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! ~ ` INSYALIMENT PROMISSORY NOTE .
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TURTLE REEF ASSOCIATES, INC. * ~ ~a~ An~ou~e ~c.~wd s 4s401.00
NK NAME -;.18I P/MDiYf11 fo/ G~dlt ~On~ ~
Jense~ Beach, F1oMda 33457 ~ uti~a~~+~v s~
~ (c? ooa~~t+~,? se«~w~ = none
o Fi A E IDI OthK Char~a litani:~l i nOne
hOne
NOT~ NO. OI?TEd: F~bruary 17 ~ .19 ~9 . iF1 s none .
~ IGI A~qunt fie~ncd ' 4,401,:,00
oue February 15,~ ,,s 8?} . e. c, o. e. F~ s__}~gg..~p._._
~H~ ~~a..n s
~ P~ace: Jensen Beach. Fln. ~ , F~pp~pq G«~~~ ~»~iw~~~+ _
- . _ t~? ou~.~ s-~~.
fo? wlve npiwd. tM u~=qrNd. (hK~intttat a1Nd "Ma1w") lointh?'~M siwnlh lit
n+o.~ ~n on~) o~oma~ io wv ~o cM o.~5 ~0 6U itt oitio~ list~d abov~. d~ t'g~ fU i~~-
of p~t~ Hrom (N1 st rght) of ~ ' Oo11sn payabl~ in _
aQuat nwntAhr ~~sts~~ c: ot S • - . .~M ~;ht lM1 HINANKE`CN/~R~iE = 1,209.60
.~arcb . . , ~ ~
~irqslln» rw.ol~„ . . 1 . aRd wb~q~Mnt in:ullme~ts dw on (N) Total of Payirr~a 1a + M) i '
, ~M ~~.ot iach nwnth iMrpha~to~tl~ with : Fi~u?~
e~~~ooN Pav_M~
oF: qNNUAI PEiiCENTAaE RATE % 4`
s ilU11C DUE , 19~
• . • ;
TM Bank ~hall Mnp~ s dMinqwney thery~ ap~iiut tM IMdc~? on aeY pWnNnt wl~ich Mt t~onN dw and nmNoi in d~fwlt fo~ a p~riod ie ~xaa of 10
day: in sn smouet equal io 5% o! tM aRwuet of the priecipM prt ot th~ p~ymMt in d~fwit. In dw weni that tM Nob b eot psid in tuli at msturity, N! psy •
menu, wMtMr pineipsl, intK~st or othawi», ~h~ll bw inm~st at th~ msximum I~1 rm allow~d und~? tM Isws ot tM Stat~ of FIo?id~. All payn»n~ nwrM
he.wnde~ shall b~ u~ditsd firtt to intuKt and tMn to principsl. Aow~v~r, in eM~ ~vem oi dsfsult, tM Bank m~y. in in soN dise~+cion, apply aey psynwn~ to
~nt~ra~, principal a~d/or I~wiul c~wg~s thtn sccrwd. It a~tM inttntion of th~ partiet h~nto that th~ provisions h~nin sh~ll not P!gwd~ di~~ctly w indirectly
1or tht,~ll~t~ent ot ~ yrqt~r rate of i~t~rat a tM~ntention oi sny otM~ ehvpe than i~ allorr~d by twv. If, t(ir ~ny rNSOn, lnt~t~tt in ttqp of weA IpM qq or -
a chir~ prohibit~d bv Uw th~N at any tirM b~ piid. any sud~ ~xq~ thNl NtINr cOn~titut~ M~d b~ tt~at~d st s paym~t oe tM princbil a b~ ntund~d d~cdy
to the IMdcK. ~ ~
Th~ IrWar mw pr~WY Hw eatin u~id bslana of tM losn ~t any time. Ii the Iwn is prep~id In ful~, aastK~t~d or niin~nad, the Msf~ thsll npiw a
.e~ued o! eh~ unwn~d portion ot tM interest and ir~swana pr~miums ewnpund by th~ Ruf~ ot 78's rn~thal, exppt th~t tM 8ank fhall b~ MtitNd to r4tain
a rn~eimum intK~tt tAarpt of ~.00. ,
CREOIT LIFE AND CREDIT IIFE 8 OISABILITY INSURANCE ARE VOLUNTARY ANO NOT REQUIRED FOR CflEO1T. Such irounnq covKSye is
avaitebl~ st tM tost d~siyr?~tM bNow tw tM term of the credit: (a1 = fw Gedit lif~ Inwrsnoe (b) S ~
tor G~dit Lifa A Dis~bility I~wano~:
Check ? GWit Lif~ Intursnce is d~sind on tM lits oi
App1. 8i?N~d~t~ ~
Box ? Gtdit lii~ ~ Oisability Inwrante is d~sirtd on
8irthdsts ~
u Cndit lif~ and/w Oi:ability Insurance is not desiied. , ,
Februa~p 17, 1.979 s;9,,,~,,,e X l,
Dat~: '
~ X - -
sgnsn,..
re~+bi'd~~'~~`'~~.`~8fi~2~i°~',"~~~`~'~'"Eh~R~S~`~3'~ ~ In u te R ef C d I,
~'n ~`on~'.`~b ~$",`~°1~Pp~."`i~:' -
in said mortqaQe.
