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Home My WebLink About0247 INSTALIMENT PROMISSORY NOTE ~ tU1tTL4 RE£F IISS~CIA'T~S, INC. * IA) Amount Rece~vad s 9,~E2.u0 BANK NAME (B) P~em~um for Credlt ~R~, A.O. Sf1X i88, JEfiS~"`~ t~~AC!t, fL. 33~451 `~~•~~~~b~~"" s (C) Ootumemary Stamps S OFFICE ADORE55 (p) Other Charget (~temu~) S ~n~ lEl S ~r•fl NOTE NO. DATEO: FebrUary 17 ~ , lg 78 , (F) ~ S (G) Amount Firwnted 9~8p2.~) March 1 ,19 88. ~n, e, c, o, e. F? s DU E: IHI Interest S ~ • ` PIACE: . FLORIDA (11 Credit Invest~gauon S~n~ IJI 7ther S ~n2 Fo~ value rece~ved, the u~ders~gned (he~e~nat~er called "Maker") ~o~ntly and severally (it (K) _ ~n~ mwe than one) p~omise io pay ~o the o? ot~ Ban at,its offKe listed above, [h Total of Payments Ilrom INl at rightl ot ~r+"~ Dollars payable m1~0 s none eQual monthly insta~~ments ot S • , the lirst ~MI FINANCE CHARGE 5~7q(1.(~ (H, 1, J, K, U S installment due on Apri 1 1 , 19 78, and wbsequent instaltments due on (N) Total of Payments tG + M) S ~ ' th~St da of eath month ihereafter, together anth a FINAI. BALIOON PAYMENT OF: ANNUAL PERCENTAGE RATE 10•~ ~1G S I~O~~E ouE ----------~r--- The Bank shall impose a delinque~cy charge against the Maker on any payment wh~ch has become due and remains in detault fo~ a period in expu ot 10 days in a~ amount equal to 596 of ~he amount of the principal part ot the payment in de(ault. 1~ the event that the Note is not paid in full at maturity, all pay- ments, whethec principal, imerest or otherwise, shall bear inte~est at the maximum legal ra~e allowed under the laws ot ~he State o~ Florida. All paymenis made hereuncier shall be c~edited lirst to interest and then to principal, however, in tAe event oi default, the Bank may, i~ its sole distretio~, apply any peyment to interest, pr~nt~pal and/or lawiul charges then accrued. It is the intention ot the parties he?eto that the provisions herein shall not provide direCtly Or indirCttly for the payme~t of a greater rate ot interest or the retention of any other charge than is allowed by law. Ii, tor a~y reason, interest in excesx oi wch legal rate or a cha~ge proh~bited by law shall at a~y time be paid, any such excess shall either constitute and be treated as a payrt?ent on the princ~pal or be retunded direttly [o the Maker. The Maker may prepay the entire unpa~d balance o( the loan at any time. It the ~oa~ is prepaid ~n (ult, accelerated or relinanced, the Maker sha~l receive a re~und oi the unearned portio~ of the interest and insurance premiums computed by the Rule of 78's metAod, except that the Bank shall be e~t~tled to retain a mmimum inte~est charge of a6.00. ~ _ CREDIT LIFE ANO CREDIT LIFE & DISABIIITY INSURANCE ARE VOIUNTARY AND NOT REQUIRED FOR CREDIT. Such insurance coverage is ava~~able at the cost des~gnated below for the term o( the credit: (a) S tor Credit Lite Inwrance Ibl S for Credit Life 6 Disability Inwrante: Check ? Credit Life Inwrance is desired ow the life oi qpp1, B~rthdate Box ? Ged~t Li(e & Oisabilrty Insurance is des~red on Birthdate ~ Credit life and/or Disab~lity Insurance is not desired. ~ Date: Febl"tla.,..~'~~g S~gna~ure S~gnature - As securiry fo~ the payment ot the Note the Maker hereby qraots to the Ba~k a sec rity interest in the followi propert ~~9.~0 vndi ;ri , interest in Tur~:t ~ R~f ~d~. I rs~r~eMfin ~vaic 2G3, Page 20~2,., Unit k~aks 7~nd 8 in o. , A~t o'~I5 a~scri'~ r~ sa uar gag~. ~ncludirig all increases, subsdtuuons, replacements, add~tions and accessions thereto and in the p.oceeds thereol (hereinatter called °Collateral"1. This security mterest shall alw secure any other indebtedness w liability of the Maker to the Bank d~rect or indnect, absolute or conungent, due or to become due, now ex- isting or hereafter arising, includ~ng a11 future advances or loans by the Bank to the Maker. The Bank a also g~ven a hen and a security mterest m all property and securiNes o~ the Maker, endorser, wrety, guarantor or accommodation parry of this Note (here~nafter reterred to as the "Oblegori '1, now m or at any ame hereatter com~ng into the control, custody or possess~on of the Bank, whether tor the ex- i pressed purpose of being used by ~he Bank as Col1a[e~al, or for any other purpose, and upon any balance or balances to the credit oi any accounts, ~nclud~rg trust and agency accounts ma~nta~ned w~ththe Bank by any of the Obligors, and the Obtigors agree to deliver to [he Bank addit~onal Collateral or make such payme~ts in ?educt~oo o~ the pn~c~pai amount of the loan as shall be sat~sfactory to the Bank, ~n the event the ato~ementioned Collateral shall dx6ne in value or become unsat~sfactory to the Bank. Additions to. reducuons or exthanges ot, or subsutuuons Fo. the Coltateral, payments on account of this loan or mcreases of the same, or other loans made par~eally or wholly upon the Collate~al, may from time ~o tlme De made wi[hout atf~~ing the provisions ot this Note. The Bank shall exe?cise reasonable care in the custody