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• INSTALLMENT PROMISSORY NOTE
~ TURTIE REEF ASSOCIATES, INC. * (A) Amou~~ A~taiwd = 6840.Q0
6ANK NAME 1e~ r« none
Jensen Beach, Florida 33457 ~ir.ia,.~~~~? s
. ~c~ ~~»~?t.ry s~.~ s none
OFFICE ADORE ~o~ otn.. a+~w• t~~•m~:.? = none
Sept. ~19 78 ~e~ = none
NOTE NO. DATEO: . 19~. (F) = none
~Ct. 1 $a (G) Anwunt Fin~nt~d 6840.0~
DUE: ,~g_, (A, 8, C. O, E, F) t
(H) Intt~at S •
PLACE: , FIORIDA 11) G~dit Inv~ttipition s
(J) OtAe~ _
fo~ wlue nc~~wd. lh~ Y~~f1QMd (hNNM11N qilK~ "Makai'1 lointly a~d sw~erally (it (K) s~~
~ra~~ cha~ a?~) D~amise co paY to M orde ot tM Bsnk, at iu oftip list~d abow. the T 12Q
of Paym~nn Itrom INl at r 1~ ~ (LI t
i9htlot S • 001~'~~Y'b~~'^,`n.'~t ~M1 FINANCE CHAR~E 4~ ~
eqwl monthly inttsHrt?~n of S • (H, 1, J.-K: Ll~.- . S •
~~~su~o~ d„e oo ~OV • , t9~. snd wb~eawnt inscaumena dw on 4
(N? Total of Payrrw?ls tG + M) S 10~~
cne ~ry ot ~~wnth tnenstter_to~eth~r with ~ FINA~
BA~~OON PAYMENT OF: ANNUAL PERCENTAGE RATE 10. ~
s OUE . 19
TM Bsnk si~all impop s dNinqusntY cAarge sysinst tAs Msker on any paym~?t whicA has becorn~ dw ~nd r~msins in ddault for s pNiod in ~xoaa ot l~ .
d~Jys in an smount equal [0 59L of tM smount of th~ principsl part oi the p~Y~~t in dt}wlt. In tAs ev~nt thst th~ Nott is not paid in full ~t msturity, ~II pay
ments, whether principal, int~rest or otherwisa, shsll b~tr irttKttt at the maaimum teqal nts sllowed under the laws of tM Sqts of flaida. All p~yn?~ntt m~dt
heieunder fhsll be credittd tirst to interest and than to p~7nCipal, however, in the evNU ot default, the Bsnlc rosy, io its fols ditCntion, app1Y snY p~yment to
~nterest, principsl sndlw tawtul charyes [hen sceru~d. It is tlu intemion oi the psrties Mnto that the provisions t~ein shall not providr dinetly or indir~ctlY
to~ th~ psyrns~t of a greate~ ?ste of interat w the retention of aMl othe? chacge than ir albwed by tsw. li, lw any r~ason, interest in axass of wch lepd rat~ w
a charge proAiDited by law shsll st anY tirtr be psid, a~y such excess shall either constitute snd be treated as a psyment o~ tM printipal w b~ r~fu~+~Nd dl~actlY
to tha Msieer.
Th! Msker may ptepay the entire unpaid bafant! ot the 1oe~ et any time. lf the losn is pnpaid in full, atcelersted or refinanCed, the IM~ke~ shall nceiw s ~
refund of the u~earned po~tion of the mterest snd inwrance p~emiums tornputed bY tAe Rule of 78's method, extepf thst tM Bank sMlt be entitfad to ~ltsin {
a rtummum ~nterest ChBr~! of
CREOIT LIFE AND CRfD1T LIFE t~ DISA8ILITY INSUfiANCE ARE VOLUNTARY ANO NOT REQUIRED FOR~CREOIT. Such inwrancecovKSpeis
availabk st tM cost designated below fa the term ot the credit: (a1 S fa Gedit life Inwrance (b) S =
to~ Gedit Life ~ OKWitity Inwrseoe:
Chetk ? Ct~dit life InwranCe i~ desired on the ~ite ot
q~. BirtAdate
;
Box O Gedit L~te d~ Dissb~lity Inwrance is desired on '
- Birthdats ~
l.:J Credit Lite and/or Oisability InwranCe is not desirM. 1
Date: S@Pt. 19~ ~:'~8 S~ynacu~e ' ~
r . a~ye ~
~
Sgnatu~e ' ~ ~
e i T~rtl r+ Reef ~
As security fp the PaVme~t of the Note the Maker henby grsnts to the 8ank s secur ty interast in t foll ing prop~rty: Q
Cond. I. Recorded on 0. R. 8ook 256LAage 235... Unit Weeks 29 and 30 in Cond. ~
C 12 ~nt No C 12 as descrlbed in said morty,~gp -
~nt~ud~rg ell ~ncruses, wbst~tutions, replscemeots, sdditioos and accessioas thereto and in the prQae~h tfierwf (henin~fter cal{W "Coltsceul"1. Tha s~cunty
