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Home My WebLink About0282 INSTALLMENT PROMISSORY NOTE ' ~ ~ TURTtE itEEF ASSOCIATES, I~IC.' (A) Amount Rxa~ved : 20,4~0.00 BANK NAME (B) Pr~mium for Cred~t P. a. BOX 618, JE,YSEN 8EACH, FL. 33457 • ~''•~o~~b;i~~Y i~:. s ICI Dotumenury Stamps S pQ OFFICE AOORE (D) Oth~. Chsrges (item~zsl S_~ ~E~ s QOi'le NOTE NO. DATED: FebrUary 4~ , tg 78, (F? s R~~ (G) Amount Finanted oue: Februdry 21 ,19 88. ~A, s, c, o. E. F~ s-~-~-~-.~ (HI Interest S 13'~"'~~~ PLACE: , FLOAIOA (1) G~dit I~vesugat~on s n~~ IJI Other S n0~~ For value race~ved, the u~dersigned (hereinatter called "Maker'") joimly and severally (if (K) s nOne mwe than one) prom~se [o pay to the torde? of the Bank, at ~ts ottice I~sted above, th4 jQtal of Paymenn (from (NI at r~ght) of ~.4.~9•~ pollars payable in ILO (L) S F IMI FINANCE CHARGE ecwa~ montn~y ~~:ca~~ ~~s ot S ~ , the tirst 11.9~ T (H, I, J, K, L) , S ~I arch f~ inst;lljnent due on , 19_, and wbseque~t instaltments due on (NI Total of Payments (G + M) S ' the~l day ot each month tnereatter, together with a FINA~ BA~~OON PAVMEN7 OF: _ ANNUAL PERCENTAGE RATE • % s ~E DUE 19 The Bank shatl impose a del~nquency charge against the Maker o~ any paymem which has becano dus and remains in default for a period in excas ot 10 days in an amount equal to 5X of the amount ot the principal part of the payment in defaul~. In the eve~t that the Note is not paid in full at maturity, all pay ments, whether principal, interesc o~ ocherwise, shall bea. interest at the maximum iegal rate allowed under the taws of the Stace of Flo?ida. All payments made he.eunder shall be credited first to interest and then to printipal, however, in the event of dlfault, the Benk may, in its sole discretion, appty any payment to in[eres[, princlpat and/or lawful charges [hen accrued. It is the inte~tion ot the par~ies hereto that the provisions herein shall not provide directly or indirectly tor the paymerit ot a grea[er rate of interest or ~he retention of any other charge ~han is allowed by law. If, for any reason, interest i~ excess of wch Iegsl rate or a charge proh~bited bY ~aw shaH at any time be paid, any wch excess shall e~ther constitute and be treated as a payment on the printipal w be retunded directty to the Make~. ' The Maker may prepay ~he en~rre unpa~d balance oi ihe loan at any time. I( ihe loan ~s prepaid +n full, accetera~ecf or .efinanced, the Maker shall receive a refund ot tAe unearned port~o~ oi the interest and ~nwrance premiums computed by the Rute of 78's method, except that the Bank shall be entitled to retain a minimum i~terest charge of ~,(b. CHEOIT ~IFE AND CREDIT LIFE & DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREUIT. Such ~nsurance coverage is available at the cost des~gnated below for the term ot the credit: (a) 5 tor Credit life Inwrance Ib) S for Credit Lite & Disabil~ty I~su~ance: ~ Check ? C?edit Liie Insurance ~s des~red on the lite of Appi. Birthdate Box ? Credit life & Disab~lity Inwrance is des~red on ' Binhdate ~Credit Life and/o? Disability Inwrance is not des~red. S~ ~ l/K:O`p lJ Date: , February 4~ I978 Signature E ~ ~ S~gnature As security fo~ the payment oi The Note the Maker he^eby rant t t Bank a unty inc i tb f i p ~y: ~ R~;~f_ ~ I Rocor'dec~ ot~ 8. tt. coO~c ~~i ,~ag2 ~:r... ~C~ `!~,b°;r, ~~~I~i1~'~tT, _~pt. rio. C-7 as desc~ib~d n sa ~wr gage. incfuding all increases; substitutions, replacements, additions and acceuions thereto and in the proceeds thereof (hereinaiter called "Collateral"1. This security I' interest shall also secure any other ]ndebtedneu w liability of the Maker to the Bank direct or indirect, absolute or contingent, due a to become due, now ex- isting or hereafter arising, ~ntlud~ng all tuture advantes or loans by the Bank to the Maker. The Bank is also grven a hen and a secw~ty mterest m all property and secunties ot the Maker, endorser, surety, guarantor or accommodation party of this Note (hereinafter reterred to as the "Oblgors"1, now in o~ at any hme hereafter com~ng ~nto the control, custody or possess~on of the Baok, whether fw the ex- pressed purpose of be~ng used by ihe Bank as Collateral, or Ior any other purpose, and upon any balance or balances to the credn of any accounts, including trust and agency accounts maintained withthe Bank by any ot the Obllgors, and the Obhgois agr~ to deliver to [he Bank addmonal Collateral or make such paymenis in reduction of the pnMipal amount ot the loa~ as shall be satisfactory to the Bank, ~n the e~ent the aforementioned Collateral shall decline in value or become unsatisfactory to the Bank. Additions to, reducuons or exchanges oi, or subst~tuUOns for ihe Colla~eral, payments on account o~ th~s loan or ~ncreases ot the same, or other toans made part~ally w wholly upon the Collateral, may from time to time be made wrthout aif~ting the provisions of this Note. The Bank shall exerase reasonable care in the custody and Dreservation oi the