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~ INSTALLMENT PROMiSSORY NOTE
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TURTLE REEF ASSOCIATES, INC. * ~a a.~.~~,.d s 6,460.00
BANK NAME (8) L M~~ = none
Jensen Beach, Florida 33457 ~c~ ~„~,,.,,,.ns~,~w• s ~one
, OFFICE AOpRE ~p~ p~ q~~ ~i~~i:~~ = none
~E~ = none
MOTE NO. pATEO: ~ 14 19 ~S (p~ = none
tc~ a~~~ ~i~a~ad
~vc. ' 26 ~e ~ lA. 8. C. D. E. Fl s- ,~1~60~~
, : ,IN) IntNpt =
PLACE: ~ . FLORiDA .tU G~dlt Irrv~tlg~tion =
. - (.~1 OtMr s
Fw wtw r~,-aiwd, tFN undertiyiNti (lurNnsftNtalNd "Mak~i'!loin!fy snds~vtraliy (it ~ (K) s
mw~ cMn ond promis~ co p~y to tM o~ ,p t t iu otliq IiscW above,t~g,
Loal' `
ot Payrrnoa (f?om IN) ~t riphtl ot ~l~ ~~'J 6~ Doilu: pavsbl~ in lLv t~} _
1M~ FINANCE CHAROE
ea~a~ monenly ~oseMl~nt: ct • . th~ ~i.a 3, 785. 60
~~u~a~26 du. o~ June ~ ,~9.~..na +H. K. u :
x~bs~qwnt insullmenu dw o~ ~NI Total af P~ym~nn (4 + ~M) _ ~
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; t~» y ot ~~wr?tli tMr~aitK, to~ttMr wi1p e FINI~t BAtLOON PAYMENT OF: ANNUA~;PERCENT;~OE RATE ~ '1~
S ' DUE ~ - _ , 19 ~
Th~ Ba+k sMll ~ dN~nqwncy ch~ry~ ap~rut tM Mak~r oe sny p~vm~nt which hu b~c«r~ due and r+rn~lnr !n debult fa ~ parlod In ~xaa ot 10
dsys in ~n smpunt equsl to $Xr o) fMt Newunt oi th~ printipsl psrf of the p~yrtKnt in d~twlt. (n th~ wtnt th~t th~ Nob k nbt paid in (Ult ~t n~turity, ill pay
rt+~ntt, wh~ther principsl, inMrest o~ othNwit~. sh~ll bNr Ihtt~sst at th~ maxMrwim Ipd rat~ ~Ilow~d u~ th~ Iw~n of t!N 8t~u oi P{or.itl~. Alf p~ym~nq m~ i
he•eunde. sAall b~ usd~ad fint co inc~rK~ ~rW H~ co pri~cipsf. Aowevs~, in tM eNnt oi delault, ths Bsnk~Yj N~ !ts rol~ dlfc?~tlon, ~ppiy ~ny paym~nt eo ~
,n*.rest, ~_.i_±._+~ ..~IQr I~wlul cJwges th~o-socrwd. It is th~ intN?tipn ot the p~rties Mrtto that tM p?ovisi~M hN~ln thal~ not ptpv{d~ dinetly or intllreetly
~o~ th! piyf11N1t O~ ~ qrNtlt ~~tf 01 intltat or ths ntentfon of ~ny oth~r chsry~ thM b sllowed b~r law. 11~ 10? ~11r f~Npfl, IfItKNt ifl ~xCq{ Of ttltll 1~1 raq Ct ~
a chsryt prohibited by law sMll ~t any timi b~ paid, amr wch ~xo~u shal! NchK conrtitua and b tnabd a a payn~nt on.tM P,Inetpal or b~ nt~nd~d dirae~y ~
to the Make?. .
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TM Mak~~ m~y pr~pay tIN Mtir~ unpaid bs~snce oi the (osn at rny time. 11 the Iwn k pr~p~W In futt, ~cpl~.~t~d a ~!}Ina?Ktd, th~ AA~ker shall r~~s a E
W
re~und of tM uMSrned portion of tAe inte~est and inwnnce premiums computed by the fiule of 78's m~thod, ~xapt th~t tM 8snk shatl b~ entitl~d ~o ain '
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a m~nirtNlrtl intNQft tAirp~ 01 . • ~ J
CREDIT l,IFE AIYD CREDIt LiFE ~ O1SABlLITY lNSURANCE AF1E VOLUNTARY AND NOT RE~U1FtE~ FOp CRE01T. Such inwrancsy~orKaye Is . 3
ayai~abls st ~h~ coat dn;ynat~d below for tbe term of the uedit: Id ! for Cndlt Lif~ Inwrana tb) t j
tor G~dic Li1e 8 ~isabitity Insurantt:
Check ? C.~dit L.ife Insuranct is detired on tM life Of ~
Appl. ~Irthddt! - ~
Box ? Gedit life ~ Oissbility IMU?a~ce is desirsd on
8'arhdate ;
~~Credit ~ift and/w Oissbi~ity Inwranca is not desired. ~ a
Date: '"'oV l4 ~ ~9~8 S~ture ' ~ ~
_ _ . Rob pencer~- - _ ~
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- S+yoatura . ` , j
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As r~ t t p mt t ot he t Maker T t~ @ C
recor~e~' ~`n''~.~. ~oofc ~~,''~age °t~'`~~t~l"e~1"c '4~S"'~'~~"~ ' Yri :"°t~'~;''~ . . r~~
n sa mortgage. .
