HomeMy WebLinkAbout0790 INSTALLMENT PROMISSORY NOTE
~ TURTt.~ 1lEEF 1lSSOCIIiTES, INC. + (A) Amount Rec~ived s 6.S67.OQ
6ANK NAME (B) Prem~uM (O? Credit ~
'.0. !OX 618. JENSEN dEACH, R. 3l45'! ~;f•~~~~~~ : ~ .
tc? o«„~~a.,, st~ s
OFFfCE ADORE55 (0) Olhe~ Charyes (rtlm~z~l s ~
lEl =
NOTE NO. DATED: IZ , 19 ~F~ s
ouE: ~ewil !6 ,V ~9 tc~ in
s c~o
E
i : 5,56Z.00
. IH1 Incerest = ~s~l.ZY -
PLACE: , FLORI~ (1) Credit Invastgat~on : ~
IJ? Otner t Il~flt
For value reCeived, the undersigned (her~inafter talkd "Make?") joirttly and seversUy (it (K) S ~f
more tha~ one) promise to pay to the rder of the Bank, st its ottice listed above, the Total
of Payme~ts Ifrom IN) at riqhtl oi Qollarspayable in ~ s ~
. • IrN1 FtNANCE CHARGE 3~~,~~
equal monthly instAllments oi S , the tint (H, I, J, K, L) S
[n~l ne due on , 1~, and wbsequent installrrxncs due on (~y) Tota1 of Paymer?a IG + M) ~ a. Z•
v oi ~~~onth thereafte~, together with a FINA~ BAI.LOON PAYMENT OF: ANNUAL PERCENTAGE RATE lO_ A x
S ~R~ ouE ~ ,
The Bank shall impose a detinque~cy charge against the Maker on any payme~t whicf~ has become due and remai~s in default for a period in excess ot 10
days in an amount .equal to ~JXi af tht amount of the principal part of the payment in delaul[. In the event that the Note is not paid in full at maturity, all pay-
ments, whether pri~cipal, inte.est or otherwise, shall bear interest at the maximum legat rate altowed unde~ the laws of the State oi Florida. All payments msde
nereunder shall be t~edited firtt to interest and then to prinCipat, however, in the event of detault, the Bank may, in its sole discretion, apply sny payment to
~:e~c-~~~ ::r^.=.! .'.:~?^t ~~.-s!:+! !'~`3.~4 lh~r+ ?cu~. 1~ i~ ;he intention of the oarties hereto that the provisions lurein sAall ~ot provide directly w indvettty
t~~~ che payment of a greater rate ot ioterest o~ che retentio~ of any other charge than is altowed by 1aw_ It, fo. any reason, interest ~n e~oeu of sucA Iegat rate w
a charge prohibited by law shall at any time be paid, any suth exCess shall eithe~ constitute and be aeated as a payment o~ the pri~cipal or be refunded directly
rn the Make~_ . •
The Maka may prepay the entire unpaid balance of the loan at any time. If the loan 1s p.epaed in (ull, accelereted w refireanced, the Maker shall receive a
~e~und oi the uoearned portion ot the inte.est and mwrance premiums cornputed by the Rule ot 78's method, except that the Bank sha11 be ent~ded to retain
a mm~mum interest tharge of ~'j.(J0, ~
CREUIT LIFE AND CREDIT LtFE b D15ABILtTY INSURANCE ARE VOlUNTARY AJ3D NOT REQUIRED FOR CREDIT. Such ~nwrance coverage is
ava~lable at.the cost designated below for the :e?m of the credlt: (a) S for C.edit Lite Insurance (b) S
for ~,eqi~ Lite & Oisability Inwrance:
Check ? Credit Lite Insurance is desired on the Iife of
App~~ 8irthdate
B~x L~ Ged~t Li(e $ Dlsal~ilrty Insurance is desued on
B~rthdate
~ Credit Life a~d/or Disability Inwrante iz not des~red. •
Date. ~r~ t ~ i2~ , .
S~gnature ~ ~ 1 ~
iiwr~~~~~
•
Segtiature
~AOs ur y~ t~.qa:m~t o~th~~t; t~~eker~ g:@pts~tQ i~a s~urity ~ te~t ~r~^ fo_ 1!o?ying pr~ry: • u '
Ic B00 "LUlrt VII L 4z ~ C011d D-
n u ~q . _
~ncludir?g all increases, substitutions, .eplacements, additiorx and accessions thereto and i~ the proceeds thereof (hereinafte~ plled "Collateral"!. This security
~ncerest shall also secure any other indebtedneu w liability of tF?e Malier to the Bank direct or induect, absofuce o. corttingent, due o~ to become due, now ex-
~sr+ng or he+ea(ter a.ising, ixtuding all futu.e advances or loans by the Bank to the N~aker.
