HomeMy WebLinkAbout0106 . _ _ . , . . , , . _ , . . . . .
> ~ INSTALLMENT PROMISSORY NOTE
.
TURT~.E REEF ASSOCIATES, INC. * - ~Ar w~w~~ A.a~wa t 5~•~
OI?NK NAM ~s1 ~«hw~ ~a c~~ none
Jensen Beach, Florida 33457 u~•~0~i°~"~'"'~ _
. tc~ o«~wv sw~,. = none
. of ~c E ~o~ oeti.. c~~.. t~~.~ = none
~q ~ = none ~
NOTE NO. ~ DATED: Dec. I3 ~ .19 76 . ~ fl ~ ' = nane ;
.
ouE: ~ Dec. 26 ,~s ~ (l31 •IA~ C, D.~e°~ s 5.504~.00 ~
IHl InqrMe t
PLACE• . FLORIDA (1) G~dit ImrKti~tion =
~ u~ oa~,. ~ ~'~Tf~
Fo~ wiw rKSiv~d. tM und~tipr~111wninattK plMd "M~ka"1lantly sed ~rMh (it
mon thu~ on~) aanife to wv to tM o.dK ot dr B~nlc. a~ ia oitio~ li:ad abow. tM Toa1 (U i ~
o~ ~oyn~a Nrom lNl ai r~t1 ot 6.728. 04 po~ars o~yat~ 3n I2Q ~ '
•w~ montMy inta~ln~ts ot i ~ . , tM tint lM1 FINAI~E CHAAOE 3,2Z+~ -
irotallm~nt dw on vaM . t9 . and wbMq~Nne in~allmtna dw an (H, 1. J, K. U ! •
tM~~y of ~eh~onth tMrMftsr t thM wiM a FINAL BAILOON PAYMENT OF: (N) TotN of Paympiq IG + bq = S~7ZB_OQ
flpil --L-°~ : ANNUAL P~RCEN~AOE RATE 1~-~%
S ~ OUE ~.19' ~
Th~ 8ank ~Mlt In~ a dNinawncv dr 1~k~? on aiw veNrmnt whieb h~ baan~ dw r~d nn»tn~ M d~fwh fa ~ pnbd io ~xaM ot 10
days in an Mnoum ~ui to 5Xi d tM rnount of tM prineip~tl part of tM p~ym~nt in d~iwh. In 1M ~t th~t th~ Nol~ b not p~W in full it n~lturity. dl p~y- ~
rr~+u. wMHwr p?ineipal. inqrpt or otMrwis~. ~hal1 bar fnt~rpt at th~ msxlnwm 1~1 na Nbw~d uM~r tM law~ oi th~ Sha ot Fbrid~.7Ut p~yemnts n~
Mrwt~dK tl~Nl b~ endit~d fint to inarqt ~nd ihM to p?i~cipal. borwMN. in tM w~nt ot d~fault, th~ 8aelc m~yi in itt sol~ dixntlon; ap~i'y ~ny p~y~na~t to
interest, prine~PSl snd/or IawfW etwrgq tMn ~wd. It it dM inbntion of tht PKtia f~~to tl~at tln provitions Iwnin thail nOt Wovid~ diLetly w Mwlk~ctly .
tor th~ p~ym~nt ot a 9r~tN nt~ oi inNnst w tM ~tbetion of ~ny otMr d~p~ thsn is albwd by I~w. If, for sny rwon. feqrKt 1~ ~xpp ottiw~ch tpd rsa or
a~hxy~ A~ohibibd by larv ~Nalf ~t aml timt b~ P~id, anY weh ~xoa~ dNll ~iehK oand~ua and b~ ~t~d ~ ~ p~yrnrne on il» p~1ee10N or b~ nfund~d dinetty
to tM MNcK. .
The M~IcK m~y pr~p~y tM Mtin u~paid bdana of th~ loan at any time. Ii ti+~ loan b pnpaid M full, seotNrat~d or rtf inrnad. tM Abk~. ~haN nni~r~ • i
.~f~nd a1 th~ un~xn~d portion ot ti~s intt~at ~nd insunno~ p~«niunp eonputed by th~ Rub of~8'= rr~thod,lxppt that d~ 8a~k thNl b~ ~ntitNd to nain, I
a minimum intaat thsrp~ 01 =6.00. ~
CREDIT LIFE AND CREOIT LIFE A OISABILITY INSURANCE ARE VOLUNTAfiY ANO N~T RE~UIRED FOR CfiEDIT. Sud~ irqur~nq covKap~ i=
availsble ~t tM cost d~siqn~ted bNow tor th~ t~rm ot tA~ a~dit: (al = fw Cndit LHi Irourano~ Ibl S
fa G~dit lite A Ditability In~ws~a_ ~
Chatk ? G~dit 4f~ Inqtrar~ if d~sind oo tM lit~ of
euchdau
Box ? Gadit Lil~ ~ Dissbility Inwnnp i~ d~sind on
~-y Birthd~ts
U Gedit Life snd/w Oisabiliry I~wrant~ is nol tiesind.
