HomeMy WebLinkAbout0996 INSTALLMENT PROMISSORY NOTE
T11RT~ REFF SS~Ci ffs_ ixc_• (A) Amounl R~c~w~d s 5T~.00
BANZI NAM (8) P~~mwm 1or C~edit
lil~lpiwbd~ry Inf. = flOf1e
P. 0. 80X 518. J~'ISEN dEIICH, FL. ~ 33457 ~c~ ~«~~,.~~a~v st.~,os : ~1o~e
OFFICE AODRE55 (0) OtM~ Chuqy (~t~m~t~) s ~
IEI S 11Q~e
~10TE NO. OATED: ~rCh 4 ,~s78 . ~F~ s_ ~e
MArch 16 88 IG) Amount Fina~c~d 5740.00
OuE: • ,~g_, (A, B, C, O, E, FI S
i HI Interest `~2~-
P~ACE: , FIORIDA Cr~dit lowttigstion s ~ 3
IJl Other s 11011A !t
For vslue r~te~ved, the und~rs~g~ed (htreinsiter called "Maker") jo~ntly and severally (if (K) S #
more tha~ one) prom~se to psy to the order of tM 8ank, st ~ts offKe I~sted above, the Total
ot Payrn~nts (from !Nl at right! of ~91A3_~ po~iars payabie ~n _~Q_ S ~ .
IM? FINANCE CHARGE
ec~ual monthly insull nts ql S . IM lirst (N, 1, J, K, L) _
~nstallment du! On ~Pr~ ~ , 19_, and wbseyuent ~nsiallments due on (N) Total ot Payments (G + MI S,1~.~-
~ne 16~y ot esth monih theresiter, ~o9s~n.r rw~n s FiNA~ BA~~oON PnvMENT oF: ANNUAL PERCENTAGE RATE lA_AA x
s NOME oue .
The 8snk shall ~mpose a delupuer?cy charge agamst the Make~ on smr payment which hss becwne dus and rema~ns ~n detaul! lor s period in expts ot ~O
~:~ys in an amount equal to 596 oi ths amou~t oi the pr~napal part ol tM payment ~n detsult. In tM event that the Note is not paid '+n ~ull at maturity, sll psy
n~en[s, whether principal, interest o~ otherwise, ihatl bear intsres~ at the maximum leyal rate allowed under tAe laws of the State o1 Flo.ida. All psyments made
nereunde~ shall be credi[ed first to ~nterest and then to principal, however, in the event of de(ault, the Bsnk may, in its sole discretion, spply any psyme~t to
~~~re~est, pnnc~pal and/or lawful charges then accrued. It is Ihe ~ntent~on ol the pa!ties hereto that the provisions herein shall not provide directly or indirectty
ior the payment of e greater rate oi mterest or the retention of any other charge than ii allowed by law. If, for any reason, mterest in exceu of wch legal rate or ~
,
cha.ys proh~bhed by law shall at any time be paid, aoy wch excess sAN~ eithp consutute and be treated as a payme~t on the principal w be retunded dircetly
the Msker.
The Maker may prepay the enure unpa~d baiance ol the loan at any t~me. I( the loan is prepa~d m full, accelera~ed or ref~nanced, the Maker shall reps~ve a
rfund o( the uneamed porUO~ o~ ihe ~nterrst and ~nwra~ce premwms computed by the Rule o1 78's method, except that the Bank shall be e~t~tled to retain
m~n~mum ime~es~ charge ol ~.(b. '
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CREOIT LIFE AND CREDIT LIFE d~ OISABILITY INSURANCE AiiE VOLUNTARY ANO NOT RE~UIRED FOR CHEOI7. Such inwrance coverage is
+~r+~~able at the cost des~gnated below for the term of the credit: (a) S ~o? Credh Lite Inwrance (b) S
Credrt L~te d~ O~sabd~ty Insurance:
C~ ~ck n Credit Life Insurantt ~s des~red on the life ot
n~pi. Bu~hda;e -
Bux ? Credit Lif~ & O~sabil~ty Inw~ante ~s des~~ed on
B~rthdate
Q Cred~t lrfe and/or Disabd~~y Inwrar?ce is not des~.ed.
