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Home My WebLink About0175 INSTALLMENT PROMISSORY NOTE NRT1.E RfEF iISSOCIATES. INC.• (A) Amount Rece~ved s 6820.00 BANK NAME (8) Premium to. Credit LIi~lOlssbility Inf. S ~ P. O. SOx b16, JEMSEN 6E1tCH, F1. 33457 ~c~ Documentary Stamp: s~ ~ OFFICE ADORESS (D) OthK Chsrg~s (~tem~t~) S p~ January 21, ~E~ _ ~ NOTE NO. UATED: . 19 78 • (F) S~ ouE: February 6 .19 88 . ~G~ i Bu C,FD, E~ a~.00 (H) Intertst S 3~5-6~ PLACE: . FLORIDA C~~~~ ~nvestigation S fm~ IJI Other S Fo? value r~ce~ved. the undersigned (hereioalter called "Maker") Iointly and severally (it (K) S_n~ more tha~ onel D~omis~ to psy to the order of ths Bank, at its oftlce lis~ed above, the Toul ot Payments (trom lNl at rightl of s~ ~a~.~ polla.s payable in _l~ ~LI S s~~ tMl FINANCE CHARGE equal monthly installrtxnts of S ~~13 , the tirst (H, 1, J, K, L) S installm~nt due on ~rC , 19_, and wbsequent installments due on (N) Total of Payments (G t M) S~~ais~~ tM 6t~ay of each rtw~th thereafter, ~o9eine~ w~~n a FiNn~ BA~~ooN Pe?vMEN7 oF: ANNUAI PERCENTAGE RATE lO.~ yb S ~ DUE~ ~~..w~~..N~.. , 19 The Bank thall impose a delinquency charge agal~st the Maker o~ any payment whicfi Ru becort~e due and rema~ns ~n detault fo? a pe~iod in exc~ss ol lO ~ days in an amount equal to 596 of the amount oi the principal part ot the payment in datault. In tAe event that ~he Noce is not paid in full at maturity, all pay ments, whethe. principal, interest or othe~wise, shall bear interest at the maximum legal rate allowed under the laws of the Stace ot Florida. All paymenis made hereu~der shall be credited tirst to interest arxi the~ ~o principal, howeve., in the event oi default, the Bank may, in its sole diuretion, apply any payment to interest, prinupal and/or lawlul charges the~ accrued. It is tne inte~tio~ of the parties he?eto that the provisions herein shatl not provide directly or indireetty for the payment of a greater rate of interest or the retention of any other charge than is allowrd by law. Ii, for any reason, interest in exceu oi such legal rate or a charge prohibited by Iaw shall at any time be paid, any such exceu shall either constieute and be treaced as a payment on the principal a be retunded directly to the Make~, TAe Maker may prepay the entire unpa~d balance ot the loan at any time. It the loan is prepaid in full, accelerated or ref inanced, the Maker shali recerve a retund ot the unearned portio~ of the interett and ~nsu~ance premiums computed by the Rule ot T8's method, except that the Bank shall be entitled to retain a mmimum interett charge of CREDIT IiFE AND CREDIT IIFE & DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such inwrance coverage is available at the cost designated be~ow foi the term of the credit: (a) S 1or Credit Life Inwrance (b) S fo~ Credit Life & Dissbility Insurante' Check ? Credif L-ife tnturance is desired on the IHe of ~ App1, B ir i hdate Box ? Cred~t Lite & D~sabihty Insurance is desired on B~: thdate ~ C?edit Life andlw Oisab~lity Insurance is not desired. oa«: January 21 ~ 1978 S~gnature ~ 2~ 7 D~tiid Bt~o~ ~ Signawre ~ As security iw the payment of the Note the Maker hereby grants to [he Bank a ~Ifer f in ~~ng property: i¦ C~d_ n-a}~~.~n_ e-a as d~scribe~d !n said~orlgaT. i:itluding all increases, substitu[io~s, replacements, additions and atoessions the~eto and in the proceeds thereOi (here~na~ter talled "Cotlateral"1. This security interest shall also secure any other ~ndebtedness or IiabilitY of the Maker to the Bank direct or i~direct, absolute or contingent, due or to become due, now ex- ~'I isung o? hereafter arising, intluding all future advanCes w loans by the Bank to the INaker. The Bank is also given a hen and a secunty mte~est m a~l prope•ty a~+d securiues oi the Maker, erxlorser, surety, guaranto~ or accommodation party of this Note (heremafter reterred to as the "Obhgors"1, now m or at any time hereafter coming mto the co~trol, castody or possess+on of the Bank, whether for the ex- pressed purpose of being used by the Bank as Collateral, w for any other purpose, and upon a~y balance or balances to the credrt oi any atcounts, including trust and agentY auounts maima~ned w~tbthe Bank by any ot the Qb6go~s, and the Obllgors agree to deliver to ~he Bank addn~onat Collateral o. make such payme~ts in reductio~ o( the pr~nupal amount of the loan as shall be satisfactory to the Bank, ~n the event the atorementioned Collateral shall decline in value o. become unsatisfactory to the Bank. Addrt~ons to, reductions o~ exchanges of, or subst~2utions tor the Collateral, payments on account of this loan or ~ncreases of the same, or other loans made part~ally w wholly upon the Collateral, may from time to time be made without affecting the provisions of this Note. The Bank shall exerc~se reasonable care in [he custody arxl preservation of the Collateral to the extent