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~ iNSTAILMENT PROMISSORY NOTE ~
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TURTLE . REEF ASSOCIAT~S, INC. * (A) Amount R~c~iwd = g.000,00 l
BANK NAME Iel Prtm~um for Cr~dlt none i
Jensen 8each, Florida 33457 ~+~•~a~wn~v i~s. s (
~c~ ~«~~,.~e.ry st.~+o~ s none ~
OFFICE AOONE55 (D) Otha Chary~s (ittmiz~l s none
AUg. 26 . 78 ~E~ : none i
NOTE NO. DATEp: . 19_• (F) 3 none ~
ouE~ ~ Sept. 1 . ~ct ~A B C,FD. ~.a : 9,OQO.QO +
(H) I~te.at ! ~ ~ ~
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PLACE: ~ ~ , FIORIpA Credit Inwttig~tion : ~
IJ) Other : ~ ~
For wlue r~c~rvW, th~ unders~ned (har~i~atter ealled "Maker"1 jointly and severaliy (it (K) s ~
mwe than ont) promise to paY to the or of ~k at its off~ listad abave, th 3 tsl ~
of PaY~nts (from (N) st ~ight) of ~4 ~ Oolla?s paYab~e in (l) _
eyusl monthly insallments of S 11~. 95 - . the IHSt ~MI FINANCE CHAROE rj ~2~4. Q(~
IN, I, J, K, LI S .s~r-~--
~nstsllrtrnt due on ~Ct. 1 , 19 and wbseputnt installmentt due on T~G~ w. Vt!
(N) Totsl of P~ynn~nti ((3 + M) s •
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. ~he ls~y of iaeh ~omh thereaftar:to~ether w:th s F~NA~ e~?~~OON PAVMENT OF: ANNUAL PEiiCENTAOE RAtE 1• ~i
S 110?1C OUE - - -
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Th~ Bsnk ~hall impose s dNinqutncY chsrqe spainst tha Ma1cK o~ anv psyment which has becomi dw snd nmslnt In d~isult fw a pafod in ~xcea of 10 ~
days in sn amount equal to 57fi of the amount of ths principal parc ot tha payment in default. In the tvent th~t ths Nob h not paid in full ~t rn~turity, stl pay ~
menis, wheth~r pr~ncips~, tn~eres~ or o[hervvise, shall bear interest st the msx~mum legsl rate a11owM`~undK the laws of the Stat~ oi Ftwide. All p~yn+~nti msd~
hereunde? shall bs credited first to intersst arid then to pri~cipal, however, in the e+ront ot dsfault, the 8ank msy) io its sd~ di~etion, apply any paymenc ro
~n[erest, principal andlw lawiul charges the~ aecrued. It is the intention of the partia her~to that ih~ provisions herein shall not provld~ directly or indiraetly ;
~or ths p~yment of a greater r~te of inte?est or the retention ot any other charge than h albwed by law. (f, for any resso~, int~r~st in ~,~caf ot wch lysl rsie or !
a charge prohibited by ~aw shsll at any time be paid, a~y wch excess shstt either co~~tituta snd be trtated at a p~Y~M1ent on th~ printlpa~ ot b~ r~fundW di?ettty 4
~o ~he Make.. _ . ~
jThe Maker msy prepsy tl+~ entire unpaid balance oi ~ha'loan at any time. If the loan b prepsid In full, acceleratsd o? rl~inAntld, th~ Maker shalf raceiw e ~
relund of the unwrned portion Of the interest a~d insura~ca prem~ums tomputed by the Rule of 78's m~thod, e:cept that the Bank shall bt entitlad~ reqin
a mmimum interest charge of ~.(1~. ~
CREDIT LIFE AND CRE~IT UFE ~ DISA8IUTY INSURANCE ARE VOLUNTARY ANO MOT F2E~UIRED FOR CREOIt. Such inwrance cov~rspn i:
avaitaWe at tM cost desgnated below ior the term ol the aedit: (e) S fo. Credit life Inwrance (bl S ~
tor Credit Li1e ~ Disabil~ty Inwrsnte:
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CheCk ? Gedit Life Inwrante ~s desired on the I~te Ot R
Appl. ~lrthdit! •
Box ? C.ed~t l~~e & Disabi!~ty Insurance is desired on ~
. ~
. 8uthdate ~
u Credit l~fe and/o. Oisabfht Insurance is not des~red. ~
. Aug. 26, 197~ }
Date: ~nature ~ = ` ~
~ ' / ne . o ns
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$igSYatur! ~ i
li As security for the payment o~ The No[e ihe .~Aaker herebY 9?anti to the Banlf a secur~ty Inte~at in the following proper ~ I n TUl"t e Ree . on ~ I~
I rgc_nrdr~ri in 0_R_ Bnnk 263 Pafle 2002..Ur~i't Weekrs' 36 and 37 in Cond. D-3D, ~pt. No. D- as :
i s
~ de~Gribed in said mortqaqe. '
~ncluding all ~nCnases, substitutions, rlplaCements, additions and actEisions thereto and in the proceeds thereof (hereina(ter called °Collaural"1. Thes s~turity ~
f ~nterest shalt also secure any other indebtednsss or liabillty of the Maker to the Bank d~rect o~ ind~rect, abso~ute or contirysrit, due a eo Wcome du~, now e:• j
~ ~siinq or hereafter arising, inctuding all future advanps or loans by the Bank to the Maker. . !
