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~ , INSTALLMENT PROMiSSORY NOTE
1~'„ ~ IEEE ~SSOC~~~~~iC • ~ w A~~i w~wd s~,~
' (8) Prwnium tor Cndit
~it~/pi~abllity I~a. _ ~
r. o. eooc ~ie, ~t e~, 3s~s~ ~,~ury Su~,
OFFICE ApORE55 (O) OtM~ Chuy~s (it~miz~) _ ~
(E) _ ~
NOTE NO. DATED: ~y 13 . 1978 . (F)
1(il Amount Fin~nqd
DUE: ~Y 26 , ~g (A, 9, C, O, E. F) t
(H) Int~at .
PLACE: . FlOR10A ~ il) Cndit Im~ttip~tion a„~__
IJ! OtM. ' t e~
for valw ?euiv~d. tM undKtipn~d (MniosftK pll~d "IYl~k~r"1 lointly and sw~rally (if (K) _ ~e~
mw~ th~n om) pronris~•to psy to che prdK of tM 8ank, at ia offip list~d abov~, eM T_
o~sl -
of Payn~?tt (frwn IN) at ripAt) of ~-m OollWS pay~bN in ~ ( V = ~
~IM) FINANCE CHAROE
eqwl ma~thly i~KUllrr~ts of s . tl» firtt
insutlpM dw on June 6 . 19_. snd subspwnt i~?saUmeoa du~ on (H. 1, J~ K, L)
(N) Tota1 of Paym~nts ((i + MI =
ehe ~d~ of Wch rtwoth tlNrwfter, top~tMr wiM s FINAL 6ALLOON PAYMENT OF: ANNUAL PERCENTAGE RATE %
s ~ ouE M~~<~M~= , ~s
TM Bank shall impo~ ~ dNinquency chsr~ ayantt th~ IY6kK on any p~Ym~nt which hs~ b~oorr~ dus snd nmsins in d~bult fo? a pKiod in ~xpn oi 1Q .
days i~ an smount equal to 6% of the amount of the principN psrt of the payment in deiwlt. In th~ went th~t tM Noa is not psid in full at msturity, ~II pay
ments, whatMr principsl, interest or otherwise; thall bar intKest at tM msximum I~gsl nte sllowd undK tM Iswt ot the Sate of Florid~. All p~ym~nts msd~
hereund~r shall b~ rndind first to i~terest snd then to p?incipsl, however, in the event ot d~fault, th~ Bank msy, in its sole ditpetion, spply sny paym~nt to
in[erest, princip~l snd/or tawful char9es then ~ouued. It is the intention of [he psrtiss hereto that tM provisions I~erein shall not provid~ dinctly or indirectly
(or tta paym~nt of a q?qter rste of interat w tM ntention of any other chsrgs thsn is slbwed by taw. If, fo? any rssson, inte~at in expss of wch 1~1 nte or
a charpe prohibited by law shsll at any time be paid, any wd~ ~xua shall ather constitute and be troated a a payment on tM prineipsl or be mfund~d d"u~ctly
to the Maku. '
The M~Ice~ m~y pnpsy the entire unpaid balanoe of the Iwn at sny time. If the loan is prepsid in full, sccelersted w refinanced, the Maker sAall raceive a
retund oi the unearned portio~ne-of tt~e interest and inw~ente premiums eomputail by the Rule ot 78's mathod, exoept that the Bank shsll be entitled to rouin
a minifllYm intl~lft C1Wrg9 Ot ic1.~. ~
CREDIT IIFE AND CREDIT LIFE ae DISA8ILITY INSURANCE ARE VOLUNTARY AND NOT HE~UIREO FOR CREDIT. Such inwrance cowrage is
availabk a[ tf~ cost dagnated below fa che term of th~ aedit: (a) S for Credit li(e Inwrance (b) S
for Credit Life dt Disability Insurance:
Check ? Gedit Life Insurance is desired on the life of
App1. Birthdste
Box ? Gedit lite & Disability Insurance is daired on
Birthdate .
~ Gedit Life a~/or Disability tnturence is not desired.
Date: ~Y 13~ 197$ Signature ~
' • ~
Si9nature '
As sscurity for the payment ot the Note the Maker hereby grants to the Bank a security interest in the followi?g property: A e
Uni t ks 40
'i includitg all i~creasas. wbstitutioru, replscements, additions snd eccesswt~s thereto and in the proCtads thereof Ihereinafter wlled "Collatersl"1. Thif ieCUrity
~ incerest shall also sewre any other indebtedness or lisbility oi the Make. to che Bank direct w indirect, absolute or contingent, due o~ to beca»e due, now ex-
~ ~;ting or hereafts? arising, including all future advances a loans by the Bank to Me Maker.
~ Th~ Bank is atso yiven s lien snd a security interest in all property and securicies of cha Maker, endwser, wrety, gusra~tor or aocommodstion psrty of this
~ Note (htreinstter refe~red to as ths "Obli~on"1, now in w st sny time her~ite~ oomirg into the control, custody w posseuion of the Bank, wh~thu fo~ the ex-
~ presssd purposf of beirg ussd by the Bank as COllateral, or fo~ any othar purpose, end upon any bslance or bnlsntes to the uadit of sny sccounts, includirg
trust and ayency sccounts ma+ntained withths Bank by any of tha Obligors, a~d the Obligors sgne to deliver to the Bank additional Collaural w mske such
~ payments in reduction oi the principal amou~t of the loan as shall be satistaetory to the Bsnk, in the event the aforementiornd Collatersl shsll declins i~ value
or become unsatisfectory to tF~e Bank.
