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Home My WebLink About0974 , INSTALLMENT PROMISSORY NOTE TURTI.E• REEF ASSOCIATES• INC.+ (A) Amount R~cs~wd s-~830-OA BANK NAME (8) PrNnium tor Credit P. 0. 80X 62g, JENSEN BEACH, fC. 33457 ~~'•~a~~~~~, i~:. s n~ (C) ~otumentary Stamps = ~lA/N~ OFFtCE ADDitE55 (D~ Othfl Ch~?y~t (itfTiZ~) _ ~E? s none NOTE NO. OATED: M~ 1 . 19 78. (F) S ~1a~ (G) Amount Financ~d May 11 ,~g~~ (A, B, C, D, E, Fl s 5a~.~ DU E: ' 1H1 Inter~st s 341a-~ PLACE: . FLORIDA (t) G~dit Inwstigation = (J) OtMr = eMo For valw rece~ved, the und~~s~gned IM.eina~t~~ eailed "Maker"1 joi~tiy and saverally (if ~K) s n~ rno?e than one) promise to pay to the order of th~ Ba~k, at its office listed above, the Totsl al Psytnents Itrom (N) at rght) of Oolla~s payable in s n~~ equal montAly insta~lments oi S ~-~4 , the fir:t ~M) FINANCE CHARGE ~14.~ (H, 1, J. K, L) S ~nscallment due o~ aIL111P_ 1 1 , 19~$, and wbsequent installments dus on ~N) Totsl of Psyments (G ~ M) S~~.~ the~]_day ot exh month thereafter, togetMr with s FINAL BAILOON PAYMENT OF: ANNUAL PERCENTAGE RATE lA _M y(~ 5 UUE , 19 _ - The Bank shall impose a delinqueney charge against the Make~ on any payment which has becane due snd remains in default tor s p~riod in ezpts oi 10 days ~n an amount equsl to 5~6 ot the amount of the principal part ot the payment i~ detault. In the eve~t that the Note is not paid in tull at maturity, all pay- men[s, wfietha {xi~cipal, interest or othervviss, shall bear interest at the maximum legal rate allowad unde. the laws oi the State of Florida. All payme~ts mads he•eunder shall be credited tirst to it?terest and the~ to printipal, however, in the event of default, the Bsnk may, in its sole diuretion, apply sny psyment to intereSt, principal and/or lawful charges then accrued. It is the intention o( the parties hereto that the provisio~s herein shall not provide directly w indireetly tor the payment ol a yreater rate of interest w tM retention ot any other charge than is allowed by Iaw. If, for any reaso~, interest in extess of such legal rste or a charge prohibitad by law shall at any time be paid, any wch exceu shall either constitute and be treated as a payment o~ the printipai or bs refundetl directly to the Maker. - ThrMaksr~r+ay prepay [he entire unpaid balante of the toan at any time. Ii the loa~ is prepaid in tull, accelerated o~ refinanted, the Maker shall reteive a ~e~und oi the unearned portion of the interest and insurance premiums computed by the Rule o~ 78's method, ex~xpt that the Bank shall be entitlsd to retain a m~nimum interest charye ot CREDIT LIFE ANU CREOIT IIFE di OISABIIITY INSURANCE ARE VOLUNTARY AND fdOT REUUIRED FOR CREDIT. Suth inwrance coverage is available at the cOSt designated belpW for the term of the credit: (a) S for Credit life Inwrante Ib) S for Credit Life de DisabilitY ~~wranCe: Check ? Credit Life Insurance is desired on the life of qpp~, Birthdate Box C~edit Lite & Disability Insurante is desi~ed on Birttidate Q Credit Li(e and/or Disability Inwrance is not desired. Da[e: ~,Y 1, _ 1978 Signature " M. S~gnature As security for the payment of the Note the Maker hereby g~ants to the Bank a ~i tnt following property: ~ I ~ncluding atl increases, su [itutions, replacements, ~tions an ceu~ons the e o and in e proceeds thereo ( ereinafter ca 'Coltateral"1. This security ~ncerest shall also secure any other indebtedneu or liability of the Maker to the Bank direct or i~direct, absolute or comingent, due w to become due, now ez- ~sc~ng or hercaiter arising, including a11 future advances a loans by the Bank [o che Maker_ i I The Bank is also given a lie~ and a security interest in all property ar?d securi[ies of the Maker, e~dorse., wrety, guarantw or attommodation party oi this ~ Nute lt~ereinafter re(erred to as the "Obligors '1, now in or at aoy time hereaiter coming into the control, custody or possession of the Bank, whether for the ez- f pressed purpose oi being used by the Bank as CoUateral, or for any other purpose, and upon any balance or balances to the uedit of any accounu, including ~ t~ust and agency accounts maintai~ed withthe Bank by any of the Obtigors, and the Ob~igon agrce to deliver to the Bank additional Collateral o. make such ` payments in ?eduction ot the principal amount of the loan as shall be satisfactory to the Bank, in the event the a~orementioned Collateral shall decline in value ~ or become unsatisfxtory to the Ba~k. ~ Additions to, reductions or exchanges of, w wbstitutions tor the Collateral, payments on account of this loan or increases oi the same, or other loans made ~ part~ally or wholly upon the Collateral, may trom time to time be macfe without a(fecting the prwisions oi this Note. The Bankshall exerc~se reasonable care in tne custody and preservatio~ of the Collateral to the extent required by applicable statute, a~d shall be deemed