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~ INSTALIMENT PROMISSORY NOTE ~
I
TURTLE REE~ ASSOCIATES, INC. * ~~u n~wun~a.~.,wd = 6102.OQ ~
. BANK NAME fB! Pr~mium for Ct~dit none ~
Jensen Beach, Florida 33457 ~~~•~a~a~~ri ~~f. ~ s
lC) Oocum~ncary Stunps = none ~
OFFICE ADQRESS (0) OthM Charq~t (it~m~1~) _ ~One ~
none
nlQTE NO. OATEO: SepL. 15 ~~g 7S. (F) : none
Se t. 26 ~ (G) Anwunt Finuu~d 6202.00
DUE: p ,~g" IA, B, C, O, E. FI t
1 H) Inttrat
PIACE: , FLORIDA GWit Im~stigitwn 's
Fo. valw na~v~d, tM UI1df~tiQf1ld IMt~IMI[f~ GI{!d "Mak~r") joinclv and swrr~ly lif (J) Oth~r =
mor~ thao one) p.omis~ td pay to the o?dK of tl?~ Bank~ st ia offin licted abovs, th~ Toal ~K) _
o~ P~v~•~e~u ~t.w„ ~Nt ~~.~9n~~ ot~ ~9676.80 ooia.: aavaba 120 1L1 s ~
evua~ monthhr iost~l~me~ts ot S 80• ~ , th~ lust ~M) fINANCE CHARGE 3•27~ 8O ~
(H, 1, J. K, L1 i • j
install~e nt dw on Qj't. 9~~ . 19~~.. snd wbsaqutnt installms~ts dw on (N) Total Of Paym~~ts (G + M) s 9676. a~
~ne Zb d~v ot ~~ontn t,~~atte., to~tMr wit~ a F1NA~ BaLl.oON PAYMENT OF: qNNUAL PERCENTAGE RATE • % ~
S OUE - --19
• _ 3
The 8~nk shatl impos~ s dNinquenty tAuge ap~intt the lN~kN o~ any paymsnt whicA Ass b~ton» dw and nmsins in d~f~ult tor a pKiod in expa of 10 ;
days in ae amount equsl to S°X~ of tM amount of tM printipal psrt of tM payme~t in d~tauft. tn th~ av~ot that the Note is not psid in full it nt~turity, all pay- ~
ments, wheMer {xincipal, intaat or otherwise, thstt bNr intsrett at the maximum ieqsl rate allowrcf under the laws of tM St~t~ oi Floride. AII p~ym~nts medt ~
he.eunder sAsli be credited first to intertst and tt~sn to printipsl, hov?~e~er, in tAS avsnt oi defsult, ths Bank msy~ in its iol~ disCretion, apply any piyment to j
~ntarest. Wincipsl~snd/or Iawful chsrges tben accrwd. It is the intention of the partia hersto that tM provisions t?erein shsll rat P~ovide dinctly or indiraetlY ~
tor t1~e p~yme~t ol a graata nte of i~ter~st w the retention ot sny other ct~arge than is sllowed by taw. If, for any resson, inter~s[ in ~zpu ot sucA Ipil nte w
a cha.ge prohibiad by 1aw shaN at a~y time be paid, any wcA sxcess sMll cither constitute arW be.trcaad u a payment on th+ printipsl a b~ nfund~d dirtc~ly ~
co the Msker.
The FAaker may prepay the entire unpaid balance of Me loan at any t~me. 11 the loan is prepaid in tull, sccele~atsd or ~tfinan~ed, tl?e Msker shsll rece~ve s i
refund o1 tM urw~rned portion ot the interest and inwra~+ce premiums computed by the Ru1e of 78's mathad, excep[ that tht Bank shall b~ ent~t?ed to ntain ±
a m~nimum intaest tAsrge o! ~J.(b. +
CREOlT LIFE AND CREDIT LIFE ~ OISA81lITY INSURANCE ARE VOLUNTARY AND NOT REQUIHEO FOR CREOIT. SutA inwrsnce tovhage is !
~
available at the cost designated below for the term of ihe aedit: (s) s for Gedit Lite Inwrsnce (b) S ~
for Cr~dit lite ~ Disability lowranCe: i
Check ? Gedit life Inwrance is desired on lhe life oi ' ;
I
Appl. 8ir thdal0 tt
Box Q Gedit Life d~ Disability It?wrante is desired on i
,
r-~ Buthdaro ~
i
L"J Cr~dit LHe andlo? D;sabiliry Inwrance is not desired. '
Date: S~p~. 15~ 1978 ' ?
