HomeMy WebLinkAbout0780 . ~
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s ~ ~ _ ~ INSTALLMENT PROMISSORY NOTE . ~ ~
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TURTLE REEF ASSOCIATES, INC. * ~a /?~wu~~ ~we s 72~a•~Q .
. . OANK NAME ~s? ~b+~ none
Jensen Beach, Florida 33457 ~f•~0~ib"'w _
~c~ o«„~,~~,r s~ s none
oFF~c coaESS ~o~ ona. cn..~ ~~e«„u.ti = none
= none
NOT~ NO. DATEO: June ,~9.ZQ, ~ f~ ~ = none
(G) Amount Fin~no~d ~ 727~.(~
aue: JulyT'! ~ .19~q. u. e. c. e. F~ s
IHl lnta~tt = .
PLACE: . FIORIDA (1) (k~dit Im~atip~tion =
~ a~+.~ s
Fo. wlw npiwd, tM und~rsgn~l iMhiMfts? oNNd "MakK") jointly andl~v~rNly (if (K) _
mor~ tMn ont) p~omis~ to psy to tM dK of tl» B~nlc, st ia otfip Iut~~bow, tM Total
et vw~,,.~,a ~H~,~.~nn of ~12,525.60 oa~a.v~na 120 . ~u s
qus~ mon~h~y insts~~mMU o~: , tM lint ~M~ F~~CE CHAROE 5251.6~ ~
~~uulln~t dw on ~ IN, 1, J; K. l) S
AuQUSt 1 L 19 sed wb~qwnc insWlmena du~ on (N) Toal of P~yn~nn 1(i + IiA) t
tM dsy of ~ch ~th tharwtte~Lto~dw w~th s FtNAL BALIOON PAYMENT OF: /~NUAL. PERCENTA~iE RATE ~I
r~vn
s ouE , ia '
TM 8ank th~ll impow.a dNi~~ncy chsr9t sp~inst thi M~IcK on u?y psyrr»nt whicA Aas b~can~.dut ~nd.rtm~im in d~f~ult lor a pKiod ii ~x~ ot 10
dsys ie sn artwuet pwl to 5X of tM snwunt of tM p?incipN ps?t of th~ paym~nt in ault. In ~~nt th~t U+~ Non b not psid in full at nyiu.ity~ a11~~pay-
a
mena, wh~the. p~ineipst, inrn~i o~ otMrwia, shall bw innrat at th~ m~ximum 1 ran Nbw~d undK tM tawi of tM Sqt~ of Flaid~. All paym~nt~ rim~
herwr~r shall b~ asdit~d first to intKat snd the~ to principN. howwer. in tM w~r?t ot defsult, th~ Bank mty, in itt•soa discntion. apply ai+Y p/ymint to
~n~er~s~, p~incipsl snd/or Iswful charyn then aocrwd. It ~ ~hs incention of the parcia hsreto Mat tM provicions h~.eio ~Fwll not {uwid~ di.~etly pr`indineily
tor ihe p~ymp~t of s qrsattr rsu o( intsrat or tM ntention of ~ny othK cMrpe thsn is slbwed by law. lf, tor any rpson, intKtst in ~xpp of such lep~l rat~ or
a char9e prohibit~d by i~w sh~ll at sny tirn~ M psid, sny wd~ exoas shall eitAer constitute and bt trHt~d ~t a psym~nt on th~ pri~+cipal a 6~ ntund~d dinttly
to the M~ker.
Th! Mikft ft1/y pf!{Iiy thf MlNf YIf(~Id Dil/f10! O~ cM loan at snY time_ 1/ tM Iwn is pnppid In full, aecelMSt~d a ntinsnpd, tM M~k~. shNl no~iw a
retund ot the uMS.md portion of the intsrat snd i~su~anet premiums computed by th~ Rul~ of 78's r~thod, ~xc~pt that tA~ 8snk shNl ~ sntitNd to nt~in
a minirtwm int~reit thiry~ af - '
CFiEDIT LIFE ANO CREOIT LIFE 8 OISABIIITY IMSURANCE ARE VOIUNTARY AND NOT RE~UIRED FbR CREDIT. Suth inwr~noe tovKay~ is
ovaits~ at ths cost dai9nated 6elow Ior the te~m of the a~dit: (sl t fw G~dit Life Inwnnq (bl:
fw Cndit Li(~ ~ Diisbility InfursnCe: • .
