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Home My WebLink About0143 INSTALLMENT PROMISSORY NOTE ~ ~TURTLE REEF ASSOCIATES, INC. * (A) Amount R~c~iwd s BANK NAME (B) Premium lor C~edit none u~.~a~ou~~„ i~:: s P. 0. BOX 618, JENSEN BEACH, Fl. 33457 ~c~ o«~~,.~~~~,; s~a~ s none OFFICE AODRESS (D) OthN Charq~s (rtem~z~1 s none ~ Mo~e~be~ 19 ~f~ 1e~ s none NOTE NO. DATEO: . 19,[l_. (f) S none DUE: 1 ,~g~, ,G, A B C FD. E,~F~1 S 68ZO.OQ IHI ~me~eit S ~95.60 PIACE: . FLORIOA ~~~t i^~~~~~~o^ s-- nnne 1~! o~h.~ S non~ ~ For value rsce~ved, Me und~rsigned (hertina(te~ called "Make~'") jointly and severatty lif (K) s. nene more tAan one) prom~se to psy to th~9~er8qj~e~nk, at its otticw I~s~ad above, i4 Toal of Psyments If~om (N) at riqht) ol~ IU • 1• Dollars payable i~ ~ S nene In+1 FINANCE CHARGE cqusl monthly installrtw~u~pf • , the first (H, I, J, K, L) S ~45.6~ U~p• ~~stallment due on , 19_, and wbseqi~ent instsllmsnts dua on ~NI Totsl ot Payrtrnts (G + M) St17 ~815.6~ tha~st dsy ot eacn mo~th d+6reatce~, toyether vwth a FINAI BA~~OON PAYMENT OF: ANNUAL PERCENTAGE RATE 10.00 96 S DG11@ DUE ~g The Bank shall impose a delinquerxy charge against the Make. on any payment which has become due and remaiM in defauh fa a period in exoess of 10 days in an anwunt equal to 596 of the amount of the principal part of the payment in detault. In the event that the Note is not paid in full at matu~ity, aU pay- ments, whether principal, inte~est o. otherwise, shatl bear interest at the maximum Icgal rate allowed u~der che laws ot the State of Fbrida. All psyme~ts made hereunder sAall be credited first to interest a~d then to prinCipsl, however, in the e~ent ot defsult, the Bank may, in its sole diuretion, apply sny payment to interest, pnncipal and/or Iawful charges then acc.ued. It is tM ~ntention ot the parties hereto tAat the prOVisions herein shall npt provide diteCtly or indirectly fw the payment of a greacer ra[e of interest or the retention of any other cha?ge than is allowed by law. 1/, for a~y reason, interest in excess oi wch legal rste or a charge prohib~ted by law sha11 at any time be paid, any wch excess shall either cons[itute and be treated as a paymer?t on the principal w be refunded direCtly to the Nlakei. The Maker may prepay the entire unpa~d balance of the loan at any time. It the loan is prepaid in full, accelerated or rehnanced, tAe Maker shall receive a refund of the unearned po~tion ot the ince.est and inwra~ce premiums computed by the Rule ot 78's me[hod, except that iAe Bank shall be ent~tled ~o retain a minimum interest charge of s5.00. CREOIT ~IFE AND CREDIT LIFE & UISABIIITY INSURANCE ARE VOIUNTARY ANU NOT REQUIRED FOR CREOIT. Such insu.ance coverage is avadabte at the cost designated below for the term of the credit: (a! S ~or Credit Life Inwrance (b) S for C~edit Lite d~ Disability Inwrance: Check ? Credit Life Inwrance is des~red on the Iife o( Appl. Birthdate Box ? Credit Life & Disabihty Insurance is desired on Birthdate l~ Credit life and/o. Oisability Inwrance is not des~red. j oa~e: ~'~OV'ell~~" I9, 1977 Slgnature ~"~t- u^ ~ Ffer11 n Gai 1 Daugh y Signature As securit fw the ayme~t oi the Note the Maker he~eby ~ants to the n a security i ter t in I i properor: a[t ~_07fi9Y undi vided in~eres~ in 7urtle Reef Cond. I~, Recor~t~ on 0. ~oo c{~ ~L~~, ~age n ee s 13 an n , t. No. as esc~ n sa ao gage. including all increases, substitut~ons, ?eplacements, additions and access~ons tbereto and in the proceeds thereof (hereinaiter called "Collateral"1. This security interest sha11 also secure any other indebtedneu or liability oi the Maker to the Bank direct or indirect, absolute or co~tinge~t, due or to become due, now ex- iseirg or hereafter arning~including a11 tuture advances or loans by the Bank to the Maker. TAe Bank is also g~ven a lien and a security interest in all p~operty and securit~es ot the Maker, endorser, wrety, guarantor or accommodalio~ party of this No[e (heremafter referred io as the "Obl~gori "l, now in w at any time hereaf[er rnming inco ihe control, cuseody or possesiion of che Bank, whe[her for the ex- pressed purpose o~ being used by the Bank as Collaterat, o~ fw any other purpose, and upon a~y ba~ance or batances to the credit ot any accounts, including trust and agency accounts maintairiecf w~ththe Bank by any of the Obligors, a~d the Oblgors ag?ee to deliver to the Bank additional Collateral or make such payrnents in redutt~on ot the pr~ncipa~ amount of the loan as shall be satistactory to the Bank, in the event the a(orementioned Collateral sho~l decline in value or become unsatistactory to the Bank. Add~t~ons to, ~eductions or exchanges of, Qr substitutions for the Callateral, payments on account of this foan or ~ncreases of the same, or othe. loans made partially or wholly upon the Collaterat, may from time to time be made without af fecting the provis~ons oi this Note. The Bank shall ezercise reasonable care in the custody and