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Home My WebLink About0151 INSTALLMENT PROMISSORY NOTE Tt1RTLE REEF ASSOCIATES, IltC. • (A) Amount R~t~iwd s 7720.00 BANK NAME (B) Pr~mium tor C~edit Lih/pitabilitY Ins. S ~ P. 0. 80X 618. JENSEl1 BEACN, Fl. 33i57 tc? o«~~~~s~„ s~a~ s A~ OFFICE AOORE55 (O) OthH Charq~s (k~m~1~i S ~ IEI S Dar NOTE NO. OATED: J~w/'~ 17 . 19~. (F) S~ AaM (GI Amount Fina~ted n~~~ GUE: F~1"11af'y Z ,~g~, IA, B, C, D, E, FI S_ (N) Inter~tt s • ~ PLACE: , FLORIpA (I) G~dit Invest~gatio~ S Fo. ralw ?~c~~ved, il?~ und~rs ~ (J) Other S nd pnecf (her~inafte. ed "Maker") jointly and sewrally (ii (K) S A~ more than one) p~omise to pay to the o?d~r of the k, at its ottKe I~sted abovs, ths Toul . ~ o~ Payments (trom (N) at right) of Z42 Dollars paysble in s eyual mo~thly i~stallments of S i~~~ , the tir:t ~M~ F~NANCE CHARGE ~~Z•~ t IH, 1, J, K, l) S ~ns~allme~t due on a , 19~ , and wbsequent installments due on (N) Tot+~t of Payme~ts (G ~ M) S~' tne q~ each month theresite?, together nnth s FINAI. BA~~OON PAVMENT OF: ANNUAL PERCENTAGE RATE • % S IplIE ~ ouE ~~NNNM , ~9"" The Ba~k shall impose a del~~quency cha~ge against the Maker on any payment which has become dw and rert?ains in default fw s period in exuu o( 10 days in an amount equat to 5'Xi of the amount ot the printipal part ot the payment in detault. In the event that the Note is not paid i~ full at maturity, all pay ments, whether principat, interest or othe~wise, shall bear interest at the mazimum legal rate allowad under the laws of the State of Floride. All paymMts made hereunder shall be cred~ted first to interest and tht~ to printipal, however, in the even[ ot default, the Bank may, in its sols diuretion, apply any payment to ~n~eres[, pr~nnpal andlor lawiul cha?ges ihen accrued. It is the in[enuon of the par~ies hereto that the provisions herein sAall noe provide directly or indirectly ~o~ the payment o( a greate~ rate of interest o? the retention o( any other charge than is allowed by lew. If, for any reason, i~teres~ in excess of wch legal rate or a charge proh~b~t~.by law shatl at any time be paid, any such excess shall either consticute and be treated as a payment on the principal or be refundcd directly to the Maker. The Maker may prepay the ent~re unpaid ba~ance o~ the loan at any time. It the loan is p~epaid in tull, acceterated or re(inanced, the Maker shall ~eceive a : e~und of the unearned portron of the ~nterest and insurance premiums computed by the Ru~e ot 78's method, except that the Bank sha11 be emiUed to retain a mmimum ioterest charge of • CREUIT LIFE AND CREDIT LIFE d~ DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Suth ~nsurancecoverage is ava~iable at the cost designated below for the term of the credit: (a) S tor Credit Li(e Insurance (b)-S for Credit life d~ O~sab~llty Inwrance: - Check ? Credit Life Insurance is desired o~ the life oi . Appl. Birthdate Box ? Ged~t Lite d~ Disab~hty Insurance is desired on Birthdate ~ ~ Credit L~(e and/or Oisability Inwrance is not desued. ~ _ ~ Dace Januarv 1T• ig78 Signatu ~ ~ • v ; ~ S~gnature ' e As security for the payment oi the Note the Maker herebY grants to theiKan a urly ~ er ~ he followir?g property_~ Q.Q769~ wWlirided interest ip Teirtle Reef Cond. I, Recorded a~ O.R. Boolc 263. Page 2QQ2... lieit Meatcs 35 and 36 i~ Cend_ D-5, Mt_ l~le_ D-6 as desc~ibed i¦ saiQ ~rlaiga_ Ili ~ncludi:g all iocreases, wbstitutions, replatements, addit~ons and actessions thereto arxf in the proceeds thereoi Ihereinafter called "Collaterai"). This security ~nterett Sha~l alsp seCUre any otl~er indebtedneu w liability of thg Maker to the Bank d~rett or indirect, absolute or continqent, due or to betome due, now ex- j ~s[+ng w herwfter arising, ~ncluding all tuture advances or loans by the Bank to the Maker. i ~ The Bank is also g~ven a hen and a setu.~ty interest in all property and securlties of the Maker, endorser, surety, guarantor or accommodation party of this ~ Note (here~nafter re~erred to as the "Oblgors"1. ~ow m or at any t~me hereafter com~ng into the control, custody o? possession of the Bank, whether for the ex- ! p~essed purpose of be~ng used by the 8ank as Cottateral, or for any other purpose, and upon any balance or balances to the credit of any accounts, including ~ ;~ust and agency accounts ma~ntained w~thtAe Bank by any of ihe Obligors, and the Obt~gors agree to deliver to the Bank additional Collateral or make such ~ payments in reduction of the pr~ncipa~ amount of the loan as shall be satistactory to the Bank, in the eve~t the aforementioned Collateral shall decline in value o~ become urnaUSiactQry to tAe Ba~k. ! Add~t~wn to, reductions a~ exchanges of, or wbstitutions (or the Collateral, payments on account of this toan or increases of the same, or othe. loans made € Ua~tially or wholly upon the Collateral, may from time to time be made without aifecting the prov~sions of this Note. The Bank shall exer~ise reasonable care in the custody and preservatio~ o~ the Coilatera~ to the extent reguired by applicable statute, a~d shall be deemed to have exercised reasonable care if it takes such scc~on to. that purpose as Maker shall .easonably request i~ writing, but no omission to do any act not requested by Maker shall be deemed a tailure to exerc+se ~easonable care, and no om~ssion to comply wiih any request oi Maker shall of itulf be deemed a failure to exerc~se reasonable care. Bank shall not be bound to rake any steps necessary to preserve any rights in the Collateral aga~nst p.ior parties and Make? shall take all necessary steps fw wch purposes. The Bank or its ~ : ~ominee need not collect mterest on, or a p.