HomeMy WebLinkAbout0464 INSTALIMENT PROMISSORY NOTE
TURTLE REEf ASSOCIATES. INC.~ (A1 Amoun~ Recerved s 5~.~ ~
BANK NAME (BI Premwm fo. C~edi~ n~e
l~h/O~sabihty Ins. S
P. 0. 60X 618~ JENSEN BEACN• Fi.. 3345T Oocumentary Starr~,s s nai!
OFF~CE AOORESS 1D) QthK Charges (~tem~ze) S n~~
t ~E? s none
NOTE NO. UATEO: V~~rY 7~ - . 1978 . (F? S ~IO~
IGI Amount Finanted 5~.~
,~uE Jafllia~ 2I~ . IA, B, C, D. E. FI S
(H) InterKt s •
F.ACf: . FLORtDA (1) Credit Invest~9aUO~ s n~~
t~~ o~n~, s nOn!
For value rece~ved. 1h~ urxfers~gned (hcre~naiter called "Maker") ~omUy and severally (it (K) s~~
n~ore thao one) prom~se to pay to the ~~eiQf_th~nk, at ~ts otf~te fisted above, theljpjal
ot Paymenta lirom IN) at rgAt1 of Do~lars payable in LU Il1 S~a1~
ec~ual moMhly ~nuaurr~r~t,f ot • , the ~~.st ~M~ FINANCE CHARGE 31~4.~
reo. lN, 1, J, K, l) S
~nsi~line~~ due on , 19_, and wbsequent ~nstallments due on (N) Total o~ Payme~ts fG ~ M? 5~~~__
:he 1 da f~h month thereafter, co9e~ner w~th a F~NA~ BA~~OON PAVMENT OF: ANNUAL PERCENTAGE RATE • X
S UUE , 19
The 8ank shali impose a delinquency charge agains[ tAe Maker on any payment which has becane due and rema~ns in default fo. a period in excsu of 10
a,~ys ~n an amount equal to 596 ot the amount ol the pnncipal par[ of ihe paymem in default. In ihe even[ that che Note is not paid in fu~l at maturity, all pay-
ments, vaheiher principal, interest w otherwise, shall lxar interest at the maxirtx,m legal rate a~towed under the laws of the State o~ Florida. All payments made
nereunder shalt be credited first to interest and then to p~incipal, however, in the event ot defauiL the Bank may, in its sole discretion, apply any payment to
~nte~est; prlncipal a~dlo~ lawful charges then xcrued. It is the i~tention of the parties hereto that the prov~sions herei~ shall not provide directly o? i~directly
The payment oi a greater rate of i~terest or the retention of any other charge than is allowed by law. If, (or a~y reason, i~terest in excess oi wch legat rate or
c+~arge proh~bited by law shall at any time be paid, arry such exceu shall eithe~ constitute and be treated as a payment on the principat o~ be retundetl directly
?o ;he Nlak!?.
The Maker may prepay the e~t~re u~pa~d balance oi the loan at a~y t~me. If the loan is prepa~d ~n (ull, accele.ated or refinanced, the Maker shall receive a
~tund of the unearned poruon of the ~nterest and insurance premiums computed by the Rule ot 7$'s method, except That the Bank sball be entided te retain
~n+nertNim inte~lst tharge oi
CREDIT LIFE AND CREDIT l1FE & OISABIIITY INSUHANCE ARE VOIUNTARY AND NOT REQUIREO FOR CREDI7. Such ~nwrancecoverage is
„~a~iable at the cost designated below fo? the te~m of the credit: ia) 5 for Gredit Lite Inwrance Ib) S
' r Credit Life di Disabihty Insurance:
Cneck ? Credit L~fe Insurance is des~red o~ ~he I~fe oi
-~~~P~. Birthdate
5.x ? Credit ~ife & D~sab~l~ty Insurance ~s desired on
1~, Buthdate
MJ Credit Life and/or Disab~l~ty Inswance is not des~red.
D,:ce January 7~ 1978 S~gnature I~""" v~ ~
~'$i~ll/e Ti ~ 1'.
Signature ti
ac sv.curitv fa rhe oavmertt of Lhe NQre the Maker her y grants to he Ban a u? t~ e'S i i fol ow~ rty:l~ ~~~76~ undt ~ided
intet~st in ~urtle ~;ond. i ~ KeCOTaea ~in u.R. ~'o-Y'-w'-~ ~~~~~'ay~ ~f'~:.. _ ~iz=-~ _
n . , t. . , as sc n sa ~o gage.
;r.uud~ng all ~ncreases, subsutuuons, replacements, additionz and acceuions thereto aiid in the proceeds thereof thereinafter caNed "Collateral"1. This secu,~ry
~terest sha11 also secure any other indebtedneu or Gab~lity of the Maker to the Bank duect or indirect, absolute or conungent, due or to become due, now ex-
~st:ng or hereafter arising, ir?ctud~ng afl tuture advances or I~ans by the Bank to the Maker. _
The Bank is atso given a hen and a securiry ioterest in all property aod secur~ues of the Maker, endorser, surety, guarentor or accommodation party of th~s
Note (hereinatter referrecf to as the "Obl~gors"1, ~ow ~n or at any time hereafrer coming into the control, custody or po~u~on oi the Bank, whetAer for the ex-
cressed purpose of b¢mg used by the Bank as CoUateral, or for any oiher purpc~se, and upon any balance or balances to [he credit ot any accou~ts, including
^ust arW agency accou~ts ma~nta~ned w~ththe Bank by any of the Obligors, and the Obligors agree to deliver to the Bank addiuonal Collateral or make such
paymenti in reduction o~ the pnncipal amount of the ioan as shali be satis(actory to the Bank, in the eeent the afo?ementioned Collatera~ shall dectine in value
vecome unsat~st~tory to :he Bank.