Chetk ? G~dit Lite I~uranee is d~tir~d on the liie of
E?PP~. BirtfKlalf
Box ? Gedit l~te m Dissbility Inwrance is dairod oe ~ ~
r-i6 8irthdst!
l_] Gedit Lite and/o. Oissbility Inwrance is not desired: ^ -
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Date: .Signature
u s rn
• sgnat~.c
As sacurity for the payment ot the Note the Msker henby grsnts to tM Ban i i in ~ i ~a~~,~~ i n Turtl e Reef
Cond. I, Recor~ld on 0. R. Book_263, ~ave 2002... Unit Meeks 25 and 2b 1n Cond. D-19,
Ant_ Ne_ ~-19, as dps~rit~+d in csid mart~ap_ . E
' ~rxludlrp all ~ncrpses. wbstiwtions. replseem~nn, sdditia~s and attessions thereto snd in the ptooeeds tberwt (Mninaiter plled °Collsttrd'7. This s~curiq 1
~I ~nterat shsll slw securs snY otber indebtedr~s a liability ot the Maker to ths 8~nk dirsct or indirett, abtdutt or continpsnt, dw or to b~tomt dw, now ~z• i
I ~sting or hKptt~r arisinp, includiny s0 fuwre ~dvanps q lo~ns by tf~e Bank to the Nbker. ~
Ths Bank is also ~iven s lien and s s~writy intK~st in all prop~.ty and ~ecurities ol tM M~ker, endoner. wr~ty. yusrsntor or aCtomnwdation paty of thes ~
~ ~
f Not~ (Mrlinsftsr r~terred to as the "Obli9ors"1, now in or at sny time herafter ooming into the contrd, custody o. poss~ssion ot tht Bsnk, whstM. ta the ~x- f
f ansssd purpoa ot bsinq u~ed by Na Bsnk arColtswal. or fw any other purposs, and upon arry b~l~nce or bslanqs to t!N er~dit oi ~nY aocounts, includin~ ~
{ trust ~nd s~nCy sor.ounK mai~tsined withthe Bank by any of tM Oblipors, snd the Obligws ayr~e to deliver to tM Bank sdditio~M Collsbral o? malce wCN
t paYments in nduction of the printipal smount of the losn ss shsll bt sstisfsctory to the Ba~k~ in the av~nt the afonrtrntiOned Collu~rsl shsll d~clint in vslue
o+ becom~ ura~tistactory co tM Bsnk. _ I
Additions to, nductiont w~xebugss ot, or wbstitutions fo? tM Collsteral, psynNnts on secou~t ot thit losn or inCrNStf of th~ flrn~, or otA~? lo~nf m~d~t _ i
partislly or wholly upon ihe CollaterN, rryy frwn timt to time b~ tr~sde without sftecting tM provisions of thif Note. Tht Bank shsll ezeaif~ r~on~bq ean ie +
the custody snd a~r~ation of th~ CollatNal to tM szte~t requi~d by spplicsble statUte, snd shall a d~d to h~w ~xe~cepd r~onabl~ q~~ i/ it takh wM
action for that purpoN af MakN ~hsll r~ontbly rpwtt~in w?iting, but no omission to do sny sct not rsquaqd by Maksr shMl b~ dMm~d s tadun to ~xMCis~ ~
reason~W~ esn, snd no omission to comply with sny nquat of IM~k~r ~Asll oi itsdi be d~snwnd a/silun to ez~rcise r~sson~bb pre. 8ank ~lull ~ot be bound to ~
take sny stsps ~tary to prestrve any riphtt in iM Collstar~l aysinst priw psrties.and Mak~r sh~ll tak~ sll neoetssry stpt tor weh purpo~e~. Th~ Bank or ~ts i;~
nominN ~aed not colbct interat on, w a p?incipN ot, ~ny Collateral or piw any noticawi[h resp~ct to it.
TM Bank m~y tontinut to hold smt CollsttrN dMosiUd htr~under after the psymsnt of this Note, it at the timt ot tM psyment snd diuharq~ hneof s~y of ~ ~
~M psrtas IiabM for tM paymmt f~wf ~lull bt tMn d'inctly or eontinyently lisble to the 8ank a~ Msker, endoner, wnty, ywnnta or aocomrt~od~tion ps.ty
oi st?y othN note, drift, bill o/ ~xd~sny~, or othM instrument, w oth~rwise, ~nd ths 8snk msy therpfta ~xKCise all rphts with rppect to taid Cotlatasl ~
grantad her~in wrn thagh this Nou dall hav~ bNn wrnndend to tM M4k~r.
