HomeMy WebLinkAbout0947 ~ ~ INSTALLMENT PROMISSORY NOTE ~
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TURTLE REEF ASSOCIATES, INC. * ~a ,~,~,o,,,,~ a.~,~,,.a = 3051.00
BANK NAME ~B) PfMlw111 f0? Cr~dit none
Jensen Beach, Florida .33457 uaia~.w~~a i~. s
~c~ o«~,~a.,? s~.~w~ s none
OFFtCE ADORESS (O) Ot11M CM~yM (itNni~~) = none
~ ~ ~E~ = none ~
NOTE NO. DATEO: S@ht. 10., ,s~ tF~ s none ,
~c,1 Amount F'~ncd 3051.OD ~
~ Sept. ~1,1e`83 u, e, c. o, e. F? s
OUE:
!H) Intere~t t •
PLACE: , FIORIDA (1) CrNfit Invptigation :
lJl Oth~r S
For vslw ncwwd, tM und~rspntd (hN~iMttN u1Nd "MskK") jointly and sM~slly (if (K) s
mat tMn oM) promis~ to pay to th~ Ord~r of tM Bank, at its oftic~ IittW sbove, tM Toql ~
of ~.v~,~ ~N~ <~?e~ o~ ~3889L80 ooi~ wy,n~. _._fiQ ~u s
e4ua~ monthly insa~~m~(~ n ot t IMl FINANCE CHARGE g~ 80
UCt. . th~ tint (H. I. J. K. l) t •
~ns[s11n~t dw on . 19 a?d wbspwnt iosalimenn dus on (N) Toal of Paym~nts tC~ + Ml :
~n~_~d~y ot ~~ontn ihKNttK to~tM_ w_th s F~NA~
s~?~l.ooN PAVMENT oF: ANNUAL PERCENTAGE RATE 10.00 X,
s DUE - 19 -
Th~ 8snk sAall impose a dNinqutncy chxy~ p~inst th~ Ma1cK on anV paYmsnt which hss becom~ du~ ~d nrtwins in d~i~ult for a pKiod in txpa af 10 ~
dsys in ~n amount pusl to 5% of tM amount oi ~he principsl part oi tM payrne~t ie d~fau~t. In eh~ went tMt the Noa is not paid ie fult at nyturity, all psy-
ments, whtMer principsl, int~r~st w otherwis~, shall bar innr~st at tlu msximum Isyd rate ~Ilonred u~d~r tM laws of tM Stste oi Florid~. All psymK?ts mad~
nereundK shsll b~ credited tint to int~rest and tMo to principsl, however, in tM svent o( dtfault, the Baolc rosy, in its fol~ disaetion, spply sny p~ymant to
~nt~rest, p.i~cipal snd/a Iawtul charg~s tAM scuwd. It is tM intsntion of the psrties hereto that the provisian harei~ ihsll not provid~ di~~etly w indi~ectly -
~or the psYmeot ot a greater nte oi intenst or tM rott~tion of sny other cAuge tha~ is sllowad by Isw. 1~, tor any reason; interest in exass of wch Ipsl nte or
a tharge prohibit~d by law shsll at any tim~ b~ psid, sny wth ~xqss sh~11 eithe~ consticute and be trested a a psyment on tM principal or be refundM direttly
ro the Msker. .
The Maker msy prepey th~ entin unpaid balanw of tlu los~ at any tims. I( the loan is pr~paid in full, ~ccelarsted or ntinanced, the MakN shall rsuive ~
refund o1 the unNr~cd portion of the interest and inwrsnce prem~ums eomputed by the Rule of 78's method, exppt that eM Bank shall b~ ant~tled to retsin
a m~n~rtwm interat tharye of f6.00.
CREOIT LIFE AND CREOIT LIfE 8 DISABILITY INSURANCE AAE VOLUNTARY AND NOT REQUIRED FOR CREOIT. Such inwraoce tovKage is
availsble st th~ tost desi~?ated below iw th~ tsrm of the aedit: (a) S for C~edit Life t~wrsnce tb) S
tor Crtdit Life 8 Disibility IrKUranCe:
Chxk ? G~dit Life lotunnte is desired on tM lite oi
qpp~, 8irthdate
Box Q Gedit life d~ Oitsbility Insurence is desi~ed o~
8irthdate
U Cradit li/e andfor Oisability Inwrante is not desired. _
Date: S@pt. 1~~ 1978 S~9~ature " ,J,' :i~"
~ Signature •
As security for the ps me~t of the Not~ the Msker heraby grents to the 8ank s security interest in the followi property: ~ Urt e Ree
Cond. Recorded on 0. R. Book 263, Paqe 2002... Uni~ Wee~c 21 in Cond. D-20,
Apt. No. D-20 as described in said mortgaa~ -
; ~ncluding all ieere~s. substi~utioru, reRlscemeots,.sdditions ai+d accessions thereto and in che proceeds the.eof (her~inai~er called "Collsaral"1- Thit s~curity
i ~nterest shall slw secur~ aml other indebt~dnsss o~ liability of the Maker to tAe Bank direct or indirect, absolute or contirgent, due a ~o b~com~ dw, now ex-
` ~sting or MrtsttK srising, includirq NI tuture sdvsous orloans by the Bank to the Maker. ~
I TM Bank is also piv~n ~ lien a~d a s~writy inter~tt in all property snd securities ot the Msker, endorter, wnty, qwrantw or xcomr~odation p~rty of thn .
