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INSTALLMENT PROMISSORY NOTE
TURTLE REEF ASSOCIATES, INC. * ~ la Amount aapiwd s 8t,500.00
SANK NAME Iel Wemiym fa Credit none
Jensen Beach, Florida 3345? ~ I.if.~pisobility ln:. _
ICI Documentary stamps s none
OFFICE ADDRESS (QI Other Cherga (itemi:el s none
IE? - s none
NOTE NO. GATED: MaY 1 • , 19 79. (F) = none
t,~~., IGI Amount Firwtced 8, 500.00
DUE: '-'°u 11' , 19 8g. lA, B, C, O, E, fl s
IHI Interest = ~ 1
PLACE: ,FLORIDA 111 Credit Investgation s
For valor received, tM under fJl Other :
srgrred (hereinafter piled "Maker") jointly and swerally lit (K) _
more than oriel .promise to pay to tM or?der of tM 8snk at its olfice listed above, oW
of Payments (hem INI at rghtl of +13,480.84 Dollars payable in~~0 Ili :
112 34 IMl FINANCE CHARGE
equal montAly insgltrttents of S . tM (list 4,0.80
Jane IH, 1, J, K, L) S
rnstalirrtent dw on , 19_, and wbsogwnt ins K due on INl ToUI of Payments IG + M) _ + •
the I lt~;,y of Eat~p?onth theresi_te_; to~etMr with a FINAL BALLOON PAYMENT OF: ANNUAL PERCENTAGE RATE 10• ~ %
3 f lC DUE , 19
The Bank shalt impose a delinquency chage against tM Maker on any psymatt tNfrieA has betorrto dw and rorrtairts in default fa a period in exceos.gf 10
days in an amount equal t0 6X of the amount of tM principal pat of the payment in default. In tM event that tM Note is not paid in full at maturity, all
ments, whether principal, interest a otherwise, shall boar interest at tM maximum lapel rata allowed under tM laws of the Scsto of Plaids. Alt poymat
l~ -
hereunder sMll be uaditad first to interest and tMn to principal, however, in tM event of pelvic, the Bank may, in its sole discretion, apply any paym~al~~o
interest, principal and/a lawful charges then accrued. tt is tM intention of tM parties hereto that the provisions herein sMll not p?ovide directly a irwlirtctty t
for the payment of a greater rate Ot interest a tM retention of any otMr charge than K albwsd by law. If, to any reason, interest in excess of trrch legal rate a t
a charge prohibited try law shall •t any time be paid, any such expss shall either constitua and be treated as s payment on the principal a be refunded directly
to the Maker. - J{
The Maker may prepay the entire unpaid balance of the loan at arty time. 11 tM loan is prepaid in full, accelerated a refinanced, the Maker shall receive a
refund of the unearned portion of the interest and insurarr0e premiums eornputed by tM sale Of 78's method, except that tM flank shall De entitled to retain t
a minimum interest charge of 66,00, j
CREDIT LIFE AND CREDIT LIFE 8 DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT- Such inwrsnce coverage is
ava~table at the cost designated below la the term of tM aedit: Ial S for Gadit Life Inwrance lbl S
for Credit life ~ Disability Inwrsrtce: i
Check ? Credit Lite trKtrrarKe is desired on tM late of
Appl. - Birthdate
Box ? Credit Life 14 Disability Inwrance is desired On -
l
Birthdate
ti :
Credit Life and/a Disability Inwrance is not desired. i
Date. (~aY 1 f 1979 Signature
r . ,
Signature -1.~VyCJ' <f ~ ^ ~ -jCrE? 1
As security fa the payment of the Note the Maker hereby grants to tM Ban raCslEcwrty ant rest r t rdloN,ing property In Turtle Reet Cond. j ,
recorded in O.R. Bnak 263. Paf~~ X002 Unit Weeks 11 and 12 in Cond. D-12, 't. o. - as
descr_ihed 1 n said nlDrtyalse.
~ncfudi i
~ ng all increases, substitutions, replacements, additions and atxessions thereto and in the proceeds thereof IMnitsafter sailed "Collateral"1. This sawnty ~
it ,merest shall also secure any other indebtedness a liability of tM Maker to the Bank director indirect, absolute or contingent, due a to become dw, now ex•
{ ~strng a Irerealter arising, including all future advances a loans by the Bank to tM Maker.
The Bank K also given a lien and a security interest to all property and securities of the Maker, endorser, wrety, guaanta or accommodation party of this
~ Note (hereinafter referred to as tM "Obligors"1, now in a at any time hereafter coming into the contrd, custody or possession of the Bank, wlNther fa tM ex- }
~ Pressed purpose of being used sty the flank as Collateral, or fa other r j
any pu pose, and upon any balance a balances to tM Credit of any accounts, ineltrdirg
trust and agency accounts maintained w+thtM Bank by any of tM Obligors, and the Obligor agree to deliver to the Bsnk additional Collateral a make such
payments in reduction of tM principal amount of tM loan as shall ba satisfactory to the Bank, in the event the etorementiased Collateral shall dediM in value j
or become unsatisfactory to the Bank.