The Bank it also g~ven a I~en and a security interest in alI propercy aod secur~t'es of thc Maker, endoner, wrety, guusntor or accommodation party of th~s °
Note (Mr~insftsr rsterred to as the "Oblgon'1, now in w at sny time hereafter com+rg ~nto the contrd, cu:tody o~ poss~s~ion ot ~he Bank, wAethsr fw the ex- ~
prassed purpose ot bsing used by the 8ank as Collatersl, or for any othe. purpose, and upon any balance or balu~s to tM u~dit of any aocount3, ineludi~g ~
c~ust and s9ency sctounts ma~ntaintd withthe Ba~k by any of the Obligors, and the'Obligors agrae to detiver to the Bsnk additional Collst~ral w rrwke wch i
payments in reduction of the p~~ntipal amou~t oi the loan as shall be satisfactory to the Bs~k, in [he event the aforementioned Collstersl shall d~tli~ in value f
or becprrit unsatisfaCtory to the Bank. • ~
Additions to, nductions w exchanpes ot, or wbstitutio~s tor the Collateral, payments on account of this twn w incre~ses of the sarrk, or otAsr loans msd~ ~
par~iatly u whotty upon the Collsteral, m~y trom time to time be rt~ade without affecting the provisioni of this Note. The Bank shsll e:erus~ ressonsbl~ cxe in ~
ehe custody snd preservstion ot the Collatenl to the ~zt~nt required by.applicable statute, and shall bs deem~d to haw exereifsd rtaaon~ble can ii it t~k~s sucA
acuon for that pu~pose as Msker shsll reaso~aWy rpuett in vKiting, but no omission to do ~ny sCt not raquest~d by Mak~r shN1 be dNm~d ~ failur~ to ~xNt~ i
reasonsbl~ csn, ind rw omiuion to comply vvith amr rsqu~t oi Maker shall of itself be deemed a fsilure to ezsrci~e reafonabM care. Bank s1+alt not be bound to !
~ake a~y steps necesssry to pns~rve sny rqhts i~ the Collatersl apainst prio. psrties and Maka shall take alt neeess~ry stept tor wch purpo~es. Th~ Bank or its
nominee n~ed not coll~et interest on, or a principsl of, sny Collataal o. give any notice with ra~psct to it. i
~ TM Bsnk m~y continue to hold any CollsttrN tMposited f?ereunder after the psyment of this Note, if at the time of the payment and d~sehery~ hereof sny of :
rt?~ psrti~s liabte for ~Ae psyment hereof ~hNl bs thsn dirKtFy o~ continyentty liabtt to cM Bsnk as Maker, endorser, wrety, yw.anta a sawnrnodatio~ pa•ty ;
of any othe? ~ote, drsft, bdl of axcl+sny~, or othM i~strumsnt, o~ otn~rwise, and tAs Bsnk msy tlw.esfter ex~.cise a11 riyhts with rapect ~o said Collstenl °
grancsd he«in wrn thouph this Not~ sAall luw b~n wn~nd~nd co the IM~k~.. ~
II th~ Bs~k d~ems ii~li ins~cur~ or upo~ the happfnirq oi any of the following wents, tach ot wf+ich sl+all constitute s drfauit, slf lisbiliti~t of qch Mske~ to i
tne Bank, i~cludirq the entin u~paid princip~! ot this Note snd actrued int~rest, leu sny ur~arr~ed.interat and any inMnst in excea of the maximum allow~d
~ by Isw ar?d my rebsta rpuir~d by law, thsll imrtNdiately or th~resfter, st the optan of th~ Ba~c, exppt thst the occurrenoe o1 (c) or (dl shall cswt automst-
K accelaauon; without notict or dem~nd, b~corn~ dw snd psy~ble: la) the failur~ of any Oblipor to pNform any oblig~tio~, lbbility w dairr~ to the Bank, td pW ~
