HomeMy WebLinkAbout0247 . ~ INSTALLMENT PROMISSORY NOTE +
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TURTLE REEF ASSOCIATES, INC. # IA) Amounl R~w~d s b'gOJ.00 j
BANK NAME (B? PrNnium fpt Cr~clit I
Jensen Beach, Florida 33457 ~++•~a~a~~~ s none !
~ci ~«„~,,.~,~•.v s~~. s none ~
OFFUCE AODRE55 (p1 OthN Chsr~s (it~mii~) s~ none ~
none
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NOTE NO. DATE~ AUg. Z3 19 78 (F) s none
- A,. (G) Amaint Finsnt~d .
DUE: ~°rt. 1 ~ ~g ~ IA, 8, C, D, E, FI S
(H) int~rqt ~ s •
PIACE: . FLORIpA 11) G~dN Inv~tipation
(Jl OtM? s
Fo~ vslue r~ce~ved, the undarti9ned (ha~in~lnr ealled "Msker") jo~ntly and s~verally ii( (K) _
more than on~) p.omise to pay to the ord~r ot tM 8ank, at its oftic~ I~sted above, the Toul
of Psyment:lirom (N) at right) ot ~1d.784. ~ poilar: payable ~n ~0 s
eywl monthly insbllrtN~ts of S 89 8 . , i~ ~;,s~ ~MI FINANCE CHAqOE 3,9$4.~
OCt. IH, 1„1, K, LI S
~n:tsliment dw on ,•18_, snd wbsaquent installments due on 1Q ]$a QQ ~
(N) Total of Paym~nri (G + ~ i + •
t~?e 1stdsy ot~p~wnth tM.atterLtoaetMr with s F~NE?~
B/?L~OON P/?vMENT OF: ANNUAL PERCENTAOE RATE lO.~~ % ~
s oue - - ~9 i
Th~ Bank fMll impos~ s dNi~u~ncy ch~ry~ systrac the Make. on anv paym~nc which hss becartw dw snd r~msles In d~isult for ~ p~rtod 1n ~xaa oi 1d ~
days in sn smount equal to 5Xi of the amount oi tM p.ineipal psrt ot the payment in d~tault. In th~ w~nt that th~ Not~ Is not paid tn tull ~t maturity, sl) pay ;
men[t, whetha? principal, interast or othervvik, shsll bear interest sf the maximum iegsl rate a~lows~f urd~ tha larw oi tM Stet~ ot flo?Ida. AII p~ym~nri msd~
hereunder shall be creditW first to intsrest and then to principal, however, in the event of defwlt, ths Bank mayr~ in itt sol~ d~seretion, appiy any psyment to
~nterest, printipal s~dlor lawful tha~ges then xtrwd. It is the intention of the psrties hereto Mst the provi~ionf herein shall not provid~ dirktly ot indirettly i
lor the psYment ot a greater rate of interest o? tM retention of any othe. charge tha~ is allowed by law. If, for any rsason, inttr~st in Axctu of wch Ip~l rste or s
a charge prohib~tsd by law shall at any tims b~ paid, any wch excess sh~ll e~ther constituta a~d be treated s~ s payrnent on th~ principal o~ b~ relund~d dirsctty ~
to the Maker. - ~
The Msker msy prepay the e~tire unpa~d balsnce ot the loan at ~ny time. If the loan is prtpaid In full, ~ccete.ated a r~lfnanced, ths 11A~ker sheN ?~ceive s
retur?d of the unearned port~on o~ ihe ~nterest and insurance premiums eomputed by the Rule of 78's method, txcapt that th~ Bank shall be ent~tted to reisin ~
a m~nimum interest tharge ot
CREDIT LIFE AND CREOIT LIFE 8 DISABILITY INSURANCE ARE VOLUNTARY AND NOT RE~UIREb FOR CREOIT. Such i~wrancecowrage is `
available at tha cost designatsd below ior the term of the crcdit: (a) S for Credit Life Inwrsnce (bl S ~
for Credit Li1e 8 O~ssbihty Inwnnte:
i
Check ? Credit L~1e Insurante is desired on the I~fe of
Appl. ~i~thdste
Box L~. Credit Life & Oisab~lity Inwrance is desi~ed on
~ B~r hdaie
U Gedit L~te and/or Oisability lowrance is not desired. , - ~ ~
oate: AtIQs 23 ~ 1978 Si naturc ~ , ~ , ~yL/' ` ;
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W. Wortii C per f ~
signature
As security for the paymenc ot ~he Note the Maker hereby grants to the 4~y u~~trin che follow~ng property: I~
~ recorded in 4_R_ B~nk 283, Paa~(l2,_t)nit Weeks 37 and 38 in CQnd. D-17, Apt. No. D-17 a5 ;
; described in said mortgage.