s~dditeons to, reduct~ons o. exchanges of, or subst~tut~ons (o. [he Collatera~, paYments on accou~t of th~s loan or ~ncreases o~ the same, or other loans made
~»~.~a~ly w wholly upon the Co~lateral, may from t~me to T~me be made without afiecting the provisions of this Note. The Bank shall exe.use reasonable care m
rr.e custody and preservatio~ of the Cattateral ro the er.tent reyuired by applicabte statute, and shall be deemed to have exercised reasonable care ~f it takes wch
~c non (or that purpose as Maker shall reasonably request in wrrting, but no omission to do any act not requested by Maker shall be deemed a tailure to exercise
•easonable care, and no om~uion to comply w~th any request of Maker shall of itsel( be deerneA a tailure to exerciss reasonabte care. Bank shall not be bound to
*,ke any steps neceuary to preserve any nghts in [he Collateral aga+rtst priw pa.ues and Maker shatl take all necessary steps fw such purposes. The Bank or its
nom~nee r?eecl not collect interett on, or a principal of, any Collateral or give any noti~e with respect to it.
The Bank may continue to hold any Collateral deposited hereunder a~ter the payment of this Note, ~i at the time of the payment and discharge hereof any of
ihe parties I~able tor the payment hereof shall be then directly or contirgently liable to the Bank as Maker, endorser, wrety, guara~tor or accommodauon pa.ty
of any other note, draft, biU of excharrge, or oiher instrument, or otherwite, and the Bank may tbereaher exereise all rights w~th respect to said Collateral
g~anted herein even though this Note shall have been wrrer?dered to the Maker.
If the Bank deems itself insecu.e w upon the happen~ng of any ot the follow~ng events, exh of which shall constitute a defautt, atl Iiabilities of each Maker to
rne gank, induding the entire unpaid prmcipal oi this Note and actrued interest, leu any unea~ned ~nterest and any interest ;n exCess of the maximum allpwed
by law and any rebates requ+red by law, shall immediately or tl?ereatter, at the option ot the Bank, except that the occurrence of (c) or (d) shalt cause automat-
~c acceleration; without notice w demand, become dve and payable: (a) the failure of any Obligor to perform any obligation, Iiability or daim to the Bank, to pay
~nter~t herNOn Within lOdays after it is due, or if there ~s no due date, a(ter it is bilted o. othervvise requated or demanded, o. co pay any other I~ability what-
:cever to the Bank when due; (b) the death of any indiv~dua~ Obligo?, the dissolution oi any partnership Obligor or the diuolution, merger or opnsoliciation with-
ou2 the Bank's pno? written consent of any corporate Obligor; lcl the tiling of a petition in bankruptCy ot the adjudication of insplvency pr bankruptcy under
~,ny reo.ganization, arrangement, read~ustme~t oi debt, diuolution, tiquidation or similar proceeding under any Fede,al or state statute, by w against any
Ohl~gor; (d) an application for the appointment of a receiver for, or the making oi a ger?era~ assignment for Me benefit of creditors by, a~y Obligor; (e) the entry
of t~d9ment against any Obligor; (t) the issuing of any attachrnent or garnishrtient, or the filing ot any lien, against any property of any Obligor; (g) the taking oi
posseuion oi a~y substa~tial part of the property of any Obligor at the instance of any governme~tai authorfty; Ih) the determirwtion try the Bank that a materi-
adve.se d~arx~e has occu?red in the ~inancial condition oi any pbligor trom the condicions set forth in the most recent financial statement of wch Obligw
he~etofore furnished to the Bank, or trom the tondition of wCh Obligor as heretofore most recently disclosed to the Ba~k, or that any warranty, representation,
cert~licate or statement of any Obligor (wAether contained in this Note or not) perta~ning to o? in co~nection witA this Note or the loan ev~der?ced by this Note
conta~ns an untrue stateme~t of material fact or omits to state material fact necessary in order to make the statemenls made not misteading; or, (i) the au~9~-
ment by any Maker ot any equity in any of the Collateral without the priur writte~ consent oi the Bank.
The Bank shall have, but shall not be limited to, the tollowing rghts, exh of wh~d+ may be exercised at any time whether w not this Note iz due_ li) to
p!edge or transfer this Note and the Coflateral a~d the Sa~k shall tbereupon be relieved ot all duties a~d responsibilities hereurWer and relieved from any and all
I~ab~l~ty with respect to a~y Collateral so pledged or transferred, and any pledgee or transteree shall for sll purposes sand ~n the pface of the Bank he?eunder and
have all the rights of the Bank hereunder; l~i) to transier the whole or anv part of ~he Collateral inio tAe name o( itsetf or i~s ~ominee; (iii? to vote the Co!lateral;
i ~v) to notify the OW?gors o} any Collate~al to make payment to the Banli o( any amou~ts due or to become due thereon; (v) to demand, we fa, cdlect, w
make any comprom~se or settlement it deems desirable with reterence to the Collateral; and Ivi) to take pouession or control of any proceeds of Collateral.
*"BAMK" as used herein ~neans Turtle R+eef Associates, Inc. and/o•r its asslgns.
NOTICE: SEE OTHER SIDE fOR IMPORTANT INFORMATION O Q~~~ e~A
FBS 752 Rev. )!77 . RC?~?~ ~~~r ~
~ra -~'-x _ . , r. ti , ~ _ _ - - - - _