reyuired by applicable statute, and shall be deemed to have e:ercised reasonable care i( it takes such act~on for that purpose as Maker sha11 ?easonabty request in writing, but no omission to do any xt not requested by Maker shall be deemed a failure to exercise reasonabte care, and no om~ss?on to comply with any request oi Maker shall ot itself be deemed a tailure to exercise reasonable care. Bank shall not be bound to take any steps necessary to preserve a~y rights in the Collateral aga~nst prior parues and Maker shall take alt necessa:y steps fw wch purposes. The Bank or its nominee need not collect interest on, or a pr~ncipal ot, any Collateral or give any notice with ~espect to ~t. The Bank may continue to hold any Collateral deposited hereunde. aiter the payment o( this Tlote, if at the time of the payment and discharge hereof a~y of the parties liable for the payment hereof shall be then directly or tontingentiy liable to the Bank ai Maker, endorser, surety, guarantor or accommodation parry of any other note, d~att, bill ot exd~ange, or other instrument, or otherwise, and the Bank may thereafter exeruse ali nghts w~th respect to said Collateral granted herein even though th~z Note shall have been wrrendered to the Maker. If the Bank deems itself insecure or upon the happenirg of any of the (ollowing events, each oI which shall constitute a default, ail liabilities of each Maker to the Bank, including the entire unpaid principal of this Note and xcrued interest, less any unearned interest ar?d any interest in exceu ol the maximum allowed by law and a~y rebates reqwred by law, shall immed~atNy or thereatter, at the option ot the Bank, except that the occurrence o~ (c1 or (d) shall cause automat- ic acceleration; wnhout notice or demand, become due and payable: (a) the failure ot any Obligor to periorm any obligation, liability or claim to the Bank, to pay interest hereon vnthin lOdays after it is due, or if there is no due date, after it is billed or othervyise requested or demanded, a[o pay a~y other liability what- soever to the Bank whe~ due; (bl the death of any individual Obligor, the diuolutio~ of any partnership Obligor or~the dissolution, merger or ponsplidation with- out the Bank's priw written consent of any corporate Obligw; Ic? the filing of a petition in bankruptcy w the adjudication of insolvency or bankruptcy under any reorganization, arran9ement, readjustment of debt, dissolutio~, liquidation o? similar proceedi~g under any Federal or state statute, by or against any Obligor; (d) an application tor the appointment ot a receiver tor, o~ the making of a 9eneral auignment for [he benefit of creditas by, any Obligor; (e1 che entry of judgment against any Obligo?; (f) the iswing of any attachment or garnishment, or the filing oi any lien, against any property of any Obligor; (g) the taking o( possession of any substanual part oi ~he proper~y oi any Obligor at the instance of any governmentat authority; !h! the determinatio~ by the Bank tAat a materi- al adverse change has occurred in the tinancial condition oi any Oblgor irom the cond~rio~s set torth in the most recent financial statement of wch Obligor heretoforo furnished to the Bank, or from the condition of wch Obligor as heretofore most reuntly disclosed to the Bank, or that any warranty, representation, CertifiCate or statement ot any Obligor (whethe? contained in this Note or notl pertai~ing to or i~ connettion with this Note or the loan evidented by this Note contains an untrue statement of material (act or omits to state materiaf tact necessary in orde~ to make the statements made not m~sleadirg; a, (i) the assign- ment by sny Msker of any puity in a~y ot the Collateral without the prior written consent o( the Benk. The Bank shall have, but shail not b~ limited to, the (ollowin9 rights, exh of which may be exercised at any time whether a not this Note is due: (i) to pledqe or transfer this Note and the Collateral a~d the Bank shall tnereupon be rel~eved of all duties and responsibilities hereunder and relieved (rom a~y and all liabiliry with respeet to any Collateral w pleclged w transferred, and any pledgee a transferee shsll iw all purposes stand ~n the place of the Bank hereunder and have all the r~ghts of the Bank hereu~der; (ii) to transler the wfiole or any part ot the Collateral into the name of icseli or its nominee; (iii) to vote the Collateral; (iv) to notify [Ae Oblgas of any Collateral to make payment to the Bank of aoy amounts due or to become due thereon; (v? to demand, we for, collect, or make any comp?omise a settlement it deems desirabie with refe?ence to tne Collateral; and (vi) to take posseuion or cont?ol of any proceeds ot Collateral. *"BANK' ss used berein ~eaas Turtle Reef Associates, Inc. and/or its usigns. NOTICE: SEE OTHER SIOE FOR IMPORTANT INFORMATION ~~R~( Z~ lrSvE - FBS T52 Rev. 7/77 ' ~ ~a - ~ . . _ - - . . _ -