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~'r~~ , 7~: INSTALLMENT PRO~ti11SSORY NQTE y
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, _i:3 • . ~r~~t+.~ . . . 7. - . _ ' ~Y~o'~'- ~i.
' -'''ti`~~11la: • . . ' - - • • a}..'t.~?~
ZY ,
" s= .:t:r+~rw * . (a) An+ou~~ a.t.;~.d . .,s.. ~ fi ~640.00~',r"
_ ~ TURTLE REEF~=A~SSOCIATES, INC.
bANK NAMH ~e~ P~emium fo~ C~cdit none ~
••:v.i~:J • , . Life/Disability Ins. S -
.•-~us~~~- P.O. BOX 618, JENSEN--6EACN, FL. 33457 . tc? o«„R,.~,~,.rs~u.?P, - s none
OFFICE AOOR8S5 (Q) Othsr Charg~s 1;~em;:.~ . s_ none
. • -rw . . t. _ .
. .i. . " s_ 11Afie • • ~~r. ~~~,i
NOTE NO. DATE~: - ~ ~UQ 2.1 ~ 19_i~. (F) S ~ nnnP . ,
- . y ~v1 Anwunl ~iniiwaaJ - ~ • .•a Sy?
' ~l7eDl • ~o ,19~. 2A. B. C, E, F) - ~ $ 6 ~6~•~'r!~'trit ~i
~U E:
' ~ (H) (ntatft s ~ •
Y~:,:a ~ - ~ ' none - _ j.~:.
YLACE. - _ , FIORIDA (q Credit le~wstigation . . . S
• . tn o~h.. - - s none =:s~ '
For wlw recsiv:d. the undan~gn~d Ih~.einalt~r call~d "Makei loinHy and sevenlly (i( ~ (K) : s ~ nOnB
more than o~e) p~om~ss to pay to th~ o~dK of tM Bank~ ac its otfice lis~ed abo~. th~ Toal =
t9~1 ~u ~~S nnne -
of Paymt~ts (trom (7V) at right) af ~~5~1 Q(~ Oollars payabl~ in _ lcv
equal monthty install en s o! S 87 - 75 t~n) FINANCE CHARGE 3 ggp pQ.t,:-`«`{.
, the f'~rst ~ • -y t
~,19~, snd wbsequent insallmeots dw on lH, 1, J. K. U. S '
~nst Itr~~nt due on (N) Totalof Payn~tslG+Ml. S 1Q.5~.~a
~he ltt ~y o( each mon[h ~hereatter, co9.chNw~M?s F~NA~ BA~~OON PAVtwENT OF: ~ ANNUAL PERCENTAGE RATE lO .11~''
S NONE oue ------_~:s~--------------- ;~9-- . . _ _ •
~ :~:a's~--• • _ - . . . . - ~..~z~~i..• ~ ~a.s
Tha Bank shall iinpose s delinqu~ncy chsrg~•s~iest Mt Mak~r on sny psYrn~nt whid+ Ass b~coms dw snd r~n~sinf ind~fault fors p~riod iw ~sOrotlO .
days in sn amount eqval to 596 of eM smount of e1a principal pare of cM psyenN+c in O+fwtc. In che event ehac th~ Nots is not psed in tull st ~twitY,alpn.; `
menis, wh~ther principal. int~rest or othwwi~?; shsll b~sr inte.ac at ~A~ msximum Icys! nce allowid undei ~M Isws of tM Saao! Ftoridi_All a~nnwesen~d~?: •
he.eundK~~l+al1 b~ uedited tint to incxrit snd•tAiii to principsl, hoMw~r, in th~ w~t of d~lault, cA~ Banl~ nwy, in its ~ di~nt~ow, spply ~wy p~nw~t o~--
~n2eresc, principsl and/or lawful chsrg~s thln soeruwl: It is ch~ inte~tion of th~ psrti~s l+K~co ~hac ths pransions herein sAall not pra~rid~ di~tly Ot (M~~
far th~ p~ymK+t o~ s grest~r nts ot int~?!sf o~ df~ elantion oi any other cha.g~ thsn isslbw~d bY taw. If, for sny ressOn, intf~rlstbexeNS Ot suCh ~st~ or~'_~:.-
a charga prohibiad by law shsll at sny tirt~b~paid.atry/~ sucl? e~cc~ss shs11 eith~r tonstitutt and a trtsted as s psy~t»n[ on tMprineipil or b~ tlh~nd~d dinetln""'W*
t0 th~ Mi~[K. • - --r; ~:T r . . _ . . : '::~.r^ .~'r ~Y~Ca7i•:E.~ • y
' ' ~ - - - _ -s::. ~ f r :__t's.'li~
Th• MskM may prepaY th~ entirc unpaid b~l~nct oE the toan at any tin+e. If ~he loan is pnpa~d in-ful{, acosterated or rernsnad,.tM Makr shall nuiw a..