S~gnatu.e ~.G+twe. ~~j !t -
Marian M. Kendall '
S~gneture i
As security Ior the payment of the Note [Ae Msker hereby grsnts to the Bank a secur, ~
ty in[aes~ in the tollow~ property:
Cond. I_ Recorded on 0 R Bnok 268,~ge 2~5___ Unit Neeks 4l and 48 in Con . C- , f,
__ADt. NO_ G-12_ as decrrihacl 1n e~~d mnrt~~9~- !
~nclud~ng all ~ntr~ases, wDstitutioin, replateme~ts, additiOrK and eCteuiOns thereto and in the proteeds therlot (her~inaiter Cal1~d "Collster~I"). Tha fKUrity '
~nterest shatl also secura any other indebtsdness or lisbility oi the Mslcer to the Bsnk dirett or indirect, absolu~e or conci~m, due or ~o bscom~ due, ~ow ex- y
~sc~ng oi Mreatte. s.isi~g, iociuding all (uture sdvsnc~s or Ioans by the Bank to the Msker. • i
Th~ Bank is al:o giveo a lien and a security inte~est in sll property and securities oi the Miker, endorser, wr~ty, qwrantor pr xcommodation puty of th~s !
Noie Ihert+nsiter reterr~d to as the "ODlyors"1, now io or at any time t~ereaiter coming into Me eontrol, cuscOdy or posstssion ot the Bank, wh~tha for the ~x- R
preued pwpose of bti~p uscd by the 8snk ss Collateral, or fa any other purpose, and upon a~y balaece or bslsnps to the usdit of sny aoeouna, includin9 I
trust s~d apency accounts msintsined withche 8ank by any of the Obli~ort, and the Obligors aqr~e to deliver. to the Bs~+k sdditaml CollattrN or m~ke wth {
payme~ts in rtductio~ oi the principsl amount ot the losn as shafi be satistactory to the Bank, in the event the afoiementiootd Coltatenl sAsll dreli~t in v~lue
or becpr~e unsatisisctory to the Bsnk. t
Additions to, r~ductions a exthsnyef of. o~ wbititutions fpr ihe Cpllateral, paytnenn on accOUnt of this loan or incr~es oi the ssrt~, or other losns mad~ 4
partialt~ p wholly upoo tAe Collatanl, rt?nr trom time to time be matle witAout sffectit?g the provi~ions of this Note. TI?e 8snk tNall eztruse r~s~oosbM tart in i
~he tuttody and pnterv~tion ot the ColtaqrM to thr ezt~nt required by applicabte statute, and shall be dNrrNd /0 hw! ~x~rcissd renon~hle ca~~ i( it tska wch ~
act~on tor tt~at ~rpo~e es MskN il~stl rea~on~Wy rpuett in writing, but no omission to do sny xt not requ~stM by M~1ur shMl he dNm~d ~ fadun to ~~urcik 1
~easo~bl~ ca~, and no omission to comply with any rpuest of Mske~ shsll of itselt be d~emed s f~ilun to axercise r~po~aWe csr~. g~nk ~NI not be bound co j
cake any st~ps n~c~uary to praerve any rphts in tM Coltaterd ayainst paio? psrties and Msksr shitl tske sl! nKess~ry snps tor sueh pu~po~es. TM Bank w us ~
~omirNe need not collect interett on, or s princip~l of, any Collat~nl or give a~y notice wiM res~ct to it. - ;
Tht Bmk mty continue to hold a~y Collattnl dposit~d hereunder after the payrtwnt of this Not~, if at the time of tM psyment a~d disthary~ htreo} any o~ ~
iM patip liabl~ for tM psYment hereoi ~hall b~ th~n dinctly or oontinyentty liable to tM 8ank s~ Mtaker, endorse., wnty. Quaranto. or soco~nmoaat~on pa?Ty - i
of any oth~r not~, drslt, bil! oi ~xchsnp~, ar othN instrum~nt, or oth~rwise, and the B~nk rmy tl?Kt~fter exerciss all riphu with r~t to sad Collsteral ~
granted Mr~in wen tharyh Mis Nou shsll hav~ bNn wrr~~ed to the NMker.