'fha Bank is also 9iven a lien and a security interest i~ all prope+ty and secur~ties of the Maker, endo~ser, wrety, guarantor or accommodation party of this
Noce (hereinafter referred to as ihe "Obligors"1, now in or at any t~me her~fter ~om~ng mto the controf, custody or pouess~on o( the 8ank, wAecher fw the ex-
p~essed purpose of being used by the Bank as Cotiateral, w far a~y other purpose, and upo~ any balance or balances to the aedit ot any accounu, inctudiog
erust and agency accounu maintained withthe Bank by any of tAe Obligors, a~d the Oblgors agcee to detiver to the Bank additional Collateral or make such
payments in ?eduction oi lhe principal amount of the toan as shall De satisiactory to the Bank, in the event the afor~~tio~eA Cql(ate~al shali declir~x in vaiue
o~ become unsatisfactory to the Bank_
Addit~ons to, reduccions o~ exchanges of, or substiwtions for the Collaieral, payments on account of this toan or ~ncreases o~ the same, o. ocher loans made
part~atly w wholly upon the Collateral, may from iirt~e to time be rt?ade without affecting the provisions of tfiis Nota The 8~kshall exerc~u ~easonable care in
ihe custody a~d preservation of the Collate~al to the extent r~qu~red by applicable statute, and shall be deert~ed to have exercised reaspnabte care if it takes such
ac:~on tor that purpose as Maker shall reasonably request in writing, but no om;uion to do any xt not ~equested by Maker shall be cfcemed a fadure to exacise -
~easonable care, and no omiuio~ to comply vrith any request oi Maker shall of itself be deert~ed a tailure to exercise reasonable pre. Bank shall not be bound to
cake any steps ~ecessary to presenre any rights in the Collateral aqainst prior parties and Maker shall take alt necessary steps tor w~h purposes_ The Bank or its
~ominee need not cotlect interest on, or a p?incipal of, any Collate?al or give any notite with respect to it.
The Bank may coniinue to-hold any Collateral deposited hereunde~ after the payrnent of this Note, ~f at the Ume of the payrtKnt and discharge hereof any of
ihe parties liable for the payment hereof shall be then d~rec~ly or contingenc4y liable to the Bank as Maker, endorser, wrety, guar~tor or accwnmoda~ion party
of any other note, draft, bill of exd?ange, or other irutrument, or otherwise, and the Ba~k may therea~ter exerc+se aN .ghts weth respect to said Colla[e?al
g~artred herein eve~ thougA this Note shall havp been wrrendered to the Maker.
!i tbe Bank deems itself insecure or upon the happening of any of the follpwmg events, each ot wh~ch shall constitute a deiwlt, a11 Iiabil~t~es ot each Maker to
~he Bank, i~cluding the entire u~paid principal ot this Note and acc~ued interest, less any unearned interest and any interest in exce~ of the maximum aUowed
by ~aw and any rebates required by law, shatl irtwnediately or tAereatter, at the option of the Bank, excepr that che occu+?encr ot (cl or (d) sAall cause automat-
~c acceleration; mthout notice or demand, beoanedue snd payable: (a) the tailure of any Obligor to perfo.m any oblgacwn, liability a daim ~o Me 8ank, to pay
~ncerest hereon withi~.~Odays after it is due, w if there is no due date, afcer it is b~lled or otherwise requesced or demarKied, o? to pay any ocher liability wfwt-
seever to the Ba~k whe~ due; (b) tf?e death of any individusl Obligw, the d~ttolutiott of any pertnership Obligw o~ the d+ssolution, merger w consolidat~on witM
ou[ [Ae Bank'i priw wr~tten co~sent of a~y cwporate OWigo.; (c) the tiling of a petition in bankruptcy w ihe ad~udicat~on of insolvency w bankruptcy under
any rewganizatio~, arrangement, readjustment of debt, diuolution, liquidatio~ o~ simila~ proceeding u?~da arry Ftde~al or stau sWtute, by o~ agsinst any
Obl~gor; (d) a~ applicatio~ (or the appointment of a receiver for, or t~e making of a general assi~ment fo~ the benetit of ueditas by, am Oblgor; (e) the entry
of judgtnent against any Obligor; (f) the istuing of eny attethment or gernishment, or the filing of any IiM, against aMl property of any Obligor, (g) the taking ot
Possession of a~y wbstantial part of the property of aoy Qblyor at the instance of any governmental authaity; !h) the determination by d~e Ba~lc that a matai-
al adverse tfianye has occurred in the financiat condition of any Qblgw from the conditions set forrh in the most recent finanual stamnent of wth OWigor
heretotore tumished to the Ba~k, w from t~e co~dition of wd~ Obligcx as heretofo~e most recently disdosed to the Bank, or that any warrancy, rc~esenwtion,
certificate a statement oi any Obligor (nhether contained in tha Note w not) per[aining to or i~ connectio~ with [his Note or tf~e Ioan evidenced by this IVote
co~Wiru an untrue statement of ineteriaf tact o~ omits to :Wte material fatfnecessary in order to make the statements rt~ade not matpdwg; a, (i) the auign-
ment by any IIA~ker oi arry equity in smr of the Cotlsteral without the prior rwitcen consent ot the Bank.
The Bank fMsll Aave, but shNl ~ot be Iimit~d to, the idlowing rights, eath of which may be ezertited at any time whsthe~ or not this Note is due: (i) to
p~edgs Ot tnnsftr this NOb and tM Colistersl srd the Bank shall tMreupon b~ re(fevtd of ail duties atid responsibilitits her~trntitr and rdiered lrom any and ail
liabil~ty with ~esp~ct to any Collataal s0 pMdp~d pr tr~nsfpred, snd snY P~ed9ee or transferee sF?ail tor sll purposes stsr+d in the plxx of the Bank Aenunder snd
have all tM riyAts of the Bank hereunde?; (,i) to trans4r tM who1~ w any part of the Colla~e~at i~to the n~ me of ~tself W its ~wmir~ee; (iii) to vote the Co~later~l;
(~v) to notify the Obligcxs oi any Cotl~tersl to mske psyrrxnt to che Bsnk of any smounts due or m becoms due thereon; !v) to denw~d, sue /p, edl~tt, er
make any car~omise or settlemsnt it deems d~sirsW~ with refKence to Me Collateral; and (vi) to tak~ posseuion w contrd of any pooe~ds of Colbt~rsl.
'"BANi~" as suer h~ia ~ Turtl• Re~t Associate~ ~ as~ - ^A .
NOTICE: SEE QTHER SIDE FOR IM (jR 1 ! jr~~3 F,~ 7j~(~,J
F95 75? Rev. 7/77 W "
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