HomeMy WebLinkAbout0231 INSTALIMENT PROMISSORY NOTE !
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TURTLE REEF ASSOCIATES, INC. * (A) Amount R~t~iv~d s 3,500.00 ~
BANK NAME (8) Pr~mium fOr C~~dit none ~
Lif•~a~wi~n? i~,. s
Jensen Beach, Florida 33457 ~c~ oon,m.~~.rys~.~ s none ~
OFFICE AOORE55 (D) Oth~r ~rp~s (itsmii~) = nune
~ te~ s none
NOTE NO. DATEO: SePt 1 ; 19 78 . (p) s none ~
(G) Amount Fin~nc~d 3 ~ 5~~. ~0
~uE: Sept. il 19 83 IA, 8, C. D. E, FI 5~2~_
fHl Inttryt S '
PIACE: . fIORIDA 11) C~~dit Invatigation s
IJl Other S ~
Fo. vslw ~~ce~ved, the und~rsiy~ed (Mrtinatt~r wlled "Maker") jo~ntly and severally Iif
mor~ thsn on~) prom~ft to paY to the or of Ba7D~( at its oHic~ tistad above, the Rul (K) S '
of Payrt+~~t1 (trpm iN) at riqAt) of ~4 ~~~2 pollars payable it? ~U s {
equal monthly instillments ot S 74 • 37 , cha 1~~it ~MI FINANCE CHAROE 952 . 2Q ~
(H, 1, J, K, LI S
~ns{sll~,
nt dw on OCt. 11 , 19 78 , a~d wbsequent installments due on (N) Total ot Payments (G * MI = ~ • 1
ihdl ""d~y ot ~~o~th theresfter_to~etM~ w:th s FINAI BALtOON PAYMENT OF: ANNUAL PERCENTAQE RATE lO.OO X ~
S C ' DUE - - - 19
Th~ 88nk fhsll impost a d~linqu~ncy ehsrye sysinst tM Maker on any psyme~t which has becom~ du~ and r~mains In del~utt lor e psr~od in ~xwts ot 10
days in an amou~t pual to 596 of the amount oi the principal psrt oi the psyment in detault. In the event th~t th~ Nob Is not peid in tull ~t rnaturlty, sll pay
mentf, whether principa~, i~terest br otherwise, shstl bear interest at the msximum tegal rate ellowed under !he lavw of the State of Fto??da. All p~ym~nts made
nereunder shel! be uedited first to interest and thQn to principal, howev~r, in the eve~t ot datault, tAs Bank may in Itt sol~ discret~an, apply sny payment to
~nterest, p.inupal and/or lawtul cl~arges then accrwd. It is the intention of the pazties hereto thst th~ provisions ~erein fhsll not p?ovld~ directly or indinctly
(or the payment af s greater rate of interest o? tha retention of any other cAsrge than is sllowed by Isw. I1, to? any resson, int~rqt in txNSf oi wch I~ys) rat~ or
a charge proh~b~ted by law shall at any t~me be paid, any wch excess sh~ti either constitute end b~ treated a a payrnent on th~ prlnelpal or 6a r~iurxi~d de~ectiy
to the Maker. ~ . ~
7he Maker may prepsy the entire unpaid baisnte of the loan at eny time. tI the losn is prepald tn tull, etcelersted or re}Inanted, the Makar shsll r~ce~ve s
~efund ot the unearned poruon of the interest and i~wrance p?emiums computed by the Rule of 78's method, except that th~ 8ank sha~l b~ ent~tled to retain j
a mmirtwm interest charge ot s6.Q0, i
CREOIT LIFE AND CREDIT LIFE d~ DISABIIITY INSURANCE ARE VOLUNTAFiV AND NOT REQUIREO FOq Cft~blT. Suth fniur~nte covKage is i
available at th~ cost d~signated below for the tecm of the credit: isl S for Credlt Lite Inwrsnee 1b1 S +
t
for CrediYlite dt Disabil~ty InSUranCe: !
