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~ • ~ INSTALl1~iENt PROMISSORY NOTE ' ~ f
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TURTLE REEF ASSOCIATES, INC. * t/?~ ~oum A.a~ s l74~~•~'
K E (8) Pnmium la Cndi! 11011@
Jensen Beach, Florlda 33457 ~"•~0~"'~ _
tc~ o~,~.~v sa~ = none
_ F ~c ~ a ~o~ o~.r a~.. ua~.? s none
- - ~ ~none.
NOTL~ NO. OATBa April 12. .t9 79 ~F~ = none
(f3) Amount Finw~e~d ~
ouE: ~ ~3una 1 .~e 89 u, s. c. o. e. o~ ; 7920. -
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PL~?CE: • . FIORIDJI 111 G~dit Imrpti~tion =
' UI ONw. ='_l~"_"'
For v~lw r~iwd. th~ un~eni~n~d (Mra~aitM a1Nd "MakK") IoinHy snd ~nfl~ tif (K1 S
~+o.. ~n~~ oMl c~om~s. co wv eo n» 1 6~8 UO' u ~a ottK. ~~,c.o.tav.. d» ~~t~
o~ Pa1?m~na ttran iN) ?ipnd ~ot. • - oo11KS wraeM i~? 0 (U = _
qu~l mo~MN inita~lma?ts ot t ' . tM t~?tt tMl HIN.ANCELCH~R~i~ s 512$.OQ
m~wirrr~t du~ on ,+1V~,~,1 a .19 ~ ~ne wbwqwnt iniaum~na du~ on IN) ToW ol P.ynNnn tG f 1~+11 ' i •
nK Is~.,? ot~~wneh tnuaiursto~nM:w~th a F~Nw~
eA~l.00N
Pwv_MENT OF: /~NUA4 PERCENTAOE RATE %
s OUE ,19 - ~
TM B~nk shatl impoM ~ d~linqu~y d+arp~ a~inst tM MWcw oe aiw qwnNnt whieA h~ b~oom~ due and nnytr~ ie~ dNwit fa ~ p~rbd ie ~xaM of 10_ .
dayt in an amouM puid to SX of th! amount of tM prineipal pMt of tht piynNnt in d~f~ult. in eh..w~nt a,s~ en~ ~lo~ b no~ pa~a ~n tu~~ ae mswr~~y. N~ pn?. .
mtncs. wMtha P~incipsl. intK~tt or othsrwis~, thsll bar ieta~tt at tl» nwcinwm IpN nb Nbwd undu tM liwt of tM SbH ot Flaid~. All p~ym~nb madt
Mnu~ MNI b~ crMiud lirn to Hfc~t snd M~n to principsl, how~~r, in tM wu~c of dNaulc, ch~ B~nlc m~y. in it~ iola di~cn`ion. ~pply any paym~nc eo
~ntKK4 pineip~l snd/or lawiu~ chtrq~s eh~ ~oerwd. It is tM int~ntion of the psrtia ha~to thst th~ provi~ipnt M.tin thall not prOvid~ dir~etly o? indinetly
tor th~ psym~nt of a prat~r tit~ of inetrat or tM nttnteon of any othN ehrry~ thsn i~ Nbw~d by 1sw. lf, tor any ~~pon, int~rKt in~cqa of ~ueh Ipd at~ or
,~n..9. aonwiaa br ~aw sn.n ,~w nm. b. aa..~w «,d,.xo.~ ~i .~en.r ~sut~a.~w b. m.aa p.v~t o~ d+. a•~~c~o. w..n,~,a.a.ak«w
~o tn. .
T'h! M~k~r nwy pnpsy tM s~tin u~id babnq of th~ lo~+ ~t ~ny tin~. H tM lan b p~paid in full, ~cplNa»d a?~finsnc~d, tlii MrkK shNl npiw s
re~und ot tM ue~nW portion of tht intN~st ~d inau~np prhnium~ eomput~d by tM RuN of 78's m~thod, ~xppt thst tM B~nk ~hall b~ ~ntitl~d to nuin
s minimum intapt d~arq~ of :8.00, -
CREDIT LIfE AND CAEDIT LIFE a OISABILITY INSUNANCE ARE VOLUNTARY AND NOT RE~IlIREO FOR CREDIT. Such inwanpcown~n
w?~ilabl~ st th~ eodt dKiqnaqd bNow for tM tKm of th~ a~dit: (a) = for Cndit Uf~ Inwr~ (b) s
tor G~dit 4f~ ~ Ois~bilitti? Inwnner
Ch~ck ? Cr~dit Lit~ Imuranct is desir~d on tM lift oi
App1. Birthdaq
Box ? Q~dit l,lf~ ~ pipbifity Inwranp is d~sind on
~y Birthdate
L"l G~dit life and/w Disability lewranq is not dttired.
