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• ~ ?y• INSTALLMENT PROhtISSORY~NOTE , ~ ~
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~ 3,861~00 j
TURTLE REEF ASSOCIATES, INC. * ~a ~^~~~i~ = f
, . 9ANK NAME 1e~ ~m'~ none
Jensen 6each, Florida 33457 ~f~io~"~~~"' :
tc~ oow~?.ry e~,~. : one ,
OFFICE A RE55 (O) OthN Ch~qN (itNni=~) = none
~E~ = none
Aug. 6 78 none
NOTE NO. ~ATED: ' . 19 . (F) , _
~ (G) Amount Finano~d , ~ ~,861.~
Alllf. ' IA. B. C. O. E. F) _
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PLACE: . FLORIDA 11) G~dit Invntip~tion f
(Jl Otl+t~ t - ~
Fa vatw r~wd. tht undasiy~~f (hKNnaiter plbd "Makti') lointly and sevenlly (it ~IK) = I
more ~han awl promis~ to pslr to t adK ot cM Baok, at ia oltiu listed abovs, th~ Totd
ot Payments (lrom (NI st rightl of ~4 •422.4~ Ool4rs ptysble in ~ (Li :
lMl FINANCE CHAqOE 1,Ob1.40
~w~~l nwnchN ~~saum.~:: ot s 82.04 . ~h. r+n~ ~H. K. s
~nstallm~nt dw oo S@Dt. 16 ; 19~. ~~d wbsw~t i~st~llmsnts dw on (N) Toul ot P~ymMti (0 ~ M) : ~ '
tha,~lSy oi ~~nonth therpfterito~ethK wiM ~ FINA~
BALLOON PAYMENT OF: ANNUAL PERCENTA~E RATE lO.OO ~ ~
s C OUE ,19~
Th~ Bank thall i~ a dNinqulncy chKy~ ~In~t tM Maker on ury WY~t r~rt~slrit M d~f~ult fo? ~ p~tlod in ~xpp of
day! i~ sn amount equa) to S% of tM smount of the princlpsl pat oi th~ piYmtnt in dttwlt, ln tM w~nt th~t th~ ~rot~ k not WW in tuU ~t nwturlty. ~11 pay-
menn, wMMK p?in~ipal, Int~rat or othKwis~, sha11 beu Ina?est at tM maximum la~l an ~Itow~d ued~ th~ larw of tM St~t~ of Flo?td~. A{I paym~nn md~ ~
hereund~r shsll bt tred~tad fint to intK~tt snd then to principsl. howtver, in tM svrnt of det~ult, the B~nk~Y~ in Ib fol~ discretion, ~pply any psyment to
~,:,.r~ -Ye~~- s-~.!..~ ~.ees :hen aenued. !t t~ inrn?tia~ Qf tM ~rt4t hM~to that tM provlslw?t hK~IA thdl not orovid~ dinctly a iod(nctly
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tor~the p~yn~t ot ~ grptH nte of interat or ths ~tention ot a~y otMr chary~ thsn b~Ilowed b~? law. If, tor aey r~uon, lotKnt In lRaa of weh tp~l r~tt o? ~
a chsry~ prohibitld bY bw sh~ll at any tim~ bt paid, sny wd+ expss ~hali Ntha. consUtua and b~ tr~~hd u ~ pay~nent on th~ prlnelpal o? b~ r~fund~d dinctly_:-
to th! IIO~kar. ;
T!u Nl~k~r may pr~pey tha entira unpsld bdance o1 the loan at MY time. li ths loah h pr~p~ld In full, scal~rat~d a n~lnrnc~d. the Maker shsli r~lve i
re~und of th~ unearned portion ot the interest snd inwranes premwms cotr~uted by tM Rule of ~8's m~thod, exapt tna~ th~ Bank sh~11 b~ ~nt~tled to riuin
a m~nimum int~est thsrye of ' r. ~
CREDIt IIFE AND CREDtT LIFE ~ OISABILITY INSURANCE AHE VOLUNTARY AND NOT aEQUIREb FOq CREDI?. Such inwrs~a covKape i:
available at th~ cost d~slgnat~d bNow for the term of ihe u~dit: S tw Credlt Ufe Inwr~na Ib1 = ` ~
for Gadit Li~e ~ Dissbility Insuancf:
Chack ? Gadit Li(e Insurance ~s desired on the lite of ~
Appl. ~Itthd~t! ~
Sox ? Gedit life di Oisability Insurante is cNsir~d on ~
8irthdate ~
~ CrWit Li(e and/a Dissbility Inw?ant~ is ~tot desir~d. n ~
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Date: AU9. 6~ 1978 S~9neture v La.a.. V ~
. anny . au n ,
, sg~c~,?~~~s.~J ,..3 1y~1~•. I
~ ~r araw . ~uY~ ~ n u~ na.