te March 4 ~ i97$ $~gnature ~ '
, Hawrd L. Marr . `
S~gnaturo ~ ~
As security for the payment ot the Note tha Maker hereby grants to the Bank a seC~~Er~1n ~1Alowing p~operty:
~ 1 ~
in cene_ e_~,.~~.t.-lYa. t~8, as-~scribe~ci siid ~artgsga. ~
~nclud~ng all ~ncreases, substhuUOns, replacements, additions and access~ons thereto and in the poceeds thereof (herematter callecf "Collateral"1. This secunty ~
; ~ncerest shall also secure any other ~ndebtedneu w liabihty ot the Maker to ihe Bank direct or induect, absolute or contingeM, due or to become due, now ex- ~
; :zt~ng or hereatter aris~ng, intluding alI future adva~tei or loans by the Bank to the Maker.
i
The Bank is also grven a I~en and a security ~nterest m all property and secunues o( the Maker, endorser, wrety, guarantor or accommodation parry of this
No~e (here~nafter reterred to as the "Obl~gors"1, now m o~ at any time herea(ter com~ng into the controt, custody or posseu~on of the Bank, whether tor the ex-
;,~essed purpose oi being uscd by the Bank as Collateral, w lor any other purpose, and upon any balance or bala~ces to the c~ed~t of any accounts, mcluding
;~usf and agenty atcouats ma~ntained w~ththe Ba~k by any ot the pbhgors, and the Obligors ag.ee to deliver to the Bank add~uonat Collate.al or make suth
n~v~nts in redutt~o~ o( Ihe pr~nupal amount ol the loan as shall be satislactory to the Bank, in tAe event the atorement~oned Collateral shall decline in value
t~ecomp unsat~stsctory to the Bank.
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s Add~uons to, reduct~ons or exchanges oi, or subst~tutions ~or the Collateral, payments on account ot this loan or ~nueases of ihe same, or other loans made
~ v:~~~~aUy p whotty upon the Collaterat, may from time to time be made wrthout affect~ng the provisions ot tAis Note. The Ba~kshall exerc~se reason~ble care in
?re custody and preservaUoo of the Collateral to the extent reywreA by applicable stafute, a~d shall be deemed to Aave exerused reasonable care if it takes such
; ~ct~vn for that purpose as Makcr sha11 reasonably reyuest m writing, but no omission to do any act not requested by Maker shall be deemed a failure to exercise
~ •easonable care, and no om~uion to comply with any requat of Make. shall oi ~iself be deemed a tailure to exercise reasonable care. Ba~k shaH not be bound to
~ r,ke any steps necessary to preserve anY nghts in the Collateral against P~~or parties and Maker shall take all necessary steps tw wch purposes.•The Bank or iis
~ ~,nm~nee naed not. collect interest on, or a principal oi, any Coflateral or g~ve any notice with respset to it.
i The Bank may cont~nue to hold a~y Collateral depos~ted hereunder af ter the payment of th~s Note, ii at the time oi tAe payrt?ent and discharge hereof a~y of
r rhe part~es hable for the payment fiereof ~ha11 be then directly or comingently Iwb~e to the Bank as Make., endorser, surety, guaranto~ or accommodauon party
~ -:f an other note, d~att, b~ll of exchanqe, w other instrumen~, or otherwise, and the Bank ma thereaher exerc~se all r
y y lghts with respect to said Coltateral
~;~an~ed herein even though this Note shall have been surrendered to the Maker.