~ncludinp all i~u~t, sub~titutiau. ?plaqmrnn, additians and scc~ssioru there[o and i11 th! p00!!di thKlOf (Mr~iflattN q11~d "ColqtKal"1. Thq qwrity
u
~ ~ntenst shsll stso secur~ sny otMr ind~budeMSS a iiabiliq of the M~Icer co che Bank d?r~cc w indinct, sbsoluc~ w concinp~nt, dut a to baan~ dw, now ex•
~ ~siing oi MrMftN arising, ~ntludiny Nl luture adv~~o~s ar losns by the Bsnk to th~ Maker. -
~ The Baetk i~ aho yivrn a iip~ and a i~curity intKat in sll praperty snd secuniies of th~ Mik~r, e~dona. wr~ry. yusrsnta a sccornnadstion p~rty.of thK
j Note (hersinsfta n/a?nd to ~s tM "Oblipors"1, now io w~t any time hsrqftar cominp into the control, cus~ody or poss~sswn of dN Bank, wMtM? fw dw ex-
I P~ess~d purpo~ oi bein~ ut~d bY cM Bsnk a Collaural. or fa an~r othe. Pu~Pose, and.upon any balana w balanc~s to ch~ a~di~ of ~y ~ocouna, includiny
~pw~, and the Oblgas sqr~ to dNiw• to tIN Bsnk additional Collaqrsl o? m~lc~ wcA
~ trust and ~yen~y aaounu miinairnd withcM B~nk by sny of chs Ob!'
i paYrtKna in ~buetion of th~ prinapN amount of d~ losn u~tl b~ sstisfsc[ory to the 6ank, in the ~vent the atorNnsntia~d Coll~teql ~I?MI d~dirw in value ~
~ o. bstOtlle ullfiti{t~CtO?Y t0 th! BM1~C. ' , ~ . - t
` Addiiian to, nductioM w lxChanp~s ot, w wbstitutions fw the Collateral, psyrrwnts on saount of this loan w ina~utf Ot the artr, or oth~. losns mitN ~
pa?ti~lly or wirolly upon th~ CollsbrN, mty /rom tinw to tim~ be madt wiNwut stfsctiny ths provisions of .this Not~. Tht Br~k tMll ~xtrcas~ nswnsbl~ car~ in
ine custody snd pra~vitiao of cM Collatpal io dw ~xt~n~ requind by applicsbl~:tatuce, and tl?~II be dNrt~W to hav~ ~zaCiad rNSOn~bl~ tN~ if it ak~s wM j
actioe tor tAit pwpoa as INrkp th~ll rN~onsbly nquM! in writinp, but no omissioo co do any act not roquatsd by Mska ~11 bt dMm~d a failun to txacife j
reasonsbl~ pr~, snd no omi~ion to compty witlf sny rpwst of IN~k~? ~hsll of itsdf be d~emtd ~ failun to ~xertiw reason~bN tare- 8ank shall not be bound to f
eake sny stpt ~y to pr~s~rv~ any ~iphq in th! Coltst~taf apai~ut prior psrties md Malc~r shsll take all neteswy sUpt ip wch purpo~es. TM Ba~k or its ~
nomin~t ~d not colhct inm~st on, oi a p?incipd ot, any Collatersl w yiw any notice with rap~ct to it. • ;
i
The 8ank m~y eontinw to hold sny Cotlaunl dpoaUd hereundK after the psyment of this Not~, if at the tirn~ of th~ psyment and diuMryt Mr~ot any of ~
~M pati~s Ii~bN for tM psym~nt t~~of ~hall b~ tMn dinctly a eontinq~ntN lisble to tM 8snk ss Msk~r, erMorser, wnty, guarantor or sooonw~odstiw~ ps•ty
of sny otlw noU, drsit, bill ot ~x~atq~, O~ odNr in~trurtNnt, o~ othKwis~, and th~ Bank msy thKesft~r exKCite all rghq with rap~et to said Collsttral ~
grant~d hK~in wa~ thouph Mis Noa sMll haw bNn wrr~nd to tM Mak~?. -
If tiM Bank d~emt itsNf iroitut~ or upo~ tbt hipp~~inp of sny of th~ tollowinp eve~tf, each of whieh ~hsll ooMtitut~ s d~fault, ~Il liabiliti~s of qCh MskM to ~
the Bank, includirq tIN ~ntin unpaid principN of thb Nou ~nd acuu~d inanst, I~ amr un~xn~d inqnst snd snv int~rat in of tM m~cimum slbw~d 1
