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INSTAIIMENT PROMISSORY NOTE 1~ \ %
~ . . r '~t ~ '
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TURTLE REEF ASSfiI:IATES, INC. * -w ~m~twd = 7.542.QQ
. . .~?NK ~ ie~ n~«~w~ ~a a.au _ _ none
Jensen Beach, Florida 33457 ~h~ObibNi~ s'"~i'one `
Ia coo~nNnqrv sanw t ,
oF ~c , (o) oa+.? c~.. t~~«nu.? s none
. : none
NOTE NO. OAtED: ~Y. 25 ,,s 78 . ~F~ = none
laf qnawn F4~M~cd .
DUE: 6 , 19
~ !A. 0. C. D. B. F) t
lH1 Int~t = _l~~.
(1) G~dlt lnv~ti~tion = r~o
PIACE: . FLORIOA
IJl OtM~ _
Fw wlw r~wd~ ~M u~KlNiiplMd (hKlill~ttK qlMd ••I~ANcM••) jOitltly i~1d tt11/~ally (if (K) : '
mwe th~n a+~) pomi~ to pay to tM ot dw B~nk ~c ib otfio~ lisnd abov~, tM ToW
o~ p,,,~+a u.~ tN~.~ ~pnt~ ~ 11 96 oa~ w,?.a. 120 _
~~w ~~.w~~»•~~ o~ s ~ . ~n. ~ ~~a F~N~wcE. ctu?AOe . . 4,419.60 -
(H. I. K. :
~~uu t dw an Jan 6~ , ts~2..na wb~wuent ~roaum~na dw o~ , .
- (fil) Totd oi P~yenMtf 1(i + M) :
~n~ ~ ot ~~onth inuukaL~o~.sM~ wiN~ a FINAI 8ALI.OON PAYMENT OF: /WNUAL PERCENTAQE RATE 10.
: DUE .19' . _
TM Bank ~II Mn~wM a d~linqu~+cv d~+r~ ~init du IWiar on any p~ymNit whieh hN boa?+~ ~N and ~alm In dNwlt fa a pwlod M~uaM~ ot 10
dsys in an ~mount ~qu~f to 5% of th~ amou~t of tM pineipN prt of th~ paym~nt in ddwh. In tM wMt dut th~ Not~ k eot ptid in full at nwtuHty. NI Wy
rnenn. whetAe? prinoipsl. inMwt or otM~ia. ~ha11 bar int~n~t st tM muclrtwm {p~l .at~ ~Ibw~d unda th~ (~ws af th~ abt~ of FtakM. All p~ynwna m~le
herwnd~r tAall b~ ondit«i fint to ieta~st and th~n to prineipsl. howM~, in tM ~wnt of d~huit, tIM 8~nk mtyi in iti ~oN di~c?~ti0n. ~pph? aiW p~lliMnt to
interpt. ptine~sl sed/w t~wtul dwya th~n atpwd. It it tb~ intMtiotl ot th~ partNs h~r~W iMt tM {xovi=iont h~n thdt not p?ovid~ AI[~etly or indk~ttl~?
tw tM p~ym~nt ot a yr~sta rat~ of intentt or tM ht~ntion of tM! od~N dw~ tlaD k sibw~d by Iwr. 11, fo? a~y r~on, int~nst In ~zoa~ of ~ueh tpd au o?
a ch~.y~ p~oAibiud by law shall at ~ny tim~ b~ p~id. ~ny wch ~xo~a ~MI Ntl~ con~titub M~d b~ hatsd ~ a paytnMt on da p~intlpd or:b~ nfund~d dh~ctiy
to th~ MNc~r.
TM IiAslc~r eW pnp~y tM antin ur?p~id bslsna ot tM lo~n at ~y tN~ne. Ii tM Iwn is prqNd In full, ~oalKabd or rtiinaead. the Mik~r ~hsN naiw a
?efund of tM unNrMd ponion oi the intenst snd irKw~q pr~miumt tomputsd by th~ Rul~ of 78's msthod, ~xppt tlNt thf Bank dwll b~ ~ntitbd to r~isin
a mioimum intK~tt dwpt of .
CREOI7 LIFE ANp CREDIT IIFE 8 DISABIIITY INSURANCE ARE VOIUNTAqY AND NOT RE~UIRED FOR CREDIT. Sueh inwranq eowta~ is
ara~~ ~t th~ cott d~sipnit~d bNow ta t1N ttrm of tM a~dit: Id t tw Cndit lNe Inwrsna (bl =
iw Cndit Li#~ ~ ~iplliliH IrKwanor
Cttetk ? G~dit lii~ Irounne~ is desind on th~ lif~ of
App1. ~ Bkthdsa
$o: ~ Gedit Life ~ Dis~bility Inwrsnos is d~sind on
~ ~-~y 8'uthdau
U Ctedit lits snd/or Oissbility Inwranp is not desired.
ps«: NoY. 25 ~ 1978 s~c~.e
Siynatur• ~ii . (.,~v/ ~ ~ .
