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HomeMy WebLinkAbout0472 INSTALLMENT PROMISSORY NOTE TUICTLE REEF ASSOCIATES, INC.* ~ni n~,~~ R~e~~,,,o s 7~000.00 BANK NAME q (B) Prem~um lor Cr~dit w~ Lifs/Oisability (ns. S P. V• ~ 61e~ J~~ Q~rH~ ~S7 lCl o«urt~tnta?y Stamp: S~ OFFICE AODRE55 (0) Othsr Cher~lt (~tem~ze) Z~ ~e~ s ~ou~ . NOTE NO. UATED: JanUdl"JI lO ~ .~g 78 , (FI S~S (GI Amount Financed ~A ~uE: January 21 ~ .~g88 , (A, B, C, D, E, F) S`~' cH? ~~~..~t s - PLACE: , FLORIDA Credit Invesugation S~ IJl Othtr S For valu~ raterved, tM undersigned (h~reinalter Cailed "Makei') jo~ntly and sev~rslly (it (K) S~a~ more tAan on~l promise to psy to th rdsr of he ~k, at its oflice lesced above, the Tot~l~ ot PaYments (Irom (N) at right) of~~~~ polWrs PaYable in 1N (l) S~ iM1 FINANCE CHARGE 41Oi.~ equal monthly instaUments of S ~ , the fint (H, 1, J, K, L) S ~nstallment due on Feb. 2~ . ~g_, a~ subsequent installments due on 1 1 1• IN) Total ot Payments IG + MI S ~ne 21 dsy ot e~~th chereafte~, toyetner w~~n a FiNa~ en~~oo?~ PAVMENT OF: ANMUAL PERCENTAGE RATE 96 5 IIIJIft ouE t9 The Bank shall impose a delmquency char9e against the Maker on any payment wl~ich has becane due and remai~s in delault for a period in excess ot 10 d-eys in an amaint equsl to S7G of the amount of the princ~pal p~rt of the payment in detault. In the event that the Note is not paid in tull at maturity, all pay ~nents, whether principal, interest or otherwise, shall besr interest a~ the rt?aximum Iega1 ?ate allowsd u~der the Iaws of the Stste oi Florida. All payments msde hereunder shall be Credited fi~st to interest and the~ to principal, however, the event ot default, tAe Bank may, in its sole discretion, apply any payment to ~nterest, principal and/or lawful charges then accrued. It is the ~ntention of the part~es hereto that the provisions he~ei~ shall not provide directly w indirectly for the payrr~ent of a greate~ rate of interest or the retention of any other charge tAa~ is allowed by law. Ii, tor any reason, interest in exeess of wch fegal rate or a charge prohibited by law shall at any [ime be paid, any such excess shatl either constitute and be treated as a payment on the principal w be refunded directly to the Maker. The Maker may prepay the entire u~pa~d t?alance o1 the loan et any time. 11 the loan is Wepa~d ~n tull, accelerated or refinanced, the Maker shall receive a ~ e!und ot the unearned portion ot the m[erest and msurance premiums computed by the Rule of 78's method, except that the Bank shau be entided to retain a m~n~rtwm i~terest charge of ~.00. ~ CREOIT LIFE AND CREDIT IIFE & DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such inwrance coverege is availabte ai the cost designated below for ~he term of the c~edit: (a) S for Credit L~ie Inwrance !b) S f;,r Credit Lifedc Disabil~ty Insurance: . Check ? Credit Life Inwrance ~s des~red on the life oi A~p~ Birthdate Box ? Credit life & Disability Insurante ii desired on B+rihdate ~ Credit L~~e and/or Oisability Inwrance is not desired. ~ Date. Jar1Ua1"~/ lO ~ 1978 S~qnature R rd H. Signature As seturity !~r ~:_:!!2ent o~ the Mote th. Makpr hereby wa~ts to the 8ank a nt r~st ing prope~ty: ~ ~~076~ i ntsrest i a~ T~tl e~t C~ad~I. 1lec~r~d m 0 t~ ~mk 263.~a~ mQ2. Uai t Neeict ' 32 ~d 33 ie D-S wet.~. te.~Cf"thtd ia t~id !~'*-ti~_ ~ mcluding all inCreases, wbstitutions, replaCemeots, additiorx and attessions thereto and in the proteeds thereof (hereinafter called "Ca:!ateral"1. This seturity I ~n2erest shall also secu.e a~y other indebtedness or ~~ab~~~tY of the Maker to the Bank direct or indirett, absolute or contingent, due or to become due, now ex- ! ~sa~ng or hereafte~ aniing, including a~l tuture advances or ~oans by the Bank to the t~Aaker. - ~ The Bank is also g~ven a lien and a security interest in all property and securities oi the Maker, endorser, wrety, 9uarantor or accommodation party of this t Ncre (hereinafter referred to as the "Obligors"1, now in or at any time hereaite? coming ~nto the control, custody or possess~on ot the Bank, whethef for the ex- ~ p~essed purpose oi being used by the Bank as Collateral, or iw any other purpose, and upon any balance or balances to the credit ot any accounts, including ~ ?