by twr and sny nb~t~s npuir~d by law, shNl imen~diatNy M thKesfter, at the option o! 1M Bank, ~xppt that tht occwnnee oi (cf or ld) tAdl eauM wtwna- ~
K scceN?nion: widrout notia ar d~m~nd; b~oonrdu~ and ps~r~blr. (d th~ failur~ ot ~ny Oblipor to p~rform uiy obl~tion, li~bility or daim to tM B~nlc, to pw
' ~nterat Mreon witAin 10d~yt ~ft~r it u dul. or N tMn is no dw d~tr. sftK it it billed or od~erwqt nqu~st~d or de~nafd~d, or tA WY aM? othK lability whut- ~
~ soever to tht Bank wl+~e dw: (bl tM d~aM of sMr indiriduM Oblipw, th~ d'aaolutio~ aE ~ny patnu~hip Obligor a tM diaolution, mK~n or aonalid~tion with-
~ out tM Bank's piwr writt~n tont~nt o~f sn~? torporab Oblqor: (c) tht filinp of ~ p~tition in bsnk~uptcy or tM adjudiqtion ot intolwnt.y a b~nkruptey undir ~
any reor~niutian, s?rwp~mtnt, n~djustrn~nt of d~M. dittalution, liquid~tion a ~imila proaedin0 ur~r any F~al a iuu sutuu. b'1? or +Y~i~t arw
~ Obiqw: (d1 ~n appliation fo~ th~ sppointm~nt oi ~ naiv~r for, a tM rtakinp ot ~ pe~tral apipnnwnt for th~ b~netit of a~ditas by. any Oblipor: tM ~naY ~
~ ot ,~~t aY~~rut ~n1? ObBpo~: (n tM ~uirq of ~+1? sttacAm~nt or y~rn~t, o. tM fiF'w~q ot anY li~n. ~D+irat ,rM? o~~t1? o~ ~t? Oblpor: (!1 tl+~ tNcinY o~
~ oossa~ion ot ~ny wibsuntis~ p~n of tM PrapKtl? of wnr Oblip. a~ tM inaano~ ot ~ny yowrwn~nnl w~hairy: (h) ch~ d~armi~cion bv da eaNc ~hac ~ e»a~i. 1
a1 a0vrrt~ ehaep~ hp oowrr~d ie dw fin~ncid condition of any Oblqw irom th~ cwd~t'w`n~ Nt forth in t!N mo~t npnt firyncial sabtMnt of wrd~ Ob~ip?
nerstotw~ furni~h~d to tl~ Brnk, a trom tht ewditian of wd~ Obipor a~ hento(o~~ mat r~wnriy d'ado~d to the Bank, a that ~ny rwranty. ~~prarncat~on. I
~ cer[ifiua a st~t~nNnt ~ any Obtgor (wMth~? eontain~d in tha Not~ or not) perUini~g to or in ea+n~etion wiM thw Nou or tM Iwn Nridrnc+~d by this Noa
c~uim sn untru~ 3tat~ennt o1 nnt~riN taot o~ omiq to ~ nrtwial faet ryc~wry in ordtr to nak~ thr sut~nts m~dr not malNdiA; o?, (i) tM ~wpn.
menl by sny M~k~? ot sny ~quity in any Of tM CAIbiN~l without tM prio? writttn eon»nt of tM $~nk.
TM 8ank ahrll'hsv~. but ~11 not b~ limipd to, dN followirq ri~tt„ pd~ of whid~ ~n~y W tzNeiqd ~t any tim~ wMNNr or not this IVoM it dw: lil to
P~~dp~ or trsntfN this Nbta snd th~ Collaaal and tIN B~nk tfrN tMr~upon M rjli~v«i ot dl d~iM and t~ontibiliti~t hNwndK a~d rNi~wd hotn MM? and all
IiabUity with rM~et to any Collat~ ~o pMdpW or traKf~rnd. Md nM? PNd~~ .a tramfKN shMl fa M~ purpoMt st~nd in tM pl~o~ 01 tM Mnlc INr~uedrr ~nd
haN all tA~ rioAts of th~ B~nk AK~undp: (li) to va~f~? tM whob w u~y prt of d» Collaaral into th~ n~me of it~Ni or ib nanin»: (i+i) to voe~ th~ Co1t~t~a1:
(iv) to notitr tlw OWqas M+n~? Co~qvra~ w rn~k~ P~Ynwnt to ttM B~edc ol any unoums dw or to b~eonN du~ tl~wn: (v) w d~nwnd. w/or, oolNet. o~
9 r.rk~ ~ny eor~~r pr ~tcNm~nt it dplnbq with to th~ arN; vi) to • ot ot ~ny ~ Co11amN. ~
~ '~NK' as used ~iere~n means u~r~e Ree~ssoc~a~es, `Y`n~°~ an~~r`'°~`~~ ass.i°~°i ~
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` NOTICE: SEE OTHER SIOE fOFi 1 t INFORM/RTION ~
Fss ~s: a.,,. ~n~ G"~ #
60DX ~~L~r ~O _
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