~ Not~ (hlrtiniftM tN~rnd to ss the "Obligaf~~l, now in o~ at any time hereaiter cominp into Me control, tuttody or po~s~tsion of tht Bsnk, wAethM for tht ~z-
pr~ssad purpo~ of btiny usad by tbe Bsnk as Co1lstKal, or fw anY othe~ purpose, snd upon srry balsnce or balanps to tM uedit of sny aoeounts. i~cludiny
! trust snd ap~ney iocouna msinaimd wi~hche Bank by smr of ~he Obli9o~s, and the Obligors agne to deliver to the Bank additional Collat~?N or mN~e wth
t payrne~ri in r~duction ot tht p~intipsl amount o) th~ losn as shsll be s~tisfactory to the 68nk, in the event the ~(orsrtkntion~d Co~lstenl shsll d~clint in value
~ or becan~ unsatisiactory to tM B~nk. .
Additions to, r~dvctions w exchsnp~s of, or wbstitutions for the Cotlateral, psyments o~ sccount ot ihis tosn w incrss~es of the arn~, or otha loans m~
~ partislly w wholfy upon the Collater~l, may from time to time be rtMde without affecting Me provisioru of this Note. Th~ Bank shall exerc~s~ rpwnaDl~ tart in
the cvitody and pra~rvstion of tfM Collater~ to [h~ ~xt~nt required by applicaWe:tatute, and sh~ll be dMnnd to hav~ ~x~rti~sd rasor+able ur~ if it bka sut~
xtian fw th~t purpoM ~s MskM sAall rWSOn~Wy rpuNt in writinQ, but no omission to do any act not nquaad by IN~kK ~NI b~ dMm~d ~ failun to ~xKCn~
reasonaW~ pn, snd no omistion to comply with any nqwst of llyka shsll o/ iisslf be deemed a failuce to ezsrcise re~tonabl~ csrs. B~nk sh~11 not Oe bound co
takt sny stsps ~rY to p?a~rv~ any ~iphts in ttN Collstsrd spainst prior psrties snd M~Ice~ shsll tske all n~asssry st~ps tor wch purposes. Th~ Bank or its
nomitw! naM nOt Colbct intK~st on. o~ s{xineipN of, anY Co1latKal or piw ~ny riotite wiM retp~ct to it.
TM 8snk m~y oontinue to hold any Coll~tenl ~po~itsd M~eunder aita th~ payms~t of this Note, if at th~ time ot the psyrrrnt arKl discharye Mreof s~y of
iM paci~t tiabi~ io~ th~ p~ym~nt herwf ~hatl b~ tMn dinetly w oontirg~ntly lisble to th~ B~nk s~ M~ker, endor~er, wr~ty, pw.snta w aaommoaation w~tv
~ of any otM. not~, dntt, biH ot ~xchsnpe, w otMr i~utrurtwnt, or ottNrwise, ~nd tN~ B~nk msy thKesfte? ex~rci'e a11 ri~hp with re~p~ct to :sid Collatas~
prsntad hertin ~N~ thOUph this Not~ d~Nl hav~ bNn qur~nderod to tht MskN.