i ~nterest shall also secure aoy othtr indebtedrwss w liability of the Mske~ to tfx Bsnk dirett or iodirett, absolua or contirgsnt, due a to bscoms dw, ~ow ~x• ;
~ ~sung or M.t~tter srising, iocludin9 s11 future adv~nc~s o~ ~oains by the 8ank to the Maker. f
! TM 8ink is slso ~ivM a{ieo and a sscurity interNt in sll property and seCUrities ot the M~ker, tntbrttr, wr~ty. 9usnntw or accommodation p~rty of this ~
f Note (hertinsftsr r~tarnd to ss the "Obligorf"1, now in w at ~y time heraafter oominy into the co~trd, custody or poss~ssion ot th~ Ba~k, whetha* ta ihs ~x- ,
~ p~eued pwpose of btinp used bY tM Bs~k ss Coll~tenl, w/or a~1r oMer purpose, and upon any balancy o~ bsl~nces to tM asdit ot any aaounp. includiop ~
i ~~utt snd aqency accounts maint~ined wiihtlk Bsnk by sny of the Obliyors, snd ti+e Obligors ~gr~e to dNiwr to thr 8ank sdditional Collaqral a rt~ke such
; payments in r~duCtion oi the printipal srtwunt of the loin as shall be satisfattory to the Bsr?k, in the eveet the afortmantioned Collaterst shall d~ctic» in vNue ~
~ o~ become unsstistsctory to ths 8snk. . . !
~ Additions to, r~luctionf or exChaopts oi, or wbttitutions for the Collaursl, psyments on sccount of Mis loan or increms of the same, or oth~r loant m~ ~
pa~tialty ar whotly upon the Collaterel, msy trom time to tim~ be rnade withou~ atfeciing Me provisions of this Note. Th~ Bink shsll ezerc~s~ r~nonibl~ csrt in ;
the custody snd p~~servation oi tAe Collatenl to th~ ext~nt required bY sPP~K~e ststut~, and flMll b! dN~Md t0 hM txKC?fld rNfOMbI~ Gr~ il it qkp fYCh
action tor tMt purppt~ as Msk~? fAsll ~WSOn~Wy rpwft in wtitiny, bu~ no omiuion to do any sc~ no~ ~equaced by Maka shNl b~ dsem~d a failun w~~u.cis~ ~
~easonsbl~ pn, and no omiaion eo complY wich any r~quest of MakK shalt of iuati be deemed a1siluro to exercise nnonabU care- 8ank shdl not be bound ~o
take any stps n~cessary to preservs any ~iphts in th~ Collstersl apaiMt prior psrties and Msker shsll qk~ sll n~cetssry strps ta suth purpotes. TM Bank or ~ts '
nominee need not coll~ct int~nst o~, o~ s pri~cipd of, ~ny Collsttrsl or giw any notice with re~psct to it. f
Tta Bank m~y coniinue to hdd any Co1lat~rN d~posit~d henu~der sfter tAe payrtwnt of this Not~, if st tF+e timt of the payme~t snd descharge h~reol any of ~
the psrtip lisbl~ tor tiN psyrt~nt henOf d~Nl b~ tMn dinCtly or oontinye~tly Iis01t to ttN B~nk ~s Maker, e+~dorser, wrttY. pusra~tor or aocommodstiOn W~tY ~
oi sny otMr not~, d~att, bill oi eachanp~, w odNr instrum~nt, or otMrwi~e, a~d t!r 8snk msY thensft~r exercise sll rgha wiM rNp~c[ to ~id Collata~~ ~
grant~d f+KNn w~n thotgh Mis Noq ~hsli bw~ bNn aurN~d~rod to th~ pMk~r. ~ ~
It tM BNtik d~srs~s itsslf i~secuts a upon dN happ~ninp of any of tlfe tpllowinp events, eaeh ot which shall tonstitutl s d~fault, NI liabilititt of ~sch Maktr to
~ the 8snk,- inctudiry tM entir~ unp~id ptincipsl of thk HoU snd aocru~d interest, less any un~arnad iot~r~st a~d u?Y incer~tt i~ sxwfs of th~ msximum stlow~d ;
by law ~nd sny nbsca rpuir~d by law. sMll irtrn~diatMy or th~reafar. ~t Me option of tM Bsnk. exppt t~st tM occurnnc~ of (c) a(d) qwll cwu autanst• 1
~c aoaNeracioo:widwut notip ordenw~d. bKOnrdut snd payablr ts) the faiture of ~ny Oblga to p~rtam sn1? oblipnion. lisbility o. d~im to tM Bank. [o p~y ~
~ ~n~erest hKeon within 10dws ~ita it is dw. o~ ii dw~ a oo dw d~a, sfqr it is bill~d a otharwi~. nqu.st~d o~durandad. ar co p~y amt otl?w lisbitity what. !