As security for tha paY~tnt o1 the Not~ the Msker hereby grants to the Ban a secun ~n~erei m ollowirq prop~rtY:
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j ~nclud~np all inussses. wbstitutions, replaeertients, sdditions and atuss~Ons thereto and in the prooeeds thertoi (Aer~inafte~.qll~d "Collstlr~l"1. Thia i~turity ;
~ ;ncerat sha11 efso secure any other indebtsdnas or liability of tMe Nl~ksr to tM Bsnk diract w indir~ct, absolua or continpsnt, dw or to b~corn~ dw, now ex- i
~st~ng o. Mrqfter srising, including a~l (uture sdvsnces w lo~ns by the Bsnk to the Msker. ~
TM 8ank is slto yiven a I~en and a securiry inte~est in a11 prope~cy and securities ot the ~ker, endoner, wr~ty. 9us~sncor a acconxnodstan psrty ot th~s ;
~ Noce (Mnin~tter r~terred to ss the "Oblgwi '1, now in a at snY tirrn her~stier coming i~to the contrd, custody or poss~ssion of the Bank, wAethar fo~ Me ex- ~
~ prtffld pU~pOft ot btilp used by ihs Bink st COIIaIlral. O~ t0~ s~ty Oihe? purpost. snd upOe sm/ b01a+1CE O? btlsnels LO N1R Cr~dit Ot anY a0touep. illtludinp
~ ;rust srxl sp~~eY socounts msintsined withthe Bank by any of the Oblgors, and ihe Obiigors spres to dNiver to ths Bank sdditionN Co1lstNal w mNce wd~ ~
paYments in nduction of the principsl smount ot the tosn as shsll De sat~sfsctory to the Bank, in tt~e event the sforemention~d Collitersl ~hall d~clint i~ vslue ~
~ or becom~ uiustisf~ctory to the Bsnk. - _
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Additioos to, nductio~s o. exeharp~s of, w wbstitutions tw the Collateral, payments on sccount of this loa~ w inuessts of tlu ssrt», or otAa losns mad~ 1
part~aliy Or whdfy upo~ the CoiiaterN, rnsy from tims to time be made without sttecting che provis:ons of this Not~. Th~ Bsnk sh~ll ezerc~se rusonabl~ ca«
the custody and pnssrvstion of the Collatasl to tM extenc requi?ed bY appliesWe:tatut~, and shsll bs dMr?Nd to h~ tx~rcit~d rafon~bls un if it tak~s wtN ~
act~on fw that purpos~ ss Mdcsr shsll ressonsbly nqw~t in writing, Dut no omission to do any act ~ot rpu~stsd bY Mak~r th~ll be dNm~d a IaNun ta sa~rust
~easoniW~ w~, and no oa»ssion to tomDlY witN sny rpwst of MskK thsll of itsdf be de~msd ~ fsifur~ to ex~rcis~ nssonabM csre. Bu~k shNl not be ~ound to ~
~ rake any st~ n~cesssrY to pres~rve ~ny rphu in tM Co1lat~rN apain~t prior psrtiea and Maker shall tske sll neoesssry :t~ps for wch purposes. TM 8ank o~ ics
nominN ~d rat coll~et intenst on, a a princip~l ot, sny Co1lstNd a piw ~nY notict wiM rap~ct to it.
Th~ 8ank rtwy continue to hold arW Colla~ersl dposit~d I~eunder ait~r tht Wymsnt of thh Not~, if at the tirrw of tM paym~nt snd dife~a~~e Mreot any of
tF» ps?ti~s IiabM tot tM p~ym~nt Alnof ~hail b~ tMn dinctiy or continpently Ii~We to th~ 8~nk as Msker. endoner. wrtty. yus*sntor or ~ctonxnodstiai pa~tY
ot any ocha raq. drsit, bill o! ~~srp~, w otMr intc?um~nt, w othKwis~. u~d t?r Bsnk msY theraitsr exe~ci~e st1 riyhn with r~pkt to srid Colla[e~a~
gra~t~d her~in tw~ thouyh this Not~ d~sll ifw~ b«n w?r~end to tM MsIcK. .