! mclud~ng aU ~oCrpfes, subsatutions, replxetMnts, sdditions and xtets~ons ther~to and in the proCeeds thereot (htninalter qlled "Collateral"1. Thn tKUnty ~
E ~nterest shatl also secure any othlr indebtedMts o? liability of the Msker to the Bank dirett or indirstt, absalute or eontiryent, due w ~o b~com~ dw, now e:- "
! ~snng w herplta arising, intluding all (uture ~dvanca w loans by the 8ank to tbe Maker. i
~ The Bank is also 9~ven a I~en and a securily ~~ter~st ~n a11 property and secur~ues o1 tha M~Icer, endo.s~r, wrety, 9wra~fto~ or sctommodat~or? pa~hr Of th~s ~
Note (htreinsfter reterred co ss the "Obligori '1, now in or at any time hereatcer caning into the contrd, custody or poss~ss~on of the Bank, wMthe~ fo. Me ex- i
i v~ess~d purpos~ ol being used by ths Bank a~ Collsteral, or for any other purposs, and upon sm balsnce or balanc~s to ihe c~~di[ of sny ~ocounq, including
I crust snd sptncy accounts maintamed vmththe Bank by any of ihe Obliyors, and the Oblgws agne to deliver to the Bsnk additionst Collat~r~l or mNce weh
~ payments in reduction ot the pri~cipal.amount of the toa~ as shall be_satisfactory to the Bank, in the event the atorementioned Collate.sl shalt d~clin~ in vslue
or become umaiisfecto.y to the Bank.
~ Additior~s to, nductions w exchanyes ot, or wbstitutions for the Collateral, payments oo account o1 th~s Ic?an w Increases of the sart», w oth~. Iwns mad~
? par~ia?ly w wholly upon the Collstersl, msy irom time to time be nwde without atfecting the provisions of this Note. TAe Bank sh~l! exeruse nasonsbii car• m
~ [he custody and preservatio~ ot the Collatersl to the extant required b~ applicsble sts~ute, and shall be dNrnad.to hav~ ~xacis~d r~asonaDls un ii it tskes tucA
~ act~o~ for thst purpos~ as Maker sAall ressonsbly nquest in wr~ting, but no omissior? to do any stt not requested by Mak~r shall be d~em~d ~ liilur~ to ~xMCne
~ ~eason~bb esn, and_ no om~stion to comply with arty rputst ot Msker shall of itselt be deemed a iailun to exercis~ ~tuonabk care. B~~k thall not be bow~d ta
~ take sny stps n~tnssry to p?sferv~ sny ri~htf_ in tha Collstersl spaiMt priw parties ~nd Msker shell tske all necessary tt~ for suth purposes. TM Bank or ~cs
~omi~~e n~ed not collact intarest on, w s princip~l of, sny Collaterat or give any notice with respact to it.
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~ The Bank msy continue to hold sny Cotlat~ral depositsd herwrKler atter the psyment of this Note, ii at ihe time of tM psyment s~d disehary~ h~r~ot any of j
~ i??e puti~s lisble for tAe paymsnt htr~of dfall b~ thNf direCtly o? tontingently IiaWe to ths Bsnk ss Maker, endorser, wnty, puarantor or socortunodation pa.~y I
of sny other note, draft, bill of ~xchanQs, or othK irotruma~t, or otherwise, snd the Ba~k may thereafter exercise all rpAts with rnp~ct to ssid Collst~ral
~ grantld hereie weo though thi: Not~ fhsll have bNn wn~ntNred to th~ MskN.
