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HomeMy WebLinkAbout0805 ~ INSTALLMENT PROMISSORY NOTE TUR?1.E IlEEf AS~OCIATES, INC. • ~n~ n~,~~ a.~.~~ s t_37t_ee BANK NAME (B) P~fm1uT fOr Credit ?.0. 60X 61Q, JENS~ sEACH. F1. 33457 ~~r.~a~~rN i~:. s (C) Documantsry Stamps t OFFICE ADORESS (D) OtM? Cheryes (itemiz~) S IEI S NOTE NO. DATED: M~ . 19~-• (F) ~ S ~e . (G? Amount Financed DUE: Md~l 11 ~~g HS , (A, B, C, O, E, FI S ~~~-m (H) Interest S PIACE: . FLORIOA (1) Credit inwstigstion Z (J! OtMr S For wdlue reteived. tha undersigned iher~inafter ca11Ni "Maker") lointly a~d sev~rally (if 'K) _ ~ more than onel promise to psy to the or of tM 8~nk, at its office listed above, the Toul oi Payments (from (NI st ri9ht) ot 10 ~ Dollars paysble in .~y~ (LI S ~ equal moothly installments oi S • , the (int ~MI FINANCE CHARGE 3~~.Z4 (H, 1, J, K, L) S ~nstallrr~t due on Jj~nc? 11 . 19~$ and wbsequent instaltments dus on (N) Total of Payments IG + M) S 10.1~J.~ ?he_~da_y_ot _sach month thereafter, to9eener writh a F~NA~ BALl.00N PAYMEN7 OF: ANNUAL PERCENTAGE RATE lO-OO % g ~E DUE M~..~~~«.~~~N~»~~~N~~g.M The Bank shall impose a delinqueney charge against the Maker on any payment whieh has become due and remains in default fw a psriod in excess ot 10 days i~ an amount equal to 5% of the amount of the p~incipal pare of the payment in default. In the event that the Note is not paid in full at maturity, all pay ments, whether p?incipat, interest or othervvise, shall bear interest at the maximum legal rate allowed under the laws oi the State of Florida. All payments msde hereunder shall be credited first to interest and then to prineipal, fiowever, in the eve~+t oi delault, the Bank may, in its sole distretion, apply any payment to ~n2erest, printipal and/w lawful tha~ges then accrued. It is the i~tention of the pariies hereto that the provisions herein shall not provide directly or indircctly for the payment of a g~eater rate of interest or the retention of any other charge than is allowed by law. If, tor any reasw?, interest in exceu ot sueh legal rate or a charge prohibited by law shall at any time be paid, any wch ezcess shall either co~stitute and be treated as a payment on the principat or be refundeJ direCtly to ihe Make~. ~ The Maker may prepay the entire unpaid balance of the loan at any time. It the loan is {xepaid i~ full, accelerated or refinanced, the Make~ shall receive a ~efund oi the unearned portion of the interest and inwrance premiums computed by the Rule ot 78's method, except that the Bank shall be entitled to retain a mmimum interest tlWrge of CREDIT LIFE AND CREDIT LIFE & OISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such inwrance coverage is ava~lable at the cost designated below (or the term of the credit: (a) S (or Credit Life Inwrance (b) S for Credit Li(e & Disability Insurance: Check ? Gedit Life Insurance is desired on the life of Appl. Birthdate 3ox ? Gedit Life & Disability Insurante is desired on Birthdate L` I Credit Lit@ and/or Ditabi~ity Ir.wrance is not desired. Date: Ma~ 1. i97g Sig~ature e~ ` r• e~ J_ G 11 L G fLa Signature As ri f th me t of the Nu e t Maker her grants to the Bank a security interest in the following property: I!1 T111'~~ RM~CA~_ i~ reco~'e~ ~n ~1:~, ~oolc 2ti'~, ~3g~ ?.~^~..t~it Neek 43 in Cond. D-16 and Unit Yeet ~3 in Ce,nd_ e..21 ~ncludi~g a1l increases, substitutions, replacements, addi~ions and accessions thereto and in the proceeds . hereof (hereinafter called "Collateral"1. This security ~ ~nterest shall also secure anY other indebtedness o? liability oi the Maker to the Bank direct or indirect, absolute or contingent, dut or to become due, now ex- ~ ~st~ng or heceafte? arising, including alt future advances w loans by the Bank to [he Maker. The Bank is also given a lie~ and a seturity interest in all property and Seturities of the Maker, endorser, wrety, guarantor or eccommodation party of this ~ Note (hereinaiter retened to as the "Obligors"1, now in or at any time hereafter coming into the control, custody or possession of the Bank, whether tw the ex- p: essed purpose of being used by the Bank as Collateral, w tor any other purpose, and upon any balance or balances to the uedit of any accou~ts, including ~rust and ayency accounu maintained withthe Bank by any of the Obligors, and the Obligors agree to deliver to the Bank additional Collateral or make wch payments in ~duction of the principal amount of the loan as shall be satistactory to the Bank, in the event the aforementio~ed Collateral shall decline in value or becorr~e unsatisfactory to the Bank. Additions to, reductions or exchanges of, or substitutions for the Collateral, payments on account of this loan w increases of the same, or other loans made pa~t~ally o~ wholty upon the Collateral, may from time to time be made without affecting the provisions of this Note. The Bank shall ezercise reatonable care in 2he custody and preservation ot