Datr DtC. 13. 1978 s~+s~~n
. y
sgnaw
As s~curity tor tht psyment ot tM Not~ tM MatcK h~r~r yr~nn to th~ 8a s i nunst in foltowinp prop~rty: .
~ntludirg sll iner~sses. sut~ttitutiorq, rplsp~nrnt~, sdditiora and acarssio~u ther~to snd in tht proteeds th~nof (Mnin~in. a1Nd "Collsqral"1- Thii qpuity
~ ~nterett shill abo s~un~ ai~y other ind~bt~dnys o? li~bility of tA~ Mika to tlr 8~nk daeet or indir~ct, ah~olut~ w Contin~nt, dut a to bean~ dw, now ex-
~ istirg pt h~rNttM srifieq, inCludinq all futun advM~t~t or loans by tiN BM~k to tM Mbktr.
~ TM B~nk is alw oir~n ~ l;~n ~nd a suurity i~tK~st in ~II prop~rty and t~curities of tM UAilc~r, endor~. wn[y, yua~anta a.sccanmodation patll of thq ~
~ Not~ (hK~indta ntand to p tht "Oblipon"1, now in o~ ~t sny tinr fwrN/cK eominy into tM eontrol, pqtody or po~sion of tM B~nk, wMtlw fo. tM tx-
f P~twd P~~PoM o1 b~irq wb bY tM B~nk ~t Colbbral, or fw an1? OtMr P~rPos~. and uPOO anY bslM~n or bd~ to tM aadit ot any aoCOUntl, inCludi~q
f trust u~d pMey aooouMS mfinUimd withtM Bank by ~ny oi tM Oblqort, and the Oblipors ayr~e to dNivM to tM B~nk sdditionN CoIbtKM w nwk~ tuCh
~ psYma~ri in nduction of th~ principil ~raunt o( tM lo~n s~ shsll b~ s~tisfactwy to Me B~nlc, in tM wMt tM atormrntand Collannl fhMl d~dine in wlue
w b~eortn u~atitfoetory to 1M BN?k.
Additiaa to, r~duetiotq or exchany~s ot, or ~ttitutiau (of cM Collatersl, p~yrtrna on soeount of thit loan or incnaes of tht t~m, or oM~. loms mad~
w•tislly w vrholly upon tM ColNt~a1, e1Ny f?Ort1 tim~ to tim~ b! rtNd~ without sit~tti~y the provqiOM pi this N9t~. TM B~nk tANI ~xNpt~ rNtpn~bl~ tsr~ in i
the wstody aM pr~rvstion of tM Collaunl to ths ~xt~nt requind by applksble ststua, and tl~Nl b~ d~rnd to haw ~x~?ciad n~sonabN ta~ if k tMcu wM ~
action fo~ th~t pu~pok as MM1tM Mull rpson~Wy rp~~t in w~itinp, but ~o omission to do any sef not nqu~sbd by M~kN ~hNl b~ dNnrd ~ tWun to ~x~eei~ ;
.easonsblt ar~, and no omialon to eomply wich a+y rpwtt of M~k~r ~It ot icsNi be dNmsd a failun w~xaci~ n~foMbb un- Bank ~hNl not be bound to. ~
take sny ttpt MpMUy to p~rw ~ny riphri in tM Collatpal ap~i~tt prior p~rtiss and MakK ~hsll talc~ all n~a~y st~p for wth purpwts. TM B~nk or ~tt
nomirw nNd not eolbet intN~tt on. a ~ prMcipd of. ~ny Colq 1 p~ any notia wiM mp~et to it. -
~ i
The 8ank m~y continw to hold M~y Co1lat~rN dpoptd hKlundN ~ft~r th~ psyrtMnt of this Noq. if st th~ timt of th~ payrt~nt ~nd di~d~arq~ Mr~o/ any of ~
tM parti~s IiabN for th~ p~yerNnt Mnol ~hNl b~ M~n dinetly a eontin~ntly IabM w th~ B~nk u M~kK, endaar. wr~cy. pwranta or aooortwnod~tion psrty ;
ot sny ocha noq. drd[, biN of ~xdanq~, or odNr Matrum~nt, or odNrwi~t. ~11d 11M B~nk r11~y tIN~NhM ~I~NCiM sll ri¢Iq with hpet to s~id COIbtNN ~
9rsnUd AN~in ~n tAoupls tAi! Noq dwN 1MM b~N~ wnN~dN~d to dN llMka.
