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Home My WebLink About0167 INSTALLMENT PROMISSORY NOTE TUiCTLE REEf ASSOCIATES. INC.* (A) Amount Rece~wd s~•~ BANK NAME (8) Vr~mium tOr CrQdit P. O. 60X 618~ JENSEN BEJICH~ Fl.. 33467 Lif~/pissbilitV Ins. S pa~ tC) Ootumenury Stsmps S ~ ~ OFF~CE ADDRE55 10) Otha Cha~p~s liumutl _ ~ ~e~ s aone NOTE NO. OATEO: FEbI"Udl"al 3, , t9 78. ~F~ ~ s p~ February 16 .19 88. ~G~ i, 8, C FO, E, ~FI s~4•~ DUE: .~A (H) Interest = ~~75.~ P~ACE: , FLORIDA ~°d~~ ~^"n~igat'°^ S ~ IJI Oth~r = ~1le For valut rece~vad, the unders`gned (hereinafter talkd "Maker") jointly and sewrally fil (K) S~ ~nore tha~ one) p~omise to pay to the r r of tM k, et its oifice listed above, the I ot Payments lfrom INI at ~ightl oi 1~ 815.~ pollsrs payable in s~~e equal monthly instaU a of S • , ~he t~.st ~M? FINANCE CHARGE ~ ~ns~atlment due on ~arch , 19_, and wbsequent inswllments due on (N, 1, J, K, L) S ~5•~ (N) Total of Payme~ts (G + M) S ~ a S•~ ~he~_dsy of ~+a~h_ t~onth tl?ereafter, together with a FINAL BALLOON PAYMENT OF: ANNUAI. PERCENTAGE RATE 1O. Xi S 1l~. DUE ~ ~ , 19 The 8ank shall impose a delinquency chargs against the Make~ on any payment which hss becwne due and rert?a~ns m delautt for a period i~ expss o1 10 days in an.amount equal to 59G of the amount of the principal part of the payment ~n default. In the event that the Note is noi paid in full at maturity, all pay- menis, whether principat, interest or otherwise, shall besr interest at the maxirtwm legal rate allowed under the laws of the State ot Florida. All paymenu made hereunde~ shall be c~edited fint to interest and then to principal, however, in the event ot detault, the 8ank may, in its sde discretion, apply any payment to ~nterest, principal and/or lawful charges then accrued. It is the intention of the partiei hereto that the provis~o s he~ein sAall not provide directly M indirettly ~o. ehe payment of a grwter rate of in[erest or the .etention of any otAer charge than is allowed by Itwv. If, ior an~reason, interest in excess of wch legal rate w a charge prohibited by law shall at any time be paid, a~y weh ezteu shall e~ther constitute and be treated as a payme~t on the printipal or be refunded direCtly ~o the Maker. The Maker may prepay the ent~~e unpa~d balance o} the loan at any time. If the loan is prepaid in f~ll, accelerated or refinanced, the Maker shall receive a ; ef und at the unearned portio~ of tAe interest and insurance premiums computed by the Rule of 78's method, ezcept that the Bank sha~l be entitled to retain a rn~nimum interest Charge of CREOIT LIFE AND CREDIT IIFE & DISABILI7Y INSURANCE ARE VOLUNTARY AND NOT RE~UIRED FOR CREDIT. Suth inwrancetoverageis ava~table at the cost designated below for the term of the aedit: (a! S fw Credit Lite Insurance (b) S fo~ Credit Li(e de D~sability I~wrante: Cneck ? Credit Lite Insurance is des~red on the li(e of ~ Appl. Birthd0t@ Box .~y Credit lile & Dlsability Insurante is desired o0 Birthdate ~ ~ Credit Life and/o. Oisabil~ty Inwrance is not desircd. ~ Februarv 3, 1978 S~gnature o~ ce • ~ Signature L' As seturity fw the payment oi the Note [he Maker hereby grants to the Bank a seturity interest in the following property_ interest in Turtle R~ef Cnnd. I, Recorded on O.R. Boolc 263, Page 2002... i~ t ike 22 ~_23 ie ~'~d. D-16~ M~ Ne_ D-16 as d~scrih~!d ia said ~r~taage. ncludirg all increases, subseitutions, replacements, additions and accessions there[o and in the p.oceeds thereof (heremaf[er catled "Collateral"1. This security ~n;erest shall also secure any other ~ndebtedness w liability of the Maker to the 8ank dlrect or indirect, absolute or co~tingent, due w to lxcome due, now ex- ~st~ng or hereaiter arising, including all future adva~tes or !oarts by the Bank to the Maker. , ' The Baok is also 9~ven a hen arid a security mterest in all property and securities of tfie Maker, endorser, surety, 9uarantor or accommodatan party oi this j Note (hereinatter referred to as the "Obtlgors"!; now in or at any ume hereafter coming into the rnntrol, custody or possess~on of the Bank, whether for the ex- ~ U~zssed purpose ot bemg used by the Bank as Collateral, or for any othe? purpose, and upon any balance o? balances to the c.edrt o( any actounts, ~ncludirg ~~ust and agency accounts maintained withthe Bank by any ot the Obl~gors, and the Oblgors agree to deliver to the Bank addiuonal Coltateral w make wch ( nayments in reduction of the O~~~c~Pa~ amount of the loan as shall De satis(acto?y to the Bank, in the event the aforementioned Collateral shall decl~r?e in vaiue ~ o• twcome unsat~sfactory to the 8a~k. 4 AddiUOns. to, reductions or exchanges of, or substrtutions for the Collateral, paymentz on account of tbis loan or mcreases of the sartee, or other loaos made ~ oe~ c~ally or wholly upon the Collateral, may from time to time be made without affecting ihe provisions of this Note_ The Bank shali exerc~se reasonable care in ~ne custody and preservation of the