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• ~ ' INSTAILMENT PROMISSORY NOTE
TURTIf REEF ASSOCIATES, INC. * ~a ,~o~~t R.o.~w : 6t272.4~
NK NAM[ (B) PYNtliwn fK cx«~~ none
. Jensen Beach, Fiorida 33457 uhio~.a~~~ s
, tc? ooa~~?~ry su~ : none
OFFIC ~ ~o~ a~h,. a„~~.. u~,R,;=.~ : none
= none
NOTE NO. OATEO• ~~0 ~ .~e 79 ~F~ ~ s none
(c3) J1~,o~n~ F~~.naa
DUE• •~SuM.I ~19 U, 9. C. D. E. FI t~$L?•EId
. .~t s
P~aCE: ' ~ . ~LOR~DA (1} Gr~di~ Im~ati~iioe =-~li~-
IJ? Oth~r f
For vNw npiwd. th~ uMKiipn~d th~nin~fUr eNNd "MakK") lointly snd wv~silY (it (K) =__~T~_
mon tfNe oMl p.onws~ to pw. to tM wda of tM 8ank. st it~ oftio~ Ii~t~d ~bov~. tM ToW
of prymK?ri Urom (N? it ~iphtl of 1~ •~8• ~ Oolbrt wyabb ui 1~ _ >
eaus~ mond~N ~~utM~m~nta ot t ~ tN+U FINANCE CHARGE 4.520.20~ ?
IH.1. J. K. LI t
~~uullm~nt du~ ,19 . and a+b~~c iesWinrntt dw on ~N) ToW of hynwnK ((i + M) Z~Q a~~
-T_
cn~_.,,~dw w~~+onth ur cosetMr with a F~N/?~ 9A~ WON PAVMENT OF: . /~NUAL PERCENTAOE RATE 1~ ~
--i-
= DUE . t~-
TM 8ank d~sil irtipo~ a tWinqwnCy eh~rq~ aprin~t d~ IMdur on any psYtrNnt whicA hat b~oo~r» du~ and rtmaiM M d~f~tlt to? s pKiod in ~xoat of 10
dsys in an snwunt equal to 5% of tM s~rwunt of,che prineipN p~rt of tht payn»nt in dNwlt. In tM ~nt dwt tM Noa i~ not p~id in f WI ~t nnturity, ail pry-
mtnts, wMtha princip~t, intKpt or othKwiN, shsll b»r innrat ~t tM maximum IpN raa slbw~d undu th~ Uws of tM Sua of Fb?id~. AN paymusa mrQ~
he.Kind~r shsll b cndit~d f int to intKat and then to p?incipM. howa~e?, in tIN, went oi d~f~ult, tM B~nie m~y, in iri ~ disention,~pfr any p~ym~nt to
~n~erest. pri~cipN snd/or Iswtul ehuya tMn soau~d. It is th0 ioantion of th~ psrti~ Mnto d+~t tM provaion= Mr~in ~hall not prpvid~ dinetly or indLsetl~?
tor th~ paym~+t of a grptt~-ntt of int~~at or tM ntMtion ot ~ny othN chsrq~ tAsn is aibwed by I~w. If. fo~ sny re~son. inta~st ~n ~xa~ of wch I~pM rsq o~
a cha~ye prohibit~d by Isw shsit at any tim~ b~ psid. any a~d~ ueo~ss sAa11 ~ither co~stitua and bt ensiW as ~ p~ynrnt on tM luiociqt b nfund~d dinetly
to tM 11Mktr. -
The MskK nry prpay, tM ~ntih unp~id bNar~v of tM losn at snY time. If tM lo~n is pp~id in full, ~uN.~t~d a~inano~d. tM IM~kK sANi npiv~ •
refuod of tM unexn~d pation of tM inter~st and i~uanc~ premiums computed by tfN Rule of 78's m~thod, exppt that tM 8u~k shNl b~ Mtitbd to nuin
a m~nimum intKat da?p~ of 36.00.
CREOIT LIFE ANO CREOIT LIFE 3 ~ISABILITY INSURANCE ARE VOLUNTARY AND NOT RE~IJIRE~ FOR CREOIT. Such inswsnp tov~rspe is
avaiUble st tM cost daipnated bNow tw the tKm of ths cndit: la1 S fa Gedit Life Inwranp (b) _
for G~dit lih 8 Dissbility Inwranq: -
Check ? G~dit Lite Inwrar~cv is d~sired on th~ life of
Appl. ~ 8'athdate
Boz ~ Gedit Lifa ~ Oitsbility Inwrs~Ce is d~tirod on
Birthiiat~ ~
U CrWit Life andla Dissbility Inwrance is oot decired. f
Dat~: '.L YQ, 1979. sp~»t~~. ~ ~ ~ i
TT-6?s~G- ~
Marte Chonack
~ syn.w.e
As s~curity for tM wym~nt ot ih~ Note Me M~ka henby ynnts co eM 8~na s facwity innnst in che fo~~owirg propKty: TUT~~ e R@ef C011~
S tr,eC~lyded t~n O.R. BOOk ~63.,_P_age~I2.--tlni _ w~lre 3t snd 32 1n Cond.•D-25. A~t No. D-25.
