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Home My WebLink About0215 ~ ,r, ~ INSTAlLMENT PROMISSORti' NOTE ~ i '~;c; 1URTLE REEF ASSOCIATES, INC. * (A) Amount Retewad s 22.005.00 BANK NAME (e) P~fmiuT lor C~edil ~ Lil~/pisabihtY Ins. s P. 0. 60X 618, JENSEN BEACH, ~ FL. 33457 ~c? oa~m.~~e~,? s~d~: s p~ OFFICE AUURE55 (D) Other Charpes i~tem~ze) s A«~ ~e? s ~ NOTE NO.' DATEU ~Jdl'lUal"~( 13 , 19~. (F) S~ (G) Amount Finanted ~ ouE: January 26 .19 88 , ~A, e, c, o. E. F? s ~N, s PLACE' . FIORtDA (1) ~~redit Invesugat~on s aab IJI Other S For value rece~ved, the u~ders~gned (here~natter called "Maker") ~o~ntly and severally (it ~K) S~ more tAan o~ei promise to pay to the order of the Bank, at ~ts o(tice hsted above, the Total ~ ~,i PaymeMS (from (N) at nghtl of ~,~.~7.2Q Dollars payable in ~ s , the tirst ~M? FINANCE CHARGE 12~~2~~ eyual monthly installme s f S (H, I, J, K, L) S ~nstallment due on ~e~~ 2 , 19_, and wbseque~t installments due on (NI Total of Payments IG * MI S ine 26 day ot each mo~cn tne~eat~er, toqeener w~tA a F~NAL BAI.IOON PAYMENT OF: ANNUAI PERCENTAGE RATE 10•~ % s _ NONE ouE . ~s The Bank sAall impose a del~nquency charge aga~nst the Maker on any payment which has become due and rema~ns in defautt tor s period in ezcess ot 1O cfays in an amount equal to 596 01 the amount ot the prinupal part of ihe payment in default. In the event that the Note is not paid in lull at maturity, all psy- ments, w#?ether principal, in[erest or o~herwise, sAatt bear interest at the maximum legal rate allowed under the laws o1 the State of Ftorida. Ail payments made nereunder shall be credrted ti+sT to interest and then to principal, however, in the evenc oi detault, ihe Bank may, in its sole diure~ion, apply any payment to mte~est, pnncipa~ and/w lawtut charges then accrued. It is the mtenuon ot the pa~ties he~eto that ihe provis~ons herein shall not provide directty or indir~tly for the payment o+ a greate? rate of interest or the retent~on of any other cAarge than is allowed by law. If, for any reason, imerest in excess of such legal rate or a charge proh~bited by law shall at any t~me be paid, any wch excess shall e~ther constitute and be treated as a payment on the principal or be refunded directly ro the Maker. - . ' The Make~ may prepay the ent~re unpa~d balance ol the loan at any time. ~f the loan is prepaid ~n full, accelerated or retinanced, the Maker s~all receive a refund of the unear~ed portion of the ~nterest•and insurance premiums computed by the Rule o( 78's method, except that the Ba~k shaU be entitled to retai~ a m~nimum interest charge of ~J.~. CREOIT LIFE AND CREUIT LIFE & DISABILITY INSURANCE ARE VOLUNTARI' ANO NOT REUUIRED FOR CREDIT. Such ~nwrance coverage is available at the cost des~gnated below tor the term o~ the cred~t: (a) S tor Credit Lite Inwrance Ibl S for Credit Life & UKabil~ty Insurance: Cneck ? Credrt L~fe Insurance ~s des~red on the life of q~~ Bir thdate Box ? C~edit-Lite & D~sab~hty Inw~ante ~s desued on Birthdate lel Credit L~te and/w Disability Insurance is oot des~red. ~a,e: January 13, 1978 S~gnatur . u ~ S~g ture ' As security fo? the payment oi the Note the Maker hereby grants he nk a security inte~at in the tollowing property ~ 0.1923x undit?ided interest in Turtte Reet Cond. I. Rrecorded on O.R. Booic 263. Ps9e 2002... Unit Neeks 1,49, _~Q,51. snd 52 tn Cned D-14, Ant No 0-14 as scribed 1n sald o~M.~aae. I ~ndud~ng all increases, substituUOns, replacements, additions and accessions thereto and in the proceeds thereof (hereinatter called "Collateral"1. This secunty ~n[erest shall also secure any other indebtedness w liability of the Maker to the Bank direct o? indirect, absoluce or conungent, due or ~o become due, now ex- ~s~~ng or hereafter arising, includ~n9 all future advances w loans by the Bank to the Maker_ The Bank is also given a lien and a secur~ty interest in all property a~d secur~ties of the Maker, endorser, surety, guarantor or accommodation party of this Note Ihere~naiter refened to as the "Obl~gors"1, now in or at any t~me he~eafter coming ~nto the control, cus[ody or posseu~on of the Bank, whether fo~ the ex- pressed purpose of bemg used by the Bank as Collateral, a for a~y othe. purpose, and upon any balance or balances [o the cred~t of any accounts, ~nclud~ng trust and agency accounts ma~nta~ned w~ththe Bank by any of the Obligors, and the Oblgors ag.ee to dehver to the Bank addluonal Coltateral or make such payments in reduct~on of the pr~nc~pal amount o~ the loa~ as shall be sat~sfactory to the Ba~k, m the event ihe aforementioned Collateral shall decl~ne i~ vatue or 1~ome unsatistactory to the Bank. Add~t~ons to, reductions or exchangez of, or subst~tutions fo~ the Collateral, payments on account ot this loan or ~ncreases of the same, or other loans made parc~ally or wholly upon the Cnlla[eral, may from ~~me ~o ume be made wrthou~ aff¢~t~ng the prov~s~ons oi this Noie. The Bank shall eze?ase reasonable care in ihe