preservation ot the Collateral to the extent required by applicable statute, and shall be deemed to have exercised reasonable wre if it takes such action fw that purpose as Maker shall reasonably request in vK~t~ng, but ~o omission to do any act not requested by Maker shall be deerned a failure to exercise reasonable care, and no omiuion to comply with any request of Maker shall of itseli be deemed a failure to exerc;se reasonable care. Bank shall not be bound to take any steps necessary to preserve any rigAts in the Collaterel agamst pr~o. partles and Maker shall take all ~ecessary steps to. wch purposes. The Bank or its nominee need not collect interest o~, o~ a principal of, any Collateral or give any notice with respect to it. The Bank may continue to hold any Collateral de~wsited hereunder atter the payment o( Mis Note, if at the time oi the payment a~d discharge hereof any of the parties liable for the payment hereof shall be then directly or contirgently liable to the Bank as Maker, endorser, wrety, guaranta or accommodation parry of any othe~ note, d~aft, b~ll of exchange, or othe~ ~nstrument, or oth~.wise, and the Bank may therea(ter exerc~se all rights with respect to said Collateral gra~ted herein even though this Note shall have been wrrendered to the Maker. !t the Ba~k deems itseN ~nsecure or upon the happening of any of the tollowing events, each ot which shall constitute a default, all liabilitia of each Maker to the Bank, including the enti.e unpaid principal oi this Note and accrued interest, leu any unearned interest and any interest in exceu of !he maximum allowed by law and any rebates required by law, shall imrt~ediately or thereaiter, at the option oi the Bank, except that the occurrence of (c) or (d) shall cause aucomat- ic acceleration; without notice w demand, becomedue a~d payable: (a) the tailure of ar?y oblgor to perform any oWigation, liability or claim to the Bank, io pay mterest hereon within lOdays eiter it is due, or i( there is no due date, after it is billed a othervvise requated or demanded, or to pay any other liability what- soever to the Ba~k when due; (b) the death ot any individual Obligor, thE diuolutio~ o( e~y partntrship Obligor o? the dissolution, merger or cpnsolidation with- out the Bank's priw vrntten consent oi any corporate Obligor; (c) the filing of a pelitio~ in bankruptcy or the adjudication of insol,rency or bankruptcy unde~ any reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceeding under a~y Federal or state statute, by o~ against am? Obligor; (d) an application (or tAe appointment of a receive~ fw, w the making of a general assi9nment for the benetit of creditors by, any Obligo~; (e) the entry of judgment a9ainst any Oblrgor; (f) the iswing oi any attachme~t or qarnishment, or tt~e filing of am? lien, againtt any property oi any Obligor; (g) the takirg of possession of any substantial part of the property of any ODligo~ at the irutance of any govern~r~ental authwity; (h) the dete?mination by the Bank that a materi- al adverse change has occurred in the financial condition ot any Obligo. from the conditions set forth in the most ?ecent financ~al sratement of such Obligor heretofore furnished to the Bank, or from the condition of wch Obligor as heretofore most recently disdo~ed to the Bank, or chat any warranty, representation, certificate or stateTent oi any Oblgw (whether contained in this Note w not) pertaining to or in connection with this Note or the loan evidenced by this Note ; contains an untruerst~tement oi mate~ial fsCt w omits to state materisl tact necessary in order to make the statements rnade not misleading; w, (il the assign- ment by any Make~ of eny equity i~ ~ny of t1~e Coliateral without the prior mitten consent ot the Bank. The 8ank shall have, but shafl not be limited io, the followirg rights, eash of which may be exercised at any time whetlier o~ not this Note is due: (i1 to pledge ar transter this Note and the Collateral and the Ba~k shall thereupon be relieved of all duties and responsibilitees hereund"er and relieved from any and all t~ability with respeet to any Collate?al so Dleclgad or tra~sferred, and any pledgee or transferee shall iw all purposes stand in the p~ace of the Ba~k hereunder and have all tl~e ~ights ot the Bank•"~ereunder; (ii) to transier tAe whole or any part of the Collateral into the name ot itself or its nominee; (iii) to vote the Collateral; (iv1 to notify the Obligon of a~y Collateral to make paymsnt to the Bank oi sny amounts due or to become due thereon; (v) to demand, we tw, eollect, o. make any compromise w settlement it deems desirable with reference to the Collateral; and (vi) to Wke pouession or control of any proceeds of Collateral. *"BANK" as used herein means Turtle Reef Associates, Inc. and/or its a U}q NOTICE: SEE OTHER SIOE FOR IMPORTANT INFORMATION $v~K~$3 ~•`,:r ~,4~ ~ FBS 752 R..v 7/~7 ~ . . ~ ; ~'r _ . . - - . . _ - , > ~ . . . _ . . _ _ _ _ . _