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INSTALLMENT PROMISSORY NOTE •
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TUR7LE RE~f ASSOCIATES. IkC.* ~a R.n+,~ :~-OD
BAN NAM! (8) Pnmlum fo~ GWit ~
~if~/Oi~bil{ty Ins. _
P. 0. 6l}X 618, JENSEN B£ACN fl.. 3345~ tc~ o«~,~a?r st,mw s~
OFFIC OORESS (D) OtfNr Chup~s (itNnis~) _
IEI i
NOTE NO. OATEO: , 19 ~ (f) = R~~
DUE: 11 ,t9 ~ l(il ~Amou ~ Fpaanc~d ?
tH? s~~~
PLACE: . FLORIDA (1) Ged1t Invatystion = n_
For valw rectiwd. tM und~riipned (hK~inaftN qlNd "M~Iw") lointly snd s~vKSlly (ii (J) OthK = ~l~
mor~ tMn ontl p~omis~ to psy to tM ordK of t!M eank. ~t ia otfip listed abov~. tM ToW (K) _~Q~j~
of P~ym~nts Nrom (N) at ripht) of s12.~7.~ DollHS psY+bl~ in _1~ tV t nn.~
, iM.t~nt ~MI FINANCE CHAROE
eyua~ nwnMhr irou~~mN,u ot s ~H, K. t 4735_2A
ins~sllm~nt dw o~ ~~y j , 19_. a~d wbspwnt in:tsllm~na dw on (N) Total of Paymenu (G + M) = I2 ~g17.~
che~,~,.~~ ~~Neh month tWE ftK, top~tMr wiM =FIN~
=AILOON PAYM19T OF•_-_ ANNUAL PERCENTAGE RATElO.OO %
S
The Bsnk shsll impose s dNinqw~cy char~ sparat tht 11A~IcK on any payment which has b~cortN du~ and rtmai~s in d~fwlt for a paiod in expa of 10
days in sn amount pusl to 5'X~ of the smount of tM principsl psrt of the paym~nt in d~fwit. In ths tv~nt that ths Note is not paid in full at maturity, all pay-
mena, whethe~ p~incipsl, intersst a otMrwise, sA~ll bes? intsrest ~t the maximum legsl rste allowed under tAe Isws of tM Stats of Ftorida. All psyrtants msd~
hereundsr fAa11 b~ ueditsd fint to inter~ft and thM to printipsl, howeYer, in the evsnt oi detsult; tM Benk msY, in its sole disuetion, apply sny piyment to
~nce.est, prinupal and/or tawtul chsrges then accrwd. It a the intention oi the par~ies hereto that the provisions he.ein sh~ll not provide dinctly or indinctty
for the paymN+t of a preaa. rate oi int~nst w the rotention of sM? other cha~ps thsn is allow~d by Isw. If, for any resson, interest in exoas of fuch 1~1 rat~ w
a chsr9e prohibited by law sAsll st any tim~ be paid, any such txoess shall tither constitut~ snd bs treated as s payment on tM p~ncipal a bt refundstl direetly
to the Maker.
The Msker msy pnpay tM entire unpaid balano~ of the Iwn st any time. !f the loan is prepaid in full, accelerated w retinanoed, the Msker shall receive s
~efund of the un~rned portion of the inte~est and inwranee premiums computed by tAe Rule oi 78's method, except that the Bsnk shsll be entitled to ntain
a minirtlUm intQ~lft C1Wryt Ot
CRE~IT IIFE AND CHEDIT LIFE A DISABtLITY INSURANCE ARE VOIUNTARY AND NOT REQUIRED FOR CREDIT. Such inwranee coversgs is
available st the cost daiynated below for the term of the usdit: (a) S ~ ~or Gedit lite Inwrance (b) S
!o. Cr~dit Life ~ Oissbility Ir?wra~ce:
Check ? Gedi[ Life Inw~snce is desired on the lite of
,~p~_ B' thdate
sox ? Gedit Lii~ dc Uis~bility Inwrance is das'ired on
Bir
~ Gedit Lite and/o~ ~isability Inwrante is not desired.