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~ncludtng a1t ~ncr~sses, wbstitutions. replaCertrnts, 3dditions and acceuions thereto snd in t1~e proteeds tbereof (hersinaitfr tall~d "Coll~mal"1. This awrity ~
~nterest shall ilso tecure any otl~er ind~btedn~st w liability of the Maka. to the Bank dirtct o~ indi.ect, absdut~ or contirpsnt, due a to b~com~ due, now ~x• ~
~sting w h~realter s?is;ng, ;nclud;ng aH tuwre sdv~nc~s w Iwru_by the Bank to the N4ker. • ~
The Bank K sl~o given a I,en aod s s~curity inttr~st in all property and sayuities ot the Maket, endoner. wretY. 9uarsntor or xcommodation pHty of thn i
Note (h~?tir»fter ~~terr~d to ss t1u "Oblqws"1. now in or ~t sny lime heteafqr coming into the contrd, tustody or poss~ssio~ of th~ Bsnk, wMtAer tor tht ex- ~
p.essM pu~pose ot bsirq-used by tM Bsnk as CoNatsnl, a to~ eny othsr purpoae. and upon any balana o~ bslanc~s to th~ a~dit of ~y ~ocourm, includiny 1
trust and ~l~ley iCtOUntf maintainect withtfls Bsnk by any pf the Oblipors, and the Obligws ayr~t to deliv~? to tM Bsnk additional CollatN~l or mNte ~uch ~
paYmena in reductio~ of the princip~l amount of the loan as shsll be satisisctory to the Bank, i~ the event the atorem~ntioned Coltaterat shall-d~clin~ in value
or becortw unsatatactory to the Bsrtk. -
Additans to, nductions or excbarpss of, or wbstitutiau fpr tl~e Collateral, payments on sccou~t o,LMis loar? or irxrssses of the ssrt», or other loans m~ ~
pa~tiatfy or whott~r upon th~ Callateral, msy trom time to time !~e made without atfeccir?g [he provisions of this Note. Th~ Bankshall ~xercis~ npooabl~ care in
~ne custody snd p.ssavstioo ot t1K Collstersl to th~ ext~nt required by app~icaWe:tatute, aad shs1~ bs d~med [o haw ~z~~cised rW~onable car~ it it aka wM i
act~on fot cha! purpoa as M4ka sAall reasonsWy rpue~t in w~itin4, but no omission to do s~y sct not r~uest~d bv ~k~r shall be dNm~d a es~un to ~x~rcn~ (
reasonsbN un. snd no omi~ioo to comply with any rpuqt ot Mak~? ~hsll of itselt b~ d~emed s tsilun to ex~rci~ reqooabfe cen. gank sha11 not be bound ~o ~
take any ftpt n~qu~ry to pr~rv~ sny tiyhts in ths Co11aUt~t ayain~t prior parties snd Mak~r shaN bkt sll tiecttsary stpt for ~ucA pu~pota, Tht B~nk or fts
nomir~ nNd npt Colllct intsrlst on, or ~ prinCipa) ot, sny Cpllattral or qiw ~ny notid with retp~ct to it. ~
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Tf~e Bank mry continue to hold any Colbtasl dwo~it~d her~r sfte? the psym~nt af this Not~, if st the time of the psyman~ and dischary~ h~rwt sny ot i
th~ psnia liabN for th~ phrnr~t herwf ifiNl b~ tMn dirKtly w coetiny~nHy tiabN to tM Banlc as Maker, endor~r, wnty, 9wranta w ~ocommodstion psrry
of sny other noc~, dr~it, bill of ~zchanq~, or udwr Mttrummt, or otl~yrise, snd tAs 8snk m~y th~rasfttr ex~rcir sll rghts ,,,rith rppset to s~d Colbunl ~
yrant~d huNn ev~n thouyh thif Pbt~ fhNlliav~ bMn wrt~nd~nd to the Mfk~r. ' y I
If tiN Bank dNms iuelt inNCUn or upon t1N happ~niig af ~ny of thM followinp ~t~, ad~ of which shsll cQnsticut~ a~iiwlt, NI liabiliti~s of ~h Msks• ~o ~
~he gank, ineludirq t1N ~ntir~ unpsid Princip~l of thif Not~ snd ~ceru~d inUr~t, {qt ~e+y urwarnad inqrat sntl any fnt~rKt In ~xqst of th~ maximum clbwrd ~
by tsM? and any rab~ns rspui?d by law. d~a!! inxrrdistNy a dieaaft~., ai the option of tM Bsnlc, ~xqpt that tFN octurrenp of (t) or (d) tMQ esu~s autom~t- ~
K aco~iNation: without notiq or d~rtw~d. b~oorn~du~ snd p~yabq: (s1 tM t~ilu~e ol sny'Oblipp? to pKiorm u~y obliqstion. li~Wlity or daim to tM B~nk~ to p~y !
