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Home My WebLink About0999 iNSTALLMENT PROMISSORY NOTE TURTLE REF.F ASSOCIATrS~ Itf:'.'~ (A) Amount R~cs~v~d s A,~(10.00 BANK NAME IB) Lil /DimfabilitCyr~dit s I~OnE P, 0. ROX 61H, J£~lS~?I ~EACN, ~L . 33~5? tc~ o«uR,.~~,n, s~~ s^~ OFFICE AODRE55 ID) Ot~K Char~ (rt~m~~~) _ IEI S ~Of1e NOTE NO. ~ OATEO: , 19 78 (F) : t10l1@ (G) Amount Fi~snc~d DUE: JYAe li , ~g ~ (A, B, C, O, E, F) S ~ (H) Int~rest s~' PLACE: , FLORIOA ~~~t Inwsti9at~on s ~ C o~n.. s none Fa vslue receivad, tha unders~gned (hertinalter call~d "Maker"1 jointly and sewrslly (if (K) S_~~_ mo.e tha~ one) promiss to psy to t ordK of the Bink, at its offiq listed above, th ~j~ jtsl of Payrrwnts Itrom (N) at right) of ~1~ sFB~•~ pollars paYab~e in S eyual mo~thly installments ot~ 1~~73 , the firit F~NANCE CHARGE =t ~5~~.~~ ~nstallment due on J y , 19_, and wb (H, I, J, K, L) S sequent in:tallments due on (Nl Total of Psyments (G t M) S ~ • cne_~day ot eacn month theres(ter, tog~tMr with s FINAL BALLOON PAYMENT OF: ANNUAL PERCENTAGE RATE lO.~ % S DUE ~ ,19-~~ TAe Bank shall impose a delinquencY charge against the Maker on a~y payment whith has becorne due aMf remsins in default for s pKiod in ext~ss ot 1~ <fays in an amount equal tp 596 of the amount of tAe principal part of the payment in default. In the event that [he Note is not paid in full at maturity, atl pay- ments, wheths. principal, interest a othervvise, shall bear interest at the maximum legal .ate allowed unde. the laws of the State of Florida. All psyments made hereunde? shall be crcdited first to interest and the~ to principal, however, in the event of detault, the Bank rt?ay, in its sole dittretion, apply any payment to ~ncerest, printipal and/or larviul cAarges then aarued. It is the inte~tion ot the parties hereto that the provisions herein shall not provide directly~o? indirectly for the payment of a greater rete of interest or the retention of any other charge than is allowed by taw. It, for any reason, i~terest in excess oi such legal rste or a charge prohibited by law sAa11 at any time be paid, any such eztess shall either constitute and be traated as a payment on the prit~cipal w be retunded direttly to the Maker. The Make~ may prepay the enure unpaid balance oi the loa~ at any time. If the loan is prepaid in tull, acceleraced w retinanced, the Maker shall receive a ~efund of the unear~ed portion o( the interest and inwrance premiums compuied by the Rule ot 78's method, except that the Bank shall be entitted to retain a m~nirtwm intergs~ ~harge of CREDIT IIFE AND CREUIT LIFE & OISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such inwrance covera9e is ava~~able at the cost desi9nated below tor the term of the aedit: lal S for Credit Life Inwrance (b) S for Credit Life & Disability Insurance: Cneck ? Credit life Inwrance is drsired on the lite of ~PP~• Birthdate Box ? Credit Li1e & Oisability Inwrance is desired on Birthdate ~ Credit life and/or Disability It?wrante is not desired. May 29, 1978 Date' Si9nature a 81' Signature ~ . tn Turtia Reef As security (w the payment oi the Note the Maker hereby grants to the Bank a security interest in the followi property: Con~l. I. Rec~rd~d on 0. R. t3ook ?5b. Paae 235... t~nit wae an n Ce~d. C-8. Ant. Ne. C-S, as descriDed 1n sald ~ortaage. ~ncludirg a1t increaset, substitu[ions, replaCements, additions and atcestio~s thereto and in the proceeds thereoi (hereinafte? Calted "COIlateral"1_ This security ~ncerest shall also secure any other indebtedneu or liability of the Maker to the Bank direct or indirect, absolute or contingent, due o. to become due, now ex- ` ;st~ng or hereafter arising, intluding all (uture advances or loans by the Be~k to the Maker_ ! The Bank is also given a lien and a seturity interest in all properry and securities of the Ma{cer, etKlo.ser, wrety, 9uarantor or aCCOmmodation perty ef this t Note (hereinafte~ refe.red to as the "Obtigors"!, now in w at any time he~witer coming into the eontrd, custody or possession ot the Bank, wlrother fw the ex- j p~essed purpose of being used by the Bank as Collateral, or tor any other purpose, and upon any balance or balaMes to the credit oi any accounts, including crust ard agency accounts rtwintained withthe Bank by any oi the Obligors, and the Obligors ~ee to deliver to the Bank additional Collau~al or make such ~ paymenn in reductio~ of the p?incipal amount of the loa~ as shall be satisfactory to the Bank, in the event the aforementioned Collateral shall deCline in value o~ become unsatisfactory to the Ba~k. i Additio~s to, reductio~s or exchanges of, or wbstitutions for the Collateral, payments on accou~t of tfiis loan or increases of the same, or other loans made ~ pare~aHy w wholly upon the Collate.al, may from time to time be made without aftecting the provisions of this Note. The Bankshall exercise reasonable care in ~ the custody and preservation