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Home My WebLink About0121 INSTALLMENT PROMISSORY NOTE . TURTLE REEF ASSO~IATES. INC.* (A) Amount Received s 61~,Z.flQ BANK NAME (B) Premwm 1or Credit n~e L~1e/Oiqbilrty Ins. S P. 0. BOX 618, JENSEN BEACH. Fl. 33457 (C) Documtntary Stamps s~~ OFFiCE AODRE55 (D) OthK Charqes (~temiza) S n~e ~e~ s ~one NOTE NO OATEU: F~t'{~~~ZQ ~ . 19-.~ (F) S (G) Amount Financed 6102.~ ~ DUE: ~_Q. ,~g_~ (A, B, C, D, E, F) S IHl Interest S • PLACE: , FLORIOA ~nvest~gat~on S ~ IJI Other S nal~ Fo~ value recewed, the unders~gned (hereinafter called '"Maker") ~ointty and severally (il (K~ s A~~ more than o~e) promiu to pay to the order ot tAe Bank, at ~ts olfice listed above, the Total ot Payments (trom (N? at right) ot ~Q6~ DotWrs payable in (L) S 11Af1P IMI FINANCE CHARGE 3574.9Q equal monthty insta~lments of S , the first (H, 1, J, K, l) S ~s ~nstallment due on ADt't ~ 6~ , 19~, and wbsequent ~nstallments due on (N) Total ot Payments (G + M) S the V Y/~aY ot each month ihereaf[er, toyett?er w~~h a F~NA~ BA~~OON PAYMENT OF: ANNUAL PERCENTAGE RATE lO.QO 96 s ~AYC UUE - .19~~~ The Bank shall impose a delinquency cAarge agalnst the Maker on any payment wAich has become due and rema~ns in detault fw a period i~ axctss oi 1O days in an amount equal to 5% of ~he amount oi the princ~pal part of ihe payment in default. In the event tha~ the Note is not paid in full at maturity, all pay- ments, whether pr~ncipal, interes~ or otherwise, shall bear interest at the maximum legal rate allowed under the laws of the State o~ Florida. AII payments made hereuncier shall be cred~ted first to interes[ and ihen to principal, however, in the event ot default, the Bank may, in its sole discre~io~, apply any payment to inte~est, prinupal and/or tawful charges then accrued. It is the intention of the pa~ties hereto that the provisions here~n shall not provide di~ectly o? indirectly tor the payment of a greater rate of i~terest or the retention of any other cha~ge than is a~lowed by law. If, for any reason, interest i~ excess of wch legal rate or a charge proh~b~ted by law shall at any time be paid, any such exceu shall either cw+stitute and be treated as a payment on the pri~cipal or be refunded d~rectly to the Maker. The Maker may prepay the entire unpa~d balance ot the toan at a~y Ume. It the loan is prepa+d m fu~l, accelerated or rehnanced, the Maker shall receive a refund of the unearned po~t~on of the ~nterest a~d inwrance premiums computed by the Rule of 78's method, except that ~he Bank shall be encitled to retain a m~nirtwm inte~est charge ot 55.~0. CREDIT LIFE AND CREUIT LIFE & OISABlLITY INSURANCE ARE VOIUNTARY AND NOT REQUIREO FOR CREDIT. Such inwrante coverage is available at the tost des~9nated below 1or the term of the credit: (a) S for Gedit lite Insurance (b) S for C~edit Life & Disability Insurante: Check ? Credit Life I~su:ance is desired o~ the life of ~p~, Bir thdate Box ? Credu Lrfe & D~sab~lny Insurance ~s desired on BirtNdate ~ Credit Life and/or Qisabili[y Inwrance is not des~~ed. Da~e: F@bTUal"Y 'ZO ~ ~.g7g Sig~ature ~a/~'t~-E ~ ~n~~ . ~ Srgnature ~ As securit fw the payment of the Note the Maker hereby grants to the Bank a r 1n tRgttlll mg prope~ty: Cond Recorded on 0. R. Boak 2~5~Pa~p 2~ ~Mit ~~s 1R an~ l~Lin Cond. ~-1~,--- Aat. No. C-15 as described in satd ~ertg~. including all increases, subs[1tut~ons, replacements, additions and accessions the~eto and in the proceeds thereof Ihere~nafter called "Collateral"?_ ThK setunty I mterest shall also secu?e any other indebtedness a liability of the Maker to the Bank direct or indirect, abso~ute or contingent, due or to become due, now ex- ist~ng or hereafter arising, intlud~ng a11 future advances w loans by the Bank to the Maker. The Bank a also g~ven a Ilen and a secun~y mterest m all property aod secu.ities of the Make~, endorser, wre[y, ouarantor or accommodation party oi this Note (here~natter referred [o as the "Obligors"1, now in or at any t~me hereatter com~ng ~nto the control, custody or possess~on of the Bank, whether for the ex- pressed purpose of be~ng used by ihe Bank as Collateral, or for any otha purpose, and upon any ba~ance or balances to the cred~t of any accounts, including trust and agency accounu ma~nta~ned wrth the Bank by any of ti~e Obla~ors, and the Oblgors ag~ee to de6ver to the Bank addit~onal Collateral or make such payments in reduct~on ot the pr~ncipal amount of the loan as shall be satisiactory to the Bank, in the event the afo~ementioned Collateral chall decline in value or become unsatisfactory to the Bank. Additions to, reduct~ons or exchanges of, o~ suhstitutions for [he Collateral, payments on account of tAis toan or ~ncreases of the same, or o[her loans made par~~ally or wholly upon the Collaceral, may from ume to ume be made wrthout affecUng the p~ov~sions of this Note. The Bankshall exerase reasonable care in the custody and preservation