~ rnterpT Mteon wi[Ain 10dsy= aftN it is dw, o~ if tA~r~ i~ no dus date, attN ic is billed a othervvist rpuated or demsndld, or to psy any othl~ Iiability whst- ;
` soever to tM Bsok when due; (b) the d~sth of any individu~l Obliyor, the dissolution ot any ps~tnership Obligor or th~ dissofution, mHq~r w oonsoiid~tion with- ~
t out tM Bank's wiw writt~n con~ent ot ~r?y catwrat~ Obtipa; (e) t1a fiiiny oi s p~tition in b~nkruptey a tht sdjudic~tion of insolwncy a bMkruptcy ur~r
any reory~nization, srnnp~rrrnt, rqdjustment of d~bt, dinMution, liquidation a umilu proceediny urder sm/ F~dersl Or sUts stsiutl, by a~inst sny
~ Obl~gor; td) a~ applicstion fa the appointmmt of ~ nqiv~r fa, a th~ rrrkinp ot a~s~ral astignrt+mt for th~ b~n~fit of cnditori b~r, any Oblya; tM ~ntry
~ o+ iudgrrKnt ayairqt sny Oblipoi; (f) t1N iswi~p of ury attachrnent oi yunithrt~ent, w the filinp of sny tim, p~inst any prope~ty of a~y Obtipor; ly) cM ukiry oi
~ posssuion of ~iy wbstintisl psrt of tlt~ property of ~ny Oblpw ~t the instsnt~ of sny 9ovr~~m~ntal ~uthwity; fh) tM d~armirution by the B~nh chac ~ m~t~r~-
ai adwr~t charq~ hss octurwd in th~ finantial tondition oi siry Obligor irom the conditiwa at forth in tiN most npnt finsntial sUt~rt+~nt of tud? Oblga
~ he.e~oion futnah~d to th~ Bank, w from the cond(tion of akh Oblgw a~ hentotae most rawntly diidoMd to the Bank, a that ~ny warranty, r~t~[ian,
~ cer~~ficst~ a tqt~rnMt of ~ny Obliyor (wMth~r eontain~d in thb Not~ or not) pertainirg to or in connection with thit Not~ or th~ loan ~vid~nc~d by Mn Noa ;
conqint en untrw statem~nt of m~tKial fact a omits to stst~ rrrtKial i~ct n~ces~sry in order to mske eM stat~nts nuel~ not misfwdirq; or, (i) th~ ~~iOn-
me~t by sny IiMka oi any puity in any o~ tM Co~1~t~ra1 wichout tM prio. w.itte~ coi+~nt oi th~ Bsnk. ~
Ths Bank ~hsll hav~, but shatl not b~ limit~d to, d» followinp rgha, ~ael~ oi wt~ich may b~ ~tt~rcised st any tirr~ wMtht? w rwt this No» is dw: (i1 to ;
~ p1~dp~ or t~siufN thi~ Not~ and tM C~o11atK~1 ~nd tM 8ank fh~ll tlNr~upw~ b~ nli~v~tl of dl dutiq ~nd ~pponfibiNtlN M~~und~r ~nd rNitwd from sny and al{ ~
~ I~ability with n~pat to any Collabral w pl«Ipd or aansiKnd, ~nd sny pl~dp~~ o~ tan~fer~s shdl fo? all purposa tt~nd in tF~ pl~a of tM Wnk h+rwnda and ~
hav~ all tM rlphri o~ tht Bank herwncb~; Ifi) to trsmfn dw whol~ w~ny part of th~ Coll~t~ral into dM nanw of itpli w its nominN; liii) to vob th~ Co1lat~rN: " f
I~v) to noiity U+. Oblpa: ot u,y Colbunl to m.~c~ paym.nt co d+e Bank of any •mouna dw w to b~can. dw cMr.on: (v) to d~nd. •w for. ceiNct. a !
3 m~k~ ~n ite »ttl~msnt it ms nbl~ with f~r to th~ 1 ctr~l• s vi) to ~ or t ol oi ~ny prop~dt of Co11atN~1. ~
~ ~ ~ ~e Ree~ ~ssoc;a es , `~`~~.°'~"in~/or`°~ ~s ass i gns . !
y ~NK as used ~iere n means ~ur
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NOTICE: SEE OTNER SIDE FOR IMPORTANT INFORMATION ~ p ~4 paGE ~
Fes ~sz a.~. ~in EdG1(
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