The URL can be used to link to this page

Home My WebLink About0297 INSTALLMENT PROMISSORY NOTE , TURTLE RfE~ ASSUCIATES, INC.* (A) Amount Rsce~ved s 3c31 00 6ANK NAME (8) Pr~mium to~ C~edit Aa~• P. 0. BOX 618, JENSEH BEACl~l, fl. 33457 ~~~~~Dis~b~lity Ins. S (C) Oacumt~tary Stsmps S ~ OFFICE AOORE55 (p) Other Charqes (~temize) S n~~ IEI S n~e NOTE NO. 'JATED' F~~~ 4y , 19~8 (F) S A~~ ~ue: Feb~'uary 21 ,/9 83 ~c? in e c~o e` i s 323I.00 IHI Intsrest S ' PLACE- , FLORIOA Credit I~vest~gation s IJI OtMr S n~ For value recarved, the unders~gned (hereinat[a called "Maker") jo~ntly and severally (ii (K) s n~e more than w?~) prom~s~ to pay to the order of the Bank, at its oliiee listed above, the Totsl n~1e oi Payments (lrom fN) at ~ight) oi l4119.~ pollars payable in _3pL_ s equsl moothly installments oi S ~•b5 , the tirst ~M~ FINANCE CHARGE (H, 1, J, K, L) S installme~t due on 21 . 19~, and wbsequent installments due on (N) Total of Payments (G * M) S -~~7v~~ the~day ot each month thereafter, co9ecne~ w~in s FiNA~ eA~~ooN PAVtwENT OF: ANNUAL PERCENTAGE RATE iw•W Xi . s. NOi~1E oue------------------ . ~s--- The Bank shall impose a delinquency cha~ge against the Maker on a~y payment which has become due and ~emains in default for a period ie excas ot 10 days i~ an amount equal to 5'Xa of the amount of the pri~cipal part o~ the payme~t in default. In the event that the Note is not paid in (ull at msturiry, sll pey ments, whether pri~cipal, interest or otherwise, shall bear interest at the maximum legal raie allowed under che laws of the State ot Florida. All payme~ts made hereurxfer shall be credited first ~o inte~est a~d then to principal, however, in the event of detault, the Bank may, i~ its sole discretion, apply any payment to incerest, printipil andlw lawtul charges the~ attrued. It is the, in[en[ion o( the parties hereto that the provisions he~ein shall not provide dirtCtly a indiraCtly for the payment of a grwter rate oi interest or the rotentioo of any other charge [han is allowed by law. It, for any reason, interest in exceu of wch legnl rate or a charge proAibited by law shall at any time be paid, any wch ezcess sha~~ either co~stitute and be treated as a payment on the printipal w be re(u~ded direetly to the Nbke~. ' The Maker may prepay [he ent~re unpaid balance of the loan at any time. If the loan is prepaid ~n fult, acceleraeed or refinanced, the Maker shall receive a refund ot the unearned port~on of the interest a~d inwrance premiums com{wted by the Rule of 78's method, except that tAe Bank shal! be entitled to retain a mmirtwm interest charge o( ~J.a1, CREOIT LIFE AND CREOIT LIFE ~ UISABIIITY INSURANCE ARE VOIUNTARY AND NOT REQUIRED FOR CREDIT. Such inwrante coverage is available at the cost desi9nated below (or the term of the credit: (a) S tor Credit Life Inwrante (b) S for Credit Life d~ Disability Insura~ce: Check ? Credit Li(e Inwrance ~s desired on the life of Appl. Birthdate Box ? Credit Lrfe & Oisab~lrty Insurance ~s desired on Birthdate ~ Credit Life and/w Disability Inwrance is not desired. oate: F@bl'11a~ 1l 4~ I978 SignaturC L~ ia L. Hale S~g~ature ' As security for the payment of the Note the Maker hereby grants to the Bank a security interest in the following property: ~ ~.~~4X ;mdi vided interrst in.7urtle Reef Cond. I, R~corded on O.R.Book 263. Pa4e 2d~2... tinit Ikek 2a in Coud. D-~, Mt. No. D07 ~s described ~a said sot-tq~ae_ including all intreases, substitutions, reptacements, additions and atcesiions the.eto and in the proceeds thereot (here~nafter talled "Coltateral"1. This seturity ~I i~terest shall also secure any other indebtedneu or ~iabiGty of the Maker to the Bank direct or indirect, absolute or contingent, due or to become due, now ez- . ~ isnrg or herea(ter arising, including all future advances or loans by the Bank to the Maker. I The Bank is also g+ven a lien and a seturity i~te~est ~n all property and securities of the Maker, endorse?, su?ety, guarantor o~ accommodation party, of this I Note (hereinatter ?eterred to as the "Obtigor3 '1, now in w at any time hereaiter coming into the control, custody or possess~on ot the Bank, wfiether for the ex- ~ pressed purpose ot being used by the Bank as Collateral, w for any other purpose, and upon any balance or balances to the cred~t of any accounts, including trust and agency xcounts maintained vmththe Bank by any of the Obfigors, and the Obligors agree to deliver to the Bank addrt~cnal Collateral or make Such payments in reduct~on of the principal amount of the ioan as shall be satistactory to the Bank,-in tAe event the aloreme~tioned Collate~al shall decline in value or betome u~satisfactory to the Bank. - Additions to, reductions or exchanges of, or wbstitutions tor the Collateral, payments o~ account oi this loan o. ~ncreases of the same, or other loans made paFtially w wholly upon the Collate.al, may from t~me to time be made without atfect~ng the provisions of this Note. The Bank zhall exerc~se reasonabte care in the custody and