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' ~ INSTALLM~NI''~PROMISSORY NOTE~ ~ ~
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~ TURTLE REEF ASSOCIATES, INC. * ~ ~N A«.~«, s~•722•00 !
OANK NAM 18) M~miun?~a G~dit none i
Jensen Beach, Florida 33457 ur.~a,.e~~~a s
(C) OoeunMntary St~r~ s none j
OFFICE AOORESS (Ol. OthM CharqN (itNnit~) s none ~
none
NOTE NO. pl?; eo: ~ July 17 ,1978 , ~F1 = none ~
. JU~ 26 (G) Artauot Fin~no~d ~~722.00 1
Y .~g_ IA, 8, C, O, E. FI s
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(11• G~dK ImAttip~tion = ~
PLACE: , FLORIpA
(J) MM? _
Fo. w1w r~iv~d. !hf YfldittpfNd (AKNMItN Cilled "Msktr") jointly snd sw~rslly (it (K) s ~ ~
ma~ tMn a+d promis~ to psy ~o tl+~ a a offiu Iist~d abov~. oW -
of Payemnts (lrom (N) at ri9At) of ~ Dolw?s D~Y~N i^~~ _
~u,~ monMh ;~~u~~„K of S 1. , en. tus~ ~ ~M? FINANCE CHAROE 4, 524.00
tH, 1, J, K, L) _
Au . 26 78 `
~nst~ t dw on 9 . 19_. and wbs~Qwnt ihstsllmsna du~ on IiA •
(N) Toql o( PayrtrM~ (Q ) s 1 6. ~
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tM ot iaeh month thsrNfq.=to~cM: w:th ~ FINAL BALIOON PAYMENT OF: qNNUAL PERCENTAEiE RATE lO. ~
S I10~IC DUE - 19 .
Ths 8~nk shall impo~ s dNinqu~ncy cAsrpt p~itut th~ Nlak~? on ~nY p~Y~t ~~~~~~i~u in dNwit fp a p~riod in ~xo~s o/ 10 ~
day~ ~e an ~rnaeot ~pual to S~ 01 tM artwunt of tM p~ineipil psrt of th~ p~Ytr~t in tNfault. ~n tM svNn th~t eM Noa b not paid ~n tuli a rnnuriey, ~~i ~r-
me~ts, whttMr principst, inanst w otAKwis~, d+all bMr int~rat at tM maximum Ispd rat~ altorwd und~r tM Iw~rt oi tM Sqt~ ot Flwid~. All paymN~ts natb ~
heraundw sMll bs u~diced ti?st to intKtst ~+d tMn to pritrcipsl. how~~r, in tM wN~t oi d~f~ult, tM Bank rtNy~ in itf wl~ difcntion, apply anV P~Y~?t to
~ncertst. pincipN sndlo~ lawful dur9~s thtn soawd. It is tM intsntion of the partiu hK~to tMt tM Provisio~ M?ein ~1 not provid~ dKectly a ind'a~ctly
s~: t~ ~y~st gE a~~ter r~te 2f inierat or ~he rste++tion ot sny othK sharq* tt~+ is dlowsd bll I+w. lt, for anY r~on. inttntt in ~xdM of surJ~ Ipd nt~ ot ~
a chary~ proAibit~d by Isw shNl st siW tirrn b~ p~id. a~Y wch ~xas~ sh~ll ~ither co~stitY~ ~ b~ troat~d,as ~ p~yment on tM prlnetWl a be nfund~d d'atttly +
to t1+e MNcb. ' • ' ' - ~
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The ~ Mske. m~y pnpay tM a+ti~~ w+p~id balsnce of t!u Iwn st anY time. If the loan a pnpaid in tult, acatent~d a ntinanad. the Maka shsll r~iv~ • ;
~e~und of tM uns~rMd portioo of tM interest snd inw?ante premiums cort~puted by tM Rul~ of 78's rrncfwd, except tAst tM 8snk shatl b~ N+iitNd to nuin +
a minimum intaest tharpt d 56.~. t
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CREOIT LIFE AND CREOIT LIFE 8 OISABILITY INSURANCE ARE VOLUl11TARY AND NOT RE~l11RE0 FOR CREDIT_ Such insursna cow~~e is ~
availabk st tFN cast dKignatad below tw th~ ierm of the C?edit: (s) : fo~ G~dit Life tnwr~nte lb) S ~
tor G~dit Lih 8 Distbility Inwrsntt: - - r ~
~ 3
Chsck ~ Cndit Life Inwranee is daind on the lita of ' (
. t
q~, BKthdsn i
Box ? Credit life d~ Oissbility Insurante is desircd on ~
Birthdate ~
L~ Cndit Life and/or Dissbility InwranC! is no! desired- ~ 7;
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Da te S.' ~'•ti , 1 i._~~'1~ _ Sipnature ~
C s- e y - _ _ ~
Signaturo j
As security for tM payment oi th~ Nott th~ M~ker henby grsnts to tM 8a~lc a lacwity ~nurat in che dlowing propaty: r d.