' .ss-d~scribed !n sa~id awrt;ag. ~
I ~ntlud~np ali iirc~~s, wbstitutioro, rplsC~tr~nts. ~dditions snd acaessions thereto and in tfN proa~dt thK~ot (henin~fqr.cslbd "ColbterN"1. This tKUrity ~
~ ~nte?es[ sMll Nto qiain anY ochN ind~bt~drnst a liability of tM Maka w the B~nk dinet a ind'u~c1, absoluu or contirp~nt, due w ~o buortN dw, now ~x- ;
~ ~sring a her~atUr s?ising, inNudin~ alt iutu~e advanc~s or losns by the Bsnk to the MNcer. . ~
~ The Bank is dso qivM s li~n snd s pwrety int~nst in sll propsrty and securities of th~ MikK. ~ndo?~. wrety. puu~nca o~ sccomnodacion puq of Mn
t~iote ihNtintftlr rtiernd to ss tM "Obliyors"1. now in or at antr elme Aeratur eomirq in~o ~M con[.d. w:tody o. poa~ion of ~M Badc: wh~tMr ia dr ~x- }
i presad Pu~pws of b~inq uad by tM Bsnk a CotlaarN, or ta arW od~ P~~Po», snd upon ~r bslsnc~ or bNanc~s to tM a~dit c~i any aaoums. ~~dudinY
, c.ust sed ap~ncy aocouna msinui+wd withcl~ Bmk by sny of tM Oblipors, and cM Oblgas aprN to dNiw. co th~ Bank addicionN CotlaarM w mMc~ wch
paYmena in r~dueeion of th~ prinoipsl ~nount of th~ loan ss ~hsll b~ s~iistsctory to d~e 8anlc. in dN wtint ch~ stor~nticmd Collawal ~hsll d~etin~ in v~lw ~
or bacom~ urastitfsctory to th~ 6ank. - . a
Additions to, .duttions.a exehanpes of, or wbstitucions for tM Collaural, ptyrrrnts on aooount oi thq losn or inupNS of the s~m~, or othN loans rtud~
par?islly or wholty upon tM Collaural, m~y ~~om tim~ eo tirm M m~de widwut affectirq the provisions of ehis No~~. Th~ 8ank~M11 ~x~rca~ rwwr+abN esr~ in
tne cu:todv and praKVStion o~ cM CollaurN to tM ~xtN+c rpuind by appliabl~ ststuu. and shM~ b~ d~md to hsa~ ~x~reiad ~ptonabN can ii it takN sird~
aetion tor that qupw~ a Nlskp ~iull nponsWY rpuat in w?itirg, but e~o omission to do any aet not nqu~strd by MNcK fMll b~ dMnrd a Iailun to txMCi~ _
~eason~Wt un, srM no omisNOn to ~omply with s~y nqwst o~ Msker ~hsll of itsNf be dMm~d s failun io ~xKCist n~sonabbls.~. Bu+k ~fu11 not Oe bound co
take any ttps MclssMy to pnserv~ arM? rqhts in tM CollaterN ap~iiqt prior parties snd MakK sh~ll t~k~ sll ewo~swry st~pt for wth purpows. TM 8ank or its
nomin~e npd not coll~ct int~nst on, e~ s p?incip~l of, sny Co1latNSl o~ piw anll notiq with np~ct to it. .
Th~ 8snk m~y continw to Nold ~nY Co1laiKS1 d~porit~d MrwndK efta the psymM+t oi q~ Note, if at th~ timt of the psymtnt snd di~d+arp~ h~not any,of
t!N patip IiaW~ ior tM p~yrtwnt Mnof ~hNl b~ [Mn dinetly o? oonti~ntly li~bl~ w tf~e Bank as Msker, s~oti~r, wrtty, pwrantor or aoeonxnodstion party
oi sny oeha not~, drNt, bill oi ~xd~~, or odNr i~uum~nt, or otharwist, and th~ Bank msy thaNftK ~xKei~ Ml ~iditf with rMp~et to s~id Co14tKS1
grsnted Atr~in ewn tApyF? this Nou sh~ll hav~ b~? wn~nd to tM 11Arlcer.
If th~ 8ank dKrns itaN intrCUrt or ~Mon the happ~ninp of sny of the tolbwirq evtnts, qd~ of whid~ sfisll ooratitut~ ~ d~fault, Nl liabilitia ot s~cA M~kK to `
the Bank, inttudirq tht fntitt unpaid p~ineipN of thu Not~ ~nd Keru~d int~re~t, Ips sny unartNd inl~~st ~nd ~r ionrpt in ~xqp of th~ m~ximum ~1lowrd ~
by Isw and any nbsm r~quired by law, tMll inrmdistNy o? tMrtsfqr, st the option of 1!N B~nlc. ~xapt thst tM oocwrMOe ot (e) or ldFth~ll Cawt autonsat- !