Date: +M! ~.7~ 1978 Signature
_ ~ ~ tav o. Nu1 _
Signature~
As security for the payment oi the Note the Maker hereby grants to the Benk a security interest ~n the tollowing property: ~~I TLri't~e RP~~
' t. ho: D-2~I
u~' b~d ~ a
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~ includirg all inucases, wbstitutions, replscMxnu, additions ~+d scceuions thcreto and in Me proceeds thereof (hereinatter called "Collateral"1. This sscurity
! ~nterett slfsll also seWre any other indebtedness w liability of the Maker to the Bank direct or indirett, absolute or contingent, due o~ to become due, now ex-
~ ~sting a hereafter arisin9, includin9 all future advsncas w losns by the Bsnk to the Maker. ,
Tht Bsnk is also given s lien snd s s~curity i~tereft in sll property and securicies of the Maker, e~dorser, wrety, guarantor or accommodation party of this
Nota IMreinaitsr retured to as the "Obligors'"l, now in a at any time I~ersafter eoming into the control, wstody o~ possess~on of the Bank, whether for the ez-
pressad purpose oi beirg used by the Bsnk as Collateral, o? tor any otha purpose, and upon sny balance w balances to the crsdit of sny aocounts, ineludiig
~ crust and spency aocounu maintainad withthe Bsnk by any ot tM ObliQors, and the Obtigors agree to deliver to the Bank additional CollsurN a make wch
~ paymenn in teduction.of the printipal amount oi ths loan as shall be satistactory to the Bank, in the event the aforementioned Collateral shall dxline in wlue
~ or become unsatisiactory to tln Bank.
Additior?s to, reductions o. exchanges oi, w wbstitutio~s for t1ro Collateral, payments on account of this Iea~ w increases of the same, or other loans msds
partially or v~fwlty upon the Co~lateral, may trom time to time be rtiade without aftecting the provisions of this Nota. The 8ank shall exercise ressonable care in
the cuttody snd preservstion ot the Collste?sl to the extent required by applicaWe statute, and shall be deemed to hsve exercised rqsonsbk eare if it tska wch
action fw that purpose ss Maker shall ressonably request in rvritin9, but no omission to do any act not requested by Maker shall be d~emed a fsilun to ezercise
~ reasonaWe an, and no omission to compty with amr roquest oi Maker shall of itself be dcemed a failure to ezercise reason~ble care. Bank shsll not be bound to
take any steps necessary to preserve any rigAts in the Collatersl agairest priw parc:es and Msker shall take all necessary steps tor wth purposes. Tht Benk or its
nominee naed nOt collect interest On, or s ptineipfl oi, sM/ CollaUral or give any notice with rapsCt to it.
The Bank may continue to hold any Collatersl deposited hereur~ aiter the payment ot chis Note, if at the time of the payment and dischsry~ hereof a~y of
the psrties liabk for the psymsnt hereof fhall be tMn directly w Coneingently lisble to the Bank as Maker, e~dorser, wrety, guarantor or axortxnodetion pa~ty
ot arty other note, drait, bill of excha~ge, or otha instrument, or otherwise, and the Bank msy thereafter ezercise all ~ighu with respset to ssid Collateral
granted herein even though this Note sha11 Asve baM wrrendered to the Msker. .