r~fund oi tM unearnsd portion of th~ intrest ind inwrance p?em~ums computed by tht Rul~ of 78's method, except t1~sc tht Bank ~hall b~ entid~d to r~~siis-,;•
a minirTltlfB iMerlft C11a~gf Of ~1.~~~ --+`MM~'~~_ _ _ " - ~ • : ^r_,=-- sYL~$~d::tic . ~ . ~
---~~<~iS~""" ' ' ..-..~..wJQt~-.._"• . .~-~a••_^' ~ ~ i~:.~0~
CREOIT L1FE AN~ CREOIT ~IFE & OISABIGITY INSURANCE ARE VOIUNTAi~Y_ ANO NOT fiEQU1RE0 FOR CREDI Suchinw~seae~sgiis-- .
=:~~'s~.: . - , . . • - r - •:za~...~:-r.~`.~:~~ •
a~a~~atte st t1+~ cost dui9nated below fw th~ tirrtt ot tM credi~: (a) S ~or Credit lile Imunnc~l~?S~=
!or Credit LifsB Disability Inwnnte_ ;~~t~:="z • : - , _ ' . : . -s - : _ :.T-~' _
Creck ? Credit lif~ tnwqnce is desirod o~tdte lih ot ' ' - ` - - . ~ 't_ ~ - - -
Ma~' ,_.niaks~ . . . . BirCAdalf ~ ' . . ..c.v-!~...:s---- ~«.~.?F
. . _ r - _ . - ...r,;~.yi:•.~k~;,~~ _
8~z ? Credit tife & Oisability I~suranct isd~ai~ed on '
- - - - - - - _ • . _ . Birthda(e - _ . - - . . . _ . _ ~
~ . .t1ii~
LrCredi[ L7f~ a~d/or Oisability Inwrance is not drsired_ - - ' ' S . _ - - • `W'~~~~'"-"
~.ci~' -~i~~: r.
~ . _ - - - - ~ - - _ =Js3.s. r~'
~ ~ ~ _ ~ • ' ' - _ _ ' a. . _ ~T?"-w~~:j~ _d~
Oate: ~ Signature
• - • ` - ~ r ce ~ Sa i ford - . : ~-~1=~ i,~~:z
'i _ - .-r_ .~.s~-
, . _ _ . - - _ :,rr^• ~ i~
'i . . - - _ Signature _ - .
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i As secutity fpr the paymen~ of th! Note the MakK h!r~by rants to Ihe Bank a Security in [ in th' tOltowing pr '
! I , recorded in O.R. Book _26~-Page 1002..Unit- Weeks=l and 18 iR-Con . - - - - `
~ d scri bed i n i d mor aP---~.:~_{-, - _ _ . _ _ ~ - : . :
~ ~____~~grlo v` y~
~n_tudirg alt increases, substitutioos, replaesments, additions and accessio~s thaeto and in the proceeds thereoi (Ae~einaftercallsd "Colbteral").Thissewrityi_~~
~ ~ n trrest shall also secure any other indebtedness w liability of ihs Maker to the Ban< direct or ind~~ect, abso~ute or continyent; due or to b~com~ du~, now ~x-
~sr~ng or hNesf~er a~ising, including aD futur~ adva~ces w toans by the Bank to the Maker.-:._ - `~--'a=" ~
_c:s.aii3'q-•i . ' - . 3 i :_.+"-~ai:~a's'=~~"~Sf:,igi~;l~~•s1~~~~
u }li
~ The Bank is atw g~ven a lien and a security inte~lst in all property x?d setu~ities oi the Maker, e~do.ser, surety, guarantoror3ceommodstipn psrty of this~-'•`
i:ote Ih~reinafte~ refe~red to as the "Obligors'1, now in or at any t~me he~eatter com~ng ~~to ttir eontrol, custody orpossess~arotche Bsn1c; wheth~r fortht~x~~
~ preued purpose of b_ing used by the Bank as Collate~al, w tcr any othrr purposs, and upon any balancr or balantes io thecredit of ury accountr iocluding.,..s:
~ crusc and ag~~+cy aceounts maintained withthe 8ank by any of the Obligors, and tht Oblgon ag.ee to deliver ta theBank additiona{ CollatNal ormskswtfr~
p3ymsnn in reduccia+ o~ the principal amourif ot the (oan as shs~~ be satisfxtory co Me Bank, in the event the afprement~oned C.oiisiKSi s6si1 d~cline iavsiu
. - - ..,c.. . - _ ~..s ~N„i - -
~ er becorrw unsatisfaetory to the Bank. ' . _ _ . _ - _ _ _ _.~..~~..7.~~,~~~-_
_ . . . . - _ - ' . . : 4v!