As sscurity for ~he psymant ot the Not~ tM Mslc~r Mr~by yr~nts to che n ~ty interat m t ra~~~~ ~w»~ri: n Turtl RSlf Cond • T
r~ o ed i k 63 Pa 2002...Unit Weeks 29 and 30 1n Cond. D-25 t. o. ~5 as
descr n a~ partgaga.
~neludirq all i~wMNS, subttitutions. nptsoerr~tnts, ~dditions snd acattiont thsr~to and in the proo~sds thereof (Aer~instt~r esll~d "Co1lstKal"1. Thit aeurity -
int~nst d~all also ~iwn a~y oMa ir~btrdnhs or liability of th~ Mska to ths Bsnk dK~ct w ind'u~ct; absolun or continpant, due or to b~eom~ dw, now ~x-
d al
istinp or MrN(tK srisinp, inctudiry all /ucw~ advanas or losns by the Bank to tAe Maker. -
~ TM BMik it sbo qiv~rt a li~n snd s f~curity intsnst in all proptrty and sewtiti~i oi th~ M~Ictt, ~ndor~, wnty. 9wtantor ot aceamwdstqe p~rty of thif
BM
~ Not~ (MrtinsftK rtitrnd w a th~ "Oblipors••l. now i~ or at any tinr hsratqr oominp into tM eontrol, pntody or poss~ssion of th~ 8ank. wMtMr fa th~ ~x-
P~~d purpcp ot bNny u~d bY tM BN?k st Co11atMN. or (or ~n11 othar Pu?po~~. snd uDOn an~? balane~ or balai+c~ to tM a~dit of M~y aocauntt, indudinp
~ trust snd sp~ney aaouna m~intamd withtM B~nk by uiy of th~ Oblioon, snd dr Oblipon prM to dNiwr to tM Banlc sdditional Ca11amN or m~ln wd?
j psynrna in r~duetian of the p.i~cipst smount ot tht Iwn ss sh~ll b~ sstisfactory to the B~nlc, in Me awnt th~ ~for~ntiaNd Cotl~t~rN shsll d~din~ in wlue
! o~ bteornr urwtistsetory to tM Bank. . . .
[ /Wditio~u to, nductionc o? exehsnqes oi, or wbrtitutions fw tM Collstaal, psymenn on aaount of this lo~n w inaea~a of tl~s ssm~, or oH?a lo~rn ~n~d~ ~
E partislly or wholly upon tM Collat~. mry from tierr to tinr be rtutN without sftectinp the provi~ions of thit Not~. TIN 8ank shNl ~~nrpt~ naon~b4 tart in ~
~he custady and.praerwtioo of tM Colwnral to tb~ ~xant rpuired by appticsbl~ ~istuu. snd ~II be dNnrd to hwr ~xKCiad rMwmbN cK~ if it taka wM ~
action fa th~t purpat a Mrlw ~hall rwsor?~bly rpwst in w.itinp, but no omission to do any aet not nqu~strd b~r M~IcK ~hM! be dMnrd a failun to ~xNCise
ressun~pq pn, ~nd no omi~ien co compty with any nqwat of M~k~r s~ll of i~sNf b~ d~sm~d a f~ilun co ~xaci» naon~M nr~. Bank ~11 no~ be bou~d to
takt sny ttpt Mpl~ary to pr~ ~fy rqAq in tM Co1lat~rN spsi~t pria psrties snd Maict~ slNII qk~ all n~oriYry stp~ for wCF~ purpo~s. TM Bank w its
A nominN nud not ootNct inw~tt on. or ~ principsl oi, any Cotbtaal or piw sny notic~ with ~aqct to it. ~
~ Tht BsMc mry eontinus to hold any CollstuN dpoat~d 1~wnda dtK th~ psym~nt of this Nou, if at tM tim~ of th~ palrrrwnt snd dadwq~ Mnoi sny ol
cht pirti~ liabl~ for th! p~ynNllt henof flsMl.b~ tM11 dinetly Or o0ntinprntly lisblt W NN 8snk at Mdctr, endorrr. Wnty, puarsnto~ or ~co0rronod~tion ps~ty
ot any otM? noa, draft. bill of ~xd~snq~, pr othp ieqtrum~nt, or othKwi~, and tM Bank mqr th~rr~h~r ~xNCii~ sll .i~a wich ryp~ct to said Co11ae~.N
grsnad fwnin ~ww~ thagh this Noq fh~ll h~ t~Mn wn~ndNd to tM M~kn_ {
If th~ Bank dMms itzNf im~eun a upon eAt happMinp of any of d~e followinp ~ts, ~ad~ of which f~{I oonstituq a d~t~ult, NI li~biliti~s d peM~ Msk~r to
t1?e 8ank. ineludirq ttw Mtin unp~id prineipd of tbU Nots ~e+d ~oeru~d inarpt, N~ sny urra?n~d intr~tt and antr inta~st in ~zpa of th~ m~ximum atlow~d
by I~w ~nd sny r~tss rpuind by liw. daN imnwd'i~edy or N+~rtdq?. st tM option of the B~nic. ezppt that th~ oocwnna of k) or (dl ~H eawt suton+it-
K aceN~rstion: wid~ort notio~ or d~nynd, b~earN dw ~nd py~b4: (d th~ f~ilur~ ot ~ny Obli~or eo p~rtorm sery obliNtion, liability a dsim to d~e 9ank, to p~y
~ inn.pt h~rwa wiMin 10drys ~ft~r it is dw, a H ti~ s no dw dra. ata. h a 4i11d a odrrwiM nqwrcaf or d~?wrrtid. a to pw NMr otMr lirbility wbae-
soevw to tM 8a~1c wh~n dw: !b1 tM dwth ot any individuM abiqa. tM diMOlutioo of an1? P~+M?~IuO Obliya or tM diaolution. r?~Y~?w oawolitNtion with-
~ out tM Bsnk'~ pr'a? writqn coea~nt d~ry torpont~ Oblipr: kl 11a iflinp oi ~ p~tition in b~nkrup~ey or tM ad'fudie~tioo oi i~aohNrN.y a brnknqtry und~?