custody arxl prese.vat~on oi ~he Colla~eral to the extent reywred by appticable siatute, and sAall be deemed to have exe.used reasonable care if it takes such act~on to~ that purpose as Maker shall reasonably request i~ writ~ng, but no omissio~ to do any att not requested by Maker shatl be deemed a failure to exertise ~easonable care, and no om~u~on to comply with any request of Maker shalt oi i~self be cfeemed a tailure to exerc~se reasonable care. Bank shall ~ot be bound to ~ake any steps necessary to preterve any r~ghts in the Collateral aga~nst prior parties and Maker shall take all necessary steps ~w such purposes. The Bank or its nominee need not collect ~nterest on. or a principal of, any Collateral or give a~y ~otice with respect to it. The Bank may cont~nue to hold any Collateral deposited hereunder after the payrt~ent oi this Note, it at the time of the payment and discharge hereof any of the parties I~able tor the payment hereof shall be then directly or contingently liable to the Bank as Maker, endorser, surety, guarantor or accommodat~on party ot any other note. d.att, b~ll ot exchange, or othe~ instrument, or otherwise, and the Bank may the~eatter exeruse aU rghts with respect to said Coltate?al g~anted herein even though this Note shall have been surrendered to the Maker. It tl?e Bank deems itseli ~nsecwe or upon the happemng of any of the ~ollowing eve~ts, each of which shall rnnstitute a default, all liab~lities oi each Maker to ~he Bank, including the entire unpa~d pr~ncipal of this Piote a~d accrued interest, Iess any unearned 1~terest and any interest in excess of the maximum allowed by law and any reba~es requ~red by law, shall immed~ately or thereafte?, at the option of the Bank, except that the occu~rence of (cl or (d) shall cause automat- ~c acceleration; without notice or demand, become due and payable: (a) the (ailure oi any Obligor to perform a~y obligation, liability or claim to the Bank, to pay ~n~erest hereon within lOdays after it is due, or ii there is nQ due date, atter it is bblled or otherwise requated or demanded, w to pay any other liability what- scevr~ to the Bank when due; (b) the death of any ~~dividual Obtgor, the d~uolution of any partn~ship Obligw or the dissolution, merge[ a consolidatfon with- ou[ the Baak's pnw written consent of any corporate Obligcx; (c) the filing ot a petition in bankruptty or the adjuditat~on of insolvency or bank.uptcy under any reorgan~zation, arrangement, readjustment of debt, diisOlution, liquidation w simitar proceedi~g under any Federal or state statute, by o~ against any Obl~gor; (d) an application for the appo~ntment of a rece~ver tor, or the makin9 of a general auignment for the benefit of creditws by, any Obligor; (e1 the entry of ~udgment agair?st any Obligor; (f) tne ~swing of any attsChment or garnishment, or the tiling oi any lien, against any property of any Obligcx; (gl the taking o~ possession o( any substant~al part of the proprs~ty ot any Obligor at the instance of any governmenWl authaity; (h1 the determination by the Bank that a materi- al adverse change has occurred in the f~nanc~al condition oi any Oblgor from the conditions set fath in the most recent finanual statement oi wch~Obligor he?etofo?e furnished to the Bank, or (rom the cond~tion of wch Ob~~gor as heretofore most ~ecently disclosed to the Bank, or that any warranty, representatio~, ceruticate or statement of any Obligor lwhether contah?ed in this Note w not) perta+mng to or in connection with this Note or the loan evidenced by thls Note contains an untrue statement o1 rtwter~al (act w omits to state material fact neceuary in order to make the statements made not misleading; or, (i) the ass~gn- ment by any Make~ of any equity ~n any of the Collateral without the prior written consent ot the Bank. The Bank sAall have, but shall not be lim~ted to, the followi~g ~ights, exh of wh~ch may be exercised at any time whethe~ w ~ot this Note is due: (i) to pledge or transfer this Note a~d tl~e Collateral and the Bank shsll thereupon be relieved ot all duties and respons~bilities hereu~der and relieved f~om any and all iiabil~ty with respcct to any Collateral so pledged or transierred, and a~y pleck~ee w t~ansferee shall ior all purposes stand ~n the place ot the Bank hereunder arxl have alt the rights of the Bank hereunder; (ii) to transie~ the whole w any part oi tlie Collateral into the name of itselt or its nominee; (~ii) to vote the Collateral: l~v) to notify the Obligws of any Coltate~al to make payment to the Bank ot any amounts due or to become due thereon; Iv) to demand, sue ~to?, collect, or , make any comp.omise w seitlement it deems desirabte with referenoe to the Collateral; a~d (vi) to take possession w co~trol ot a~y proceeds ot Collateral. ~ I and/o~ its assi ; *"BANK" as used herein weans Turtle Reet Assoclates. ~c. gns. NOTICE: SEE OTHER StDE FOR IMPORTANT INFORMATION ~ ~ 0R F85 7°,2 Rev 7/77 ~ - go~K 3 F~~-_- _ _ _ _ . : ~ : _ :