~.:2~['~!~!!~'S•~Z'~~ '
~ Additions to, r~uctions or exchanqes of or substitutions (or the Coltateral, paym•nts on account of this toan or increasss of the same, or otha~ (oaritmaQe^+~
~ p:~ ti311y Ot whOlly ~;pOt~ (h9 Coltate?al, may from time to tim~ be made w~thout affzct~ng the prov~sions of this Note. The Bank shatf exxtise reasonabl~ eare ir?~:
~
~ ,-:a custody and pres~.vation of the Collateral to the extent requ~red by applicablr statuts, and shall be decmed to have exercised reasonab7e w~e if it qkes wch-.rz ~
c~cn for that pur~ose as I"3+ce~ shall reasonably request in ~vri:~rtg, but no om~ss~on to do any act not reGutsted by 6laker shall be deemed a failure to exaeise
,~~>onable car~, and no omission co compty with any req~est ot D.laker shall of itse~f be deem~d a ta~tur~ to exercize reasonablr care. 8ank shatl not bs bound to .+i
~ ~ny s:rps n>crs;ary to preser i~ ~ny ri3h:s in [he Coliate~al aga~nst prio~ parti~s and titakrr shatl take all ntcessary steps tor wch purposts. Th~ Bank or its~: r
r_ m~n~~ ne~d not colie.c: m:~r~se on, o~ a Princ~pal of, any Cotta;~rat or give any nouce with respect co it_ ~•3~.
~ . . ~•:--1 ~t:~~~r~~
~ T`:~ Ban< mi~r conunu~ to hoid any Collateral depos~:ed hereun~~r 3f[er the payment o~ t~is Nota, if at tfie time of the paynent and d~scl+a~ge hereot any of
~ pa.!~ss I~~bf~ for ;r~ payrria~t h~reof shall be then d~r>ct!y o~ co4a ,ently liab!a co tha Bank asl.la:<er,endo~ser,surety,quarantor oraccommodatiortpa~ty.:•_
~~y o[h~r nor~. d~~tr, G~II of exchang~, or other inurument, o~ otherw~se, and tha Bank may thereaft~~ exerGSe afl righ;s with re~p~ct to said Coltatera~
~ _~~~;~~J har~in rwn tho~gh th~s No[a siall havs been surrrrtdrrrd :o tha 141aker.
_ _ .r...-...~-~.-:
r
~ 1` in~ Ban < d-en. s it:+if ~n;~cuja or upon tha 6appening of any c~f the foltowing ev?nts, each of ~rhich :hall consticutt a d~fau~t, all IiabiliLies of each ti7aker to :
~ r 3~n<, incl~:J~n9 the ent;:r unp.~~d p.~ncipal of this Note and accrued int%~est, Irss any unearned inte~est .:.~d any inte~ast in excv_ss of the maximum allowzd
~ ; y 1,w and any r~;,,,es raciu~~ed by law, shall imm~dia~e~y or t'+~rP~fte~, at the option of the 3ank, excrOt that the oc:urrence of (c) pr (d1 sha~l ca~se automat-
.cc~~erarion:.v~~no~t ~oe~ce or damand, b~comrdue and aaya5~,= (a) :h~ failure o~ arfy Obligor to pe~fo~m any obliyatio~, liabil~ty or elaim to iha Bmk, to pay y
; c~~est her~on t•nthin iOdays after it is due, or if th?~a is no dw date, atter it is b~Utd or othervvise requ!St?d or demand~d, or to pay any other Iiability what-
~ - ~.or to ~ht B~rt4 wh~n du~: Ib) th? d?ath ot any indiv~duai Oht~gor, ths dissoluti~n of an'y partnership ObfEgor or th~ di;sofution, mrrgeror~pnsolidationwiih-
~ r~' th~ Bart<~S r~~Or wn•Len cons?nt of any corporate Ob~~;o~: !d the filing of a 0'-tition in bankrup:cy o~ tne adjud~cation of insolvency or baokrvp;cy undtr ~
~ •v ~eo~g~nittt~on, anan3ement, r~adjustment of.d?bt, d~:zoSution, liquidation w similar proce!ding und?r any Federal or sta!~ statu:e, by o~ aga~nst any -
j t, r~'~ ;o~; (d) .7n ~p~16~~hon foi [li~ aapointmant of a receiver (or, or the making of a gzneral assignm~nt (or the benefit of creditors by, any Obligo~; (s) the e~.ry .