A t t~o. D-10 ;
i 1.~.1 a w ~ ~?J
~C ~~Qi ~-~L L ao~Q ~r~~aa~+. . . +
~~aua~np al~ ~ncnss~s. wbsrituti«,s...plscem.ots, .dditio~u snd accessioiu tnenco ana in tna p.oce.ds cns~eor (ne..fnsrte. cafaa °ca~sa.d°~. Tn~s s~cunty ;
~nterett sA~ll slso qture sny otAer ind~bt~de~a o? li~bility of the MslcK to the Bank dinet or indirect, ab~olut~ o~ continpent, dw or to b~tom~ dw. ~ow ~x- ~
~ ,stmq a htrMita srising. includinp all futur~ advM~e~ o~ loens bY ih~ Bank to Me Maker.
~ TM Bsnk is also 9iwn s liee aod ~ aa+rity int~nst in all property and securi~i~s of the M~k~r. endors~r. wr~ty. 9wr~ntor or accomrnodacion psrty of ~1+es
i
Nots (Mnin~fur rtfernd to ss cAe "Oblgors"i, now in or at sny tim~ hsrwfur cominp inco [he ca?trol, custody o. pos~sion o~ t1u Bsnk, wMiMr tw tM ~x- i
~ p~ess«! pu~pOlt oi btiny uted bV tIN Bsnk ss CollatK~l. w fw snl? othar WuPose, snd upo~ ~ny batanq or batanc~s to tM a~dit of ~ny socounri. induditg ~
! rrust and ap~ney aeeounts m~inuirnd withtM Bsnk by ~ny. oi tM Oblqors, aod the Oblipoa ayr~t to dNiwr to tM Bank sdditional Co11aWN o~ mdc~ wd~ ~
~ paymenn in nduction of the Wincipst smount of tM loan ss shsll b~ atisfactory to the Bsnk, ifl thf lVf~lt thQ ~fOrfIMlltlOfl~ COII~tf~N lhill dK11M 111 vit11!
o. lxcortr uraatisfactory ~o tM Bsnk. ~
~ Additioiu to, r~ductions a~xeh~n0es of, or wbscitutions fo. tM Collsteral, psyrtw+~ts on socou~t ot this loan o. incns~es of th~ ssm~, o~ oth~r lo~nt m~ ~
partislly ot wholly upon tht Colbt~ral. msy from time to tim~ be n~ without ~(f~tting the provi~ionf ot Mis Notl. TM BankshNl ~z~rtist r~qonabl~ tart in i
~ne custody and p.aerv+tion ot ehs Coi4u~si ~o cM ~xan~ requind by applicaWe stsn,te, and shsll b~ dNrtMd t0 hav! ~xNCis~d reesonabM CN~ i1 it t~kp tuch s
action iw chst pwpoa ss IN~IcK ~hall rpson~Wy nqu~tt in w?itinp, but no omission to do any ~ct not rpuaad by Mak~r d~all bs dNm~d ~ failun eo ~x~.ufe ~
~easonsbN c~n, ~nd no o~rnssioo to comply with any nquat of Nbka ~hsll oi itali be d~smsd a hilun to ~x~ci~e reasaubb cal~- BN+k d~Nl not be bound w ;
~ake i1~y ~tpt n~ry to praav~ ~ry ~qhn in tM Co11at~N spsimt prior psrties snd MakK shsll take all n~oasKy mp tor wch purpo~es. TM 8ank w+ts ~
nomir~e nud not eoll~et inunst oe, a s prie~cipal oi, ~n~r Cdlsttnl w qiw ~nY notio~ with r~~p~et to it. ~
Tht 8ank mry continue to hold ~ryr Coll~tasl d~pwiud Mrwrwlsr sfur tM paym~nt of this Nott, if st tM time of tM psyment snd dad~a~9t Mrwf sny o1
~he ps.tia liabl~ ta tM p~ymtnt Mrwf ~hall b~ th~n dinc'tty w ea+tin~ntly lisbw to tM Bank a~ Mslc~r, endo.rr, wnty, yw.snto~ or aoeanrnoel~ua+ Ps?~tl i
ot sny otMr not~. dratt. bill oi ~xds~np~. or otAM ~nstrunNnt, w otFwwis~.. and tM 8ank m~y tha~afur exKCis~ sll rghtt wiM rpp~ct to s~id Colbtenl
grant~d hK~in tvN+ tbagh ihis Nop ~hail h~Mt b~N~ aurend~nd to tM MdcK. ;
If th~ 8a~k dMrtn ittdl im~cun a upo~ tht h~pp~ninp of any of the (ollowiny ~wnts, ~ch of whiefi sMll oorutitutt s dHault. sll liabiliti~s of qd~ M~br to i
~ :ne B~nk, includirg N» ~ntin unpsid principN oi thk Nott and aoerued inarpt, las sny an~x~wd inoer~st and ~ny intK~st in ~xo~a of tM maxirtwm sltow~d ~