~ If the Bank deems itsetf insecure or u n the m ot an oi tAe follow~ ~
~ po happe n9 y ng events, each of which shall constitute a default, all liabilit~es of each Maker to
; +ne Bank, including the entue unpa~d pnncipal of this Note and acc?ued interest, less any uneamed interest and any interest m excess of the maximum allowed ~
_ r,y law and any reba[es requ~red by law, shall immed~ately or thereaite~, at the opt~on ot the Bank, except that the occurrence of (c) w(d) shall esuse automat- ?
<c ~ccete~auon; wrthout not~ce w demand, become due and payable: (a) the tailure of any Oblgor to perform any obligat~on, liabifity or claim to the Bank, to pay ~
' ~nre~est hereon nnthin 10days after it is due, or H there is no due date, after it ~s bitled or otherwise requested or demanded, w to pay any other liabibry what- ~
s~>ever fo the Bank when due; Ib) the dea~h of any ~ndrvidwl Obligor, the dissoluUOn ol any partnersl~ip Obligw or the d~sselutio~, merger w oo~solidation wi~h- ~
; ~,u[ the Bank's priw wn~tte~ consent o( any corporate Obligw; (c) the liling ot a petition in bankruptcy or the adjudiwuon of insolvency or bankruptcy under ~
:ny reoiganization, arrangement, read~ustment oi debt, diuolution, liyuidat~o~ w s~m~tar proceeding under any Federal or state statute, by or against any
Ob~~gor, (d) an appl~cauon for the appo~ntment of a rece~ve~ iw, or the makmg o1 a 9eneral au~gnment for the benefit of creditws by, any Obligw; (e) the entry
- ~,f ~udgment against any Obli{Jor; (t) the ~swing ol any attachment or yarnishment, or the tiling of arry lien, against any property oi any Obligor, (g) the taking of •
possession of any substamial part o1 the property o( any Obligw at the mstance of any governmental authority; (h) the determ~nation by the Bank that a materi- ~
a~ adverse change has occurred ~n the financial condition o( a~?y Oblpor trom ~he condi~ions sa fo?th in the most recent (ina~c~al statement of such Obligor
he~etofae turmshed to the Bank, or from the condition oi wch Obtigor as heretofo~e most recently ditclosed to the Bank, or that any warranty, representation, ~
ceriiilcate or statement of any Obllgor (whether contained in thK Note w notl pertaming to or in connection with this Note or the loan evidenced by thn Note
conta~ns an untrue statement of mate~wl tact w omrts to state material fact necessary in order to mske the statements made not misleadirq; or, (i) the assign-
° ment by any Maker ot any eguity in any of the Co~lateral without the priw w?~tten consent oi the Bank_
Y
The Bank shsll have, but sha11 not be limited to, tha tollowirq ?~ghts, each oi rrh~ch may b! exerused st any time whetber p. not this Note is due: (i) to
niedgs or dansfer this Note ~nd tM Collateral and the Bank shall thereupon be rel~eved of all dutiet and refpons~bilities hereunder and rel~eved from any a~d all
z
' i ~ab~4ty witA rpptct to any ColbtNS1 so pledged or trsnftpred, and any plecigee or trans~eree shsll for ail purposes stand in the plece ot the Bank hsreunder and
> have all the ri9hts of the Bank hereunder; (~il to trans(er the whols or any part ol tha Collateral into the neme of itself or its nom~nee; (~ii) to vote the Collateral;
~ ~~v? to notify th~ Obtiqors ol a~y Cotlatersl to make psymsnt to the Bank of a~y amounts due o. to become due tf?ereon; Iv) to demsnd, we for, coltact, or '
make any compromiss d settlement it deems desirable with re~erencs to the Collateral; snd (vi) to take possession or control oi any proceeds of Collateral.
*'BANK' as used hersin ~esns Turtte P.cet Assaciates, Inc. and/o~ i~Ra ~s.
c NOTICE: SEE OTHEH SIOE FOfi IMPORTANT INFORMATION BOQ~~,~ I PAGE ~~3
~ HS 751 Rev 7/77 .
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