If ch~ 8ank dMm~ iaNf irorwn o? upon dw h~pp~nino of any of tM fol{owiny ~va~n, ~ach ot which ~1 oo~utitutt ~ dilwlt, all liabilitia of ~ch Mak~r to
che Bank, indudieq tht ~nt'u~ u~id principd oi thh Nst~ ~d ~oe~u~d i~nst. Jwt sny un~en»d i~t~ntt and any intKNt in ~xp~t of tM maxirnwn albw~d
bv Isw- and snY nbrea nqufnd b1? law. ~fall immdiauly or ~fta. at th~ ePtion of t!M Banlc. ~xo~Pt Miat tM oocwrene~ oi (el a fd) ~MII eau~ witornn-
K soal~ation: without notia or drm~~d. b~oonr du~ Md p~yabb: Id tM t~ilun of any Obtipr to p~riorm a~y abli~tton, lability o? ebin+ W dN B~nk, to p~y
~ inurat h~non within i0dnn dtK it it du~. or H tMrt i no dw d~a. aft~r it is bi1Nd or odMrwiM nqu~t~d or d~rt~d~d, or to p~y any othK li~biliey what-
~ soevK to [h~ 8aok wlwn du~: lb) tM dath of my individuM Oblfyor, tM d'awlution d any p~ra»nhip Oblipa a tM dinolution. mK~r a oa+solid~Rioe witA-
~ ou[ tM Bank's p?ia w?itun ~t of ~nY eaPoraq Ob1I~o~: le) th~ filkg oi s p~tition in bankruptcy a tM a~udic~don of in~oh~~cy a b~nkruP~e11 ~
~ any rwrq~niution. ar~nt, rMdlwtn~t of dNit. d'ntolution. li4uid~tion or lintdM P~ooMdino undM a~+Y F~rN o? ~qtt satuU, b1? or ~YW~ ~~1?
~ Ob~gw: (dl ~n appliatioe ta tM ~ppaintma+t of a naiva tor, a tM m~kinp of s pane~al a~iprrmnt for tM b~n~fit of enditas b~r. any Obli~w: (d tM ~ntry ~
ot ?+~+~~t ~a•~~•rw Oblqor: (f) tn. i~uirq ot «w mad?n»ns a q.rni~nnMne, or en. tNtny ot.ev ~iu+, a~i~tt.rw a~~r o~ +~w oo~ip.:19) a» ukiM ot
Pcas~ion of aiy wbstantiN Pat of [IN propaq oi ~ny Oblipw at th~ intana of any qonrnnwnW wthaiq: (bl ch~ d~mination bY tM ~nk thn ~ nrari-
~ s1 aOvKp ~harq~ h~s occurr~d in dy fin~nc~l oo~ditlon of at~y Obli~pr from tlw conditiqu ~t fotth in 1M mott r~pnt ti~ial stat~lt d Mid~ Ob~ip.
her~tof w~ futnilh~d to tIN 8ank, a f~an eo~,d~ao~+ a wc+~ oaqo... M..wfon n+a~ na~~h daao~.d ro a~. e.~~, a tlf~t any vwrai+tY. *p~wnation.
ca~ifiuN a~uanMni of any Obfioo? (wMehw oontaUrd in tbi~ Nob a noc) fwrqinlM to a Me oonn~e[ion wilh chis Not~ a tiw bsn ~vidrno~d bY Ma Noa
cona~n~ .n vmru. n,~«rNnt ot nrarbl faM a arwa to snn nrwial fsee n~pqrY iporda w nwk~ tl+~ ~unrtNr?ts nNtN not mblMdin~; or, (i) tM aMi~e?-
ment bY ~Y MNw M anY pu1~11 ~h wry M t!N Coibqr~l without tM Prior w~itt~n eonMnt of th~ B~nk.
TM B~nk d?all fwv~. but ihall not b~ lin~it~d W. th~ tdbwino ri~hb. ~ of rvNioh nN1? b~ aarei~d at ~e1? tiem whnh~r a eot tF?b NoM b dw: (i) to
- p~W~ a trwrfa Mit Noq and tM Coll~arN and eM 8wrc ~MII th~nupon b~ rNi~v~d d MI d~Ws and n~ponsibilicih Iwwnda and rNi~wd han MN +~d W _ I
I++bility wiM ?uP~et to aMr Colbt~tN a pbdy~d or vsirfund. and w~y pMdM~ a trrat~ d+ef! for dl PerPO~ ~pnd In tM P~ ot tlw Y~nlc MnuM~r and
hav~ aN tM ri~hts of the Bank hK~w+dK: (iil to t~wdK tM whoN a any p~rt of th~ Collac~al into th~ mn» of iaMf a itt nominN: ltii) to Yo~ tM Co11atKM:
tivl to notity th~ dWipwt oi any Co~I~mN to m~la pay~t to tM 8~nk ot ~ny anaums dw or to b~oo~rN dw t~non: Iv) to dunrnd. w~ ta. oolNct. or I
~ ~kt ~ a
use~ ~re~n m~eans u'~
r~e~Ree~ssoc~~es `~n . an /:~r00~~s a~ig°ns°~. `d ~°"`a`N. ~
~ NOTICE: 8EE OtHER SIbE FOR IM~T i,, FOii~AAT10N ~ ~
~ FBS 752 Rw. 7/77 gQQK PAGE