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HomeMy WebLinkAbout0261 INSTAILMENT PROMISSORY NOTE ~ ~ 377I.00 1UR1tE REEF ASS4CIAjES. INC.* (A) Amount Rece~wd s BANK NAME (81 Pr~mium for Cred~! none Lif~/Disability Ins. S P. 0. 60X 618, 3ENSEl1 SEACN, FL. 33457 tc? ~«~~~~e~v sia~.w: s no~ OFFICE AODRE55 , (D) Oth~r CAarges (itemild S n~~ ~e? s none NorE No. oATeo~ February 20, ,19 78_ ~Fi ~ s none ~~E March 6 .19 83 (G) Amount Financed 3771.00 ~ (A, B, C, U, E, F) S -~a ~r-~- (H) Interest S_ 1,,'~•~V - PLACE: , FIORIDA (1) Credit Invesugauon S ~0~ IJl Other S ~O~e For value rece~ved, the unders~g~ed (here~natcer called "Make~") iomdy and severally lit (K) s none more than one) promise to pay ~o the orde~ ot the Bank, at ~ts otfKe I~s~ed above, che Towl ~ (LI s nane i of Payments ((rom (NI at r~ght) oi 34~7.~ pollars payable i~ zyual mo~thly installments of S ~ , ihe (,rst IMI FINANCE CHARGE 1n~~2fl (H, 1, J, K, L) S mscallment due on Apri 1 6 , 19 78 and wbsequent installments due on (N) Total ot Payments iG * M) . S • ~t~e 6tNday 1p,~ as,h month tt~ereatter, to9et~?er wnh a F~NA~ BA~~OON PAVMENT OF: ANNUAI PERCENTAGE RATE • X S Ir1111t DUE ~g The Bank shall impose a delinquency charge against the Maker on a~y payment which has become due and remains in detault tw a period in excess of 10 days in an amount equat to 5% of the amount of the prionpal part ot the payment in de(ault. I~ the event that the Note ~s not paid i~ full at rt?aturity, all pay- ments, whether principal, ~nterest or otherwise, shall bear interest at the maximum legal rate allowed under the laws of the State of Florida. All payments made nereunder shall be credited tirst to in[erest and then to printipal, however, in the event of default, ihe Bank may, in its so~e d~scretion, apply any payme~t to ~n~erest, principal and/or lawtul charges then accrued. lt is the i~tention of the parties hereto that the provisions herein shall not provide directly w indirectly tor the payment ot a greater rate of interest or the retention of any other charge than is allowed by law. If, fw any reason, interest in excess ot wch legal rate or a charge proh~bited by law shall at any time be paid, any wch extess shall either constitute a~d be treated as a payme~t on the printipal or be refunded directly ro the Maker. . The Maker may prepay the ent~re unpa~d balance o( the loan a~ any time. I( the loan a prepaid ~n full, accelerated o~ refinanced, the Maker shall receive a re~und of the u~earned port~on ot the ~nterest and ~nwrance premiums computed by tAe Rule ot 78's rt+ethod, except that the Ba~k shall be entitled to ~etain a mmimum inte~est charge of S6.(X1. - CREDIT LIFE AND CREDIT IIFE & DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such ~nwra~ce coverage is ava~~able at the cost designated below for the term of the credit: (a) S for Credit lite Inwrance (bl S ~or Credit Life ~ Oisab~thy Insurance: Check ? Credit L~(e Inwrance is desired on the life ot Appl. Birthdate Box ? Credlt Life & Disabil~ty Insurance n desired on B~rthdate ~ Credit Life ar?d/or Oisability tnsurance is not des~red. -y~ o~~e February 20, 1978 S~gnature an ne~ e' , d S+9nature ~ " - As secu. fw th pa ment f the Note the Maker hereb gra~ts to the Bank a secw~ty interest i~ the followmg property: ~n TUPL~@ ~eCf COt1d. i~ ~ecor~ on R. Fctok ?.56? ~~ee 2~... Unit Meek 35 in Cond~ C-11, l~t. Na~ C-11 as c n sa d~artqa9e. ; mclud~ng all increases, substitutions, replacements, additions and accessions tbereto and in the proceeds thereof Ihere~natter called "Collateral"1. This secur~ty ~nterest shall also secure any other i~debteaneu or liability of tAe Maker to tAe Bank direct or indirect, absolute or contingent, due w to become due, now ex- ; ~s~~ng or hereafter arising, including a11 (uture advances w loans by the Ba~k to the Make?. ~ The 8a~k is also given a lien and a security interest ~n all property and securi~ies of the Maker, e~dorser, su?ety, guarantor or accommodation party of this ~ No~e (here~nafter reterred to as the "Obl~gors"1. now ~n or at a~y t~me hereafter commg into the control, cus~ody or possession of the Bank, whether for the ex- p~essed purpose of be~ng used by the Bank as Colla~era~, w tor any othe. purpose, and upon any balance or balances to the credit ot any accounts, mclud~ng ?