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Home My WebLink About0632 ~ INSTALIMENT PROMISSORY NOTE , (A) Amount Rtceiv~d i 6~•~ T1~CTLE REEF JISSOCIATES. INC.* - - BANK NAME _ (8) Prtmium tor Credit ~ Lif~/pissbility Ins. s P. O. QOX 618~ JENSEN 6E~1~ FL.. 33457 (C) Documeotary Stamps s~ . OFFtCE AUORESS (D) OIAN Chargls (~tOm~u) S ~ IE1 t ~e NOTE NO. OATED: _~~arCh 11 ,~s.1$_, lF1 s (Gl Ama~nt Financed 6~.~ ouE: March 21 , t988 . ~n, s, c, o, e. F~ s . (H) interat t • ; PI.ACE. , FLOFiIOA (1) Crsdit Inwstigation S u~ an.. s ~ For vslue race~ved. tM und~is~gned (hereinafter callad "Maker") lointly and sevtraily (if (K) S more than onei A~~~~ to pay to the order ot the 8a~k, st its ottice listed above, tha ToUI - ot Paymsou (t~om_ (N) at right) of..,~10 ~~.~Q Dol~ars payab~e in 1ZQ_ s IMI FINANCE CHARGE 3~~~ ~ equal monthly installments of S , the tint (H, 1, J, K, ll S i nstallment due on ~nr~ 1 21 , 19Z~. and wbsequent installments due on (N) Toul of Payments (G + M) 5~~~- ~he2Lday of each month theraafter, together with s F~N~?l. BA~l.00N PAYMENT OF: ANNUAL PERCENTAGE RATE • ~X.- ' ~ S , ~ ~UE ~~~~M~~NNN ~ ~ 1~~~~ The Bank shall impose a dNinquency charge sgainst the Maker on any paymMt whiCh Aas becort~e due and remai~a in detauli fa s period in ~xcas of 1~ i days in an amount eQual to 57~ o( tho amou~t oi the {Kincipal psrt of the payment in default. In the event that ihe Note is oot peid in fult at maturity, sll pay- ; ments, whether, principal, interest w othervvise. shall bear interest at the msximum lespl rate allowed unda~ the laws of the State of Florida. All payments made . { hereunder shall be tredited iirst to interest and then to principsl, however, in Me evEnt ot default, the Ba~k msy, in its sole distrotion, apply eny payrt?Mt to . ~nterest, principsl snd/or lawtul charges the~ accrued, It is the intention of the parties hereto thst the provisioos I~erein sAall rat provide directly or indi~ectly fo~ the paymant of s greater rate ot interest or che retention of any other chsrge than is allowed by Isw. It, for any reason, inte~sst in excess of wch tegal rate or a charge prohibited by law shall at any time be paid, any sutt~ ezuu shall either constitute and be treated as a payment on the prinCipal or bs refunded directly to the Maker. . The Maker may prepay the entire unpaid balance ol tAe loan at any time. If the loan is prepaid in full, attclerated or retinanted, the Maker tha11 receive a ~efund oi the unearned portion oi the interest and inwrance premiums computed by the Rule of 78's method, excepi that the Bank sfwll be entitled to retain a m~nimum inte~est Char9e of ~1.~. CREOIT LIFE AND CREDIT LIFE ~ DISABILiTY INSURANCE ARE VOIUNTARY AND NOT REQUIRED FOR CREDIT. Suth inwrancetoverage is ava~lable at the cost designated below for [he term of the credit: (a) S for Gedit Life Inwrance (b) S tor Credit Lite A Disability Inwrance: ~ Check ? Credit Lite Inwrance is desired on th@ lite of A~~ Birthdate i 8ox ? Credit Li(e ~ Oisab~lity Inwrante is detired o~ Birthdate Q Credit Life and/or Disability I~wrance is ~ot desired. ~ pa,~ March 11, 1978 - s~~w~e 6~orge ith Signature As security for the paymem oi the Note ch~,Maker hereby artts to the i followi proper[y: ~ 0.0769~ undi vi ded intenst in Turtle Reef Cond. ~ Aeoorde~ on .R. Book 263 ~a 2002... Ua t~Meeks. 2: : Cood. 0-2Z. Ant. No. D-2Z u described in safd ~ortva9t. ~nctudirg all inereases, wbstitutiora, reptacements, additions a~d accessions thereto and in [he proceeds thereof (hereinafter called "Cotlateral"!_ Th~s secunty ~nt?rest shall also secure any other indebtedneu or liability of the Maker to the Bank direct ot indirect, absolute or concirw~ent, due or [o become due, now ex- ~s~~ng w hereafter a.ising, including alI tuture advances or loans by the Bank to the Maker. - ~ The Bank is atso given a lien and a seturity interest in all property and securities~of the Maker, endorset, wrety, guarantor or accommodation party of this E ~ Noce (hereinafter reterred to as the "Obligori '1, now in w at any time hereafter coming into the contrd, custody or possession oi the Bank, whether fw the ex- : oressed purpose of being used by the Bank as Collateral, or fw any otAer purpose, and upon any balance or balances to the credit oi any accounts, including { trust and agency attounts maintained withthe Bank by any of the Obligors, and the Obligors agree to delive~ to the Bank additional Collateral w make such { € payments in reductio~ ot the printipal amount of the loan as shall be satisiactory to the Bank, i~ the event the aforementioned Collateral shall decline in value 3 ~ or become unsatisfactory to the Bank. f Additioru to, reduttions w excfwnges of, or wbstitutions (o~ [he Collateral, payments on account of this toan or inueases of the same, or other loans made oar~ially or wholly upon the Collateral, may trom time to time be made without atfecti~g the provisions of this Note. The Bank shall exerc~se reasonable qre in cna custody