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. ~ INSTAL~AIJENT PROMISSORY NOTE ^ ~ 5
~
~ ~ TURTLE REEF ASSOCIATES, INC. * ~~u ~.w.a = 7,,,~700•00 ~
O/lNK NAME ' (8) PtM111Yn1 t0? CtM~t
Jensen Beach, Florida 33457 uh~aaw~~~, i~,. = none _
' , o~w~,t,n, sw~ = one
OFFIC A RESS ' ~
l OthN (~~4tt (~tNnit~1 = h0 @
one
NOTE NO. OATEO: • J~~y 25 .~s 78 , if~, s none
~ (Gl Amount Flnanad 7 ~ 7~. ~
DUE: AUG' S , 1~ , (A. B. C, D, E. P) :
(H) Int~rat = 4 '
PIACE: . FLORIOA ~It G~dH Im~ttl~tbn =
~ ah.. _
For valu~ r~iwd. iM Undlr~iQMd (hMNM(tN qlMd "MakK"1lointly and ~Nly (i1 iK) s
rtw?~ than om1 p.omis~ co Wy eo tM ordK ot eM B~nk. ~t ia otfip lisnd above, the ToW
ot Paym~na (iran IN) at rqht) ot 512,211.20 po11m payabl~ in 120 - _
eqwl monthly installmMK ot: 101. 76 ~y~t IMI FiNANCE CHAROE 4~ 511.2~
lH. I. K. ll i
~nsa~(~t dw on .,,~~'1.~~ 6 , 19~. a~d wb~pwnt InsnllmMq du~ on (N) ToW ot P~ym~nri (0 + M) _ ~ ~
th~ d d~y of iaeh pwnth tlwptu?Lto~thK wiM s FINAL BALLOON PAYMENT OF: ANNUAL I~RCENTAOE ~A1'E 10- ~+y ~fi
s - rwnc DUE
, 1~
Tht B~nR ~hall irt~poM ~ dNintxqncy ch~r~ apNntt tM MrkM on any Wymrnt which hM b~eaM dw and rMyIM In tMfwlt tor a pKlod In ~xca~ Of 10
days in an a~nount equsl~to 5% of th~ amount oi tM Mineipal psrt oi tlw piymu~t te dtisult. In th~ ~wnt th~t th~ Nob b not Wid in WII ~t nwturity. all pay
menes, wh~thK wine~pal. ~~anst w othNwb~.:hall bw intlinst ~t th~ maxlmum is~l r~a slbw~i ui+d~? tM law! of th~ dlaN of Piorid~. All p~ym~na m.dt
he.e~inQK shNl bs usdit~d fint to 1nt~nst ~+d tMn to principsl. howewr. in tM ewnt of tftfauit, th~ 8~nkn~j In (t~ Wl~ di~cntioit, apply ~ny payment to ~
~nurest, p?incipsl and/a Iswful cAirye~ th~n sccrwd. It i~ tM inttntion of the partia Mnto th~t tM prov~ h~nin dall not {uo+?kN dtr~ctly a IndQ~etly
tor th~ p~ynNnt of ~ grsatK nt~ of inmat w tl~ htentton oi any othN charg~ tlw~ N ~Ibwed b~r law. lf, i~r y nuon, int~t In ~xaa of wch Ipd r~a a
a charoe prohibiead by Isw shall st s~y eim~ b~ paid, any weh ~xpsf ~hall ~ithN coeltitub N1d M tn~td N~ psxnNnt on da prinok~al ot b~ nfundwi dk~etlv
~o tn. . ~ ~ T,t ~
Th~ Mrku m~y pnpay th~ tndn unpsld baunce ot th~ loan at sny tinw. ii 4h~ Iwn b p?~pNd in iull, a~ahr~Nd a rtlln~ead, th~ AAak~r ~uU noNw ~
refund ot th~ ur~rnd portion of the'int~rest and inwnnq premtums cort~utsd by ths R~I~ of 78't m~thod, ~xNpt thet tM 8ank slwll bt Mtitiad to r~qin
a minimum intK~st thu~e oi f 6.00.
CREDIT IIFE AND CREDIT LiFE d ~ISABILITY iNSURANCE 'AFiE VOLUNtA~iY AND NOT qEQUIqEb FOq Cp~Dlt. Sueh in~urance eov~iage is
availsbie st tl» cost d~siqi»tad below ia tht tKm ot tM endits (i) = fw Cndit Liie I~uursnes ibl S
for G~dit LiM~ a Oisability I~uur~np:
Chatk ? G~d{t Lite It?sws~ee is desir~d on th~ lif~ of
Appl. girthdat~
Box ? Gedit lite a, Qi3ability InwrsnCe is desind on
' } ,~Je . - . ' Birthdate
i U Gedit Lite and/o~ Oisability Inwnne~ is not desired. ,
~ ~
Date' V 8 Spneture- ° 2~ • i
L nda . ams
$ynawn
As security for the ym~nt of the Note the Msker her grsnts to th~ 8ank ~ sec rity i r n t f owi p. I11 TUt"t1 e Reef Cond. 1
recorded i n~ R. Book 256 Pa e 23~. Uni t lieeks ~0 a~~ ~n ~on~°. p. .