If tlft 8~nk d~ertK itselt instcun or ~
upon the happtninp of aey of the fotlowiny events, ~sch of whith shbll oonstitutt a d~fault, sll IisbilitiK of esCh Nlak~r to ~
the 9s~k, includirg tht ~ntin u~psid principsl of thes Not~ and ateru~d inare~t, kss smr un~srned inbr~tt and any int~rpt ip exceu of ths msxirtwm sllOw~d j
by law ar~d any rabsi~s nquir~d by Isw, shall imrrndi~tNy or thKeaft~r, st the option oi tht @ank, exqapt that ihe occurrtnce oi (c) a(d) ~hsll Csua automat- ~
~c axele.stion; without notia or d~rtNncf, b~coitrdu~ ~nd p~yab~: ls) tM i~ilure ai sMr Oblga to pKiorm sny oblip~tion, lisbility or dsim to tM Bank, to pry ~
~niere~t Mreon witAin 10days ~ftK it is dw, w if dNre u rw dw dan, atc~r it is bitled or oM~rwi~ rpu~sted or demardsd, or to pay any other lisbility what- ~
soever to th~ 8ank wfMn due; Ib) tM d~aM ot ~ny individual Oblgw, tM dissolution of any pKt~ship Oblipo~ a tM dissdution, rt~pK o? oon~olid~tion with• ~
out tM Bsnk's pria. vKittK? con~nt of any corpona pblippr; (c) th~ filinp of s petition in bsnkruptcy or d~ sdjudiution of i~solv~ncy w b~nk.uptey undK
any reorq~n;:ation, ura~ntnt, rpdjuscmant of dsbt, diuolution, tiquid~tion or similar proos~diop und~+ arnr FedsrN or sba satut~, by o~ a~inst any }
Obl,gor;' Id) an spplication for th~ ap/~ointrtrnt of s noeiwr (qr, ot th~ m~lciny of a yenenl as~ignm~nt for tM b~n~fit of cnditors by, ~ty Obliqw• tfN Mtry ~
or ~~t apsi~ut s~pr Oblqor, If) th~ i~uinp of any ~ttachm~nt or 9srnbhrtMnt, or tM tilirg of sny. ti~n, ap~inst arry property of sny Oblqo.: (yl tM atci~p ot t
possasio~+ of any wbst~ntiN p~rc of tM prop~?ty of any Oblipor st tlw in~tsnq of any 9ovrrnrrnntN ~uthwity: (A1 th~ d~tpmirotion by the B~nk tMt ~ m~bri• I
ai a~vtrst chsr?p~ I~ri oaurrW in tht fin~ncid tondition of any Obliyor trom tM conditiont ~t forth in tM mott r~pnt tinancial siatsrtNnt of w~ OWip? ~
ne.etotw~ turni~d to tM 8ank, ov from th~ eondition of wch Oblipor s~ Ikrttotae most ncently di~doMd to th~ B~u~k, or thrc ~ny vw.anty, rp.pinqtian,
certifit~t~ w sUt~nNnL of sny Ob1gp~ {wA~t1Nr ow?uiMd in thy I~Jptt or not? ps~tsinin4 to o~ in eonn~etion witN this Noa Gr tM loln wid~npd.by ehq Not~ ~
conqiro sn untru~ ~uam~nt oi n~eKia1 taet or omia to ~Ut~ m~tKisl fact ~ry in wd~~ to m~ke th~ stat~m~nts rtqd~ not mislwdirq: a, li) tM wqn- ~
ment by sny Nyk~r ot sny puity in ~y of tM Coll~t~rsl witAout th~ prioi written eawnt o( th~ 8ank. ~
Th~ Bs~k dwll hsv~, but thaN not b~ limit~d to, tM followinp riqhq, ~h of which rtyy b~ ~xKtis~d at any tirtN whithp or not this Noo~ i~ dw: (i1 to
p~~dp~ or trauf~ tha Noc~ a~d tht Collatua! r~d tM Bir~lc dall d~er~upo~ b~ nli~wd of ~II dutia and raponsibiliti~t Mrwnd~r snd rNirNd hom ~ny and a11 ~
~~sbility vrith rap~et to ~ny Collat~nl to pl~dp~d w tnmf~rr~d. ~nd any pbtlp~~ or transfnM shall fa sll PurPosa ~tand in th~ plsa of th~ B~nk 1NrwndK snd
haw sll tM riphts of tM Bank h~rwndK: (ii) to tnn~f~r tM.whol~ w~ny p~rt of tM Coltat~M into tM narm at iaNi or its iwmin»: liii) to vot~ th~ CollataM: s
liv) to no[ity d~ OWipon ot arn, Colyunl io m~Ic~ piy,n~m io eM B~nk of ~ny smouna dw or ~o b~ean~ du~ cMrton: (v) to dsrtwnd. wt f~ eolNet. o~ ~
mak~ sny ~r rnMm~nt it ~si~bN with to M~ anl: a vi) co • P~ a ol of ~nY oaNds M CotwarN. i
~*q'~K as used ~ein means ~ur~e Ree~~ssoc~a~es, `~`nc. an~/or~~s assigns.
NOTICE: SEE OTHER SiDE FOR tMPOqTANT INFORMATION ~ '
FBS ~52 R~v. 7/77 Vy
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