and preservation of ~he Collaterat to the extent requ~red by applicable siatute, and shall be deemed to have exercised reasonable care ii it takes wch acuon for that purpose as Maker shall reasonably request in w?it~ng, but no omission to do any act not requested by Maker shall be deemed a failure to exercise reasonable wre, and no om~ssion to comply with any request of Maker shall of itself be deemed a failu~e to exercise reasonable care. Bank shall not be bound to ~take any steps necessary to preserve any r~ghts ~n the Collateral against prior parties a~d Maker shall take all necessary steps for wch purposes. The Bank or its nominee need not collett interest on, or a principal o~, any Collate~al or give any notice with respect to it. The Bank may continue to hold any Collateral deposited hereunde~ after the payment of this Note, ii at the time of the payment and discharge hereot any of the parties t~able fw the payment hereot shall be then directly or contingently liab~e to the Ba~k as Maker, endorser, su~ety, guarantor or accommodation party of any other note, draft, b~ll of exchange, or other inst~ument, or otherwise, and the Bank may thereafter exercise all rights with respect to said Collateral granted herein even though this Note shall have been surrendered to the Maker. If tAe Bank deems itself insecure or upon the happening ot any oi the follow~ng events, each of which shall conscieute a default, all liabilities of each Maker to the Bank, including the entire unpaid pr~ncipal oi this Note and acc~ued interest, less any unea~ned i~terest and any interest in excess of the maximum allowed by law and any rebates required by law, shall immediately or thereafter, at the option of the Ba~k, except ~hat the occurrence of (cl or (d) shall cause automat- ic acceleration; w~thout notice or demand, becomedue and payable: (a) the failure of any Obligor to perform any obligation, liability w claim to the Bank, to pay ~nterest hereon within lOdays atter ~t is due, or if there is no due date, aiter it is b+lled or otherwise requested or demanded, or to pay any othe? liability what- soever to the Bank when due: (b) the death of any itidividual Obligor, the d~uolutio~ of any partnership Obligor w the diuolution, merger w oonsolidation with- out the Bank's priw written consent of any corporate Obligw; (cl the filing of a petition in bankruptcy w the adjudication of insolvency or bankruptcy under any reorganization, arrangemeni, read~ustme~t of debt, dissolution, liquidation or similar proceeding under any Federal or state statute, by or against any Obligor; (d) an application for the appointment of a receiver tor, o~ the making of a general assignrnent for the benefit of creditors by, any Obligor; (e) the entry of judgmeni against any Qbligor; (t) the iswing of any attathment or garnishment, or the filing of any lie~, against any property of any Obtigor; (g) the tak~ng of possesxio~ oi any substa~t~al part of ~he property of any Obligor at the instance of any governmental authoriry; !h) the determination by the Bank that a materi- al adverse change has octurred in the tinancial condition of any Obligor (rom the conditions set iprth in thE most recent financ~al statement of wCh Obligor heretofore furnlshed [o the Bank, w from the condition oi wch Obligor as heretofore most recently disclosed to the Bank, or that any warranty, representatio~, certificate w statement of anY Oblgo? (whether contained in this Note or not) pertainir?g to or in connection with this Note or the loan evidenced by this Note contairu an unerue statement of matwial fact or omits to state mate~ial fact necessary in wder to make the s:atements made not misleadirg; a, (i) the assig~- ment by any Maker of any equity in any of ths Collateral without the prior written consent of the Bank_ The Bank sha11 have, but shail not be limited to, the followi~g ~ghts, each of which may be exercised at a~y time whether or not this Note is due: (i) to pledge or tramter this Note and t1x Collateral a~xl the Bank shall thereupon be relieved of all duUSS and raponsibilitits hereunder and relieved from any and alt liabitity with respect to any Collateral so pledged or transferred, and any pledgee or transfe~ee shall tor all purposes stand in the place ot the Bank hereunder and have all the rights of the Bank hereunder; (ii) to trans(er the whote or any part o~ tha Coltateral into the name of itsetf or i~s nominee; (iiil to vote the Collateral; (iv) to notify the Obtigors of any Collate?al to meke payment to the Bank ot any amounis due o. to 6ecome due thereon; (v) to demand, we fo?, collact, w make any compromiss or settlement it deems desirabk with reference to the Collateral; and (vi) to take possession or con[rol of any proceeds o( Collateral. ''BANK" as use~ herein aeans Turtle Reef Associates. Inc. andJor tts uoi~no,~ NOTICE: SEE OTHER SIOE FOit IMPORTANT INFORMATION ~~~KLA~ PAGE s ~ F65 752 Rev. 7/77 . ~ . . . ,.W _ . ~ - - - - - - - :f .,s,__~ -