oa«: Ap1"~ 1 1~ ~ 1979
Synswro
. Pau1 A. verse
Sipnature
As tM.vrity fo~ORQ • t~t KQC T'~Q~~ k U.~K. ~R~ ~3'~ Pa9E ~[WL ~l L II~CRS 19
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~ndudinp a11 incr~s, wb~tiwtions. nplaam~nu, sddition: arKi iccesfions ~h~r~to snd io dk proa~ds tb~rwt (hKSinafter albd "Co~laa.al"1. Thh aa,riqr
' mtaat thsll ~so qetu~ any otMr ind~bNdn~ts or liability of the MakK to. t1N Bank dinct a iodir~ct, ab~olun or concirp~nt, dw a ~o Wcorm dw. now e:-
~ ~siirg a hsrNltN ir'niny, ~neludine sli lutun ~dvanc~i a lwns by tf~e 8ank to tM Msk~r.
~ TA~ 8snk it Wo oiwn s tien ~d a t~writy i~tKKt in ~11 propNty and securiti~s ot th~ MakK; tndontr, wrKy, puuanta w stcanmodstion puty of MK
~ Notf IhNfiMltM r~(Nr~d [o u th~ "OWiqors'1, now in or at sny tier Mra1n+ oon~iep into tM contrd, eustody or powssion ot t1N B~nh. wh~tMr t~ dM ~a- :
! P•~d PurPaw ot b~inp uad bY tM Bsnk as CollaarM. or fw any o[hN Pu?Pow. ~nd uPa+ +~w batsnc~ or balu~o~ to tM a~dis oi ~r aocount~. ineludi+g
' t~ust and ap~ney ~oount~ m~ietain~d withtM Bank by any of tl+~ Oblgon, and tlt~ Oblipoa apr« to dNiwr to th~ B~nk ~OditionN CollaqrN or mNca w~d~
~ paymsna in nduecion of tM principN smount of the lor~ a shsl! bs s~tisfactory to cbe B~nk, in ths swnt tht stor~ntion~d Collat~rM ~hsll d~din~ in vN~i~
or bapm ueaitisf~ttwy to tfN Bank.
t
Additiont to, r~du~tiau w~xchanp~ of, ar wb~titutiom fo~ the Collsursl. payrrrnts on aocount of Mis losn or inu~pN of dw w~r. p otA~r lo~ns madr
Ps.iu11Y or wF~olly upon tM Collat~nl, mry trwn cinr to tin~ b~ n~ wid?out aftectinp eM provuions of thb Not~_ TM Bink ~11 ~~rci~ rwwn~bN w~ ~n
the Suttody and pMerqtion of tM Co11ttKN to the exqnt rpuihd by applic~W~ ststutl, and thNl b~ dNrrMd to hav~ ~x~rciNd rMionaW~ tu~ if it qkN wM
xtio~ for d~t purpoa u MskK ~hall rwwe~sbly rpt~st in raitin~. but no omission to do ~ny aet i+ot rpu~bd by M~k~r ~hNl b~ dNm~d a t~dun to ~~ureiN'
resson~DM an. ~nd no omiaioe to comply with ~ny rpwst of Mak~r ~hsll ot itsNt be desmsd a i~ilure to oxaci~ naon~bN cu~. 8ank ~I+all not b~ Dound to
take ~ny stps n~o~sfsry to prpKw M+y riphts in tM Call~al ap~iMt prior ps~tief snd MakK fhall tak~ sll r~p~uy ttp~ tp tuth purpo~es. TM B~nk or its
nomir~ nNd nat eolNet int~ntt on. w a p?i:+eipd of. Co1latMal or yiw any ~otiq with n~pat to it. ~
T1N Bt.nk m~y continw to hOld any CoII~tNSI dlpoat~d Mnund~r sfter tht paymtnt Of this Not~, if at th~ tinr of th~ p~ym~nt and diaharq~ Mrpf any of
tM pMtia li~pN tor tM paymsnt Mreot ihall b~ thw+ dinetly or contirg~ntly li~bb to th~ 8snk u Maker, endorwr, wnty. qwrantw or aocommod~tion ps•ty
ot any oths?_ noU, dr~ft, bitl 01 ~xd~sn~, w adNr in~trun~t, w oM~rwis~, ~nd dr Bank nry therpft~r exKCi~ sll rqha vrith rNp~et to ssid Colbt~rN
q?antad INrNn wrn tt~aqF~ Mis Not~ ~hNl haw bNn wnN~dtr~d to tM M~kM.
