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a•, , _ INSTALIMENT PROMISSORY NOTE x ~
r = ~ •
TURTLE REEF ASSOCIATES, INC. * t~?! ~u„o~~e A.o~we = 6+~4•00 -
~ . . ~ N~M ~ei ~r c~.a~ none . ~
Jensen Beach, Florlda 33457 ~ ua~aaau~nr s
~ ~ ic~ o~~~«,? : none
o~~c ~ to? oa+...a?.r~.. i~~«~.~ = none
none
NOTE N0. DATED: F~b. 14 .1e 79- ~Fl s none
~E: Feb. 26 -.~s 89 Ia) Amount Fi~d 6,~q.44 .
IA. e. C. 0. E. F1 i
~ iH! leann = ~ •
PLACE: , p~pp~p/~ Gsdif InvNti~tion i
Ul OtM. :
Fa w1w nc~iv~d. ch~ und~?sqn~d lMrNnsiar ea1Nd "Mak~?"I loinihr ~nd swrraN lit ~
rrwr~ Mw~ oMl p~qmis~ co pw ~o tM or ~a offia laad abov~. dw TAyt .
of P~yn~t~ (f~an lN) at riOht) of Oo11ra Wv~bN in 1LU (LI = .
saw~ nwnd~~y i~ucaim~nn ot i • , th, rnt IMI FINANCE CHAROE 3 833.6~
~u
Mi11'Ch ~ 6 ~H.1. K. LI =
~r~i~~j t dw on . 19 wb~qwnt imaun~nt~ dw on IN) ToW of P~ym~na (6 + Mi i + •
tM Y~ of ~ch ~ontA thKpft~rL~o~dN~ w~th a FINAL:BALl.00N PAYMENT OF: ~NUAL'ERCENTAGE RATE lO.OO,~,~_%
= f10?1C ~E -
. 1~'
Tta 6snk ~MII impo~ a dNinqutncy eh~?q~ a~i~t tM_ IN~k~. on anlr pWm~nt whieh ha~ b~earn du~ ~nd nm~im in dei~ult fo~ s p~riwd in ~xaa of 10
dsys in ah ~rnount puN_eo S~i of tht ~mount of tM pieeipal p~rt ot tM p~ym~e~t in d~iwlt. In tM tv~nt Mst 41~ Nob is not p~id in fufl at nrtu~ity. MI p~y.
meott, whtth~r pincipal, intt~pt or otM~wiN. thW bMr int~rKt st tht m~cimum N~N nt~ Nlorwd und~r tM Ipia ot tM St~M of FIO?~. All paym~nt~ matN
her~uada ~Ad1 b~ a~dind fint to intanst snd thM to prtecipM, Aow~v~?, in tM ~wnt ot d~fautt, th~ 8~nk nay, in its toN discntion, app1Y sny p~ynwnt to
inarat, p?i~K?M ied/ot lawful ehs~s tMn sevwd. It it th~ Mt~tion of th~ P~tNt Mnto tMt tM provitioof.Mr~in fhNl not P~ovWi1 dirKt{y Or indinetly
io. tM p„tm~nt of a~pt~r aq of intKat or tM ntention of ~ny otMr cMry~ tha~ is albrwd b1? law. It, tor u~y ~Mton, int~»tt in ~#~p of tueh IpM wU or
s c!?srq~ prehibiqd by hw shNl st ~ny tim~ b~ paid, u~y p~eh ~xaqt s~tl ~ithN oo~stiiua and b~ tnst~d ar s pwrntnt oo tM p.inelpal ~ b~ ntund~d dw~etlr
to tM MMcu. ~
TM Maktr mry pr~qy tM ~ncin wipsid bslsnct of iM lo~n at aiW . twrn. It [M loan is pnpsid ie full, aoalu~ad w htinsnad. ~i ~MkK thNl r~iv~ •
relund ot th~ uMS?ntd portion of tM int~r~st and inwr~np pr~miums ton+puad by ths Ru1~ of 78's nNthod, ~xapt tl~st tM 8ank sAall b~ intitl~d to rttiin
a mmimum int~rat ch~r~ of ~6.~0. ~
CREDIT IIFE ANO CREDIT LIFE A DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CfiEO1T. Sud~ inwrNiptovwa~ i~
availabl~ ~t tM cau d~sipnat~d bNow to~ tM t~rm of th~ rndit: (s) t fw Cr~dit Lite Inwranc~ (b) t
tor G~dit Lif~ d~ Oistbitity I~ut~nc~:
Check ? Cndit lii~ Inwance is deti~M on tM lif~ oi
Appl. Birthdst~ _
eox ? c:.a~~ ut. a o~~~~tv ~~+w?~a K~;roa
BUthditf
~ G~dit Lil~ sr?d/pr Disability tnsursnt~ is not tiesirld.