If tM Bank tlsertu itseli insacure or upon tM h~pp~ninp of any of ths followinp avents, each of whith shdl constitutt s d~fault, ~II lisbilitits of pd? Mak~r to ~
che 8ank, includinp the ~ntir~ unpaid principsl of this Nou snd accru~d inarat, leu sny un~armd inw~st and any int~r~st in ~xpa of th~ msxinwm slbw~d
bv Isw snd sny r~bates rpuind by law, shNl irnrNdi~Wy or chKestur. st th~ option of tM 8a+~tc. ~xapt thst tM accurr~ ot (e1 w(d) ~hsll cauw autaenac-
K accelK~tion: without notic~ a dtrtw~d, b~ooe» dw and paysblr. ths fsilun ot sMr Oblipor to puform sny oblgrtion, li~Wliq a daim to 1M ~snk. to pay i
~ ~nte.at Mnon within lOdays afta it is du~, or if th~r it no du~ dsN, sftK it is billd w otMrwi~ nqu~sted or dKnMded, or to pay sny ot1~li~lsi~ity whst- ~
~ soever to th~ Bank v~en dw; (b) t!N dtith of any individuN Oblgor, tM dusolution of any patnenhip Obti~or a th~ d'asolution, m~rytr or oonsoiid~tion witA-
out th~ Bank's piror vKitteo ca?~ent ot any corpw~t~ Oblga; (c) 1M filirg of ~ p~tition in b~nkruptey or the adjudiption ol irqolwncy or b~nkrupS~y undK
any rtorp~ni:ation, uranp~mtnt: rpdjustrmnt of d~bt. disiolution, liquid~tion a similar proc~sdinp und~? any F~d~nl or sqq st~tuM, by w a~inst any ~
~ Oblgor; (d) sn appliation for th~ appointm~nt of a naiw~ tp, or th~ m~kinp of a q~n~~al sisipnm~nt tor tM b~rnfit of u~ditors by, any Ob1ya; b) tM ~ntry ?
= of ~~~~t +9r~~ ~Y Oblipor: (f) tM aainp oi any ~ttaehm~nt a~rnhhnwnt. w th~ tilinp ot ~ny liin, ap~inst s~Y P~~Y ot +~Y ~W~: (!1 th~ Wci~q ot ;
~ possession of iny wbst~nti~l p~?t of tM proqrty of ~ny Obliptx at N» iiptine~ of any ~rnnNnW wthority: (b) tM d~tKmination by tht Bank that ~ m~eui.
al a0vert~ ehsrqe fws oaurr~d in iht firw~cisl oa~dition of snY Oblgor t'rom tM coiditiaa ~t forth in tM mat ?~pnt financisl stat~mMt M wioh Ob1ga
~ heretofw~ furni~A~d to th~ Bank, or trom th~ condition o/ wd~ Oblgor a~ Mretotort most nantly diidoMd to th~ Bsnk, w th~t any w~?anty, r~pu~ntateon,
certific~q or tUt~mrnt of any Oblqor (wMth~? eontain~d in thi~ NoM or not) i~taininp to w in oOnn~etion with [his Noq w the loan wid~nc~d by thit Noa
cnnuim ~ umrw ~acem~n~ of nrtawl taot o~ weia w wte n»tKiN 4et mcea~ary in ordK to nrke eM stat~m~n[s n~ not ma1Md'wp; a, (1 tM wi~H 1
ment by any M~Iw ot any puity in sny of tM Co1latKal withaut tF~ pria writt~n ean~nt of tlw 8ank. .
TM 8snk ahall hsv~. but sh~ll not b~ limit~d to, d» tdlowinp ~ght~. taeh Of which rnay b~ tx~rciMd at any tim~ whttha or not this Not~ a dw: li) to
o~~ a ua~afK chis Noa ~nd tM Co11~an! and t1N Ban1c sh~~ ~r b~ rtli~vrd of NI duti~t and rpponsibilitiK Mnutider ~nd rNi~n~d hom ~ny and MI
liability witb r~p~ct to any Co11~taN w pNdp~d w danttil+~d, snt! sn~ a tnnsiKN sAN1 to~ a!1 purpoM~ stand in tIN ptrq of tM B~nk h~nur~r and
hsv~ ~II tM rqhff Of tM B~nk hpwndp; (ii) to u~nd~r H» whoM or any pqe oi tM Collae~.al Mto cM n~rn. of iwlf or in ~omin~; (iii) to wt~ NN Co11stKM; ~
livl ~o notiiy th~ ablipon of any Colwt~ co mNc~ p~yn~nt to th~ B~nk of anY amouna du~ o? to Mconu dw tMnon: (vl to d~rrw~d. ~w fa. cotNet, or
~kt My ~*~'~T1NK~ as use~~ ~er`e~n
m~eans ~ur~et~Ree~~ssoc'~a~es; `~`n .~an~/orCO~~s °a's.
s~n°°s~. iO~ i
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~ NOTICE: SEE OTHER SIOE FOR IMPORTANt INFORMATION ~n
OruRt~ ~
FBS 752 tiw. 7/77 VWn ~ ~