lnttrqt hMlon within ~Od~yt ~ft~r it if dW, o~ it tlwr~ a no dw cht~. ~ft~r it is billed o~ otMrwi~ requ~sted or dKnand~d, or to psy ufy Othlr Iqbility what- 1
soever to tM Bank whtn dur: !b1 tA~ dach of a~y individual Oblipor, th~ diaolution ot any pvtnanh~ Op1i~ or tM d'aaotution, nMrq~ a oon~olid~tion wicM '
out tM B~nk's pria writt~n ~nt of anq torycr~tt pbli~or: (c) th~ filinp of a p~tition in bsr?krupd.y a tM ad~udiqtion ot intofwncy a bsnkrupuy und~r
anr rwrp~nization, arr.npNn~nt, r~sd)usun~nt of d~bt, di~olution, IiqukHtion a simi~sr aroe~sdi~ undu sny F~d w saa :utuu, by c? +q~inst am?
OD~por; (d1 an appliption ta th~ appointm~nt M a aaiwr ia, a tM mrkirg M a pawral s~iyrn+w~nt for eh~ b~n~fit of cnditas by, ~ny Oblipor; (~1 th~ ~ntry
o~ Iudprt»nt aq~ir~tt a~y ObliQor: (t) tM is~uinp of ~ny attaehm~nt or pkni~hn~t, or ths tllinsyt any liu~, p~intt ~ny propKty ot mY Oblppr: (y) tM akin0 of
oossasion oi any wbitantial Dut of tM fxoPKt1? of anY Oblpa at tf+~ i~tM+c~ of any pov~rnnwnW wd+o.ity: th1 tM d~t~rmirwtion by cM 6uiic Mat a nrtari.
at advara dranp~ 1ws oxva~d in MN ltnintid condition of ~ny Obli~or irofn tM Conditiw~s set forth in tM molt r~oN?t financisl sqqmMt of w~ch OWqa
ner~totw~ fu?ni~Md to du 8a+k, or hwn tM ~oeditian of a~d~ pb~iQor a~ }Mr~totor~ most ~tly d'adoMd eo the Bsnk, a th~t sn~r wannty, ?q.~na~ion,
cert~ficst~ or Wt~nt oi any Oblfpor IMANtM? ca+taind tn thi~ Not~ a oot) pKbininp to w in oone~ctlw~ with tf~k Nott o~ th~ loan ~vid~no~d by thu Nop ~
cnnuiiu ~r? untnw st~t~m~nt of nrt~ri~1 het or omiq to wt~ n»tKtal f~et r~ry in ord~. to nyke t!w aat~nwnu n~N not mitlNdirg; a. fi) tM a~iq~+-
ment by ~ny IIA~IW of sny puity io sny Ot tIM Co14tNN witl~out th~ prior writttn co~et Ot tM Brnk.
TM B~nk ~II haw, but qw11 not b~ limiqd to. tM foflowinp rqhb, ad~ of whieh nuy b~ exKeiad at any tien~ wMthu a not d+is Nob i~ ciw: (il to -
P~~dP~ a tnnsfK thi~ Noa and ih~ Co1lat~rN and tAs BMSIc d~dl tMr~upon M ~Nhwd o! all dutiu a+d ~~oRaibilltip hu~urd~ and rNlw~d han «w and all
Iiablltty with tNp~et to aMc Cdbtaal w pMdy~d or trauf~n~d. ~nd ~r PqdON or trsnit~ ~hNl toi all'PurPoM~ ~tand in tht pfaa oi tM Banlc h~rwndK ~nd
hsv~ at1 tM rqhti of tht 8ank hu~und~r;lti) to trsnd~? tM whob a any prt of th~ Coltahral intb tM nsnw of iMif.~i
~i~ominM; (i(i) to rou th~ Co1lat~al:
(iv) to notily tM Oblioon ot ~ny CoN~qral to rtik~ piym~nt to t1N 8~nk oi any arriount~ dw a to b~c+onr d(~ th~rfion Ir) to d~nd, wN for, ooll~et, or
~..~r ~q. ~?.n~+~ ~ w~~n ~ to d+. ~~...~:..~d ~N~ ~o `~"~,a n~/orCO~'~s ass
~n~ o~ caaa..~.
'~NK as use~ e~"re~n m`~eans '~ur~e Ree ssoc a es, n. .
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NOTICEn SEE OTHER SlDE fOR II~OqTANT INFORMATION n R ,
Fes ~s: a.,?. ~m 80WE~t7e.~ PAGE ~
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