feb . 14. 1979 S. ~ ~
Date~ pnature - + - ~ - -
• ~
~ Siqnstun ~
/?s acurity tor tM w~tm~nt ot ttM Not~ cM Ms~ur ~a~by yrant: to t?~ eank ~an nierai ~n ~~ry: In Turt e Reef Cond . I
~ - N D-23-as ~
! ~essrfb~d in ssid ~+ortgags. -
lrxtudirg sll inu~t, wbttitutions. nplaeunents. additions and acpstions tAereto .and in tfa prooe~ th~rwf (h~?tina/ta cslNd "CoI1~tKM"1. This t~writy
~ ~nttntt ~hitl alt0 s~a+n ~tf~ otAN ind~bt~dnps w liability of tM MNc~r to th~ 8ank dinct or indirect, abtolut~ or contin~nt, dw ar to brcom~ dw, now ex-
i isiiny or hKNiter srisirg, including ill future sdv~~wt w lo~n~ by tM Bink to th~ Maker.
! TM 0ank k aho 4iwn s li~n ~nd i s~curity inanst in ql poputy and sscuritits of th~ M~k~i, endon~r. anty. 9wr~ntor o? accomn+odstan p~rty of eha
f Not~ (fwninaftK ~~t~rrd to is tht "Obli~ors"1, now in or it any timt AarNft~t oomirg into tM control, tyftody or pof~Mio~ oi th~ Bank, wMtM? far tM ~x-
~ prlfi~d pYfpOl~ O~ blf110 YMd b1/ tM Bif1k if COllitt?~I. O? f0/ M~Y othM PV~D~M. afld Irp01~ NM bNMt~ Ot b~IN1Mt t0 tIN C~dit of M111 ~OGOY11t~, if1Ci11difq
trust u~d ap~ncy ~oww?ts mrintsined withtf» 8ank by any of tM Oblip~n, sM tM Obligon aprN to dNiv~r to tM Baek ~ddtionM Co11~a~N w m~k~ wd?
~ vaY~n en nduetan of tht prineipal smount of tM lor? sa ihalf W s~tisfactory to the Bank, in th~ ~wnt th~ sforementiaNd Coll~terN ~hall d~dir» in valut
or blCOm~ ulMitiil~etory to tfN 8an~.
~ Additioeu to. r~duction~ a~xeMng~s of; or wbscitutioia for th~ Collsteal, psyrn~ncs oo aoeouet of diis lo~n or inenaes of M~ qrt». or otMr Iwiu m~
partislly o? wholly upon tM Co11~tKal: m~y trom time to timt be made withou~ affeccing d~ provision~ of Mit Not~. Th~ Bankshsll ~~cir rwon~bN qn in
~he cuttody snd pr~rqtion ot 1M Co11atKM to th~ ~xt~nt requind b~? appliqWe st~tut~, snd ~AN~ b~ d~md to haw exaei~d rpionabN an it i~ e~us wcb
action iot Mat pu~pw~ p M~k~r ~hatl r~onsbl~ nquat in writin~, but no omission to do ~ny ~ct not nqu~sbd Dy N4kK tAMI b~ dNm~d a bilun to txKCiM
.easonabl~ pn, snd no omission to oomply wiM ury rpwst M N4ka ~11 of itsNi bt d~em~d ~/ailuh to ~xaci~t naon~bN un. Bank ~hNt not b~ bound to
taka ~ny st~ps maNary to ptpKV~ ~ny ryfitt in t!N Co11~tKa1 apsintt prior psrtia md MakK shall tskt all Mo~y ~ for sud~ pwpo~t. TM 8ank or its
nomi~ nMd not eoll~et in~at on. or ~ printipsl ot, aey Colla»ral ~r yiw any notia wich re~pcc to it.
Th~ Bsnk m~y continw to hotd ~ny CollataM dporit~d hK~undrr dter tM paymw?t of tha Noa, if st tM tim~ of tM psyrrrnt and d'aehNp~ henof any of
iM prcia liabb for cM paym~nt Mnof ~hall b~ th~n dinctly a oontinp~ntly IisbM to th~ 8~+k u Mak~r, endaMr, wr~ty, pwrantor a aooonNnodat+a+ patY
01 aBy othp not~, drait, bill M~xchano~, or otha i~qt?um~nt, or od~rwis~, ~nd tM Bank m~y tMnsfar ~xsrcir.Ml ri~a with ~~t to :aid CepaurN
yrsnt~d Mr~in ~wn thouph this Not~ ~hall hw~ b~M~ wrr~~d to th~ M~1c~r.
