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HomeMy WebLinkAbout0183 INSTALIMENT PROMISSORY NOTE TWR'T'lE REEF ASSOCIATES~ INC• ~ IA1 Amount Reca~ved 5--2~700_00 6ANK NAME (B) Pr~mium for Crld~t ~n~ Lit~/Disab~lity Ins. S ~X 618~ ~~H~ R. ~rJ7 tCl Docum~ntary Stamps s~10l1@ . OFFICE AOORE55 (D) OIhH Charges (it@~nue) _ ~I1B IE? S 1'10~IB , r~,oTE No. oATeo: February 13 ,~s_Z8 ~F~ =~~e FebruarY 26 ,19 83 ~G~ A e c~o E`F? s Z•~~•~ ouE: 9 ~H~ ~„te~es~ s_~-24 PLACE: , FLORIDA Credit Inwsugauon S~~ fJ? Other S For value rece~ved, the unde~s~gned (he~e~nafte? wlled "Maker") jo~ntly and severally (it ,K) s~ne more tha~ one) promise to pay t0 tAe or f t~g nk at its oH1ce I~sied above, the Total ot Payments (trom (Ni at rightl of Oolla?s payable in ~ ILI S~t1~ • a y~~s~a~~ments ot S , the f~r:t ~M? FINANCE CHARGE ec ual monthl ' (H, I, J, K, L) S 742.2~ mscallment due on ~~drCh , 19_, arxf wbsequent installments due on ~2 Zl~ INI Tota1 of Payments (G + M) S 3• . che 26 d~a oyf ~each month thereatter, ~oqetner witA a FINA~ BA~~oON PAYMENT OF: ANNUAL PERCENTAGE RATE 1~_~A 5 OUE ~+~__+____+-M~NMNM«~~~~ The Bank shall irnpose a delii?quenty charge sqainst the Maker on any payment which has betort~e due and .emains in default fw a period in excess oi 10 days ~n an anwunt equal to 5~16 of the amount of the print~pal part of the payment in default. In the event that the Note ii not paid in tull at maturity, all pay- ments, whether principal, interesl or othervvise, shalt bWr interest at Ihe rtWximum legal rate allowed under the laws of the State of Florida. All paymMts made hereunder shall be credited first to interest and then to ptintipal, hpwever, in the event of default, the Bank rrWy, in its sole diuretion, apply any payment to ~ nce~est, principal and/o? ~awful charges then atcrued. It is the intention of the parties hereto that the provisions herein shall not provide directly or indirettly f or the payment of a grWter rate of interest or the rete~tion oi any other cherge tlWn is allowed by law. I(, (or any reason, i~terett in extest of wch legal rate or ~ chargg prohibited by law shall at any time be paid, any wch excess shall eithe~ constitute and be treated as a payment on the principal or be refur?ded direCtly cn the Maker. The Maker may prepay [he entire unpaid batance ot [he loan at any time. If the loan is Wepaid ~n (ull, accelera[ed or reiinanced, the Maker shall rece~ve a ~e~und oi the unearned portion of the interest and insura~ce premiums computed by the Ftute of 78's method, except that the Bank shall be ent~tled to retain a m~nimum interest tharge o~ ~J.~. ~ - CREOIT IIFE ANO CREDIT LIFE & DISA8ILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED-FOR CREOIT. Such lnwrantetoverage is .,va~~able at the cost designated below tor the term of the credit: (a) S ~or Credit Life lnwrance (b) S Credit Lite dc Oisability InwranCe: Check ? Credit liie I~surance is desired on the life ot Appl. Birthdate B:~x ? Credit lite & Disab~6ty Insurance is desired on Birthdate ~ Credit Li(e and/or Disabillty tnwrance is not desired. ~,,,P February 13 ~ 1978 si9~~~~e ~~o-r Signature As security for the payment ot the Noce the Maker hereby grants [o the Bank a sec ity inte?est in the ollowing property~,tl Q_ ~3.~~ Slf~d~~~ interest in T~rtte Reef l~. I. recardzd ie 0_R_ Bn~c 26 ~ P~a~ 2~02___ Unft Y~t 46 tn Ceed -~Ap : e. as scr n sa nartgage. ~nciuding all increatet, wbstitutions, replacements, additions and atteisions thereto and in the proteeds thereof (hereinafte. called "Collateral"1. This secur~ty +n±erest shall also secure any other indebtedness or liability of the Maker to the Bank direct or indirect, absolute or cominc,gnt, due w to become due, now ex- ~sc~~g or hereafce. arisirxJ, inctuding all tuture advances or loans by the Bank to che Maker_ The Bank is also give~ a ben and a security m[erest m atl property and securiues of the Maker, endorse., surery, guarantor or accommodation pa?ty of this 'I Nctz (hereinafter referred to as the "Obl~gors"1, oow m or at any time hereaiter com~ng into the control, custody o? possess~on of the Bank, whether for the ex- o~essed purpose oi be~ng used by [he Bank as Collateral, w for any oiher purppse, and upon any balance or balances to the credit ot any accounis, includ~ng r-use and agency accounts mainta~ned withthe Bank by any of the Obligors, and the Obt~gors agree to deliver to the 8ank add~[ional Collateral or make such ~ i nav~nents in reduct~on ot [he pr~ncipal amount o( the loan as shall be sat~sfactory to the Bank, ~n the eve~t the aforeme~tioned Collateral shall decline in value ! ~ ~ecome unsatisfactwy to the Bank_ f E Add~tions to, reduct~ons or ek~ha~ges of, or subititutions (or the Collateral, payments on account of this loan or inaeases of the same, or other loans made ~ c~~ [ially or wholly upon the Collateral, may trom time to time be made without affecting the provisions of this Note. The Bankshall exerase reasonable care in ~ cne custody and preservat~on o~ the Collateral to