Check ? Credit liie Insuranca is desired o?i the life ot " ~
App1. girthdate ~ ' i
Box D~ c,~a~t ur~ a~ o~~n~i~t„ i~:~.d~« ~:~.~a o~ j
eutndate I
l=J Credit llfe and/a O~sebility Insurance is not des~red ~ _ t
r 4
Date: ~@Pt. 1 ~ 1918 s~9~at~.e ;
~ ~ oy . Malo t :
;
; S~gnature
~ As security for ihe payment of the Note the Maker heraby ams to the Benk a c ri Int r[ n t fo low~ ,~t,,: In Turtl e Reef COnd. j~
C recorded in O.R. Sook 256, Page 235~,.Unit I~eek ~n C~(~n~. ~`~~°~lo. - as escr n ;
E said rnart~gge. ~ '
~ ~nclud~ng all intr~stes, i.ubstiwtions, replatements, additions and attess~oos thereto and in the proceeds thereof (hueinatter talled "Collater~l"1. This f~curity ~
~ ~nterest shall atso secure any othe. indeb[edneu or liebility of the Maker to the Bank direct or indiiac~, absolute or contingent, due or to becorr+e dus, now ex-
~ ~zung w hereaiter arisinq, lncluding all tuture advances w loans by the Bank to the Maker.
The Bsnk it slso grven a I~en and a stcurity mterest in all property and secunues of the Maker, endorser, surety, gu~rsnta or accommodation p~rty of th~s
Note (hsre~nafter reterred to as the "'Obligors"i; now in or at any t~me hereafter comirg ~~to the control, custody or poss~ss~on of ihe Bank, whether fw the ex- ~
pressed purpose of befng used by the Bank as Collatast, w tor any other purpose, and upon a~1r balance or balanca to the c?ed~t of sny ~ccounn, includinp +
( trust and aptney sccount: ma+ntained withthe Bank by any of the Obliqors, and the Obligon agrae to deliver to the Bsnk additiona! Collaaral or mske such j
~ paymeMS in nduetion of the principal amount of the loan as shall be satistactory to the Bank, in the event the aforementioned Collatent shall decline in vatue ;
or become unsatisfxtory to the Bank. '
~ Addi~ions to, .eductions o? exchanyes of, or wtxtitutions ~or the Colla[eral, payments on account of this loan w incresses of the same, or other twns m~de
~ oa~ualty a wholiy upon the Collaterbl, m~y from fime to tirt?e be made without affecting the provisions of this Note. The B~nk shsll ezeruse r~s~onabl~ ca~e in
~ ~he custody and pr~servatio~ of the Collaterat to the ~xtent required by applicable statute, and shall be d~amed to have ~xsrcised r~ssonable car~ ii it tilca such ~
acuon fw thst purposs as Meker shall reasansbly rpuest in wr~ting, but no omission to do snv xt not request~d by Mak~r fhN1 be de~m~d e t~ilw~ to ~xe?cns ~
~eason~bl~ un, snd ra omission to comply with any ~puest of Msker shstl of itsNf be deemed s failurs to ezsrcise re~sonabM care. B~nk shall not be bound to i
take any stps neCasary to preferve sny rights in the Collateral against prior perties and Maker shall take sll netessuy steps tOr wch purpotes. Th~ B~nk or ~ts !
nominee need not Collect intentt on, or e principel oi, any Collateral or give any ~otice with respeCt to it. •
~ The Bank msy continue to hold any Collateral cNposit~d hereunder aite~ the payment of this Note, if ac the time of the payment a~d d~scharg~ !»reof any of ~
tht partia liabk for the payment h~reof ~hall be tlrn directly or ~ntirtyently liable to the Bank ss Make~, endor~er, wrety, gw~antor or sotommodatio~ pa~ty
~ of any otf~r not~, d~ait, b~ll of ~xehaoys, or oth~r imtrument, or otherwise, and the Bank rtwy thereafter exercise sll rights with reip~ct to ssid Colla[er~!