rt scever to tM Bsnk v~ dw: (b) tM drsth oi ury ind'widuM Oblgw, tM dissdution ot any psrtner~hip Obliyor o? tM diatolution, m~~r or oontolid~t~an witb- ~
~ out tht 8u~k~t piror wcittM tOns~nt o1 any CorpoqU OWgw; (t1 tff~ filiep of ~ p~titiol~ in bankruptty or d~t sdjudiCation of iniOMnCy or binkrupL6y undK ~
~ any reorganis~tion, arranp~rnsnt, rNdjustmMt ~of d~bt, distolution, li~idstion a simil~? proa~dinp undn ant F~derM or auor sutute, by or aq~it?it ~nY f
~ Oblgor; Id) sn appliption fo~ the appointm~nt of ~ npe~r for, w tM mskinp of s ptn~ral alsipnnrnt for tA~ b~nsfit of tnditors b~?, sny Obli~a: (~l tM ~ntry i
o~ tud9rt~t aytiett ~y abliqor: (f) tM awinp of N?11 sttaChmlt?t w p~rrofluna~t, o? tM fiiirg oi sny iien, ap~i~t any propnty oi sny Oblipor: tfN takinY of ~
vossasion o( ~ny subsuntial p~rt of th~ propahr ot ~nY Obiipor at th~ i~w~o~ of any Qo~wrnnNnW wthaity: iN th~ d~armination by the BaNc d~at ~ maa~i- j
at adver~ ehsnyr hss aocurnd in tM finsneiN oondition Of any Oblipor from ths tonditiau s~t tath in tM mat ~~oan fin~ncial sUt~nt of tud~ Ob~pa ?
heretofa~ furnaMd to tbt 8ank, or from chs eondicion ot wd+ Oblipor s~ Mr~iotors most ~~ntty d~doMd ~o c?~e 8sn1c, or th~c anY waranty. rprp~na~ion, ;
ce.~itrcaa a stst~mrnt of uW Oblipw (wMtM? oontaiMd in tf+a Not~ a rat) pert~inirg to w in oonn~ction wid+ this Noq w tM lo~n ~vidrnpd by tAa Hott ~
camairo sn untrw stst~nt of r~t~riN fatt w omitt to tta» m~Uri~l t~ct ~1r in ordn to mik~ th~ sqtert~+u rt~~not malMdirp: a, (i) tIN ~i~n• ±
men~ by arKr MNw of a~r wuicr ie sn~r ot tM Colbar~l wid?ouc tM prior wricnn eor?stnt of ih~ 8~nk. ~
TM Bank ~hall I~av~, but qwll nut b~ limiud to,1M followinq ~ghtt, aeh ot which ~?ry b~ sx~reissd st any timt wMth~? a not Mis No» a dw: (il to ~
pledp~ ot t?~ntfK this Not~ u~d th~ Co1bwN snd tM Bank th~ll MK~upon b~ rNi~~! of all duti~s aed raporqibilitip h~nund~r ~nd nli~rrd (rom sny and a1~ ~
liability witfi tMp~Ct to any COIiatM~l W pbdy~d oI baM}N?~d, snd anlr p1~dq~~ or tnrnf~ shall fa sll purpo~a stand in tM plaa ot th~ 8ank F~wndu and ~
hsvs NI tM riphtt of tM Bank ha~ur~r: (ii) to traeda tM wAoN o? any pwt ot cM CoN~arM iMo tIH n~ ot it~elt or ia nominN: (iii) to vo» th~ Colbte?M:
f ~v! to notify tM Obliqors of any Collaanl to r~k~ paym~nt to tM 8~nlc ot sny ~mountt dw or to b~can~ dw tMnon: (v) to d~nd. ~w (a. colNNet. o~ ~
mak~ snY wmRr R? ~ttt~n»nt ' rn~ nbN with to tM aral. vi) to ~ or o1 of oa«!a M Colbt~?s~. f
*'~NK as use~ ~iere~n means u~r~e Ree~~ssoc~a~es, `~`n~a
n~/or`~'~s as~s~ns.
~ NOTICE: SEE~OTHER StDE FOR IMPORTANT INFORMATION '
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F BS 752 R~+r. T/77 -
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