~ sny riorq~ni~tion, arnnqMrrnt, n~dJustmsot of d~bt, di~olutioe, liquid~tion w simil~? Oroa~liny undrr anY F~N a tt~b itatut~, bY or p„n~t a~y
~ OWgo?: (d) ~n ~ppliption iw tM appointrr~t ot ~ no~iv~ for, a tM m~kirq of a p~al ~ipnnwnt for th~ b~rNfh of enditon by. anY 061iYa: l~) tM ~ntry
o~ ludqnw~t a~ient ~~1/ OW~9or (fl tM i~whp of any m~cMNnt or p~rnNhnNnt, o? tM fqin0 of sny li~n. N~~ ~~1? P~~Y o~ +~Y N) tM akin0 of
~ Dossasion of any tubstantiM pKt of tM prop~rty ot ~n~? Oblipw at tM in~tanot of a~r powr~we~nd aud~ority: (h) tM d~t~rminstion bv tM 6ank d+~t ~ nrt~ri-
~ a1 sdvs.n eAsep~ Iy~ opqund in tAt firw~eid oondition of an~/ Ob1i~Or itan tIN oonditiOnt w! forth in tM m0~t r~p~t fin~neiN uaqnMnt d wrd~ Oblipr
~ h.r~tofw~ tu~nWrd to dN 8ank, a tran th~ oordltbn of web Ob1i~o. ~ h~nto[on n~osc nantly d'adoNd co tM B.nlc, a ehat ~rnr wrruKl?. nw~Mnatien.
~ u~~ifida a sqt~n~t of ~ny Oblqa (whfth~r ea+taind in d+M Nou a not) P~~C to or in oo~ction with this Naa a tM 1wn wld~nad b1? eAa Noa
conui~ ~n umnw suanMnt ot nrs~rid laec w omiti to tt~ee n+~wi~l tact rno~riy in Qr~.lo nMke Ny stacNmna m~d~ not miqNdinr; a. tl) cM MMi~~
msnt M? anY II~kM ol anY puihi i~ a~W of tM CoI1~N without th~ prfor writlM? eonM~lt Q),th~ 9M~k. I
TM 8ank ~11 hav~, but Nall not b~ limitd to, th~ toltowinD riOhq. peA of whieh m~y bs ~~rciMd ~t an~r tirtr wlrtMr a not this No1r i~ dw: (i) to
pf~dq~ or tnmfp thi~ Not~ ~nd th~ Colbanl and th~ Bank th~ll tf~~upa~ 4~ nlMwd d~'I dutlN inid n~poii~ibilhia Mnun~Mr ~nd nlNv~d han Mrl? and aN
liability wfth rMp~t te an1? ColwtsrN a pl~dMd a usmfNnd. ~nd an~? PMdO~~ a tran~l~ ~N fdr aU PvrPo~ aand in eh~ PNa of eh~ M+rc hKwnd~r ind '
haN ~N tlw ri~ha of dw 8anlc Mnun~Mr: lii) to tranMK tM whoN a any prt ot tM Collitwrl M1p ~ n~nr of in.lf or ita noiMn»: (Ni) co roM th~ CoN~an~:
liv) to ewtifll 1M Oblioon of ~nY CotNt~nl to rtrk~ WYemnt ~o eM 8~nk of !nY ~nwuMS dW or ~ b~oon~ dw qMnon: (v! to darond. wM fOr. oolNet. or I
i ~ANK~ as"
u
e~` e~"~"re~n``me~ans u~
r~etOt~ee~~ssocla~es; tn .~~an~/br"~~s as~"~ns~`.
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Fes ~52 a•v. ~/n ,~T~CE: SEE OTHER,SIDE FOR IMPORTANT INFQf~MAT10N . f
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