~ o` {..1;m.nt .,~a~nst any Obb4or; tha issuing of any atiachrr.r.nt or garnishment, or the f~ling of any lien, against any prop%rty of any Obtigor, Ig) th~ Wking of
= ,_.:-5:~~n of , ny ;u5.t~nt~a1 p~~t o~ [he prop~rty ot any Ob~igor at ihr instance of any gov~rnm~~tal authority; (h) the detrrmi~at~on by th= Ban't ttiat a materi-
~ ~:~•i~~se th~n~r_ h~. accwrxS in ths hnancial condition ot any Obligw from the condit~ons set (o~ch in tha most recent fi~ancia~ sratement of sach Ob~igor
' -~roMr~ furn~shed ~o thz S~nk, or from the condition of such Obhqor as heretolo~e most recenily diu~osed to the Bank, or that any warranry, repreuntation,. '
~ c, `,cne o~ s. ~rem-nt of any Ob~~9or (whethK contained in this No[e or not) pKtOining co or in conntction w~tA this Note o~ the losn evidenced by this Nots :
- •~~ns an untrue st~cem>n[ oF inateriat tact or omi~s co st3te material fact nrcrssary in o.der to ma:ca tha statemrnts made noc misl~ing; pr, (i) [ha ass~9~+-•
~ ,--nt by any ;~:airi of any equitY in any of th~ Collate~al w~[hout the prior written co~sent o/ th~ 8ank-
. - - - . - - - • . . . =:3+`-~•~~"';.i~
~ Tha San< sh,n ha~a, but shal~ not bs timited to, th~ follow~ng ~igbts, exA of wh~ch may bt exe~c:ud ac any tirre~ wh!ther or ~ot thi; Nots ~s dur. Gl to
~ -Cq~ o~ tranti(.r this f~tore a~d the Collsa~al and.ths Bant shall th~reupon be reliwed of all duci~s and responsibilitits he~eunder and relieved (rom any aRd a~~
n ' 3o~i~ry w~th n,~asct to ~ny Co~~are.at so p~edg~d or transterr~sd, and any pledge~ w aans(rree shatl for a~1 purpous stand in the place of ths 9ank hern,nder and
3 ~+•.y atl th~ n~h[s of th~ B~n< hrrounder, (ii) to transtsr the wnnle or ~ny part o~ th~ Collstual into the name ot itself or its nom~nee; (i;;) ~o vot~ th~ Collscenl;
t ~
~1 to notify :~3 Ob~~,c~s o~ any Cotla!eral to make payment to th± Bank o~ any amounts du~ or [o becarne due ths~ton; (v) to demand, su~ tor, colltct, or.•.~~
•-a'~~ an com~rom~sa or s. •lomant it deems des~r t r Pn ~ -a 1 m os:a•~ o r ! any proceeds of Cotlateraf:~~
*~~~ANK as use~' herein means~~u'~'~~~ '}~ef..°_{~s~8~~~~~~';. "lrf+~,. ..a~i~/°or i'~°f S~~h3.
~ . • ~ . r~t_ ~ ~ ~ l `~~~Y~ ~ 1,,~-N^ ,~~_V
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, -.3 ~I~_Ij~Er~ S~_OTHErZ.SIpE fOf~.IMPORTAf~T•Ii4FOR~AATION`._~ :~w
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