Collateral to the extent ~equ~red by applicable statute, and shall be deemed to have exerc~sed reawnable care if it takts such action for that purpose as Maker shall reasonably request in writing, but no omission to do any act not requested by Maker shall be deemed a failu~e to exercise reasonable care, and no om~ss~on to comp~y with any request of Maker sha11 oi itseli be deemed a tailure to exercise reasonable care. Bank shall not be bound to take any steps necessary to prese~ve any rights in the Collateral agamst prior parues and Maker shall take all necessary steps for wch purposes. The Bank or its nominee need not collect inter~t on, or a pnncipal ot, any Collateral or give any notice with respect to it. The Bank may continue to hold any Collateral deposited hereunder after the payrnent oi this Note, if at the time of the payment and discharge hereof any of the parties liable for the payment hereol shall be then directly or contirx~ently liable to the Ba~k as Maker, endorse?, surety, guara~tor or accommodation party of any othe~ note, dratt, bill of exchange, or other instrument, or otherwise, and the Bank may thereaiter exeruie all rights w~th respect to said Collate~al granted herem even though this Note shall have been surrendered to the Maker. If the Bank deems ~tseli ~nsecure or upo~ the happening of any of the following events, each of whicfi sha~l constitute a default, all liabilities of each Make? to the gank, including the enure unpa~d principal o( this Note and accrued interest, less any unearned interest and any interest in exceu of the maximum allowed by law and a~y rebates requ~red by law, shall imrtiediatety or the.eaiter, at the optwn oi the Bank, except that the occurrence of (c) w(d) shall cause automat- ic acceleration;without notice or demand, become due a~d payable: (a) the failure oi any Obligor to pertorm any obligation, liability or claim to the Bank, to pay interest hereon within lOdays atter it is due, or if there is no due date, af ter it is bitled or otherwise requested or demanded, w to pay any other liability what- soever to the Bank when due; (b) the death of any individual Obligor, the diuolution of any partnership Obligor o. the dissolut~on, merger w Consplidation with- out tne Bank's pnw written consent oi any corporate Obligw; (c) the tiling oi a petition in bankruptcy w the adjudication oi insolvency w bankruptcy under any rewganiration, arrangement, read~ustment of debt, dissolution, Iiquidation or similar proteeding unde? any Federal or state statute, by or against any Obl~gor; (d) an application for the appointment of a receiver tw, or the making of a general auignment tor the benefit of creditors by, any Obligor; (e1 the entry ot ~udgrtient against any Obligor; (f) tl?e ~swing ot any attachment or garn~shment, or the filing ot any lien, against any property of any Obligor; (g) the takir?g of possession of any wbstant~al part of the property oi any Obligor at the irntance of any governmentat authority; (h) the determination by the Bank that a materi- at adverse change has occurred in ~he tinanc~al condrtion of any Oblgor from the conditions set forth in the most rece~t financ~al statement o( wch Obligw heretotwe furnished to the Ba~k, or irom the condition of wch Obliyw as he~etotore most rece~tty disclosed [o the Ba~k, or that any warranty, representation, certificate w statement of any Obligor (whether conta~ned in this Note or not) pertaining to or in connection with this Note o? the loan evidenced by this Note contains an untrue statement of rnaterial fact or omits to state material tact neceuary in o~der to make the statements made not misleading: or, (i) the auign- ment by any Maker of any equity in any of the Collateral without the prior written tonsent ot the Bank. The Bank sha11 have, but fhall not be lim~ted to, the following rights, each of which may be exercised at any time whether or not [his Note is due: (i) to pledge w trar?ster this Note and the Collateral snd the Bank shall thereupon be relieved of aii dutiss and respo~sibil~ties he?eunder and relieved from any and all I~abil~ty with respect to any Collateral so pledged or trsruferred, and any pledg~e or transie~ee shall for all purposes stand in the ptace oi the Bank hereunde~ and have all the rights of the Bank hereunder; (ii) to transfer the whole or any part of the Collstasl into the name oi itself or its nominee; (iiil to vote the Collateral; (iv) to notify the Obligors oi any Collateral to make payme~t to the Bank of any amounts due or to become due thereon; (v) to demand, we fw, collect, or make any compromite w settlen~t it deems desirable with reference to the Collateral; arx! {vi) to take posseuion or cont.ol ot any proceeds ot Collate~al. *"SAliK" as used hcrein cneans 7urtle Reef Associates, Inc. and/or its assigns. NOTICE: SEE OTHER SIOE FOR IMPORTANT INFORMATION E~~x2~ QAG~ f.r FBS 75? Rev. 7/77 ~ ..s . . . . . . . _ - . ; . . : . . . _ _ - - - - - ~ ~ - - , . . . _