preservation of the Collateral to the exte~t requ~red by applicable statute, and shall be deemed to have exerci~d reasonable care if it takes wch action to+ that pu.pose as Maker shall reasonably request in writing, but no om~ssion to do any xt not requested by Maker shall be deemed a failure to exercise reasonable care, and no omiu~on to comply with any request oi Maker shall oi itseti be deemed a failure to exercise reasonabte care_ Bank shall not be baund to take any steps necessary to preserve any rights ~n thc Collateral aga~nst prior part~es and Maker shall take all necessary steps fw wch purposes. The Bank or its nominee need not collect interest on, or a principal oi, any Collateral or give any notice with respect to i1. The Bank may continue to hotd any Collateral depos~ted hereu~der after the payrt~ent oi this Note, if at the time of the payment and discharge hereof any of the parties liab!e fw the payment hereof shall be tAen directly o? contir?gently tiable to tf~e Bank as Maker, endorser, wrety, guarantor or accommodation party of any other note, draft, bill of ex~ange, or othe~ instrument, w otherwise, and the Bank may thereafter exerc~se ali nghts with respect to said Collateral g~anted herein even though [his Note shall haMe lxen wrrendered to the Maker. If the Bank deertes atselt ~nsecure o. upo~ the happening of any of the following events, each of which shall const~tute a detault, all liabil~ties of each Maker to the Bank, including the entire unpaid prir?cipal of this Note a~d accrued interest, less any unearned interest and any interest in excess bf the maximum allowed by law and any rebates required by law, shall immediately or thereafter, at the option oI the Bank, except that the occurrence of (c) o~ (d) shall cause automat- ~c acceleration; without notice o~ dema~d, bernmedue and payable: (a! the failure of any Obligor to perform any oWigat~on,liability or da~m to the Bank, to pay interest hereon within 10days after it is due, or if there is no due date, atter it is billed d othervvise requested o~ dernanded, o~ to pay any other liability what-_ soeve? to the Bank when due; (b) the death oi any individual Obligor, the diisolution oi 2ny partnership Obligor or the dissolution, merger w oonsolitlation with- out the Bank's prior written consent of any cwporate Obligor; (c) the filing of a petition in bankruptcy w the adjudication of insofve~cy or bankruptcy under any reorgamration, arrangement, read~ustment of debt, diuolutio~, liquidation a similar proceedi~g under any Federal or state statute, by or against any Obligor; (d) an application tw the appointment oi a receive~ Iw, or the making oi a general assignment tor the benefit of credrtas by, any Obligor; (e) the entry ot ~udgr?~ent a9ainst any Obligor; (f) the ~swing oi a~y attachment or garnisMment, or the filing of any tien, against any prope~ty of any Obligor; (g) the wking of possession of any substantial part of the property oi any Obligor at the instance of any gove?nmental authwity; Ih) the determination by the Ba~k that a materi- al adverse change has occurred in the financ~al conditio~ of any Obligo. from the conditiorn set forth in the most recent fina~cial statement of wch Obligor heretofwe turnished to the 8ank, or irom the condition of wch Obligw as heretofore most recently disdosed to the Bank, w thac any warranty, representation, certificate w statement ot any Obligor (whethtr contained in this Note w not) pertaining to or in rnnnection w~th this Note or the loan evidenced by this Note contai~s an untrue statement oi material fact or omits to state rt?aterial fact necessary in o~der to rtwke the statert?entt rtwde not misleadirg; w, (il the assign- ment by any Maker ot any equity in any of the Coltateral without the priw w?itten consent of tMe Bank. The Bank shall have, but shall rat be limited to, the following rights, esch of which may be exercised at any time whethe. or r?ot this Note is due: (i) to pledge w tra~sfer this Not~ a~d tM Coltateral and the Bank shall thereupon be relieved of all duties and responsibilities hcreunder and reliaved trom any and all liabiliry with respect to any Collateral so pleclged or trsnafe~red, and a~Y p~edgee or transteree shall for atl purposes stand in the place of the Bank hereunder and have all the rights ot the Bank hereunder; (ii) to trarnier the whole or any pa?i of tM Collateral into the name of ~tseH or its ~?ominee; (iii) to vota the Collateral; (iv) to notify the Obligors oi any Collaterai to make payment to the Bank ot any amounts due or to become due thereon; (v) to demand, we fw, collect, w make a~y compromise a settlement it deems dssirable with ref~rence to the Collateral; and (vil to Wke possession or co~trol of any proceeds of Collateral. *"BAtfK' as used herein ~eans Turtle Reef Associates, I~. aad/or its usigns. ? NOTICEc SEE OTHER SIpE FOR IMPORTANT INFORMATION E~R~ ~u~ ` ~~ry FBS 752 Rev. 7!77 . V ~C ~ ! ~ ~ ~ ` . . . - . . _ - _ ~ . . . . . . - - ~ ~ - s . . . _ , ~ _ . _;C~~~