the extent reyu~red by applicable statute, and shall be deemed to have exercised reasonable care if ii takes such ~ ~~cc~on tor that purpose as Maker sha11 reasonably request in vvntirg, but no omission to do a~y act not requested by Maker shall be deemed a tailure to exercise ~ ~ ~ easonable care, and no omiuion to comply with any request of Maker shal! oi itself be deemed a failure to exercise reasonable care. Bank shall rot be bound to -.,ke any steps oecessary to preserve any rights in the Collateral against prior part~es and Maker shall take all necessary steps fw such purposet. The Bank or its ^,m:nee need not collect interest on, w a principal of, any Collateral or give any notice with respect to it. i ~ The Bank may continue to hold any Collate?al deposited hereunder after the payment oi this Note, it at the time of the payment and dischar9e hereof any of ~ ~ne parties liable tor the payment hereot shall be then d~rectly or contir?gently liable to the Bank as Maker, endorser, surety, guarantor or accommodation party i of any other note, dratt, bill of exchange, or other instrument, or otherwise, and the Bank may therea~ter exe.c~se all rights wrth respect to said Collateral ~ g-anted he~ein even though this Note shall have been surrendered to the Make?. ~ If the Bank deems itself insecure or upon the happening of any of the following eve~ts, each of wh;ch shall const~tute a clefault, all Iiabilit~es of exh Maker to r~e Bank, includir?g the entire unpaid p?incipal o~ this Note and accrued interest, less any unea~ned interat and a~y inte?est ~n excess of the maximum allowecl bv ?arv and any rebates required by law, shall immed~ately or thereafter, at the option oi the Bank, except that the occurrence of (c) w(d) shall cause automat ~ ~c ~cceleration; without notice or demand, become due and payable: (a) the failure of any Obligor to periorm any obligation, liability or claim to the Bank, to pay ~ ~~terest hereon within 1~days afu~ it is due, or if there is no due date, after it is billed or otherwise requated or demanded, or to pay any other liability what- >c~ever to the Bank when due; (b) the death of any i~dividual Obligor, the d~uolutipo of any partnership OWigor or the dissplution, merger pr consplidauon with- ; ,u[ the Bank's priw written consent of any corporate Obt~gor; (c) the filing of a petition in bankruptcy or the adjudication of insotvency or bank~uptcy under ~~v ~eorganization, arrangement, readjustment of debt, dissolution, liquidation or simitar proceedi~g unde~ any Federal or state statute, by or against any j Ob~~gor; (d) an application fo? the appointment of a receiver for, w the making of a 9eneral augnment for the benefit of creditas by, a~y Obligor; (e) the eniry ~~j ~vdgment against any Obtigor; (tl ihe ~ssuing of any attachment or garnishment, or the filing of any lien, agai~st any prope~ty oi any Obligor; (g1 the taking of uossession of any wbstant~al part of the property of any Oblgw at the instance oi any governmental authority; (h) the determination by the Bank that a materi- ~ adverx change has occurred in the financial condition of any Oblgw trom the conditions set (ath in the most recent financial statement of wch Obligor ? r e+etofore furnished to the Bank, or from the condition of wth Obligor at he~etofore most recently disclosed to the Bank, or that any warranty, rep?esentation, ' cert~t~cate or statement of any Obligor (whether contained in this Note or not) pertainl~g to or in connection with this Note or the loan ev~denced by this Note ~ contains an untrue statement of material tact or omits to state mate~~al fact necessary in order to make the statements made not misleading; or, (i) the assign- ? ment by any Maker of any equity in any of the Collateral without the prior written consent of the Bank. g The Bank shall have, but shalt not be lim~ted to, the following rights, exh of wh~ch may be exercised at any time whether or not this Note is due: (i) to ; c,!edge w transfer this Note and the Collateral and the Bank thall thereupon be relieved o( all duties and responsibilities hereunder and relieved from any and all i ~~~h~~~tY with respsct to a~y Collateral so pledped w transferred, and any pledgee or transferee shall for all purposes stand ~n the place oi the Bank hereund~r and 6 ~ave all the rights of the Bank hereuridet; (ii) to transfer the whole or any part o~ the Collateral into the name oi itself o. ~ts nominee; iiii) to vote tMe Collateral; ~ 1~v! to notify the Obligors of any CoNateral to make payment to the Bank of a~y amounts due o? to become due thereon; (v) to demand, we for, collect, or ? make any compromise w settlemertt it d~ems dairahle with retertnce to the Collateral; and (vi) to take posseuion or control oi any proceeds of Collateral. ~ _ ~°BAMK" as us~d her~in ~~r1e~ Reef -~?ssociates, Inc. mnd/o! tts asslgns. a NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION O R Q ~ FBS ~s2 Re,, ~n~ 60~K P1'~~E ~,V3 5 ~ . - - - - - - - . _ _ . . . . . . . . . s~=- . .4..'~.. .