the Collateral to the extent required by appliwble s[atute, and shall be deemed to have exercised reasonable ca~e if it takes wch act~on for that purpose as Maker sAall reasonably request in writing, but no omission to do any att not requested by Maker shall be deemeil a failure to exercise ~easonable pre, and no omission to comply with any request of Maker shall of itseli be deemed a failure to exercise reasonable care_ Bank shall not be bound to take any steps neceuary to preserve any rights in the Collateral against prior parties and Maker shall take all necessarY steps tor wch purposes. The Bank or its naminee need not collett interest on, or a principal of, any Collateral or give any notice with respect to it. ~ The Bank may continue to hold any Collateral deposited hereunder after the payment of this Note, if at the time of the payment and discharge hereof any of ihe parties liable for the payment hereof shall be then directly or contingently IiaWe to the Bank as Maker, er?dorser, wrety, guarantw or accommodation party of any othe? note, draft, bili of exchange, o~ othe~ instrument, or otherwise, a~d the Bank may thereafter exercise all rights with respect to said Collateral granted herein even though this Note shall have been wrrendered to the Maker_ If the Bank deems itseli insecure or upon the happening of any of the following events, each of wfiich shall constitute a default, all liabilities of each Maker to the Bank, including the entire unpaid principal of this No[e and accrued interest, tess any unearned interest and any interest in exceu of the maximum allowad by law and any rebates required by law, shall immediately o? thereafter, at the option of the Bank, except that the occurrence of (c) w(d) shall cause automat- ~ ~c acceleration;w~thout notice ordema~d, becomedue and payable: (a) the tailure of any Obtigor to perform a~y obligation, liability or daim to the Bank, to pay ~ ~ncerest hereon within lOdays after it is due, or ii there is no due date, af[er it is billed or otherwise ?equested or demanded, w to pay any other liability what- ~ soever to the Bank when due; (b) the death of any individual Obligor, the dissalution of any partr~ship Obligor or the diuolution, merger w consolidation with- out the Bank's priw written co~sent of any corporate Obligor; (c) the filing of a petition in bankruptcy or the adjudication of insolvency or bankruptcy under ~ any reorganization, arrargement, readjustment of deb[, diuolution, liquidation or similar proceeding under a~y Federal or state statute, by or against any x Obligor; (d) an application for the appointment oi a receiver (or, or the making ot a general assignment tor the benefit of creditors by, any Obligor; (e) the entry ~ of judgment ayaiMt any Obiigor; (f) the iswing of any attachment or garnishment, or the filing ot any lien, against a~y property of any OWigor; (g) the taking of ~ possession of a~y substantial part oi the prciperrty oi any Obligor at the instance of any governmental authoriry; (h) the determination by the Bank that a materi- al adverse change has occurred in the financial condition of any Obligor irom the conditions set fo.th in the most recent financial state~nenT of wch Obligor ~ heretofore turnished to the Bank, or from the condition o( wth Obligor as he~etofore most recently disctosed to the Bank, or that any warranty, represe~tation, certifiwte or statement of any Obligor (whether contained in this Note w not) pPrtaining to or in eonnection with this Note w the loan evidenced by this Note contairu an untrue statement of material tact w omits to state material fact necessary in order to make the statements made not misleadi~g; o~, (il the auign- ment by amr Msker ot any equity in any o( the Collateral without the prio? written consent of tM1e Bank. The Bank shatl have, but shall not be limited to, the following rights, each of which may be exercised at any time whethe? w not this Note is due: (i) to pleci9e w transfer this Note and ths Collateral and the Ba~k shalt thereupon be relieved of alf duties and responsibilities hereunder and relievad irom any and all liability with respect to amr Collateral so pledged or transfe.red, and any pled9ee or transferee shall for all purposes stand i~ the piace of tMe Bank he?wnder and . have all the rights of the Bank hereunder; (ii) to transier the wlwle a any part oi the Coliateral into the name oi itself or its nominee; (iii) to vote the Collateral; (iv) to notify the Obligon of any Collateral to make payment to the Bank of any amounts due or to become due thereon; (vl to demand, we for, collect, o~ f make any compromise a settlement it deems desirable with reference to [he Collateral; and (vi) to take posseuion or control of any proceeds of Collateral. j f ; ' '"BANK" ~s tised heni~ ~ans Turtle Reef Associites, Inc.. andJor its asstgns. NOTICE: SEE OTHER SIDE FOR IMPORTANT iNFORMATION n~~~~ ~M FBS 752 Rw. ~/77 ~ ~J~K PaGE ~j , ?