of the Collateral to the extent required by app~icable statute, and shall be deemed to have exercised ~easonable care if it takes such xt~on 1or that purpose as Maker shall reasonably request in writ~ng, but no omission to do any act not requested by Maker shall be deemed a failure to exercise reaso~able care, and no om~ssion to comply with any request of Maker sAall of itself be deemed a failure to exercise reasonable wre. Bank shall not be bound to take any steps necessa.y to preserve any rights in the Collateral against prior parties and Maker shall take all necessary steps fw wch pu~poses. The Ba~k ur its nominee ~eed not collect interest on, or a principat of, any Collateral or give any notice with respect to it. The 8ank may conunue to hold any Collateral deposited hereunder aiter the payment oi this Note, at the time of the payment and discharge hereof a~y of the par[ies liable tor the payment hereof shatl be then directly or co~[irgently I~able to the Bank as Maker, endorser, surety, guarantor or accommodat~on pa.ty ol any othe~ ~ote, dra~t, bill of exchan9e, or other instrument, or otherwise, and the Bank may thereafter exercise att rights w~th respect to said Collateral granted herein e~en though this Note shall have been surrendered to the Maker. If the Bank deems itselt insecure or upon the happening of any of the follow~ng events, each of which shall constitute a detault, all liabilities of each Maker to the Bank, including the ent~re unpaid principal o~ this Note and accrued interest, leu any unearned interest and any interest in exceu of the maximum allowed by law and any rebates requ~red by law, shatl immed~ately or tNereafter, at the option ot the Bank, except that the occurrence of (c) or (d) shall cause automat- ic acceieration; w~thout notice or demand, become due and payable: (a) the tailure of any Obligor to perform any obligation, liability w claim to the Bank, to pay ~n[eresi hereon within lOdays after it is due, or if there is no due da[e, after it is billed w otherwise requated or demanded, or to pay any other liability what- soeve? to the Bank when due: (b) the death of any individual Obligor, the dissolution of any partnership Obligor o? the dissolution, merger or oonsolidatio~ with• out the Bank's priw wntten consent of any corporate Obligw: (c) the filing of a petition in bankruptcy o~ the adjudicatian of insolvency or bankruptcy under any reorgan~zatio~, arrangement, read~ustment of debt, dissolution, liquidatiorr o~ similar proceeding under any Federal w state statute, by or againit any Obligor; (d) an application fo. the appointmen[ of a receive~ for, o~ the making of a general assignme~t for the benetit of creditws by, any Obtigo~; (ei the entry ot judgment against any Obtigor; (1) the ~swing of a~y attachment or garnishment, or the filing ot any lien, against any p~operty ot any Obligor; (g) the taking of possession oi any substantial part of the properry of any Obtigor at the instance of any governmental authaity; (h) the determination by the Ba~k that a ma[eri- al adverse change has ocwrred ~n the financwl conditio~ of any Obliga from the conditions set twth in the most recent tinancial statement of such OWigor he~eto(ore furnished to the Bank, or from the condition of wch Obligor as heretofore most recently disclosed to the Bank, w that any warra~ty, representation, certificate o? statement of any Obligo. (whether conta~ned ~n this Note w not) pertainirg to or in connectan with this Note or the loan evidenced by this Note conta~ix an untrue statement of mate~ial tact w omits to state material fact necessary in order to make the statements made not misleading: or, (il the ass~9n- ment by any Maker oi any equity in any of the Collateral without the p~ior written consent of the Bank. The Bank shall have, but stwll rat be lim~ted to, the (ollowirg rghts, each of whlch may be exercised at any time whether or not this Note is due: !il to pledge or transier th~s Note and the Collateral and ths Bank shatl thereupon be relieved of all duties and respo~sibilities hereunder and relieved (rom any and all liabil~ty with respect to any Colt~~al so pledged ortrantierr~d, and any pledgee or ua~?steree shall for atl purposes stand in the piace of tlx Bank hereunder and have atl the rights of the Bank hlreu~der; (iij to transter tAe whole w any part of the Coltateral into t1~e name of itself or its nominee; (iii) to vote the Collate?al; (iv) to ~otify the Obligors of any Collateral to make payme~t to the Bank of any amounts due w to become due thereon; (v) to demand, sue tor, collect, or make any compromise or settlement it deems desirabte with reference to the Co~~ateral; and (vi) to take possess~on o~ control oi any proceeds ot Collateral. *"BANK" as used t~rein oeans Turtle Reef Associates, Inc. and/or its~a~s~~i~. NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION sO~K PACE ~21, ~ F85 752 Rev. 7/77 ~ ~ r - , _ - - - ' . ~