~ If tl+~ 8ank d~ems itsNf ins~cure w upon tbs hppeninp oi aMr of the iollowinp ~vents, each ot which st?stl consntuts s d~tsult, ell liabilitiec of ~scl? Makar to ~
~ the Bsnk, includinp the ~~tir~ unpsid printipd of this Note and sa~u~d inurest, less a~y ur~ned inoer~st and any intK~st in ~xceu of the rn~ximum al{ow~d i
~ by Iaw snd sny reb~tes rpu~?ed by lew, sMll irn~rdia[sly or chareaitsr, at the option oi th~ Bank, ezppt thae th~ occurre:xe of (e) w(d) d~all esua sutomst-
- K acceleration:witf~out notioe ad~mand, bKOnNdw and psyable: the failure of ~ny Oblipor to p~rfwm sny obliy~tion, lisbitlty o. daim to the Bank, to pey i
_ ~n[erat hs?eon within 10dsys afa. it is du~, or if tFt~n is no due du~, after it is billed or otherwise raqua~ted w demsnded, or co psy any othe~ 1iab~lity wtu~- ;
- soevtr to tha Bsnk when dw: (b) the desth of sny individu~l Oblga, the ditsolution ot sny putne~ship Oblipa w tM ditsolution, mer~r ot oonsolid~tion with-
~ out tM B~nk's p~ior vKitt~n tonfent of smr torpwst~ Obliqor; (c1 th~ filiny of ~ petition in benkruptcy or tAe adjudiution of insolwncy a bsnkruptty undsr ~
any rwr~ni~ation, srr~np~mtnt, rNdjustrnent of d~bt, distolution, liquidation o? similar proC~adinp under any F~dersl or stats statut~, by or a~inst any ~
Qbl~qor: (d) sn spplication fpr cF~ appointmrnt of ~ npiv~r fw, o~ th~ makinp of a peneral ssslgnr~nt for th~ b~rnfit of enditor: by, any Obtigor: tM ~ntry
of ~ud9rt~tnt syaintt ~m? Obliqa; (f) th~ ifwinp of any ~tt~chrt~tnt w y~rni~hment, or tl» fil+np of any lien, p~inst any property o1 any Oblpw; (pt tM ukinp oi
' possession of any subsbntial put of the prop~rq ot ~ny Oblpor st th~ instante of ~ny ypv~rnm~nq! wthaity: (h) tM d~t~rmiMtwn by tAt Bank that ~ mat~ri-. i
; al advt?se eha~g! has oeturr~d in the tinsntial condition ot any Oblgor from thi conditio~a tet torth in tM mott nant financist suurn~nt of w+ch Ob1i~o?
^ heretofw~ turnish~d to th~ 8ank, or trom tlft tor+dltion of wch Oblipw a~ Mreto(a?e reost nctntly ditdoMd to the Bank, or tMt ~ny w~rranty, rprp~nqtion, ~
' cer~~f~cst~ or sat~mN+t of sny Oblipor ~wMthK eo~ain~d in tha Noa or not) peruininy to or in ooruxction with [his Nob w th~ Ioan wid~nad br Ma Noa `
~ conains an untrw cut~m~nt oi m~urial i~et w omiq [o ttae~ rtnterlal f~et rncess~ry in order to rtyke [M saterrN~ts mad~ not miWdaq; or, (i) tM ~Niqn- ;
ment by ~ny IN~kN oi any puity in any of tM Colbt~nl witAout ti» pria writun consent ot tM Bsnk. ;
Th~ Baek shsfl h~w, but d~atl not b~ limit~d to, th~ tollowinp riqhq. ~sch of whieh msy b~ ~x~rcised st soy tirtw wMtMr w not chis Naa n dw: to ~
P~~dp~-a tnrdfK this NoU and tM Coll~ur~l and t!N 8a~k tMll tMrt~qon b~ nli~v~d of ~II dutiy ~nd reponubilitia Mrw~cNr ~nd nliawd from ~ny and a11
~ Iisbflity with r«p~ct to any Coll~tn~l a pl~tfpd w trsnft~rr~d,-u~d sny pled~ a trsnsi~re~ thall tor d) purpos~s !hM jQ tFu pl~p of tM Bank I»rwnder ~nd
~ hav~ slt ths riphq of tM Bank hp~und~r;lil) to t?sntfN tM vrhol~ or sny part ot tFN Co11atKl1 into th~ nurM of itstlf ~ iq nomin~; (iii) to vota th~ Collatasl:
~ I~v) to notify tM Oblpors ot ~ny Collamsl ~o msk~ Deyrt~ to tA~ B~nk of sny ~mounn dw or to b~con~e dw th~no~: (v) to d~rnu+d. ~w for. coll~ct, or
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msk~ any comQr i~ Qr snclsma~t ~ nr raW~ wich f~r io tl+~ 1 aral; s vi) to • i or t ol of sny proa~ds of Collat~al. ;
*'B~NK' as use~ ~iere~n means ~ur~e Ree~~ssoc~e~es, `~`n ,~a`n~/or~~s assigns. ;
~ NOTICE~ SEE OTHER SIDE fOR IMPORTANT INFORMATION ~ g~OM ~V~ ~AGE '
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< F85 752 Rw. 7/'77 , ~
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