and preservation of the Collateral to the extent required by applicable statute, and sAall be deert~ed to have exercised reasonable care if it takes wch act~on for that purpoae ss Maker shall reasonabty request in writing, but no omiuion to do any act not repuested by Maker shall be deemed a failure to exercise reasonaWe care, and no omission to rnmp~y v~rith any request of Maker sAall of icself be deemed a faiture to ezercise reasonable care. Bank shall not be bound to cake any steps neceuary to preserve a~y rights in the Collaterol against priw parties ar?d Maker shall take aU ~ecessary steps for such purposes. The Bank or its r.ominee need not collect interest o~, or a printipal of, any Cotlateral o. give any notice with respett to it. The Bank may continue to hold a~y Collateral daposited hereu~der after the payrt~ent of tfiis Note, if at the time of the payment and diseharge hereof a~y o( the parties liabk fo? the payment hereot shall be then diractly or Contingentty liable to the Bank as Maker, e~dorser, wrety, guarantor or actommodation party of any other note, dntt, bill o( ezchange, or oiher instrurnent, or otherwise, and the Bank may thereafter exercise all rights with respect to said Collateral granced berein even though this Note shall have beeo wRendered to the Maker_ If the Bank deems itself insecure or upo~ the happening of any oi the following events, each of which shall cor?stitute a detault, all liabilities of each Maker to ~ the Bank, including the eni~re unpaid principal of this Note a~d accrued interat, less any unearned interast a~d any interest in excess ot the maximum allowed by law and any rebates required by law, shall immediatdy or tlmeafter, at the option oi the Bank, except that the accu~rence of (c) o. (d) snall cause automat- ~ +c accelaration; without notice or demand, become due and paYable: (a) the failure of any Obligor to perform any obligation, liability w daim to the Bank, to pay ~nterest he~eon within lOdays after it is due, or if there is no due date, after it is billed w othervvise requated or demanded, o? to pay any other liability what- scever to the Ba~k when due; (b) the death of any individual Obligor, the dissolution of any partnership Obligcx or the dissolution, merper or ppnsolidation with- ~ out the Bank's priw written consent of any corporate Obliga; (c) the filin9 of a petition in bankruptcy or the ad~ud~cation of insolveACy or bankrupccy unde~ ~ any reorganization, ar~angement, rsadjustment oi debt, dissolution, liquidation w similar proceeding under any Federal or state statute, by or against any ~ ~ Obiigor; (d) an aPP~~catio~ fo? the appointment ot a reoeiver for, or the maki~g ot a general aui~nment for Me benefit of crsditws by, any OWigor; (e) the entry : ot judgrt~ent against a~y Obliyor; (t? the iswing of am/ attachment o? gamishment, w the filing of amr lien, against any property of any OWigor; (g) tF~e taking of y ~ possession of any substantial psrt of the property of any Obligor at the instance ot any governmental authority; (h) the determination by the Baok that a maceri- ~ at adverse chanpe has occurred in tbe fi~a~xial condition of any Obfigo? trom tha co~ditiau set forth in the most recent tinanciai sWtement of wch Obligor # neretofOre turnished to the Bank, or from the cOndition of such Obligor es heretofore most recently disdosed to the Bank, or that any rvsrranty, representation, cercificate w statement of any Obtigw (whether contained in tha Note or not) pertaining to o~ in oonnectan with this Note w the loan evide~ced by this Note contai~x an untrue statement of material fatt o? omits to state material fact necessary in Order to make the sUtert~ents rtiade ~ot misl~ading; or, (i) the suign- r ment by any Maker of a~y equity in any of the Collatersl without the prior rKitten consent of the Bank. The Bank shall have, but shall ~ot be limited to, ths followirg ?ighu, each of which may be sxe?cised at any time whether or ~ot this Note is due- (i) to ' p!edgs ar ~ra~sfet this Note and ths Coltateral and tht Bsnk shaU thercupon be reliawd of all duties and responsibilities hereunckr and relisved from any a~d all !~ability,rvith r~psct tQ any Colbtaal so ptedged or vansferred, and any pledgee w transferee shall tOr all purposes stand in the plsce ot the Bank hereunder and _ nave sll tlie ri¢~tt of the Baalc Mreunde?: lii) to trsnsfsr the whok or any part oi the Collateral into the name of itseli o? its nominee; Ii+i1 to vote the Collate~al; I iv) to notity the Oblqws of any Coliaural to msk~ psyment to Ma Bank of any amounts due or to becwne due thereon; (v) to demand, we to~, co~~ect, or ~ make any compromits w settlemsnt it daems desirable with nterencs to the Collateral; and (vi1 to taks poasession or control of any proceeds of Coltateral. . ~ *'BANK" as used heretn w~aas Turtle Reef Associates Inc. and/o~ tts assigns. ~ ~ NOTICE: SEE OTHER SIDE FQR IMPORTANT I~iIFORMATION FRS ~52 R~.. 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