1( the 8ank d~rtr ittNf iiq~cun or upoe tM Napp~r?inp of any of th~ tollowinp w~nu. ~aeh of whicA qall constitut~ ~ d~fault. Nl li~bilkiu of McA libkK to
the 8ank, includin0 tlN ~ntir~ unp~id prieeipN of thb Note and aeuu~d inar~st, lpt anY unwrn~d int~?ut snd any inarpt in ~xp~ of tM nnxinwm allarwd
by 1sw and any nbsta ~puind by law, d~Nl inrmdiatNy or tMr~aftar. at da aptio~ of th~ 8~nlc, ~xapt that ~M ooeurrtna oi te) a(d1 ~11 cauN aumrn~t-
~c soalustion: wiN~out notip or d~mand. Woonw dw ~nd psy~blr. isl tM tailun of sny Oblpor to pMform ary oblipstion, li~bility or diim to fM d~nk, to pry
~ inta~c f+~rwn within 1Q~ afW it i~ dw, p if tMn i~ no dw d~oe. dtK it ~ bilbd a o~~wiM rpu~ted or d~rrw~d~d, a to p~11 ~ny othM liability whst-
~ soevw to th~ B~Mc wMn dw; lb) eM daM M~ny individusl0blpa. tM dis~dution of an1? PKtnenhiP Obliqor a eM di~olutia+. mKMr a oonwlid~tion with-
~ out tM Bank't prio? w?itqn eonNnt d aq? eapo~sq Obliao?: ie) 1M filirp of a p~tition in b~nkruptcY or th~ sdjudie~tion ol irqolv~ncy or ba~kruptel? wWM
~ any r~o?~nitation. artN~pMnMt, rMdju~tnNnt of drllt, diaolutiOn, liquid~tion w simil~r P?ocNdi~q w~dM My F~dNN or tq~ statut~, by Or pN~ut M~Y
Oblqor: Id1 ~n ~pptieation for th~ appoietnnnt o~ a naiva tor. a tM ri~kinp oi s qrn~nl auiprwrnnt for tb~ b~n~fit of cnditas Dy. any Obli~or: tM ~nW •
~ o~ l~~~t ~Y Obli~Or: (f) tl» i~uin~ Ot snY ~ttaehnMnt w Prnid?rrynt, a tM filinp of se~y IiM. ~Winst anY P~~Y a~ +~Y ~M~: I') tM t~kin~ ot
possKSio~ 01 ~ny tubaantiM p~rt of ttte ProPK~11 of ~ny Oblpa ~t tM in~tana of any yowrnn»nW wthwity: (h) tM drtKmin~tion by th~ ~~nk IMt ~ m~eui-
~ a~ ad~r~.p dw~ hst ooatn~d i~ e!N t{r~iN oonditbn of any Oblioor.irom tM conditiar ~t tonh in tM mat npnt fintntial itnMnM~t of wKA OWipr ~
~ herftofoh tu?nqlwt! to tM 8ank, ot t?om th~ cq~dltbn ot wCh Oblipo? M hKetofon mott nantly d'adoMd to tM. Bsnk, or th~t ~ny wMrM~ty. ~~paMntation• ~
certifiqa ot rtat~nNnt of Nry Oblpo? (vMNth~? oontain~d in thi~ NoM or notl PK~nitq to or in eomNCtion wiM thit Nop a the Iwn ~vidMlO~d bY dkt Moa
conuiM an urnrw wanynt oi nut~rW taet or omip to ~taq rn~qriN fact rwe~ry in wdu to mMc~ ilr ~artwnts m~d~ not mi~d~: a, (f) eM wi/~
ment by any MrkM oi any quity ih sny Of tIN Coi1~tMN without tM pr'Wr w?itten ConNnt oi th~ 8M1k.
TM B~nk IF~MI haM. but M~all not b~ linrbd to, tl+~ followirq ~i~htr. ~~eh ot whidt ms~? b~ ~x~rciad K anY tim~ wMthN or not this Nou i~ dw: (i) to
p1~d~ or tniafp Mf~ Not~ and tiN Co1Nt~ra1 and tM 6ank ~t111wr«ipon b~ ~tli~r~d ot Nl dutiM and n~on~iWlftNs I~und~r a~d rNi~wd hom a~W and di
1 isbility wiM rMp~et to N1y COII~NnI q P~~dD~d Or Kan~lMrd. M~d anY Pl~d~ Or t?antfMM ~hMl for all PurOcM~ ~tand M tM P~aa of dM Mnk h~rMUdM M~d
tuv~ MI th~ rlOhtt of th~ Bsnl. rwr~: (ii) to tra~dir tM wfwN or.any part ot th~ Cot1~tMM into d» rwn~ d ittNf or ip narNnw:,Ilii~l0lrOt! tIM CO11ilNN:
(~v! w naeNr n» ObliOon of ~nr CollsarN co nwlc~ Pwnwne to 4~f;~ anY ~ouea dw o. m b~can~ dw d~~on: (vi m . iw ta. oo~Net, a
~ `~*"~~INK~ as
u~sed~ ~ie~`e n means u~r~e~R~ ~~ssoc~a~"e~s; ~"n . an /or°°~~s °a~n°s:d`
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NOTICE: SEE OTHER 81~E fOR ItiAl~ORTANT INFORMATION ~ ~
FBS 754 tiav. ~/77 - ~
80UK PAGE
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