by 1sw and ~ny r~t~s rpuird by IwM, aMll inr~rdi~t~ly or tMasft+r. at d+~ option of the Banlc. ~xapt thst tM oocurr~na ot (e) a(d) d~d1 cw~ au~omsc- r
~ ~c acplNStio~: withort notioa a dNnrd. b~w!n~ dw ~nd WY+~:1~1 tA~ failur~ of any Oblipor to pKform sny obli~tion, lf~bility or daim to th~ B~nk, to p~y ~
~nterpt h~r~ within 10dayt afar it i~ dw. a if dN?~ a no dw dat~. att~r it is billd w oMKwi~ nqu~strd w d~mandad, a to p~1r snlr otMr liability what- ~
soever to tM'8ank wh~n dw: (b) th~ dNth of anY iMividud Obtipor. tM disolution o1 aiw pKtn~nhiP ObOYc? a tM diaolution. rt»ry~r or oonaliduion wiM-
~ out tM B~nh's pr'~a w?itan con~nt d M?Y corpont~ Oblqor, (c) tM iili~g ot a p~titioe in tianknptcy w tM sdjudicstion of insolwn~ll o~ b~nkn+ptcY und~r-
y any r~orp~nitation, urarp~mnt, n~djustnrnt of d~bt. di~olution, liquid~tion o~ wnilar procMCfinp un~d~r ~r1? F~d~rN or tt~» st~tuu, by or a~inst a~w {
~ Ob1qa: (d! an appli~ation fa tM ~pointnMnt of ~ nai~r for. a tM m~kirq of a pa~sl utipnm~nt for tlN bawfit of cnditors by. any Obtqa: b) tM ~ntry =
~ ot ~udpm~nt sqain~t arW Obl~a: (f) t!N i~uinp of aeY ~tt~ebm~nt or y~rnW~n»nt, o~ th~ tilirp of any li~n, p~inst ~n1? P~aP~?h? of sny Oblipor: tM qkino 01 ~
j; i~ossaiio~ of ~ny ~ubstantiN p~rt of t!w P~~tb ~ ~M? Oblpo? ~t tM irutM~ts of ~ny qovrnx~rntal wd~ority: (N tM d~tKmination bY tht 6ank that ~ nrtni•
at adwae d+anq~ hs~ oeewrd in tM (inancpl oondition of anY ablpa irom th~ torxlitiau ~tt tonh in tM mott nant firw~eial tttt~nt ot wKh OWipr
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~ heretotw~ turai~Md to tM 8ank, a froen tM eoaditfon d w,d+ Oblipor a~ Mntofon most r~dntly d'adoNd to tM 8ank. a thas any vwrantv, r~prwnacan,
certifiean or st~nnwnt of ~I ObliOw (wMthrr oontain~d in 1hM NoN or not) pNbinin? to or in oonn~ction wiM this Nou or tM Iwn ~vi0r~.~d bY Mis Noa
~ conuintm umrw staamn?t ot nwqriN hct or omiq to st~tt n~iN f~ct ~Y in ordti to n~lC~ th~ sut~eNnts n+~d~ not mi~IMda+o: a. (i) tM a~i~~
tn M
~ men~ by sny NMIw of sny ~ty in sny ot tM CoibtM~l wid~out dw pr'ar nwitt~n eon~t o1 th~ Br~k.
~ Th~ B~nk iAMI haw, bu~~Mlt not b~ limft~d W. tM follawino ~lqhq, ach of whkh m~y b~ ~xKCa~d ~t ~ny tim~ wMt1+K or not Mis Naa a dw: (i) to ~
P1~ twetfn d~1s Notf,and th~ Coll~tusl and eM 8w~k tlwll 1M~Nrpon b~ rNi~v~d of all dutiM ~nd r~IporaibiNtiM INrwnd~ and n1i~Nd han ~nY and all
~ lybility with ?MPKt t0 Nry COIbUnI f0 pl~d~d aI u~tNi~n~d• Md arW PMd~~ Or tr~ttltN fhd~fr~ll PurOoM~ stand tn d1t pt~a O~ tIN B~nk h~nYndM atd
h~v~ NI tM riOha of th~ 8ank hNwndM: liil W VarofM t1M MAwI~ or ~ny p~rt of th~ CoUsw~l iMO th~?~ of iwN or ia nominM: liii) co wt~ tM Co1MtKN:
~ liv) w eorih tIM Oblipat o1 +nf? ColltqrM to mMa o~Y~t to tM B~nk N aeY anaurro dw or dw tMnon: (rl to d~nwnd. w fw, eolbet, a ~
~ msk~ ~nq eor~~t Ar Mtd~~t (t ~nr ~ wilh ~ to tM ~o1~tNa1: 7~~~~?1 8fl /or°°~~s °ass
19r1~ of Coliat~al.
~ '~NK as used nere n means ~ur e Reer Assac a es, , i
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~Y NOTICE: SEE OTHER SIDE FOR IINPORTANT INFORMATION gOOK1~.~v{~' •PAGE ~ ~
~ FBS 7S2 Rw. 7/77
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