grsnted herein ewn though this Not~ shsll h~vt bNn wrrendsred to the Msker. - '
I
It the Bank d~tms itself inscr.ure w upon the happ~ninp of anY of the /ollowing evants, each of which shall constitute a d~twlt, atl liabili[ies of ~sch Maker to '
~ ihe Bank, inctudiny the e~tire unpaid p?incipsl of this Note and sterucd iMerest, less a~y unwrned interest and any intKest in ezcett of the maximum sllow~d
by Isw and any rQbates required by law, shall imrtMdiauly or the.esfcer, st the oprion oi the Bsok, ezcept thst the occurrence of (c) a(d) sMll caus~ sutomst• j
~ ~c accelention;witAout notip ordertwnd, b~comtdw ~nd payablr. (al the fsilure of any Obliqor to pKiorm sny oblig~tion, li~bility or ~Isim to the Bank, to pay i
~ntere~t h~reo~ within 10dsys aft~r it is du~, ot ii th~re it no due date. atter it is billed or otherwae requested or demsnded, or to psy snY other liability whst-
soever to tM 8ank when due; (b) the desth of eny individual Obligor, the dissolution ot eny psrtnership Obiigtx w th~ disso{ution, merg~r w oonsol~tion with- ;
out tM Bank's pria writt~n tons~nt oi sny cwpor~te Oblpw; (c) tiw filinp ot s petition in bank~uptcy or th~ adjudieation of insolv~ncy or bsnkruptty under i
~ any reoryaniz~tion, ursnp~rtNnt, rqdjustment ot d~bt, dissolution, liquidation or similar proceedinp under any Fedetal or sbte statut~, by or a~pinst ~ny ?
~ Ob~gor: (d) an appliution tor the ~ppointm~nt ot ~ r~piwr for, or tha m~kinq oi a genersl sstignmsnt fa the b~nefit oi cnditors by, any Oblipor; che ~ntry ~
~ of ~udgrnent spsitut am? Obliqor; (1) tM ittuinp o~ sMl ~tt~Chm~nt o~ psrnishment, or tM filirq oi any lien, painst any p?opt~ty of aoy Oblpor;ly) tM qkinp of ;
~ possasion of a~y wbstantis~ pNt of tM prop~rq ot ~ny Oblipor ~t tFM instante of any 9ovtrnm~ntal authaity; (hl th~ d~t~rmination by tM BaMc Mat ~ nwte~i-
ai adw~se chsnps hss octurnd in tAe fin~nci~l condition oi ~ny Oblipw frpm tM conditionf t!t iwth in tM mo~t repnt financ~sl sUt~m~~t o/ wich Oblgor i
~ he.etotwe furnish~d to th~ 8ank, or from th~ condition of wch Obliyor a~ heretotwe most nctntty di~doMd to the 8~nk, a thst ~ny wvs.r~nty, rpr~natioo, ~
cer~~tiut~ w fat~mMt of ~ny Obligor (wh~tl?K oontsiMd in thb Not~ or not) pertaining to or in eonn~ction with. thls Not~ a th~ Iosn wid~nead br ehi~ Noa
conaira an untrw sUt~rt~nt o/ material tact or.omit~ to ~t~te msuri~l f~ct necewry in ordsr to meke tM statem~~ts m~ not matwdinp; a, (i) tM auipn-
- +nent by aMr IY41w of any puity in am/ ot tM Coll~t~r~) withou[ tM priorwiitten consent of ths Bank. '
~ TM 8ank sA~l haw, but shsll not b~ limit~d to, tM followinp rqhts, ~ach oi which m~y b~ exKCi~d ~t any tirrw whsthp a no~ this Noa i~ dw: (i) to ~
~ P~~dp~ w trsmf~r thy Not~ ~nd tM Collat~ral and tM Bank ~hall th~r~upon b~ reliewd oi all dutip and n~ponsibiliti~t Mrwnd~r ~nd nlitv~d from u~y ~nd ~!I ~
~ Ii~biNty with r~~p~et to any Collattnl to pl~dpd w u~ntt~rnd~ and u~y pl~dp~s or ttsnfftrN thall for sll purpos~s q~nd in t!N plsp oi tM 8ank hKwnd~r ~nd
~ have all tM rfyhts oi th~ 8ank herwnda;lii) to tramcfu th~ whoM a any part of the Collat~ral Mto tAe nartr of ia~lf w itt nominer pii) to vot~ tM Collattrsl: '
I~v) to notify tl~ Obl.pwa ot ~y Collat~ral to mNc~ p~ym~nt to th~ B~nk of any smounts w to b~earn due tMnon; (v) to d~rnand, ~u~ fw, cothct, a '
~ msk~ any co ~s~ ~ttl~m~nt it nx ¢etirabl~ with fK to th~ 1 tersl; s~''
vi1 to s ess~sti br c t ol of any procNda of Colfst~rat. '
~ *~'6~NK~ as used ~ierein means ~ur~e Ree~~ssoc~a~es, `~`n~. an~/or~~s assigns. ;
F' o ,
_ NOTICE: SEE OTHER SIOE FOR IMPORTANT INFORMATION dOON ~V'4 PACE i
F85 75? R~v. 7/77
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