If ths Bsnk d~ems itsalf inNtun w upon tM h~pp~ninp of any of the tollowiny events, eaCh of wF~ich shstl corotituts a d~f~ult, all liabilities ot qCh AAsk~r to
che Bank, ineludinp the tntirt unpsid pri~eipsl of thK Not~ and ~ocrued inunst, las sMr urwuned in~r~t ~nd any inttnst in ~zwss of tl» rnrximum allowed
by Isw ~nd any nbat~s ~puind by Isw, shMl irwn~diaWy or t1~Ntt~r, at the optan of da Bank, ~xospt that ths occu~rence ot (c1 or (d) dull csua autort~st-
~ K accelN~tion: witAout notip o~ d~me~d. baar»du~ and psyabN: tht failur~ ot any Oblipor to pKfam sny obllp~tan. li~bility w daim to tM 8snk, to pry
inurpt I~wn within 1~dsys afUr it is dw, or N th~n ia no dw dat~. ~fU? it it billed a ottkrwiM nquesud_ or dsrtMtxfed, a to pa~r ~ny other_lisbility whst-
K; soever to tht Bank wh~~ dw; (b1 [h~ d~ath of s~y individual Oblga, th~ dissolution of anY Pi?trnrshiP Obliqa or tM diaolution, m~ry~r or aonwlid~tan wiM-
~ out [M 8ank's pr'ar w~itt~n tonant of amr corpoqq Oblipa: k) tM iilinp of ~ p~tition in b~r?kruptey or th~ adiudicaao~ of insolv~ncy or b~nkn~puy unda
any r~orya~iiation, arnnp~rtMnt, rpdjustrrrnt of d~bt, di~wlution. liquid~tion a timilu proe«dinp und~r aey F~N or :ba st~tuu, by or apnnst,~ny
Ob~qor: (dl an applic~tion tor th~ appointrt~+c of a naiwr ia. o~ tM mWcinp ot a p~nenl as~iynm~nc for NN b~n~fit of cndicors by. snY OtMyor: (d tM ~iftry
of ~udpm~nc apait~tt any ablipor: til tM ewiny of any atbcArtMnt or yuni~nt, a tM t~inp oi ~ey li~n, pai~ut any propaty of sny Oblipor; (y) tht qkia~M
pos~ion of soy wbsantial p~rt of ch~ prap~rty of sny Oblqa ~t tht imunu bf ~ny pawrnmM+ul ~uthaity: (h) tM d~tamination by tM 6a~lc tM~ ~ m~~u~.
~ al adv~p eban~ hp ooCUmd in dM fin~neial tondition of arnl Oblqor from tM CorditioMptt tarth in tM mott r~olnt tinsneial stat~r~nt of tud~ OWpo?
n~retoton fwniY»d to tM 8~nk, or trom tM condition of wch Oblqo? a~ h~r~tofat most r~tly disdo~d to the Bank, a that ~nr varrantY. rp.~nauon.
cer~ificat~, a stst~nw~t o1 sny Oblgor lwMclwr oontairrd in Mh Not~ w not) p~rt~ininp co o~ a~ aonn~ctioo wish Mis Noa a~h~ Ioan widrnc~d bY Ma Noa
~ conrains se~ w~tnw tt~tem~nt of rrrtuiN t~ct a omia to qst~ nntKial (~ct n~as~rY in ad~r to nak~ tlr stat~rtrnu n~ not maladieq: or. (i) tM a~gn•
ment by any kbltK of M~y puity ie any ot tM Co11KMal without th~ Prior writtM tWwnt of tM BMk_ _ -
TM 8ank ~hMl h~v~. but rhdl not b~ lirtut~d to, tM /ollowinp riOhtt, wch of whicA m~y b~ ~x~rciad ~t any tirrn wMtha or not thir Noa is dur (i! ~o
pl~d~ or tnntfM Mi! NOb and th~ Coll~»r~l and dN Bank ihsll dwnupon b~ nli~wd of NI duti~s and tMpo~uibilitits INrwnda ~nd ~Nav~d hOm ~nY and all
liability wiM rap~et to any Coll~bral w pbdyrd or t~amf~md. and anlr pMd~ or tnmtau ~hall iw ~II purpo~M ~tand in tiN pl~a of tM B~nlc h~nundK and
~ hs~ dt tM riOhq Of tM Bu?k hK~undN: (ii) to ha~u tM whoh or an~r p~?t of the CotlatKN into tM n~nr ot iWli or iri norninN: (iiil to vob tM Collataal:
~ liv) to eotify tM Oblioon d~? ColbtaN w m~lc~ p~yenM+t to tfa B~nk ot ~ny ~mouna dw or m b~eonr dw thtnon: fv? to d~n~~d. rw fo?. eolNet. a
~..~r *4~ f~ ..ec~t t~e ~r.a. ~tn ~.?~.e`oRee ~o • o~ a o~ «w a•oo..e. ot eaan.a.
~ .~NK as use ere n means ur ~~ssoc~a~es ,'~`n .~°"~"an~/or`~~s a$s i gns .
~ NOTICE: SEE OTHER SIOE FOR IMPORTANT INFORMATION ~ R ~ {
F85152 Rw.7/77 ~ ~~G~ S~ '
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