~ust arid agenCy acCOUnts ma~nta~ned wrththe Bank by any of the Ob6gors, and the Obligors agree to deliver to the Bank add~uonat Collateral or make such ~ payments in reduct~on o( the prlncipal amount of the loan as shall be satis(actory to the Bank, ~n the eve~t the aforementioned Collateral shall decline in value ! r,~ become unsatistactory to the Bank. E i Add~teons ~to, reductions or e:changes ot, or zubst~tutions (or the Collateral, payments on account of this toan or ~nc~eases of the same, or other loans made ~ p;r i,ally o? wholly upon the Collateral, may from ume to ume be made without affecting the provisions ot this Note. The Bank shall exerc~se reasonable care m tne custody and preservat~on of the Collaceral to the exte~t requ~red by applicable statute, and shall be deemed to have exercised reasonable care ii it takes wch~ ~cc~on (or that purpose as Maicer shaU reaso~ably request in w?iting, but no omiss~on to do any act ~ot requested by Maker shall be deemed a failure to exercise ~easonable care, and no omiuion to comply with any requESt of Maker shall oi itself be deemed a tailure to exercise reawnable care. Bank shall not be bound to ~ake any steps neceuary to preserve any ~eghts in the Collateral against pnor parties and Maker shall take all necessary steps iw wch purposes. The Bank or its nom~nee need not collect interest on, o. a principal oi, any Collateral or give any notice with respect to ~t. The Bank may continue to hold a~y Collateral deposited hereunder after the payrt~t of this Note, if at the time o( the payment and discharge hereof any of ~he parties liable for the payment hereof shall be then directly or contirw~ently liable to the Bank as Maker, e~dorser, wrety, guarantor or accommodat~o~ pa.ty ~ of any other note, dratt, bill of exchange, or othe~ instrument, os othe?wise, and the Bank may thereafte? exercise all rights with :espect to said Collateral g~anted herein even though this Note shall have been surrendered to the Maker. If the Bank dcems i[self insecure w upon the happening of any of the following events, each of whicn shall constitu[e a defautt, all liabilities of eacfi Maker to che Bank, includirg the entire unpaid pnncipal of this Note and accrued interest, less any unearned interest and any inte.est in excess of the maximum allowed by law and any rebates required by law, shall immed~a[ely or thereafter, at the option ot the Ba~lc, except that ~[he occurrence o~ (c) or (d) shall cause automat- ~c acceleration; without notice o~ demand, become due and payable: la) the failure of any Obligor to perform any ob~igation, liability or claim to the Bank, to pay ~ ~nterest hereon within lOdays aita it is due, w i( the.e is no due da~e, after it is billed o. otherwise requated or demanded, or to pay any other liability what- f z:~ever to [he Bank when due; (b) the death of any individual Oblgor, the diuolution of any partnership Obligor or che dissolution, merger p opnsolidation with- ~ ou~ the Bank's prior written consent of any corporate Obligor; (c) tne filing of a petition in ba~kruptcy w the adjudication of insotvency or bankruptcy under • any reorganization, arrangement, readjustment of debt, diuolution, liquidation or similar proceeding under any Federal or state statute, by Or agai~st any ~ Obt~gor, (d) an application for the appointtnent oi a receiver for, or the rt?aking of a general astignmeM for Me beoefit of c~edito~s by, any OWigor; (e) the e~try ; of ~uclqrrn•nt agaitnt any Obligor; (1) the iswing of any attaChment or garnishment, or the filirtg of any lien, againit any property of any Obligor; (g1 the takirg ot ~ pozsession o~ a~y wbstanual part of the property of any Obtigor at the instarue of any gpvernmenta~ authwity; (hI the determinauon by the Bank that a materi- ? `i al adverse change has occurred in ~he tinancial condition of any Obligor from the conditioru sec forth in the most recent financiat statement of such Obligor ~ ; heretofwe ~urnished to the Bank, w trom the condition o~ wch Obligor as heretofae most rxently disclosed to the Bank, w that any warra~ty, represe~tation, t ~ cerf~f~cate a statement of any Obligor (whether contained in this Note w notl pertaining to or in connection with this Note or the loan evidenced by this Note ~ conta~ru an untrue statement oi material tact or omits to state material fact neceuary in order to make the statemems made not misleadirg: or, (i1 the auig~• ment by any Msker of aml equity in sny of the Collate~al without the prio. written consent oi the Bank. The Bank shall have, bu[ shall ~ot b~ limlccd to, the (ollowing rghts, exh of which may be exer~ised at any time wl?ethe~ o~ not this Note is due_ (i) to ~s pled9e or transfer this Note and the Collateral and the Ba~k shall thereupon be relieved ot all duties and responsibilities hereunder and relieved irom any and all I~ab~l~ty with .espect to any Collateral w pledged or transisrred, and any pledgee w transferee shall for all purposes s[and in the place oi the Bank herwnder and ~ nave all the rights ot the Bank hereunder; (~i) to tra~sfer the whole w any part of the Coliateral into the ~ame of itsetf w its nominee; {iii) to vote ~he Collateral; ~ 1 w) to notify the Obligors oi any Collateral to make payment to the Bank of a~y amounts due or to become due thereo~; (v1 to dema~d, we tor, rnllect, or ' make any compromise w settlement it dcems desirable with re(erence to the Collate.al; and (vi) to take possession or convol of any proceeds ot Collateral. ~ ~ *"BA~K" as used herein !neans Turtle P.eef Rssociates, Inc. andJor its ~ssigns. ~ ~ Fes ~s2 ae~. ~i~r NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION 6~RK~O~ ~~r~ t7 ~ . : - - - - ~ ~ - _ ~ . . _ ~ _ : , m .