~ If tlN Bank dNm~ ittMf ias~tuN or upon NN h~pp~nin0 of ~ny of t!~ followinp ~wntt, tsd~ of which shdl oor?ttitut~ a IMiault, all lisbilitip d Meh iAskK to -
th~ 8ank, includin0 th~ ~ntin unp~id principN of tbb NoH and ~ocru~d inqrwt, Np ~ny ur~urn~d inprat and ~ny inantt in of tM m~xinwNn ~Ibw~d
~ by law ~nd any r~t~t rapuir~d by law, th~N imnwdistdy o? th~ns/br. st tM option of qN B~nlc, txppt that th~ oocurr~ ot (c) o? (d) ihall tauM autanst-
k soal~rnion:withort notica a danr~d, b~oorn~dw and py~bN: (al th~ failun ot any ObliOor to paform sny oblipnion, liability a claim to ths BMdc, to p~y
~ mn.pt Mnon within 10d~ri ~fta ic q dw, a it dNn i~ eo dw daa, afq. i~ y Wll~d or otMrMri~ r~t~d or d~nKid~d, a eo pry any otAM lisbdhy wh~t-
= swvw to th~ Brnk Mh~n dw: (b) dw dNM o( an~r indMiduM ablipor. tlw di~olution ot any patn~~hp Oblipa a tht diaolution. m~rYq o~-oonwlid~tion wiM-
out tM 8~nk's p'wr w?itUn con~nt M sny cwponq C1bli0or, k1 th! fiiiny of ~1 p~tition in b~nkruptcl?.or tM adjudic~tion oi imWvrnay a b~nkrupu~r undK ~
~ any nwysnization, aranpamnt, rNdjustm~nt of d~bt. di~olution, liqttidrtion w- tanilu pooNdinp und~r aey F~d~rN or sqb ~Utut~. by or p~ln~t arW
~ Qblqor: (di sn appliation lo~ tM ~pPointrtNnt M~ naiwr tq?, w tM m~kaq of a qm~rN_ae~gnn~?t for tM b~mfit of er~ditas by, sny ObliOor: (~1.eM rnul?
~ of ,~~~t +i~?~t +~w Oblga: (f) tM bwin0 a aiw ~ct~ehnrnt a yuni~hnNnt. w tM tllinp ot ~ny Ii~n. +Y~inst im? Propaqr o+ OWpa: (~l t1N Wcap o~ f
ooss~uion ot p~y wbstantiat oat ot tM prapMq ot any Obti/or at tM iestanc~ of ~ryr poNrnnwnW authaiey: (b) tM d~tamination by tM iank Mat ~ nrt«i-
~ a1 sdvKt~ dunp~ Ha ooarrnd in tM fin~ncid contlition ot any Oblioo? from tM canditiar s~t forth in tfw rmai npnt A~nci~l ~qNnw~t of iud+ Ob~ip? ~
he.eiota~ fumhMd to tM B~nlc, a irom tM eondieion of aeh Oblipor a~ fwttofw~ rnost r~anW d'adoMO w_ tM 8ank, a that ~e?r w~rr~nty,.p~wnation,
~ certitiuq or tqt~nt of Oblipr (wh~th~? oonuin~d b tbia Nat~ a notl pKt~Mwp to a in tonn~etbn with ehi~ Nob a th~ tan hridmael bv N~ i
cantaira an uMnN ~tat~mMt Of n1~tlrql hCt oI OrtNp t0 fLt~ m~tlrial t~tt MCpIMy ifl ad~r to In~k~ ~ tt~tNnMtf nf~d~ not mqtNdif~; OI. t~l ~ aMirr i
rrnnt by ~ny MUk~r Of any puity in sn~? of tM Colla~KSl without tM prior writttp com~nt of tM BIAk. . ~
TM B~nk 1lNII AM, but dwll not b~ liauqd W, dr followi r
~q i~ha. ~A oi whieA nwy b~ ~~c~rsi~d ~t ~ny tinr wMt1y~ a not thit NoM i~ dw: li) to
_ pbdY~ a? trarrfrr thia NoN a~d tM CollaqrN ~nd tlw B~Nc dall M~Kwn b~ ttlirwd of W duti» uid rslpomibilitia MrMinda and rNi~wd tran M~Y and il ;
Iiability wich n~P~et to any CollaarN w pl~dad a urntfwnd. «+d ~nY PN4Y~~ a tr~N ~Adl fa aN purpo~ ~wid in tM plaa of ily.9aNc hnwndw aed 1
1+av~ N1 t!w riOhq of th~ 9ank h~rwnda: (fi) to tr~mfw eM whoN a any pwt oi th~ C~ollatKN Mto tfN n~ of iqNt or ia nanfn»; liii ~rpa tM Colbar~l: ~
(iv) to notif~r tM OWfOon of anr CoI1~mN to nrln psynwnt to th~ 8~nic ot air~r anaunq dw ar to t~eanw dw th~non: lv) to ' . wN tor: eouKt. a t
mak~ any oom~ ~r tntl~nrnt ~t ¢Nmr Q~ksbh wiM ~ to tFN ~ol~tad: (vi) to t~c~~ or oi ol an~r ooNd!`d Co1lat~rat. ~
'~K as use r~erejn means ur~e Reer AssoC~at@S, in n/o~°°~~s ass~ns.
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NOTICE: SEE O?HER SIOE fOR IMPOEiTANT INFORMATION i k ~
?~~_~312
FBS 752 iiw. 7/77 ~ ' ~ 1~~
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