~ ~c aocsleration: withort notia or d~nrnd. MeonN du~ and payable: (d tht f~il~n of any ObliQor to p~rform any oblip~tion, liability a el~im to d~ Bsnk. to Qay
~ ~nce.en 1+u~on +~viihin 10d~ys ~ttK it a dw, w H ch~r~ a no dw daa..~ ic i~ bilbd a otM~wi~ rqwsad or damnded. or co Pw Nw odN? li~bility wbat-
~ soevK to tM Bank wlwn dw: (b) tM dath of ~n1r indiriduN Oblioor, tM diadution ot any prtnu~hip Obli~a or t(N dif~olution. n+KyK or oonwlid~tion with- i
ouc clw Bsnk's piwr writt~n eont~nt of ~ny eorpaat~ OWiyot: (c! 1M fili~g ot s p~tittoe in b~kruptcy a eM adjkdeadon of intolwn~y a b~nkrupecY w~d~? i
~ any r~wg~ruz~tion, unnp~nNnt. rNdjustnNnt of d~bt, d'arolution. IiquW~tion or similar o?oa~dirq undN ~M? F~al or stat~ sutuu, bY a sq~iMt ~nY '
Obl~q~u: (d1 an appliation to~ the sppointrr»nt of s npiwr for, w th~ nylcinp of ~~al aMipnnMnt for tM b~fit ot u~ditors by. any Oblqor: tM ~ntry f
~ ot ~~~nt ~iett any Obfipa: li) tM iauinp oi any ~ttaehn»nt or yKr~t, a eM tifiiq ot snY,.li~n. ap~imt ~ny propNty of ~ny Oblqor: th~ talckN of t
Doss~ssion o1 any wbstantial pMt of t!N P~~W?~Y ot aiiy Oblqor at tfit initanot of any yo~wrrwn~ntil wd~ority: ih) tM Mt~tmination bY tht sank tMt ~ nr/Ki• ~
~ ai advers~ dwnpr ha occurnd in the finr+tid oonditan of sih? Obli~or fran tM eonditiora Nt IoiU? in d~ mo~t npnt tin~ncial.stit~mMt ot weh Ob~ip? . ~
~ ner~toton twni~d to tM B~nk, a from dM ea~dition of wdi Oblga sr ha~tofan most nantly ~udoNd to ths B~nk, o~ dwt ~r WKrantY, rp.~nation,
ce.~~fiun a sac~m~nt of any Ob1ga (wMt1+K oonqim0 in thk Not~ or not) W~taininp to a b oonn~etion wiM [ha Noq a th~ Iosn wid~nad b1~ shK Noa !
coneain~ sn untrw ~utMwnt of mrtKi~l het w omiq to Km nrtuial f~et n~c~psrY M ada w rtMks tlr stat«rwnts rryds not miY~d'wq; a, (il tM wia?~ "
ment by any UA~kar ot sny puity in sny oi tM Coll~qnl without dN prfor writtsn oonNet of tM 8ank. ~
Th~ 8ank tl~tl h~v~, but tMll rwt b~ IimitW tfN tollowin4 riOhts, s~fi of whieb mry b~ ~xaciMd at any tirtM MA»dM? or not this- No1~ a dw: (i) t0
P1~d7~ o? tnnsf~? thit Not~ ~nd th~ Co1lat~rM Mid tM B~nk sMlt d~N~~POn b~ rRi~~r~d Of ~11 duti~t ~nd rNpo~ibiliti~s h~wMK ~nd rNi~wd hwn ~nY M~d dl J
liability witb rMpat W any Colbt~rN w pNdp~d Or trMKtM?~d, and anY PNd~t a tnrqfKN ~11 to? M1 purpOMS ~t~nd in tht plsa ot tM 9Mdc Mnuedw snd ~ f I
hsw all tM ri~hb of th~ B~nk t~«n~d~r: (ii) to tneafM tlN w1aN oa sr~y p~t o1 tM Collaqr~i iMO tM n~nM of itsNi w ia nanin~t: INi) to wa eM Colyarsl: ~ 1
liv) to notHY tM Oblgas ot ~n1? Co11atNN to mrk~ P~Ym~nt w 1M B~nk of any anwuM~ dW~ o? to b~oom~ dw tAawn: (v) w d~nand, iw for. colNet, or
mak• any °°er~ pr t~tel~nrnt 't with to d+~ an~; n) to or ot 1 oa~ d Cp1i~t~rM: ~ I
~ *~NK as use~ ~ier`e~n m~eans ~ur~e Ree~ssoc~a~es, ~r~~~~or00~ a'~;i°gns, - ~
r . S -PaGE i
NOTICE: 8EE OTHEfi SIDE FOR IMrORTANT INFORMATION ~
FBS 7S2 Rnr. 7/77
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