notice or demand, becomedue and payable: (a) the (ailure of any Oblgw to perform a~y obligation, liabiliry o~ claim to the Bank, to pay ~n~erest hereon within 1Odays a~tea it is due, o~ if ~here is no due date, after it is billed a othervvise requested or demarded, w to pay any other liability what- ~ soever to the Bank when due: (b) the death of any individual Obligor, the dissalution of any partnership Obligw or thE diuolution, merger or oonsolidatio~ with- ~ ou[ tAe Bank's priw written consent of any corporate Obligor: (c) the fili~g of a petition in bankruptcy o? the adjudication of insolvency or bankruptcy under any reorga~ization, arrangement, readjustment of debt, dissolution, liquidation w s~milar proceeding unde~ any Federal or state statute, by or against any ~ Obl~gor; (d) an application fpr the ap~wintment o( a receiver for, or the making ot a gerteral assgnrtxni for the benefit of creditors by, any Obligor; (e) the entry - ot judgment against any Obligor; (11 the iswing of any attachment w garnishment, or the filing of arry lie~. a9ainst any property oi a~y Obligor; Ig) the taking of ~ possession of any substantial parc of the propercy o( any Obtigor at the iratance of any governmental authority; (h) the determination by the Bank that a mate~i- a1 ad~rerse change has occurred in the financial co~dition oi any Obligw from the conditior?s set fortA in the most recent financial stacement of wch Obligor F heretotort furnished to the Bank, or from the conditioe of wch Obligor as heretofore most recently disdosed to the Bank, w that any vrarranty, representation, ~ certificate a statement of any Obligor (whether cootained in this Note or not) Pertaioinp to w in connection with this Note or the loan evideaced by this Note ~ contains an untrue statement of material (act w omits to state material fatt ~ecessary in order to make the statements made not misleading; a, (i) the assign- ~ ment by any Maker oi a~y equity i~ sny of the Collateral without the prio~ w?itten consent of the Bank. a The Bank shall have, twt shall not be limited to, the following rights, esch of whid+ may be exercised at any time whether or not this Note is due: (i) to ; pledgs a transfer this Note and the Collateral and the Bank shall thereupon be relieved of all duties and raponsibilities hereunder and relieved irom any and all ~ I~ability with respact to any Collaterai so pledyed w transier~ed, and aoy pledgee or transteree shail for all purposes stand in the place.of the Bank hereunder and ~ have all tAe.ights oi ihe Bank hereunder: (ii) to transfer ths whole or any part ot the Collateral i~to the ~ame of itself or its nominee; (iii) to vote tF~e Cnllateral; -r ( rvl to notify the Oblipors of any Collattrs{ to mak~ psyment to the Bu~k of any amounts due or ro become due thereon; (v) to demand, we for, collact, w ~ make any comprom~ d' Uement it dsertr desi~~We with reference to the Collateral; and (vi1 to take Rossession a control oi any proceeds of Collateral. ~ . . ~03 ~ *"BJUIk" as used herein r.~eans Turtle Re~f Associates. Inc. and; 1ts assigns. , ~ NOTICE: SEE OTHER StUE FOR IMPORTANT INFORMATION Q~~~) ~~Q FBS ~sz Re,,. ~i» ' B~"_r (v V ~ - - - - - - ; _ ~ , ~ - ~ _ ~~s~c r~ r.