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Home My WebLink About0223 INSTALIMENT PROMISSORY NOTE , ~ ~ TURTLE REEF AS90CIATtS, I~C. ~ (A1 Amount Rsc~~Yb 21.920.00 9ANK NAMF 181 P~emium Ior Credi~ P.O. ~x ~i8~ ~~•N ~5~ Lifs/Disabil~~y Ins. s_i~_ (CI Dotumtntary Stamps S OFFICE ADDRE55 ID) Ocher Chsry~s lium~zel S lEl S NOTE NO. OATED: FEbI^Ual",~/ 7 ,19 78. ~F? s February 21 19 88 tc~ i Bu C.FD, E~ s 21~.920.00 OUE: Q' (H) Intersst S ' P~ACE: . FLORIDA Credit Inv~st?gation t IJI Other S for value rece+ved, the ur?dersi~~ed (hereinaiter callad "Makei '1 jointly and saverally (if (K~ S more tha~ one) p~om~se to pay to th A ~k, at its otlice listed above, t ul ~ of Payrn~nts (from (N1 at right) q( Dollars peyable in (LI s ec~ual mo~thly installments of S~ ' , the Iirst ~M~ F~NANCE CHARGE 2~~~~~ IH, 1, J, K, LI S ~ns~allment due on March Zl , 19~5, and wbsequent installmen~s due on (Ni Totst ot Payments (G ~ M) S ~ • ~he~ach mo~th thereafter, togethe~ wi~h a FINAL BALLOON PAYMENT OF: ~Q•~~- ~~~,,.~N~,~~~«,_~~N~~~~ ANNUAL PERCENTAGE RATE % 5 OUE . 19 The Bank shall impose a delinquency cha+ge against the Maker on any payment which hss become due and remains io detault fw a period in exces~s ot lO days in an amount equal to 59L of the amou~t o( the principal part of the payment in detault. In the event that the Note is not paid in full at maturi[y, all pay- ments, whether pri~cipal, interes[ o? otherwise, shall bear interest at the maximum legal rate allowed unde? the laws of tAe State of Florida. All payme~ts made he~eunder shatl be cred~ted first [o interest and the~ to principal, however, in the even~ oi deteult, the Bank may, in its sole discretion, apply any payme~t to ~nte~es~, prinupal and/o~ lawful charges then attrued. It is the intentio~ of the partia hereto that the provisio~s herein shall not provide directly w i~directly ror che payment of a 9reater rate of interest or the rete~tio~ ot any other charge than is allowed by lew. If, tor any reason, interest in exceu oi wch legal ~ate or a charge prohibited by Iaw sha11 at any time be paid, any wch excess shall either cons[itute and be treated as a payment on the princ;pal w be refunded directly to the Maker. ihe Maker may prepay the entire unpasd balance o( the loan at any time. If the loan is prepa~d in full, accelerated or ret~nanced, the Maker shall rece~ve a -efund of the unearned poruoo ot the inte~est and ~nwrance premwms computed by the Rute oi 78's method, except that the Bank shall be entrtled to retain a mm~mum ~nterest charge of ~.~(1. CREUIT LIFE AND CREOIT LIFE & DISABI~ITY INSURANCE ARE VOLUNTARY ANU NOT REQUIRED FOR CREDIT. Such ~nwrance coverage is ava~lable at the cost des~gnated below for the term of the credit: (a) S fo~ C.edit Life Inwrance (b) S ~or Cred~t lile A Disab~li~y Inwrance: Check 0 Credit Lite Insurance is desired o~ the life oi Appl. Birthdate Box ? Credit Life & Disebility Insurartce is des~rtd On Birthdat ~ Credit life and/or Dirabit~ty Insurartce is not desired. i o„e February 7, 1978 s,9,~,,,, . . S~g~ature 1 q~~t~ thp a~sqt 1~nN~Y~qfllakp~ hertp ran : olh; nk a ri in~ter~t:n • f low-n9 j~rpIIe? ~•~:+5~ i t 1 ~[~!i i cas n . , . . as rr n sa r a~e. ; ~nduding all increases, substitutions, replacrments, addiUOns and ectessions ehe?eto and in the proceeds thereof Ihereinai[er called "Collate?al'"1. This seturity ~ ~ncerest shall also secure any other incfebtedneu w liability of the Maker to the Bank direct or i~direct, absolute or contingent, due w to become due, now ex- I ~sc~ng or hereafter a~~sing, including all tuture advances w ~oa~s by the Bank to the Maker. ! The Bank is atso g~ven a I~en and a security interest ~n all property and securities ot ihe Maker, erxlorser, wrety, guarantor or atcommodation pa.ty of this k Note (he.e~nafte. referred to as the "Obtigors"1, now in or at any ume hereafter com~rg ~nto the control, custody or possess~on ot the Bank, whethe~ for the ex- p~essed purpose oi being used by the Bank as Collateral, a for any other purpnse, and upon any balance or balances to the credit of any accounts, including ( ~~ust and age~cy accounts mainta~ned wrththe Bank by any of the Obligors, and ihe Obhgors ag~ee to deliver to the Bank additional Collateral or make such vayments in reduction of the pr~ncipal amount of the loan as shatl be satisfac[ory to the Bank, in the 2vent the aforementioned Collateral shall decline in value ~ :r become unsatisfactory to the Bank. Addn~o~s to, reductions or exchanges of, or subsututions for [he Collateral, payments on account oi this loan or increaus oi the same, or other loans made aa*i,ally or wholly upon the Collateral, may from [ime to time be made w~thout aifecting the provisions ot this Note. The Bank shall exerc~se reasonable care in the custody and p~eservatio~ of the Collateral to the extent requ~red by app~~cable statute, and shatl be deert?ed to have exerc~sed reasonable care if