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INSTAILMENT PROMISSORY NOTE ; ~ :1
t,. . • • ~ -
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TURT~IE REEF ASSOC~IATES, INC. * 1~?! ~~i ~c.+wa : 11,342.Q0
evw"~'1rn"'~' ' 181-~ pnmiun+ fo? c~dit
Jensen 8each, Florida 33457 4~aic~~~e,? : none
- ~c~ ~o«~~~v s~ : none
. oF ~c ooR ~o? oeti.. a,.~~.. r~«,~.~ s none
= none
nas~ r,o. a?rEa June ] .,s~,Q... ~F~ s none ~
~ . (G) A~wu~t Finsnc~d ~ ~ ~~2.~
DUE• J~ ,~g~, IA. 9. C. O. E. F) 8.2
~ (H) IntKnt =
PIACE: . FLORIpA (1) Cr~dit Imhttig~tion =
for wlw r~cNVid, tM und~rsgrNd (hN~in~ttM qll~d "Ma1cK") loietfy and Nvuslly (if (K) a~
ma~ tlwn on~) p~omis~ to p~l to tM ordu of th~ B~nk, ~t ia ottip list~d sbow, tM ToW
ot Paymenn (~rom (N) at ripbt) of ~~~,~1- ~ Oo1Un Wv~bN in 12~ (U =
evua~ eanthhr i~atN1n~nqot ' . ch~ ti~s: lMl FINANC~ CHA~GE • 8 189. --t
(H. 1, J. K, l) t
u
~iu~a~ dw on Jlf 1 J/ s ,19_, ~nal wba~4wnt uata~lm~ea dw on INI Tot~l ot PaynKna IG Ml s 9 53
tM ~of ~eh month tMrqft~rito~tl~ with s FINAL BALLOON PAYMENT OF: /~NUAL PERCENTAdE RATE ~ 2• '
rlof~e
t ~ OUE .19' } ~ ~
. • w
Th~ Bank qult impo~ s dNiaqu~ncy ehsrq~ s~titut tM INdtK oe ~r paym~nt whieh Aa b~ooin~ dw and rtm~i~ 1n tNhult for a p~riod in ~xo#i of 10 ~
d.y: in ~n amount pual to 5% of,tM srtwun~ of.tM p.ineipN pMt ot ~ p~ymp~t in d~fwlt. In tM w~nt ehat d+~ Noa is noc paid in fu11 ~c nwtumy, a11 pa~y `
ma+ts. wMtM. princip~. int~nst or otl+Nwat. th~ll b~sr inqrpt at da maximum 1~1 rat~ allow~d und~? ths t~ of th~ Sqt~ ot Plo?id~. All p~ymN?q mtl~
hereundK shsN be cndiud fint to iotKat and tMe to prieeipal, how~~, in eM w~nt of d~Tault, ths 8~nk m~y, in it; sok disa~tion. appiy ~ny prynNnt to
~me~est, printipN a~d/o~ lawful ctwgy tA~n soawd. It i~ tM int~ntia~ of tM partas hK~to d?at tM provisions Mr~in sh~ll ~ot provid~ dir~ctly o? i~dihctly
1w th~ psym~t ot a~m rste of in~K~ o• th~ nt~ntion of sny otMr eh~rge tAan is albw~d by I~w. lt, tor any nsson, intN~tt in fxq~i Ot tucA IpM r~q or,
a cn~~9. wauat.a ey ~sw ~i se s~w t~m. o. aw. any wd~ ~xoa~s shNl ~ithe~ constitut~ snd bt troaad as a paym~nt on tM principal or b~ rNund~d dinctly
eo the Mak~r. .g
TAe MdcK m~y pnpsy tM tntin u~?sid bsla~o~ of eM losn at any- tin+e. If the losn is pnpaid in full, ~oalewt~d or niinanc~d, tAe IWkK sMll no~iw a
refund of tA~ unwn~d portion of th~ interat ~nd iraunnce pnrniu~t tqr~puted by tAe tiul~ of 78's m~thod, ~zapt thst tM Bsnk ~ANI D~ ~ntitled to nUin
a rtnnimum interat tMr~e of ~6.00: _
CREDfT IIFE AND CREDIT LIFE 8 DISABILITY INSUHANCE ARE VOIUI~fTARY ANO NOT REQUIRED FOR CREDIT. Sueh irnunnp eowrayt is
avaitsbN t tIM coat d~siynand bNow for tht te.m ot the cradit: (a) S for G~dit Life Inwranoe (bl S
lor G~di~yts.8 ~is~bility Inwrsnc~:
C~+eefc Gedit life Inw~anoe is desired on tM life of '
B'atAd~t~
Box ? Gedit Litt d~ Dissbility lnwrance is desind on
~y Bvthdatt
l~J Credit Lite and/o~ Oisability Inw~ant~ is not desired.