If tM Bsnk d~ems itself insecure w upon the happening of arry of the foltowirg events, each of which shall constitute a de(ault, all lisbilities of esch Maker to
~ the Bank, includirg the entir~ u~paid principsl of this Not~ and actrued interest, less any unesrned interest and any interett in exCess of the maximum sllow~d
5y law and s~y rebates required by law, sh~ll imrnediately or the?eafter, st the opt"an of the Bsnk, exupt that the oocurrence oi (c) or (d) ~hall causs sutomst-
~ ~c acceteration;without notict orderr~and, b~oort~sdw ind payabls: (s) the tsilure of any Obligor to perfwm any obligetioo, lisbility or daim to th~ Bsnk, to psy
~ interest Mreon within 10diys aite? it is dw, or if d~n is ~o dw dits, sfter it is bitled Ot otherwite request6d or demsnded, a to psy ~ny other lisbility what-
p soever to the Bsnk when dus; (b) the d~ath of any individual Oblipor, tM diuolution of any pirtner~hip Ob~i~ w the distdution, merptr w oontdidttion with-
~ out the Bsnk's prior vKitten consent of amr corporsU Oblqor; Ic) the fili~g of s petition in ba~krupccy o. the adjudication of insolvency or bsnkniptcy undsr
Q a~y rewgsnization, arrangement, r~sdjustmant ot debt, diftdution, liquidation or simila? propeding under any Federal or sate ststute, by or syainst anY
~ Obligtx; (d) sn spplitation for the sppointment of s noeivr? for, a th~ making of a 9e~ersl ssiynment tor the benetit of craditws by, any Obliqw; t1N entry
oi judgme~t aysirat any Oblipor; (f) tM awirg of any attachment or yarnishment, or the filiny ot any lien, apainst amr property ot a~y Obligor; Ip) the tskinp of
~ possession of any wbstantial part of the prope+ty of.sny Obliya ~t tlw instanct of any yowrnrtMnW suthwity; (h) the determination by the Bank that s msteri-
a~ advsrte chsnpt has occurred in the finantisl condition ot any Oblipor ftom the tw~ditions s~t fath in the most reoenr finantial satement of wth Oblipor
~ w
~ heretofore furnished to the Bank, w from the tondition of wch Oblyx as Mretofore most reantty ditdossd to the Bs~k, w that any vwrranty, rprasntation,
certiticate w stat~rnn+t of any Oblipw (wh~tNer conuinsd in this Note w not) pertainiry to w i~ co~rnction with Mis Noa or the los~ wideno~d by tha Noq -
~ conuiin an untru~ statement of mtterial f~ct or omib to ststs mtUrisl fact necess~ry in order to mske tM ststements rt~sde not mislNdinp: a, (i) tM assipn-
~ ment by any MskN of ~ny equity in any ot th~ Cotlateral without th~ prior written consent of the Bat~k.
~ The B~nk shsll hsv~, but ~hall not b~ limit~d to, th~ fotlawinp riyhtt, esch of which msy be exacited at sny tim~ whethe~ w not this Not~ is due: (i) to i
plsdgt or tr~~ufN Mis Noq snd ths Collatersl and th~ B~nk shNl thereupon b~ rtli~v~d of all duti~s and reiponsibilitits h~reunder and rNi~v~d from any s~d ~II ~
liability with rpqet to ~ny Collat~ral w pl~dg~d a truubrred, ~nd any pbdpN or t~snsf~ne shall fo? sll purpo~es stmd in the plaw of tM 8ank hKwndK and
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~ havs ~II tM riphts of tM Bank hereund~r; (ii) to translN tM MAwb or aM? put oi ths CollataN into tht nsms of itself w it: nomirws; (iii) to wt~ tht Collatersl; ~
(iv) to notify tl~s ablipon oi sny Collatent to rrwk~ paym~nt to th~ Bank of ~y amouna dw or to becoms du~ tlier~on; (v1 to demand, sue for, cdl~ct, w
~ makt any Compromis~ or ~sttlement it dNms dtsirsbN with ~titr~noe to th~ CoIlstNal; snd (vi) to tsk~ possession or control oi ~ny prooNds of Collsttrsl.
~ ,~s us~~! Y~~:-eir~ mears Tur:l~ ~kt xss~i~t~s, Ir~c. tA~/~r its assi;us. ~
~ ~ ' f s NOTICE: SEE OTHER SIDE FOR IMPORTAPlT INFORMATION O R ~ n ~
~ FB5 752 Rw. 7/77 Pl~~)k tl~ ~ r~~.G ~=1~ 7