it takes wch aci~on for that purpose as Maker shall ~easonatrly request in writ~ng, but no omission to do a~y act not requested by Maker shall be deemed a~ailure to exer~ise ~easonable care, and ~o omiuion to comply with any request oi AAaker shall of itself be deemed a lailure to exercise reasonable care. Bank shall not be bound to take any steps necessary to preserve a~y rights in the Collateral aga~nst p~ior parties~and Maker shalt take all necessary steps fo~ wch purposes. The Bank or its nominee ~eecl not collect interest on, or a principal of, any Collateral or give any not~ce with respect to it. ~ The Bank may continue to hofd any Collateral deposited he.eunder after the payment o~ this Note, if at the time of the payme~t and discharge he.eoi any of ~ ;h2 parties t~able tor the payment hereo( shall be the~ duectly or co~tingently IiaWe to the Bank as Maker, endorser, wrety, guarantor or accommodation party of any other note, draft, bilt oi exchange, or other instrument, or othe.w~se, and the Bank may thereafter exercise aU nghts witli respect to said Collateral ~ granted herein even though this Note shall have bee~ wrrendered to the Make.. ~ If the Bank deems itself lnsecure or upon the happening of a~y of the follow~ng events, each of which shalt constitute a default, all liabilities of each Maker to ~ ;ne Bank, including the entire unpaid principat of this Note and accrued interest, less any unearned i~te~est and any interest in excess of the maximum allowed ~ t,y law and any rebates ~equired by law, shall immed~ately or_thereafter, at the option of the Bank, except that the occurrence of (c) or (d) shall cause automat- ~ :c acceleration; w~thout notlce or demand, become due and payable: (a) the tailure of any Obligor to perform any obligation, IiabiOity or claim to the Bank, to pay ~ ;nterest hereon within lOdays aite~ it is due, or if the~e is no due date, atter it is blled or otherwise requested or demanded, or to pay any other liability what- ? zoever to the Bank when due; (b) the death of any individual Obligor, the diuolution of any partnership OWigor or the d~ssolution, me~ger or oonsol~dat~on with- s ' ~ out the Bank's pr~w vwitten consent ot a~y cwporate Obligor; Ic) the tiling of a petitio~ in ba~kruptcy or the adjudication of insolvency or bankruptcy unde~ ' ,~ny reorganization, arrangement, readjustment of debt, dissolution, Iiquidation a simila. proceedirg under any Federal or state statute, by or against any ~ Cbl~gor; (dl an application fw the appointment oi a receiver tor, or the making of a general auignrt~ent for the benefit o( creditors by, any Obligor; (e) the entry of ~udgment against any Obligor; (f) the iswing ot any attachment or garnishment, or ihe filing of aMr lien, against any property of any Obligor; (g) the taking of ~gw at ehe ~nstance of any governmeneal authority; (hl the de[ermination by the Bank that a materi- ~ possession of any wbstant~al part of the property oi any Ob~ ~ al adverse change has occurred in the financial condition oi any Oblgor from the conditiom set ipth in the most recent financiaf statement ot wch Obligw $ neretofore furnished to the Ba~k, or (rom the conditio~ of wch Obligor as heretofo.e most rxently disdosed to the Bank, or that any warranty, representation, ce~t~fiwte o. stateme~t of any Obl~gor (whether oontair~ed i~ this Note o. not) pertaining to or in connection with this Note or the loan evidenced by this Note " co~ta~ns an unt~ue statement of material fact or omits to state material fact necessary in order to make the statements made not misleading: p, (i) the augn- ~ ment by any Maker oi any equity in a~y of the Collateral without the prior writte~ consent of the 8ank. ~ The Bank shall have, but shsll not be limited to, the fotlowi~g rghts, each of whkh msy be ezercised at any time whethe~ o? not this Note is due: (i? to ~ D~edge a transfe~ this Note a~d the Collatenl and the 8ank shall therei~.cn be relieved of all duties and responsibilities hereurxfer and relieved (rom any and all ~ irab~liry with respeCt to any Coflateral so pledged or transferred, ard any pledgee or transteree shall tor all purposes stand in the plate of the Bank hereunder and have all the r~ghts ot the Ba~k hereunder; (ii1 to transfe~ the whole or any part of the Collateral into the name o~ itself or its nominee; (iii) to vote the Coltate~at; Q I,vl to notify the Obligors o~ anY ColWtenl to make payment to Me Bank of any amounts due or to become due thereon; (v) to dema~d, we /or, collect, or ~ make any compromise w fettlemsnt it deems desirable with re(e?ence to the.Collaceral; and (vi) to take p.ouession w control of any proceeds of Collatenl. ~ ~"B~" if Ysl~Nrl~A ~i1l~ T , nrtte Ree~ Assoclates, Inc. and/o~ its as~1 NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION s~ ~f~f~ ~ $J~K J E'Jt~C ~J ~i F~BS 752 kev. 7l77 +a ~ . . . . . _ _ r,~~~ . . _ ..r~. _ ~ e'c<< . . _ . . . . - . . . ~A}