escr n sa mor gsge
~I ~~c:udirg all inwa~sses, wbstitutions, replscartients, sdditian snd aocessions thereto and in the proceeds the?wi (her~inaft~r called "Collat~rsl"1. Thit s~turity
! ~nce~est shall also s~cure any oth~r indebt~d~ a li~bility of tAe Msker to the Bank direct or i~direct, absolut~ or tontinptnt, du~ a to b~come dw, now ~x- ~
k ~sting or hereafar srising, inNuding a11 tuture advancrs ot loans by t1~e Bank to tM Msker_ .
€ The Bsnk is slso yivs~ s lien a~d a f~cv~ity intenst in s11 property and securities o/ tl?e Miker, endoner, wntY.9wrai?tor or scconwnodstan pa~ty oi thn
~ Note (MninsitN rNe.r~d to as the "Obligors"1, now in o? st sny time her~afc~r comirg into the eontrol, pntody or pou~ssion of th~ Bank, wMtha fw tM ~x-
Pr~ss~d purpos~ of beinp uted by the 8ank ~s Collat~rd. or f~ ~ny otMr purpose, and upon any balanc~ or balanpt to tM~a~dit of ~ny aotourtts. indudirg
trust snd a~ney sotounts nrinqined withthe Bank by uW of the Oblqors, and Mro Obligors agns to dNiver to tht Bank sdditionN Co1l~msl w mak~ weh
' paymN?ts in reduction of tht principsl smount of the lom as ff~all be satisisctory to the Bank, in the avent the aioremention~d Collatsral shall d~clirw in vslue
or become unsstist~ctory to tM Bsnk. ,
Additions to, r~duction~ o? exchsnp~s of, or wbctitutions for the Collsteral, payments on sccou~t of this loan or incru~es of ths ~m~, w other lo~ns m~ 1
partislly or vrhdolly upon the Collateral, rnfy trom time to time bs rt~le without sificting the proviaons of tAis Note. Tfu Bank shNl ~xercis~ nswnabl~ csr~ i~ !
~he custody snd praervstion ot the Collaur~l to tl~~ exnnt rpuind by applicaWe ststute, and shall bs d~rNd to Aw~ ~xKeis~d r~non~bb cs?~ i1 it tNca wcn ~
action. (a th~t purpoW at Msker shall r~aso~sWy rpupt in writiry, but no omiuion to do ury act not requ~st~d by M~Ic~r thdl be dNm~d a ~ailur~ to ~xNUM
resso~abN pn, a~d no omission to comply with any rpwst of NbkK ~hsll ot itsMi b~ cNemed a teilun co exercit! rt~sonabl~ care. 8ank shall not Oe bound to ~
take any stp~ ~ry to pr~s~rv~ any ~i~htt in t!N Co11~tKa1 ~psiMt pr'w? parties a~d Mdc~r thsfl tak~ all nectnsry ttpu for wth purpotts. TM Bank or its
nominN n~ed not collecfinttr~st on, or s principal oi, aW Collat~ral a piw any notid vrith retp~ct to it. . t
TM Bsnk mry oontinue to hold ~ny CollatKSl d~podt~d hereund~ sfter ths paymw~t of this Not~, if st tl~e time of th~ psymt~t snd diuharp~ Mreoi any of !
c1+~ puti~s IiabM fw ch~ psyrn~nt her~of ~hall b~ th~n dinctly a continpenth/ liable [o the 8snk as Maker, er~dwrer, wntY, gwranta or aoeanmod~tio~ parry ~
ot sny otha not~, drait, bill oi ~xd~snp~, or oUw instrume~t, o~ othawise, ~nd th~ 8ank m~y th~restt~r exerciss all riphts with rap~ct to said Col~sunl
grant~d fNr~in w~n tha~ph this Not~ ~hNl hs~ bNn qur~nd~rsd to dN AMk~r.