Date: JUne ~974 Signaturs~
~ nna Wa er
Si~nsturo ~
As acurity for the payrmnt ot tM Not~ tM Mak~t hK~by grinri M tIN 89nk a»turity intt~t in the (ollowinp prop~~ty: Ii1 TUMt~ Q RP_P~
~ cond. I, recorded ~n 0 R. Book 263. page 2002. Unit Neeks 51 and 52 in Cond. D-22,
~ ~pt_ Ne_ D-22~'ss dpscr~bed in caid e~e~a~e_
i ~ntludinp sll ine~ples, substitutiont, rplaqments additarK snd soc~sions thento snd in th~ prop~ds thtr~of (Mninattn callsd "CollaqrN"1. This s~writy
~ intens[ sAslf slso s,cun sny otM? irKNbt~dn~ o~ IiaDility of th~ MskK to the Bank dir~et or indinet, ~btoluu or tontinpent, dw or to b~comt dw, now ~x-
isting o~ h~rWtar srisieg, includinp alt tuture advanc~s or losns by the Bsnk to tM Make~.
~ TM 8ank a Nw
i yivM s lien and s Nturity inttrKt in all prop~rty and securities of the M~Icer: endor~r. wnty, yw?antor or ac~alstqn pirty Of th
I Not~ (MrNn~fte? r~tKnd'to ss th~ "Oblpas"!, +aw in or ~t any time herwice~ cominp into Me eontrol, c~utody or poss~ssion of M~ Bank, wMtMr for eM ~x.~
P~~ss~d pupo~e of b~inp u»d by tM Bank a Co11~tNa1. o? fa sny OthK purPOS~, snd upo~ arW balanc~ or bslano~s to tM aedit oi any ~oeounri, indudirg~ -
~ Trusc snd peney soco~nts m~inqined withths Bsnk by tiny of t1~OWpon,-a~d tf+e OWigo.s aprN to dNive. to tM Bsnk sdditiond Collamal or mtk~ a~d+~
~ psYmentf in nduetion of the printipN smount of Ms lo~n a~ sMlt be ~atiffsctory co the 8snk, in Ms evHft the storertynciaud Coll~rnal ~Asll d~clin~ in value
or pecom~ ur~sstafactory co cM Bank.
~ Additio~a to, nductions or ~xd~snyn of, or subttitutans for tM Collsterst, psym~nts on sccount of this lo~n w ~nass~es of tM artM, or oMe? lo~ns m~de
w~tisllY or MAwlly upon th~ Collateal, m~y from time to tim~ b~ rt~de withoui sff~ctinq tAs provisions of this Note. TM B~nk shNl exercis~ r~onabt~ csr~ in
ihe cuscody snd prauvstian of tM Collmrsl w th~ ~uunc ~equiird by appliable sumte, a11d fhill W dNITMd t0 h~ ~%KCiNd fNfOn~blf p~~ i~ h tMtq tYth
xt~on for tAat pwpoa a MsIcK sAsll npornWy rpwa in wriiinp, but no omis:ion to do ~ntr act not rpu~sad by MakK diMl bt dMm~d ~/~tlun [o ~,ureit~
ressonablt an, and no arwssan to comply with any rpuett of ~Ihkar sMll ot itsNf be dMmsd a fsiluro to ~xKCir nasombl~ car~. 8ank ~fidl r1o! be bound co ~
~ake sny sups n~Yeu,sry to pr~~ve any riphtt i~ tM Cotla/~t~~~sl ap~irot prior psrties and Mak~r shsll tak~ sll n~oeswy stp~ for wch purpo~s~h~ Bank or its
~,~bt VY~~ ~A~~ M~I «a ~~~r~ ~`I vN~~~ ~ ~ ~y ~t~ .h ~t ZO ~t. j` ~ •
The 8ank msy continus co hold sny Co1t~tKN d~pwiad M.wnc1~. dter tM paym~+u of this Nots, if st tM tirt» of th~ psyment snd disehsry~ Mnof any of
~M p~rtip tiabN fa tM psym~nt h~no! ~hNl b~ tMn dinctly or eontiep~ntly IisbN m tM 8ank as Mslc~r, endorar, wr~ty, gwrsnto. or aoooiranodstion psrty
of any otha noU, drah. bill of ~~h~, o~ odMr i~strum~nt, or othKwis~. snd tht 8snk rnrY t!?Kwfter ~xKCia dl riphts with r~t to ~aid CollattrN
9nnt~d l+enin evan thouph this Not~ tMt1 harr b~ w~r~~d to tM M~br.