of the Collaterol to the extent required by applicable statute, and shall be deemed to have exercised reasonable care if it akas wch ~ actwn for that purpose as Maker shall reasonably request i~ writing, but no om~ssion to do any att not requested by Maker shall be deemed a(ailure to exercise ~ ~easonable care, and no omiuion to comply with any requast oi Maker shall oi itsel( be deemed a failure to exercise reasonable care. Bank shatl not be bound to cake amr steps necessary to preserve any rights i~ the Collataal against prior parties and Maker shall take all necessa~y steps for wch purposes. The Bank or its ~ nomi~ee nead not cOlleCt interest o~, Or a prinCipal of, any Collateral or qive any notite with resptCt to it. ~ The Bank may continue to hold any Collateral deposited hereunder after tAe payment o( this Note, if at the time of the payment and discharge hereof any of ~he parties liable for the payment hereot shstl be then directty or contingently liable to the Bank as Maker, endorser, wrety, guarantor or accommodation party ~ of any~othe. note, draft, bill of exchange, or other instrument, or otherwise, and the Bank may thereafter exerc~se all rights with respect to said Collateral ~ granted herein even thow,~h this Note shall have been wrrendered to the Msker. € If the Bank deems itself insecure or upon the happening oi any oi the following events, each of which shall corutitute a detault, all liabilities of each Maker to ~ the Bank, including the entire unpaid principal of this Note snd atcrued interest, Iest any unearned interest and any interest i~ excess oi the maximum allowed ~ by law and any rebates required by Iaw, shall imrt~adiatelo or thereafter, at the option of the Bank, except that the occurrence of tc) w(d) shall cause automat- ,c accekratio~; withewt notice or demand, beewnedue and payable: (a) the failure of any Obligor to perlwm any obligation, liability or ctaim to tbe 8ank, to psy ~ ~nterest hereon within lOdays after it is due, w if there is no due date, after it is billed or otherwise requested or demanded, a to pay any other tiability what- ~ scever to the Bank when dut; (b) the death ot any individusl Obligor, the dissolution oi s~y partnenhip Obligor o~ the dissolution, merger or oonsolidstio~ with- s os,[ [he Bank's priw writte~ consent o( any corporste Obligw; (c) the filing oi a petition in bankruptcy a tbe adjudiwtion of insolve~?cy or bankruptcy under _ any reprganization, arrangement, readjustment of debt, disfolutio~, liquidatiOn or similar proCeeding under arry Federal w state statute, by or eQair?st any ~ Obligor; (d) an apptication (w the appointment of a reoeiver fOr, or the rt?aking of a ger?ersl assignment (or thfl benefit of c~edito~s by, sny Qblipor; (e) tAe entry ; of j~gment ageinst any Obligor, (f) the iswing of any attschmer?t or gamishmeni, or the filing ot any lien, apainst any property of a~y Oblipor; (g) th~ tskirq of ~ possession of any wbstantial part of the property of any Obligor at the insa~ce of sny govemmental auMority; (h) the determi~ation by the Bsnk that a materi- ai adverse change has occurred in the fi~ancial cond;tion oi any Oblipor trom the conditions set forth in the rtsost recent financial statement of wch OWipor t heretofore furnishad to the Bank, or irom tF?e conditio~ of wd~ Obligor as heretofwe most recently disclosed to the Bank, w tha~ any warranty, representation, _ cer~ificate a statert~er?t of any Obliyor (whether contained in this Note w not) pertaining to or in co~nection with this Note w the loa~ evidenoed by Mis Note contaira an untrue statement of material fxt o~ omits to state materisl fsCt netesssry in order to make the statements rtwde not mislssding; a, (i) the assign- ~ ment by any Msker of a~y equity in any ot the Collatersl without the prior writtcn coruent of the Bank. The Bank thap h~ but shall not be IimitM to, the fdlowi r v~, rq iyhn, each of which may b~ ezercised at any time wAether w not this Noa is due: (i) to " ptedg~ w tratufK this Note snd th~ Collatersl snd the Bsnk shall thereupon be relievsd of sll duties and responsibilities hereunder and rNieved from any snd all 9 ~ Iiability with respect to any CollaterN to pled~d pr tr~~fared, and sny pled9se or transfe~es shsll for all pu~poses stand in tM plate of tM Bsnk hereunder and ~ have all the rphri of the Bank hereu~de~; (ii) to trs~sfN tM whole w any part of the Collatersl into the name of itsel( o. its nomin~e; (iii) to wU the Collatenl; ~ tiv) to notify tM Oblipws of any Collateral to mske payment to the 8ank ot any amounts due w to becane due thereon; (v) to demsnd, we for, cdl~ct, w make any eompromise w ssttlemsnt it deems desi?sW~ with reisr~nee to the Co1latKal; and (vi) to tske poss~ssion or control of sny procNds of Colbte~sl. ; *"BANK' as use~f hereit~ me~ns tur*1~ R.:r-f !„s-,;i~f ~s, Inc. ~n~i/or~ ~ts ~ ~r:s. . 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