~
If tht Bank dNm~ itt~lf i~qscun or upon tM hspp~rinp of sny of th~ followinp wents, ~aeh of whicb shall ooratitut~ a d~fault, ~II IiabilitNt oi NcA Maka to y
cne Bank, irxludiry th~ entir~ unWid princip~l of thit Not~ snd accrued Int~?at, ka sny un~un~d in»nst uid sny intK~st in ~xdsf of th~ rtwximum allow~d ~
by Isw ~+~d any r~us rpuind by law, swll irtrrNdiately or tf+KSatt~?, at th~ option of th~ Bank, ~xppt that tl+~ occurrena of 1cl a(d) ~hall eww sutomat-
~ K aoabntion: withouc notip ord~mrnd, b~oorn~ du~ and p~yabl~: th~ faitun o/ any Ob1iDo? t~ p~rform any obHp~tion, Il~billty or dakn to th~ 8ank, to pry ~
~n~erest Mreon wiMin 10dsyt aita it is dw, or if dMn i~ no dw dat~, ~ftrr it is billsd a othawbt rpue~ted o? d~mand~d, a to pay sny otM? lisbility whac- i
~ soever to tM Bank wMn due: ('o) tM d~~th oi sny individual Oblipor, tM di~tolution of sny p~rtnsnhip Oblipa w tM diaoiutbn, m~ry~r o? oonwlid~tion with- ~
out tM 8ank's pira w.itta+ cons~nt of u~y eonwnta Oblgor; (c) tM fflinp oi a p~tition En b~nkrup~ey or the adJudiaNon of iruolv~ncy or bsnkruptey und~r
~ any r~wpsnitation, srr«fy~rt~tnt, rNd~ultmint of d~bt, dittolutiqn. IiquirMtion a simila~ pracwdinp unds? ~ny f~d or iqt~ tutut~, by or ~irqt any ~
Ob~pw; (d) an ~pplic~tion fa th~ appointm~nt oi ~ npiva fqr, a th~ m~lcino ot a p~na~l ~ipnm~nt tor th~ b~fit of c~~ditors by, any Obliyw; (el tM u+try
~ af ~~nt aqsimt any Oblpa: 1f) th~ i~winp of ~ny maehmmt a q~rniM~mMt, or th~ filirq oi s~1r liei~,a~inst anY propaty of sny Oblqpr: tM akuq ol
~ possasion o~ any wbsuntial put of th~ prop~rty of any Obtpor ~t th~ i~tana oi ~ny qpwrnn~tdsUthaity; (hl tM d~t~rmirntion by iM B~dc that ~ nyta~•
al adv~rp chsnye ha~ ooturnd in tM finaneid condition of Miy Oblipw from d~l~eonditfofN t~t fath in tIN rtwa ?~t firtw~tial tut~nMnc of ~ueh Ob~iow
~ neretoion furnah~d to th~ 8sok, o. from t!N wndltion of a+c~ Oblipa ~t herttoton rtw~t nantly d'adof~d to the B~nk, a tMt ~ny wsnanty, rpnMnat~on,
cert?fieau or ~qt~rtNnt of any Obtioor Iwh~t!»r oontaln~d In thb Nob or not) WrtaiMnp to a M oonn~ctbn witly d+k Nob a tM lo~n ~vid~npd by Ma Noa ~
conai~u ~n untru~ ~tat~rn~nt ot nt~t~rial lact or bmiq to tfat~ m~tNi~l t~ct n~ca~ary in ord~r to rrMk~ tht stat~m~nts rt~ not mittwdino: or. (i1 tM aMqn-
ment by ~ny INdw ot sny puity in sny oI tfN Co1btN~1 withou[ tM prio. writc~n conant ol tM B~nk. ;
TM 8ank ~~hs11 haw, but ~11 not b~ timiad to, tIN fdlowinp ~qha. ~ah of whid+ m~y b~ ~xKea~sd at ~ny tirrN wh~th~. w not thn Not~ a dw: (f) to '
P~~dp~ or tnntfK thb Not~ Md th~ ColtatKal ~nd tlN BM~Ic MNII d~N~tpon M rNhw1! of dl dutle~ ud n~ootfbllltfN INr~uncNr ~nd rN1ln~d honf ~ny and MI s I
f{~bfllty wltl~ rNp~et to ~t~y Coll~t~nl q pl~dpd or tran~f~rr~d. rnd any pbd~~ or tr~MfuN th~H for dl purpo~ ttand In tht Pl+a of t!N 9~nk hK~undK ~nd
haw sN th~ r{ohtt of tM 8ank h~rwnda: lli) to tran~h? th~ whoN or any psrt a1 th~ Collataal Mto tM nanr of iwlf or ia naninN: (l~f~ to ~rob tlw CollmrN: ~
(iv) to notify tM Oblqas of sny Coltat~nl to mNa prym~c to dN Bank of any smounts dw or to l~carM dw drnon: (vl to d~nred. ~w fa. eoll~ct, or t
rn~k~ ant? ~tcbnret nbN wlth to th~ tKal: a vi} to • a ol of oa~ds of CollatKal. i I
`~*~'8~1
C~ as usec~ ~iere~n means ~ur~e Ree~~ssbc~a~es, ~`n~a
n~/or`.°~~S_,asstiP`gns . ~
NOTICE: SEE OTHER SI~E fOR IMPORTANT INFffRMATION~ ~ e~RK~~~ P~G~ ~ ?
FBS 7S2 R~v. 7/~1 .
~~Y~~fi>axc~"~OY " ~ . _ . . - .