•ust and agency accounts ma~nta~ned withthe Bank by any of the Ob~igors, and the Obfigors agree to deliver to the Bank addrt~onal Collateral or make such ~ rayments i~ reductio~ of the p~~nc~pal amount of the loan as shall be satisfactory to the Bank, in the eve~t the aforementioned Collate~ai shall decline in value become uinatisfactory to the Bank. ~ Additions to, reductions or exchanges of, or substitutions (or the Collateral, payments on account of this loan or ~ncreases of the same, or other loans made part~ally O? wholly upon ihe Collate~al, may from time to time be made without af(ecting the p~ovisions oi this Note. The Bankshall exerc~se reasonable care ~n ;ne custody and preservation of the Collateral to the extent requ~red by app~icable statute, and shall oe deemed to have exercised reasonable care iI it taka wch ~ acc~on iw that purposE as Maker sha11 reasonably request in writing, but no omission to do any act not requested by Maker shall be deemed a failure to exercise -easonable care, and no omission to comp~y with any request of Maker shall of iiself be deemed a failure to exercise reasonable wre. Bank shall not be bound to ~aKe any steps ~ecessary to preserve any rights in the Collateral against piior parties and Maker shall take a~l necessary steps 1w wch purposes. The Bank or its r~ominee need ~ot collect interest on, or a principal of, any Co~lateral or give any notice with respect to it. - The Bank may continue to hold any Collateral deposited he~eunder after the payment of this Note, it at the time of the payment a~d discharge hereof any of fhe parties liable tor the payment hereof shall be then directly or continge~tly liable to the Bank as Maker, endorser, wrety, guarantor or accommodat~on party eF any othe. ~ote, d.aft, bitl of exchan9e, or other i~strument, o? otherwise, and the Bank may thereafter exerc~se all rghts with respect to said Collate?al g.anted herein even thagh this Note shall have been wrrendered to the N4aker. ~ If [he Ba~k deems itseli insecure or upon the happenin9 of any ot the tollowing events, each oi which shall constituce a default, atl liabilities ot each Maker to !he Bank, including the ent~re unpaid printipal of this Note and atcrued interest, less any unearned ~nterest and any interest in excess of the mazimum allowed ~ by law and any rebates required by law, shall imrt~ediately or the~eatter, at the option of the Bank, except that the occurrence of (c) or ld) shall cause automat- ~c accele.ation; w~thout notice o~ demand, becoinedue and Wyable: (a) the failure of any Obligor to perform any obligation, liabitity or claim to the Bank, to pay ~ ~~~arest hereon w~thin lOdays aiter it is due, or if the?e is no due date, atter it is billed w otherwise requested w demanded, o~ to pay any othe. liability what- 4 soever to the Bank when due; Ib1 the death of any indivldual Obligor, the d~uolution oi any partnership Obligor w the dissolution, merge~ or oonsolidation with- out the Bank's prior writcen consent ot any corpo?ate Obligor; (c) the filing of a petition in bankruptty w the adjuditation of insolvency or ba~kruptcy under any reorganization, arrangement; readjustment oi debt, diuolution, liquidation or similar proteeding under afly Federal or state statute, by or against any Obligor, (dl an ~plitatio~ for the appointment oi a receiver for, w the making of a general assignrt~ent for Me benefit of creditors by, any Obligor; (e) the entry ~ of ~~dgme~t aga~~ut any Obligor: (f) the ~swing oi any attachment w garnishment, or tM?e tiling ot any ~ien, aga~nst any propeny of any OWigor; (g) the taking of ~ possession of any wbs~antial part of the property ot any Obligor at the instance of any governmental authority: (hl the determination by the Bank that a materi- " a1 adverse charye has occurred in the tirWncial concfition of any Obligor trom the conditions set fwth in the most recent tinancial statement of wch Obligor ~ heretofore fumished to the Bank, or irom the condition of wch Obligor as heretofore most recently disdosed to the ~ank, w that a~y warranty, representation, ~ cer~~ficate or statement oi any Oblgw (whether contained in this Note or not) Pe?tainirg to w in co~~ection witf? this Note w the Ioan evidenced by this Note contaiiu an untrue statement of material tact or omits to state material fact necessary in order to mske the statements made not misleadi~g: a, (i) the assgn- ~ ment by any Maker of any equity in any of ihe Collateral without ihe prior w.itten consent ot the Bank. ~ The Bank shall. hav~, but sha11 t~e limited to, the following righu, each of which maY be exercised at any time whether or not this Note is due: (ii to ~ piedge o~ transfer t~iR j!bte and t~Ct111ateral and the Bank shall thereupon be relieved of all duti~s and rapo~sibilities hereuncfer and relieved from a~y a~d all i~ability wiM .esWet tdsny Collatersi so ~ffedged or transierred, and any pled9ee or transteree shall fo~ all purposes stand in the place of fhe Bank herounda and have alt the ri~hts ot the Ba~k hereu~der; (ii) to transfar the whole or any part of the Cotlatersl into the name ot itseli or its nominee; (iii) to wte the Collattral; ~ I;v) to notify the Obligws of any ColWteral to make payment to the Ba~k oi any amounts due or to become due tAereon; (v) to demand, we tw, collect, w ~ make a~y cwnpromise o? settlement it deems desirable with retere~ce to the Collate~al; and (vi) to take posseuion or control of arty proceeds of Collaterat. ~ •'BIINK" as used her~in ~eaas Turtle i~et Associates, Iru. and/o~ its NOTICE: SEE OTHER SIpE FOR IMPORTANT INFORMATION ~ ~K y~ PAGE ~6 4 FSS 752 Pev 7!77 _ _ . . . s . s~-~ - . _ . a*~,' _ _ _ ' . . ~ , x h ~'x, ~ a~' C ' _ . i . _ . s ~'`*~'.~`E .