~ AdditiotK to, reduCtions w excha~~ges of, or wbstitutions (or the Collateral, psymenu on acCOUnt oi this Iwn or inueases of the same, or other loans made
partially or wholly upon the Collateral, msy trom time to time be msde without a(fecting the provisions of this Note. The Bank shall exercise reasonable care in
che custady snd pretervstion of the Collatersl to d~e sxtsnt rsquired by applicabls statute, and shaN be deert~ed to hsve exercised ressonsbie care if it takss wch
action for that purpose ss Maker shall reasonably requat in writing, but no omission to do any act not requested by Maker shsll be dsemad s failure to exercite
feasonabl~ aro, and no omiuio~ to comply with any ~equest of Maker sFwtl of itsetf be deemed s failure to exercise reasonabte care. Bank shall not be bound to
take any steps ~ry to preserve sny riyhts in the Collateral against prior parties and Msker shall iske sll neceusry steps tor wch purposes. The Bsnk or its
nomiMe nsed not collact interest on, ur s principsl o/, ~y Collateral or give any notice with resp~tt to it.
The Ba~k mey continue to hold any Cotlate~al d~posited I~ereunder aiter the payment oi this Note, if at the time oi the payment and discharga hereof a~y of
the psrti~s liable for the payment hereof shall be then directly o~ contingently IiaWe to the Bank as Maker, endorse., wroty, guara~tor or actommodation party
of any othar note, draft, bill of exehange, or other irKttumMt, ot otharwise, and the Bank may the~eafter exercise all righu with respect to said Collatersl
granted herein even thagf~ this Note shall hsve been wrrtndered to tlis Maker.
If tM Bank deems itself insecure or upon the hsppeninp of any oi the following eve~ts, esch of which shall constitute a detault, all liabilities of esch Maker to
che Bank, includirg the entirs unpaid p?incipal ot this Note and accrued interest, lets any unesrnad interest and any interest in excess of the maximum allowed
by Isw and sny rebaces requirad by law, shell imrnediately or theresfter, st the option of the Ba~lt, exoept that tM oocurrence of (c) or (d) shall Cause eutomat-
ic accelerstion;without notioe or demand, b~oort~sdus snd paysWs: (s) the failure of any Oblpor to pK(orm any obligation, liability or daim to tht Bank, to pay
~ interest hKeon within l~days after it is dw, w if there a no due dste, aiter it is billed or otherwise request~d w demanded, or to pay any otMr liabitity whab
~ soever to the Bsnk when dw; Ibl the desth oi any individuM Oblgor, the dissotutio~ of any partnership Oblipo. or the dissotution, merger or oontolidition witM
~ out [he Bsnk's priw vKitten tonsent of any corpaste Oblqa; (c) ths filing of a petition in bankruptcy or tAe adjudication of insolvency or bankruptty ur?der
any reorgsnization, srran9errrnt, resdjustrtisnt of d~bt, disfdution, liquidatio~ or similar proceedinp under arn/ Federal or sWte statute, by Or spsinst any
~ Obligor; (d) an application for the appointmsnt of a raoeiver fa, or the makiny of s genersl assignmsnt for the benefit of creditws by, any Oblipor; (e) tM entry
ef judgment spsinst sny Obliyor; (f) t1~e iswinp of sny ettsehme~t or gsrnishment, or the tiliny of sny lien, apsinst ar?y property ot any Obligor; (y) tl~t tskinp of
possession of any wbsqn[isI psrt of the prop~cy of eny Oblipa at the instance ot any yo~re~nmsntal sutl~ority; (h) the determination by che Bsnk that a msteri-
~ al adverse chanps hss oocurred in the iinancisl tpndition ot any Oblgor trom the tonditions sst fortfi in the most recent financiai statement of weh Obliyor
heretofon furnished to tM Bank, o? from the condition of wch Oblipor as heretofore most renntly di~dossd to the Bank, or that any ws.ranty, r~pre~nution,
certificsts w satertwne of any Oblipor (whetha contsirnd in th~ Note or not) pertaining to or in connection with chis Note or che loan evideneod by this Nou
contairu an untrw stateme~t of material fact or omits to stete msterisl tact necasary in ader to m~ke the statements rt+ade not misl~adinp; or, (i) th~ assipn-
me~t by s~y 11A~ker ot any equity i~ a~y of th~ Collattnl without th~ prior written tonsent of the Bsnk.
Th~ 8ank ~I have, but shsll not b~ limit~d to, tht tollowinp rghb, each of which msy b~ sxercised st any time wh~ther or not this Nob is dw: (i) to
placlg~ or t~~~nfet thk Nott snd tM Collattral snd th~ Bank shall th~nupon b~ reli~vsd oi all duti~s and ra~ponsibiliti~s fwrwnder and rNitrsd from am? and all
liability witf~ r~ct to any Collate.sl so pledp~d or trsnsfKr~d, snd ~nY P~~Yss o~ tnnsfsres shall for sll purpofes stand in the P~sor of tM 8~nk F~ereundK snd
have slt th~ riphp of tha Bank hereunder; (ii) to trsnsf~r ths vrhob or any part of ths CollaterN into tht nams of itself or its nominee; liii? to vou tM Collateral;
(iv) to notify th~ Oblipon of sny Collatenl to rrnk~ p~yrrrnt to th~ Bsnk of any amounb dw or to bscoms dw ther~on; (v) to den?snd, sw for, cdleet, or
, make any carp?omi~ or iettterr~t it du~ dair~ with t~i~rtnu to th~ Collatersl; and (vi) to tske possession or control of sny procNds of Colbtenl.
i
~ *",BIWK' u us~d hereis ~ans T~rtle RRa~et Asaociltes, Iac. aAd/or 1ts usig~s. ~
~ NOTICE: SEE OTHER SIOE fOR IMPpRTANT INFORMATION . ~
Fes ~s2 R.r. ~ni G R ~r? S
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