Collateral to the extent required by applicable statute, and shall be deemed to have ezerc~sed reasonable care if it takes such s ~ci~on for that purpose as Maker shall ~easonably request in writing, but no omission to do any act not requested by Maker shall be deemed a failure to exercise ~ -zasonable care, and no omission to comply with any request of Maker shall oi itself be deemed a failure to exerc~se reasonable care. Bank shall not be bound to ~ ~~ke any steps neCeuary to preserve a~y nghts in the Collateral against priw parties a~d Maker shall take all necessary steps fw wth purposes. The Bank or its nom~nee need nOt collett interest on, or a principal of, any Collateral or give any notice with respect to it. ~ The Ba~k may continue to hold any Collateral deposited hereunder after the paYment ot this Note, if at the time of the payment and discharge hereof a~y oi ri,e partiES liab{e for the payment hereof shatl be then direttly or contingently IiaWe to the Bank as Maker, endorfer, surety, guarantor or accommodatio~ party ~ of an other r?ote, d~ait, bill of exchan y ge, or other inst~ument, or otherwise, and the Bank may the?eafter ezeruse all rights with respect to said Collateral ~ gran~ed Aerein even though chis Note shall have been wrrendered to the Maker. ~ If the Bank deems itself insecure or upon the happening of a~y of the follow~ng eve~ts, each of which shall constitute a detault, all liabilit~es of each Make~ to ~ne Bank, including the entire unpaid principal of this Note and accrued interest, less any unearned interest ancf any interest in excess of the maximum atlowed ~ bv Iaw and any rebates required by law, shall imrnediately or thereafter, ac [he option of the Bank, except that the occurrence oi (c) or tdl shall cause automat- ~ ~c acceteratio~:without notice or demand, becomedue and payable: (a) the tailure of any Obligor to perform a~y obligation, liabitity or ctaim to the Bank, to pay - ~~terest herepn within lOdays atter i[ is due, or if there is no due date, after it is bitled w otherwite requested or demanded, o? to pay any other liability what- s~e~rer to the 88nk when due; (b) the death of any individual Obligpr, the distOlution of any partnership Obligor p the dissOlution, merger or oW~fplidation with- out the Bank's prior vv~itcen consent of any co.porate Obligor; (c1 the iiling of a petitio~ in bankruptcy a the adjudication of insolventy or bankruptcy under :,ny reorganization, arrangement, readjustrnent of debt, diuolution, liquidation w similar proceeding under aMl Federal or state statute, by or againsi any f Or~i~gor, (d) an application fw the appoimment of a receiver for, or the making o( a general aui~ment tor the benefit of creditors by, a~y Obligo~; le) the entry i of yudgment aga~nst any Obligor; (t) the iswing oi any attachment or garnishment, o~ the tilinp of aay lien, aqainst any properry of any Obligor, (g) the taking of € cwssession of any wbstantial part of the property oi any Obtigor at the instance of any governmer?tal authority: (h) the determination by the Bank that s materi- - ai adverse ct?a~ge has occurred ~n the financial condition ot any Obligor from the conditions set forth in the most recent tinancial sta[ement of wch Obligor ; neretofwe lurnished to the Bank, or from the condition of wch Obligor as 1?eretotae most recently disclosed to the Bank, w that any warranty, representation, ~ cer~~ticate or statement of any Obligor (whethe~ contair?ed in this Note or not) pertaini~g to or in connection with this Note w the loan evidenced by this Note contains an untrue statement of mater~al (act o~ omits to state material fact neceuary in order to make the statements made not misleading: or, the auign- ment by any Maker of any equity in a~y of fhe Collateral without [he prior wrliten conse~t o1 the Ba~k. ~ The Bank shall have, but shall not be limited to, the following rights, each ot which may be exercised st any time whetha w not this Note is dve: (i) to ~ p~edge a trsiltf~r this Note and the Collate~al and the Bank shaU thereupon be retieved o( a11 duti~s snd raponsibilities hereunder and .elieved from any and all :~ab~lity with respsct to any COIIatKa1 so plenged or transferred, and any pled~,jee w transferee shall fpr ell purposes stand m the place of the Bank Aereunder and ~ have all the riphts of the Bank he~eur~der; (ii) to transfer the whole or any psrt o( tAe Collateral inco tbe oame o( itsatt or its nominee; (iii) to vote the Collateral; ~ : ~vl to notify the Obligors of any Collatersl to make psyment to the Bank oi a~y amounts due or to becort~e due thereon; (vl to demand, we tor, collect, o~ ~ make any compromise or settlement it deems desirabk with refe?ence to the Collateral; s~d (vi) to take posseuion or contrd oi a~y proceeds of Collatenl. 4 ; *"BMiK" as used he~+ein neaas Turtle Reef Associates, Inc. anG/o~ its asalgns. . ~ ~ NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION 8~,~~~ , - ~ F BS 752 Rev. 7/77 t`~J` ~ - _ _ 3 _ - - -