~ ~ f th~ Su~k dt~m~ itMlf Fra~tur~ or upon th~ happ~ninp of siry of tM (ollowitq ~vents, e~ch of whicF~ shall tonstitut~ a cNf~uit, all liabilitits of ach Maker to ~
~ tre Bank, ineludin~ t?» ~r?tirs unp~id prineipsl of thu Not~ and seuwd int~rut, lat any un~unsd inarst and anY tntKat in ~xau of tb~ maximum Nlow~d ~
b~ lsw and sny rebna rpua~d by ~aw. ~ha0lnrrMd~stely O? tbsrqft~i, st the optlon of ~h~ Banlc. ~xapt that tM ottu~r~nte ot (e) w(d) Ih~ll cwst sutomst- ~
~ ~c acaiaatioe: wid+out notia a d~nw+d, b~oom~ dw ~ed WYaWe: (al tl~t tailun of ~ny Obliyo~ to p~rform a~y obliq~tion. li~bility w daim to tM Bsnk, to pay
~ncerett h~reon vrithin lOdsyt stt~r it is dw, or if tl~ it no dw daa. a(cN it a billed a otherwi~ rpu~st~d or d~n+Mdad, or to pay arW otMr li~bility what•
~ soeve? to tM Bank whtn dw; tbl tM dwth ot any individud Oblipor, tM di~olution of sny pKtnenhip Obliya w th~ diaolutio~, mu0tr w Conwlid~tan with- ;
~ out tt~t B~nk's prioror writt~n Con~nt of a~hr torporaq Oblioor; (e) dN fiiirg of ~ p~titioo in b~nknlptcy or Uu adjuditation o1 in~olwney or bMkruptcy und~r F
~ M
~ any r~Wy~fiZ~tiOn, ~rneq~m~nt, n~diustrnan of d~bt, d"a~olution, liqukbtion or similu proeMdinp unda any F~denl w stab sutut~, by o~ aq~i+~ ~nr !
3] Ob~qa: (dl ~n ~pPlic~tion fa tM appointm~nt of a naivr? fa, or dN rtWcinp ot ~ pNNnl ~tip?m~nt for tb~ MMfit of u~diton by, ~Y (d tM ~nu1r ~
:s of ;udq~rwnt aq~itut anY Ob~ipor: li) tM bwirg of any ~tt~ehm~nt a y~rni~hm~nt. or tM tilirg ot anl/ IiN+. ~Winst anl/ P~aPf?tY oi any OW iqor:191 tM pkino of ~
~ possasion of an~ wbstsntial Psrt of tM P~~~Y of sey Oblpa at tM imtsna of any yovtrnm~ntd wthwity: (h) tM d~urmi+wtion bY tM Bank that a n?~ari- ~
~ a+ advent chan~ ha~ oceurnd in th~ fin~cid oonditioe ot any Oblipor irom t!w eonditlwu ~tt torth in tha mott r~otnt fin~nti~l tqt~nNnt o~ wd~ OWgo• ~
~ heretoior~ furnitMd to tl~ Bank, w fran tM ca+dltion of wd~ Oblqw ar heretofo« rt~wt r~antly d'adaMd to tM 8ank, a thn ~n1/ v~rantl?, rp.wnation,
~ certitiuq p tbtM~N+t of any Obliow 1wh~U~er oonWmd M thb NoU w not) pKUieinO to or in oonn~etiw~ w~d~ ddt Nob or th~ losn wid~ne~! t~r Mb Not~ !
cootsim a~ untru~ ~tat~nt of en~tKial faet o? aniq to tt~t~ matKiN feet rrtes~sry in ordtr to rtwk~ th~ ~tat~nts mad~ not mplsdiep: or. (i) cM ~
~ ment by any QA~Iw of any rquity in any d tM Colt~~ral without th~ Priw writun tonaeit of tf~e 8ank.
~ TM Bsnk ~I+MI hwr, but ~MII not bt limit~d to, fM fdlowinp ~t~Ats, iaeh of whieh may br ~x~ciwd n any tim~ wMtMr o. not thif No» a dw: (i) co
P~~dp~ a ttM~fM tbM Nob snd tM ColfatMS1 ~nd tlN Banlt Mrl) thMwp`on b~ rNNwd ot alt dutlN ~nd r~pom~ilitiM MnuncNr and rNi~wd hwn snY aod all
~ liabilley with r~wet to ~ny Coll~t~rsl w pbd~d a wrrtKr~d, sn~! ~ny pNdp~~ or t~fKM ~MII fa ~II purpaa tt~nd in eh~ P4a ot th~ 1l~nle MnundK and
~ nsv~ all tM rt~hts of tM tlank h~rwnda: (ti~ K tM whoN a~n1? w?t of th~ Qollat~ral Mco tlN n~ oi iwli or itt non?InM: liii) to roa th~ CollaarM:
Gvl to notify tM Oblipon d M+11 CollatKN t n»nt to tM 8ank M anY atnounts dw o? to brcan~ dw d?~non: Iv) to d~rNnd. w~ fat. cali~ct, o~
~ rrrk~ ~ny oor~r Rr Ntt t t ~ wid~ f~r eo tFN taa1: vil to a d ot, oc~ of CoINnrN. ~
~ '~~lK as~ise~ ere n means ~ur~e Ree~~ssoc~`a~es, `~n~an~/or`~~s a~s`igns.
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~ NOTICE: SEE OTHER SIOE Fdt ~OiiTANT INFORMATION DQ ~ ~
FBS 732 RH. 7/» V
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