Additioru to, reductions a exohartgas of, a substitutans fa the Collateral, payments on account of this loan a inaessas of tM same, a other loans made
1 partially a wholly upon tM Collateral, may from time to time be rnrrde without affecting the provisions of this Note. TM Bsnkshall exercr,e reasonable care in >
the custody and preservation Of the Collateral t0 tM extent required by applicable statute, and shall be deemed to haw exorcised reasonable pre if it tokes such ;
erector fa that purpose H Maker shall reasortsbly request in writing, but no omission to do arty act not requested by Maker ahNl be deemed a failure to exercise ~
1 reasonable can, and rlo omission to wmply with any request of Maker shall of itself be deemed a failure to exercise reasonable care- Bank shalt not be bound to i
take any steps necessary to preserve any rights in tM Collateral sgaiMt prig parties and Maker shall take all necessary steps for such purposes. The Bank or its
nominee neat! not collect interest on, a e principal Of, aril Colleteral or give any notiet with respect to it.
s Tlie Bank may continw to hold any Collateral deposited herwnder after the
payment of this Note, if at tM time of tM payment and discharge hereof any of
the parties liable fa tM payment hereof shall bo then directly a Wntingently liable to tM Bank ss Maker, endorser, wrety, guasnta a aCtOrnrrtOdation pasty
of any other mote, draft, bill of exchange, Or other instrument, a otherwise, and the Bsnk may thereafter exercise all rghts with respect to said Collateral i
granted Mrein even though this Note shall havtt boon wrrorKlored to the Maker.
r I f the Bank deems itself insecure a upon tM hsppsning of any Of the following events, each of which sttsll constitute a default, s1I liabilities of each Maker to
4 the Bank, irttluding the entire unpaid principal of this Note and sccrwd interest, lass any unearned interest and any interest in excess of tM maximum allowed i
by law and arty rebates required by lew, shaft immediately or thereafter, st tM option of tM Bank, excerpt chat tM occurrerta of Icl a Idl shall seas automat- ~
+c acceleration; without notice a derrwtd, become dw and payable: Ice) tM fa- a of any Oblgor to perform any obligation, liability a dairrt to tM Bank, to pay j
~ merest hereon within 1 Odayt after it is dw, or N there a no dw date, afte~j~ is billed or otherwise requested a dernarrded, a to pay any other liability what-
soever to tM Bank when dw; Ibl tfte death of any individual Obliges, tM di~iution of any pastnership Obligor a tM dissolution, merger a oonsolidotion with-
? out tM Bank's prig written consent of arty corporate Obligor; Ill tier filing of s petition in bankruptcy a tM sdjudiption of insohrMCy or bankruptcy under ;
any reorganization, arrangement, readjustment of debt, dissolution, Ipuidstion or similar praeeedirg under any FederN or state statute, by a against any
Obftgor; Idl an application fa iM appointment of a reviver for, or tM making of a gerttnl assignment for the benefit of creditors by, any Obligor; bl the entry
n! wdgmertt against any Obligor; li? tM iswirtg of any attschmatt a garnghrrtent, a tM fillip of arty lien, against arty property of any OWpor; Igl tM taking of ;
pessessiOfl of arty substantial pat of tM property of sty Obligor at tM irlsartp of any govornntentat wthority; Ih1 tM determination by tM Bank tf+ot a rrtaseri-
ai adverse change has occurred in the financial condition of arty Obligor trt,nt the conditions sot forth in tM most repot financial statomatt of each Obligor
heretofore furnished to tM Bank, orfrom the condition of such Obliges as Mretofore roost recently disposed to the Bank, or that any waranty, representation,
certrfieato or sUtement of any Oblgor (whether ctzrttairlod in this Nos or not) pertaining to a in connection with this Nos a tM loan widanoed by this Nos
nntsirts an untrw sutement of material fact or omits to elate material feet necessary in order to make the statements made not mAlNdinO; a, lit tM oaign-
mart by any Maker of any equity in any of tM Collateral without IM prior writtM eortsent of tM Bank.
Ths Bank shall have, but shell not be limited to, tM tollouling rghp, each of which may be exercised at any time uAtether a not this Non is dw: lil to
pledge or trorlsfer this Note and tM Collateral and the Bonk stall (ftereupat bo rolioved of aA dirtier and responsibilities Mrwntltr and rNiawd hem or?y and all
~ rability with respect to any Colletaal so plodOod or transferred, and arty pNdgee O? transfaN shall for alt purpot~s stand in tM plea of tM BeNt Mrwntda erW t
nave aN tM rights of tM Bank herwrtder; iii) to tnnufer the whole or any port of tM Collateral into tM name of itsNf a its rtominor, (iii) to voq tM Collenrsl;
Gv) to notify the Obligors of any CollaterN to melee pttyrttortt to tM Bartle of any amounq duo a to beconr dw thereon: fv1 to donand, Itw for, oolleet, a
make any eor?~ 4r settlement it rabic with ter to the terol; a vi) to o possossi ore t OI Oi any seeds of COIIaterN.
* IK as used e1~re~n means ~ur~e Ree~~ssoc~a~es , t~`nc . and/or ~ ~s .assigns .
' ~ NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION r•r
i 30~1i 31~ PA~.11~
FBS 752 Rav 7/77
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