to have exe.cised reasonable wre if it takes wch act~on fw that purpoae as Maker shall reasonably request in writing, but no omission to do any act not requested by Maker shall be deemed a tailure to exercise reasonable care, and no omission to comply with arry request of Nfaker shall of itsNf be deemed a failure to exercise reasonabte care. Bank shall ~ot be bound to ~ake any steps neceswry to preserve any rights in the Collateral against prior parties and Maker shall Wke all necessary steps for wch purposes. The Bank or its nomines need not collect interest on, or a principsl ot, a~y Collateral or give any notice with respect to it. The Bank may continue to hold any Collaterat deposited hereunder after the payment of this Note, if at the time of the payment and discharge F?ereot any of ±he partiss liable tor the payment hereof shall be then directly or contingently Iiable to the Bank as Nlaker, endorser, surety, gua~antor or accommodation pariy of any other note, d?ait, bill of ex~ange, or other instrument, or otherwise, and the Bank may thereafter exercise all rights with respect to said Collaceral granced herein even though this Note sha11 have been wrre~dered to the Maker. Ii the Bank deems itself insecure o* upon the happening of any of the following eve~ts, each oi which shall constitute a default, atl liabilities of esch Maker to ?he Bank, inctuding the entire unpaid principal of this Note and accrued interest, less a~y unearned innrast a~d any i~terest in exceu of the maximum allowed ~ by law and any rebates required by law, sfwll imrt~ediatNy or thereafter, at the option ot Me Bank, except that che occurrence of (c) w(d) shall eause sutomat- ~c acceleration; without notice or demand, betoma due and payable: (a) the tailure ot any Oblgw to perform any obligation, liability or claim to the Be~k, to pay ~ ~nterest hercon within lOdays after it is due, or ii the~e is no due date, after it is billed or otnerwise requated or dema~ded, or to pay any other liability what- soever to the Bank when due; (b) the death of any individus! Obligor, the dissolution ot any pa?tnership Obligor w the dissolution, merger a oonsolidation with- r~ out the Bank's priw written consent of any corporate Obligor; (cl the iiling of a petition in bankruptcy or che adjudication of insolvency w bankruptcy under ~ any rewgenization, arrangement, readjustment oi debt, diuolution, Iquidatio~ or similar protaeding under any Federal or sqte statute, by or ayainst any ~ Obligor; (d) an application for the sppointment of a receiver for, or the making oi a gene?al assignment for the benefit of creditas by, any Obligor; (e) the entry ~ of ~udgment agairut any Obligor; (t1 the iuuing of any attsChment or garnishment, or the fiting oi any lien, sgainst any property of any Obligor; igl the taking of ~ posseuion of a~y wbstantial part ot the prope?ty of any Obli~or at the irutance oi any go~rernmentsl autho?ity; (hi the determinatio~ by the Bank thst a materi- u ~ al advetse dwnge haf oocurred in the financial COndition oi any Oblgo~ from the conditions set forth in the most retent financial statement of wch OWigor f heretofore furnished to the Bank, or irom tl?e co~ition of wch Obligor as heretoforo most retently disdosed to the Bank, or that any warranty, represenation, certificate a statert~+t ot any Obligor (whether contained in this Note o. not) pertaininp to o? in connection wiM this Note w the loan eridenced by this Nots contains an untrue statement of rt?aterial fact o~ omits to sate materiat fact neceuary in order to make the statements made not mislesdiny; w, (i) the assiyn- rr,ant by ft1~ N~ker ot any~qYity_in sny of the Collaterol without the prior written coosent of the Bsnk. Ths Bank fhall h~~e, but ihsll not be limited to, tAe fdlowing rights, esch of whith may be exercisad at any time whett?et w not this Nots is due: (i) to v~ed9~ o? trs~fer this Nots and the Collatersl and the Bank shall tMreupon b~ relievsd oi atl dutiet and responsibilities htreunder and ralievad from sny and all liability with respeet to any Colleteral so plsdpsd or asnstened, a~d any plldpee or transferN thall for all purposes stand in tl~e plsoe oi the Bank hereunds~ snd ~ have all t1~e rghts of the Bsnk he~eunder; (ii) to trarai~r tl~e whoM a amr pa?t of the Collateral into tha name ot itself or it: nominee; (iii) to wte the Collaursl; ~ liv) to notify the Obliyors of sny Collateral to mske psyment to the Ba~k o1 any amounu due or to becorne due tMrew~; (v) to demend~ we for, collect, or ~ make sMr compromiss w settlem~nt it dsems desinbb with r~f~renp to tM Collateral; and (vi) to tske possession or controf of sny prooe~ds ot Collateral. •"BAIiK" as used hereln ~eans Turtle Reef Associates, Inc. and/or its sssigns. NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION ~ R~~~ ' ~w~ F85 752 Rev. 7/77 G~G~ Fe~CC ~J - - ~ ~ l 4 _ --z~ _ y ~ , ~ - _ _