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HomeMy WebLinkAbout0275 ~ INSTALLMENT PROMISSORY NOTE ?11RTlE REEf ASSOCIATES, INC. • (A) Amount Recewed s 2,871.00 9ANK NAME (B) Prem~um tOr C:edit ~M r.0. QOX 618. JE~1SQ1 dEACH. FL. 33457 ~ ~~r•~o~~~~i~~v i~:. s (C) Documentary Stamps S ~t OFFICE ADORESS (0) Othe? Che~ges (itemiie) s ~e NOTE NO. OATED: Febl"Udl"~/ Z~ . ~g 78. (F) S . (G) Amount Finanted Z~v11~W ouE: February 16 ,,9 88 . ~n, e, c, a. E. F? s_~g.~_ ~H? ~~t.~~~ s • PLACE: . FlOR10A 111 Cradit Investigation = IJI Other S For value race~ved, the unders~gned Ihereina~te~ called "Maker"! ~ointty and zeveralty (it (K) S more than one) promise to pay to the or~qj tfjR~nly~t ~ts oi(~ce listed above, the T~1 ' of Payme~t~ (f~om (N) at right) of 3~~~•W Dol~ars_Qayabte in (L) S equal month~y instauments oi S ' , the tirst ~MI FINANCE CHARGE p IH, 1, J. K, LI S ~nstallment due on March 16 , 19_1ya~d wbsequent installments due on (N) Tota10( Payments (G + M) S~ W cne 16t~Qf_~ch month tAe~eafter, togetnar w~~n a FINA~ BA~l.00N PAYMENT OF: ANNUAL PERCENTAGE RATE • 96 g ~~E DUE + ~_NMNM~N~N~~M The Bank shall impose a de~inque~cy charge against the Maker on any payment which has becane due and remains in detault tp a period in extess ot 1~ days in an amount equal to 5'Xs ot the amount of the princ~pal part of the payment in detault. In the eve~t that the Note is ~ot paid in (ull at maturity, all pay- ments, whether pnncipal, interest o. otherwise, shall bea~ interest at the maxirtwm legal rate allowed under the laws of the State of Florida. Alt payments made hereu~der shall be credited first to interest and then to principal, however, in the event of default, the Bank may, in its sole diuretion, apply any payment to ,nterest, pr~ncipal andlor lawful cAarges then accrued. It is the intention oi the parties hereto that the provisions herein sAall not provide directly o~ indirectly for the payment of a greater .ate of interest or the retentio~ oi any othe~ charge than is allowed by law. I(, tor any reason, interest in excess of wch legal rate or a charge prohibited by ?aw shall at any time be paid, any such excess shall either constitute and be treated as a payment on the principal or ba retunded directly ro the Maker. The Maker may prepay the entire unpa~d balance of the loan at any time. Ii the loan is prepaid ~n full, accelerated or ref~na~ced, the Maker shall receive a ~e~und of the unearned poruon of the interest and ins~rance premlums computed by the Rule ot 78's method, except that the Bank shall be entitled to +etain a mm~mum inte.est charge of 55.00. - CREDIT IIFE AND CREDIT LIFE d~ OISABILITY INSURANCE ARE VC~LUNTARY AND NOT RE~UIREO FOR CREDIT. Suth ~nwrancecoverage is ava~~able at the cost designated be~ow for the term of the tred~t: (a) S for Credit life Inwrance (b) S for Credit Lrfe & O~sab~lity Insurance: Check ? C.edrt Ufe Inwrance is desired on the Iife of Appl. Birthdate Box C Cred~t Lite & D~sability Insurance ~s des~red on Birthd t ~ Credit Lite and!or Disabitity Insu~ance ~s not des~red. February 2, 1978 $ignatu Z' a Date: r ~ ' S~gnawre i . ' As securi f r e ay n of e N te ak hereby ts to t k ~t er t i the Ito ~ ro ~ 'i nooi~' fn ~co~C ~sge ~`i~... '~n~~ ~c "~9` fn ~on~. ~-"3; f~p~: . - i n sa ~or~a4e. ~ ~n~luding all increafes, subsututions, replacements, addiuons and accessions thereto and in the proceeds thereof (hereinafter called "Collateral"1. This security ~ ~nterest shall alw secure any other indebtedness or liabihty ot the Maker to the Bank direct or iodirect, absolute or contingent, due or to become due, now ex- ~s~~r?g or hereatter arisirtg, including a11 future advances or loans by the Bank to the Maker. ~ The Bank is alsn given a lien a~d a secur~ty ~nterest in all p~operty and secur~ties oi the Maker, endorser, surety, guarantor or accommodation party of this ~ Note (hereina(ter refe.~ed to as the "Obl~gori '1, now ~n or at any t~me hereafter com~ng into the co~trol, custody or poueu~on of the Ba~k, wiiether tor the'ex- p~essed purpose of be~ng used by the 8ank as Co!lateral, o~ for any other purpose, and upon any balance or balances to the credit ot any accounts, includ~ng ~ trust and agency accounts ma~ntained w~ththe Bank by any of the Obligo?s, and the Obligors agree to deliver to the Bank addit~onal Collateral or make such ~ payments in reduct~on oi the pr~nc~pal amount of the loan as shall be sat~s~actory to the Bank, in the event the aforementioned Collateral shall decline in value s or become unsat~sfactory to the Bank. ~ Add~tions to, reductions or exchanges of, or substitut~ons tor the Collaterat, payments on account of th~s loan or increases of the same, or other loans made ~ part~ally or wholly upon the Collateral, may from time to ume be made without affecting ~he prov~s~ons of th~s Note. The Bankshall ezeruse ~easonable care in ~he custocly and preservation of the Collateral to the extent requ~red by applicable