~ncipal oi, anY Collateral or grve any noUCe with respect to it. The Ba~k may continue to hold any Collateral clepos~ted hereunder after the payrt~ent of this Note, if at the time oi the payment and discharge hereof any of ~he partia ~~able for the payment hereot shall be then directly or contingently liable to the Bank as Maker, endorser, wrety, guarantor or aocommodation pa~ty of any other note, d~aft, bill of exchange, or other instrument, or otherwise, and the Ba~k may thereafter exercise all rights with ?espect to said Collateral ~ granted herei~ even though this Note shall have been surrendered to the Maker. ~ If the Ba~k deems iiself insecure w upon the happening oi any ot the following events, each of which shall constitute a detautt, all I~abilities of each Maker to ~ the Bank, includ~ng the entire unpa~d princ~pal of this Note and xcrued interest, less any unea~ned interest and any interest in excess of the maximum allowed ~ by law and any rebates r.ywred by law, ihall immediately or thereafter, at the option ot the Bank, except that the occurrence o1 (c) or (d) shall cause automat- ~c acceleration;w~thout notice or dema~d, become due a~d payable: (a) the failure of any Obligo? to periorm any obligation, liability or claim to the Bank, to pay ~ ~nterest hereon w~[hin 10days a(te. it is due, or i( there is no due dace, aiter it is b~lled or othe?wise requested or demanded, or to pay any other liability what- s~erer to the Bank whe~ due; (b) tht death of any iredividusl Obligor, the diuolution of any partnership Obligot ot the diuolution, merger or cpr?solidation with- ou[ ~he Bank's prior vwitten consent oi any co?porate Obligor; (c) the filing of a petition i~ bankruptcy w the ad~udicatio~ of insolvency or bankruptcy under : any reo.gamzation, arrangement, readjustr»ent of debt, diuolution, liquidatio~ w similar proceeding under any Federal or state statute, by or against any . ~ Obl~gor; (d) an application iw the appointment of a receiver for, w the making of a general assignment for the benefit of creditors by, any Obligor; (e) the entry ~ af judgrnent againtt any Obligor; Ii1 the iswing of a~y attachment or garnishment, or the filing of any lien, agai~st any property of any Obligo~; (g) the taking of j possession ot any substa~tial part of the property of any Obligor at the instance ot a~y governmental authority; (h) the determination by the Bank that a materi- ? al adverse thanye has otturred in the financial tondition of any pbligw from the co~ditiorK set forth in thC most rECent financial statement of wtf~ Obligor heretofore tumished to tl~e Bank, w irom the condition of wch Obligor as fieretotore most recently disclosed to the Bank, w that any warranty, representation, - cert~f~cate o~ sbte~t of any Obligw (whether contained ~n this Note or notl Dertai~ing to or in connectio~ with this Note o+ the loan evidenced by this Note a cuntairu an untnje statMnent ot rtyLprial fact or omits to state material (aCt necessary in order to make the statements made not misleading; or, (i) the assign- ~ ment by aM/ AAaklr Of ~ny equity iA ~1y of th~ COllateral without the prior written consent o( tht Bank. ~ The 8ank shall havs, but shall not be limit~d to, the tollowing ~ghts, exh ot which may be exerc~sed at any time whether w not this ~lote is due: (i1 to ~ p~edge or transfer this Note and tM Collaterat snd the Bank shall thereupon be relievad oi all duties and responsibilities Mereunder and relieved from any and aIl i~abdity with respect to any Collateral so pledged or transierred, and a~y ple~iCjee or transferee shall for atl purposes stand in the place of the Bank he~eunder and ~ have all the nghts oi the 8ank he`eunder; (ii) to transte~ the whole w any part of the Collateral into the name of itulf or its nominee; (iii) to vote, the Collateral: ~~v) to notify the Oblgors o~ any Collate.al to make payment to the Bank of any amounts due or to become due ther~n; (v~ to demand, we fw, collect, w ~ make any cwnp~omise w settlement it dcems desirable w+th reterence to. the Collateral; and (vi) to take posseuion o`cont~ol of any proqeds of Collateral. k j *'BANK' as used herein mesns Turtle Reef llssociates, lnc. and/or its assi~ns. s NOTICE: SEE OTMER SIDE fOR IMPORTANT INFORMATION O R~ ~ FB5 ~5z R~~ s~~K 283 ~~~F ~51 - w~ ~ - - ~ - _ ~ _ _3 - . ~