~If t!N 9~Ak dMnn itrNf i~n~cun oropon q~e any M otiowinp ~of which sh~ll ?t~c~ s~tault, sll lisbilitws of Nch ~
ihe 8snk, ~intludirg thi~~ntin unp~id pri~cip~l of k. snd inunti. ~ ur~ntd in~r~it ~~Y in~rpt in ~xps~~of th~ maximw~
by Isw and any nbst~s rpuind by liw, dNl! ismwdwbfy w tM~q,a
I~t~it tM aption Of ths B~nlt, ~xppt that fM oocurr~ of (c) or (d) ~11 cw~e auUO~,
rc xulerstion; without notioe p d~rt+~~d, b~ooerdw atd psy~Wt: lal tht tailun of ~ny Oblgor to pKform a~y obliq~tion, li~biliq w daim to tM Bank, to p~y ~
~ inta.at M?wn wiihin 10days aftK it a du~, w if th~n a no dw d~a. ~ft~r it is bilt~d or otberwi~e ~~quatd or dan~ndsd, or to psy any oN+K li~bility what-
soev~? to th~ Bank wfNn dut: (b) tM datN of any individual Oblga, tM d'atdution of anY PKtna~hiP Obiqa a cht diaolutwn. mKpK or oontolid~tion w~th-
~ out tM B~nk's priw writta~ con~nt of ~ny eorporat~ OMiDor; (e) tM filinp of s p~tition in brnknpuy a tM adjudication of inqtwne~? or bankrupuy undK
~ any reory~nitation, ~r.anp~mtni, rMdjultnf~nt oi d~bt. duiolutiOn. ~iquid~tion cr similar Prop~dirg w~dM sny F~rN or ~Ut~ :utuu. !M? w aq~inst MW
Ob~yor; (d) sn application for tM appointrt»nt d a naiv~? fo~, w tM m~kieq of a pernr~l sRip~wrNnt for tM b~fit of cnditon by, ~rry Obli~a; l~) tM ~ntry
~ oi ~~~t ap~irot ant? Oblipor: (q sM ipuin~ of ~ny.~tbeAm«+t w qani~r»nt, a th~ tGirg ot any li~n, ap~inst an1? P~~Y of sny OWpor:1,) tht t~ku+0 ot !
$ possasioe oi ~ny wbstantial parc of th~ propKty oi any Oblpa at th~ irotsno~ of ~ny powrnnwnyl wthority: (h1 tfw d~armin~tion by tM OaNc d+at ~ nruri. 1
~ ai advert~ Chsrg~ hp oxu~r~d in tM fit~aneiM tondition of any Oblgor trom th~ oorditiaN Nt fo?~h in tM mat npnt fin~neiN stat~m~nt of «ed~ Ob1po?
ncretofort turnith~d to tM 8snk, or from tM tondition of weh Obtipo? ~ hKttotort most r~ly d'qdoMd co the Bank, a th~t anY w~nm~r. rpr~na~ion.
cs~ ~ificat~ a sat~rn~nt of any Oblqor (wl~th~r eontii~yd in this Nots a not) pMNniig to or in oonnrctioe with this Noa w tM Iwn tvid~no~d by d?a Noa
coouirK ~n umru~ ~tat~m~nt of nrtaiN I~et w oertt to st~tt n~tKid f~t ~Y ie adK to mslu th~ stat~rt+~na rt~ not malMd'~g: or, li) tM ~iOn- .
ment by ~ny Nhk~ of sny puity in sny of tM Coll~qral without tM prla writun com~nt of tM 8rnk. ~ t'
TM Bank ~hill Iqv~, but rhNl not b~ limit~d to, tM /oltowitp ripbri, aeh oi whieh qrrt,b~ ~x~rei~d at any tim~ wMthM or not Mis NoM i~ du~: (il to
WW~ or tr~rofM thi~ NOb and tM Collat~rsl and tM BN1k ~lall dN?lupon M nli~a~d of ~!1 dutiN ~nd raponfibiliti„ hN~u~der and nlNw~d irom M~V and ~11
li~bility with r«p~et to ~ny Co1NtaN w pNdp~d a t~fKnd. a+d anY O~~d?M w tnrqf~ fhMl tw aU purpoMS st~nd fn tM pl~a ot tM B~nlc Mr~uod~r and
hsv~ all tM rpbts of dN Bank hKwed~r: (fi) to tqMfK tIN tdwM o~ Wrt oi tM Co14taM into 1M namt of iqNf or iq ~qmi~: liii{ to wb tM Coll~tral:
( iv) to notiiy tM Obliow~ ot any Colqprsl to m~k~ psynw~t to tl?a B~nlc of any arrwuna dw or to b~ean» dw ti~~on: Iv) to d~nrnd. w~ for. colMet, or
m.k..~w ~ AF .n~~t~ ~..a. ~en ~ a+. ~a.,~: to an~/orCO~~s °as'~?s
i gn~ m ca~.
~NK as use ere n means ur~e Ree ssoc~a es, n.
' NOTICE: SEE OTHER SIDE FOR iMPORTANT INFORMATION g~~~~ ~;c ~QQ
FBS 752 Rw. T/77 Tpv~ f V~l