statute, and shall be deemed to have exercised reasonable care ii it takes such act~on for that purpose as Maker shall reasonably request in writmg, but no omission to do any act not requested by Maker shall be deemed a failure to exercise ~easonable care, and no om~uion to complY w~th any request of Maker shall of itself be deemed a tailure to exercise reasonable care. Bank shall not be bound to ~ake any steps necessary to preserve any rights in ihe Collate?al against pr~or parties and Maker shall take all necessary steps for wch purposes. The Bank or its nominee need not collect i~terest on, or a principal oi, any Collateral or give any notice with respect to it. The Bank may continue to hold any Collateral deposited hereunder after the payrtient oi ihis Note, if at the time of the payment and discharge hereof any ot ~he parties I~able for the payment hereof shalt be then directly or contingently liable to the Bank as Maker, endorser, surety, guarantw or accommodation party of any other note, draft, bill of exchange, or other instrument, or otherwise, and the 6ank may thereafter exercise ali nghts wrth respect to said Collateral granted herein even though this Note shall have been wrrendered to the Maker. I( the Bank deems itself insecure w upon the happe~ing oi any oi the following eve~ts, each of which shall co~stitute a detautt, all liabilities of each Maker to s the Bank, including tAe entire unpaid prmcipal of this Note and xcrued interest, less any unearned ~nterest and any interest in exceu of ihe maximum a~~owed ~ by law and any rebates required by law, shall ~mmediately or thereafter, at the option of the Bank, except that the occurrence oi (c) or (d) shall cause automat- ~c acceleration; without notice or demand, become due and payable: (a) the tailure of any Obligor to perform any obligation, iiability or claim to the Bank, to pay ~ ~nrerest hereon within lOdays aiter it is due, or if there is no due date, atter ir is billed or otherwise requested or demanded, or to pay any other liability what- i scever lo tl?e Bank when due; (b) the death of any individual Oblgor, the diuolution of any partnership Obligor or the dissolution, merger ot Consplidation with- ~ out the Bank's priw writte~ consent of anV corporate Obligor; (c) the titing of a petition in bankruptcy or the adjudicatio~ of insolvency or bankruptcy under any reorganization, arrangement, readjustment of debt, d~uolution, liquidation w similer p?oceeding under any Federal or state statute, by or against a~y ~ Obligor; (d) an application for the appointment oi a receiver for, o~ the making of a general assignment ior the benefit of creditors by, any Obligor; (el the entry ~ o~ ~ud9ment against any Obligor: the issuing of any attxhment or garn~shment, or the (iling ot any lien, aga~nst any property of any Obligor; (gi the taking o1 ~ possession of any substantiat part oi the property of any Obligor at the ir?stance of any go~rernmental auth'wity; Ih) the determination by the Bank that a materi- a1 adverse charx,~e has occurred in the financial condit~on of any Oblgor from the conditions set forth in the most recent finanual statement of wch Obligor a heretofore furnished to the Bank, o? irom the cond~tion of wch Obligor as heretofore most recently disclosed to the Ba~k, or that any warranty, representation, ~ certificate or statement of any Obligor (whether contained in this Note o. not) pertaining to or in connection with this Note or the loan evidenccKl by this Note eontairn an-untrue statement of material fact w omits to state material fact necessary in order to make the s~atements made not misleading: or, (i) the auign- ~ ment by any Maker of any eqwty in a~y of the Collateral without ihe prior mitten consent of the Bank. The Bank shall have, ti~t s?~aM not be limited to, the following rights, each of which may be exercised at any time whethe~ or not this Note is due: (i) to pledge or transfer this Nov and the Collateral and the Bank shall tFxreupon be ~elieved ot all duties and responsibilities hereunder and relieved trom any and all ~ ~ ~~~bility with respect to any Collateral so pledged or transierred, and any pteck,~ee or transferee shall for atl pu~poses stand in the place o~ the Bank hereunder a~d ~ have all the rights ot the Bank hereunder; (ii) to trans(er the whole or any part of the Collateral into the nartx oi itseN or its nominee; (iii) to vote tAe Collateral; (~v) to notify the Obligors of any Collateral to make payment to the Ba~k of any amounts due or to become due thereon; (vl to demand, we tw, collect, or make any compromise w settlement it deems desirable with reterence to the Collateral; and (vi) to take posseuion w control of any proceeds of Collateral. ~ ~ ~s~d hereln ~eans Turtle R~et lls~ociates, inc. and.or 1ts assigps. NOTICE: SEE OTHER SIDE FOfi IMPORTANT INFORMATION O R ~ ~ Fes ~52 Re~. ~i» D!1~~ •J r'~!r~ ~ ~ _ - - . . _ . - _ - _ _ ~ - - . _ _ _ ~ _ .