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~ INSTALLMENT PROMISSORY NOTE ~ j'.
M ~ 1
TURTIE REEF ASSOCIATES, INC. * ~ ~n1 Ar~ouni ~c.iwa s 3,, 400.00
6ANK NAME (B) PrMNYM fOf (;r~dlt none
Jensen 6each, Florida 33451 ~hi°j"°~~i~ s
tc~ oo~~»~?~,.v s~ = none
OFFICE AGDRESS ~o~ o,,,., ~~„~;~.,,,,u.~ = none
. , s none -
NOTE NO. OATEO: ~C. 15 ,9Z~. IF) s none
a,E: Dec. 26 .~s83 ~a? ~"`e Fp~ : 3 400. 00
~H~ i~u~.., = 934. 0
PLACE: . FIORIDA (1) G~dit InNStipstion s_~~ - _
" an.. s '
For valw nqiwd. lfN YfKIlttl~Md (MfNMftN plNd "Maka") lointty snd ~rslly,lif (K) t
mor~ than on~! w~~ co pay to tM ordK of th~ Bank, at ia otfio~ lisad abov~, Me Toal
60 . Iu t
of P~ym~na U~om (N) a~ rqhtl 01 ~4.334~40 pa~naay~k;~
aaus~ mo~+~nN ~~~mN+a ot = ~Z • 24 .~n. tiru IMI FINANCE CHAROE 9 34. ti'
(H, 1. J. K. L) t
t_ ,
~rutNlm~nt dw on ~afl 26 , 19~9and wbs~qu~nt i~utsl?m~nu dw on (N) Toal oi
Paym~na (G + IMI t }
cM~~ of ~~wnth t1~NftK to~tht~ with s FINAL BA~LOON PAYMENT OF: qNNUAI PERCENTAOE RATf t~
en y,~K ,
S C DUE . 19 .
7M Bank thsll irtpw~ s dNi~qu~ncy chsry~ pa~t th~ IM~kar on any paYm~nt whicb Aa~ bcan~ dw and nrraira in d~fwlt fo? s ppiod in ucqu of 10
aavs ~n smount wu+i to 5% •o~ ~n. amouo~ o~ ~ne or~nc~ w~c of cn. avm.m ~n a~~wit. in cn. w.nt ~nsc cn. nau ~s noe p.~a ~n tuo macu.~ey, NI pay
ments, wMthK principsl, int~nst or otherwis~, thNl bw~ intK~st at ~M m~ximum I~I ?sa ~Ilow~d unda tM I~ws of tM $tate oi Flaids. All paym~a ~w1t -
hereunde~ ~hall bt cnditetl fint to interqt ax1 tMn to principal, howeyer, in tM tvMt of d~fwlt, th~ BsNt msy~ in it~ tot~ ~scntion, ~pply ~y piymMt to
in~erest, principsl andla lanr(ul ch~rgss M~n sc~awd. It is tlN intsntion of the psrties hento thst tM provisions IN.eie ~ASII not provid~ d~nctly o? ind'aecdy
tw tM paym~nt ot s 9rata nie of intKat or th~ nc~ntioo oi ~ny o~hK ch~.gs ~han is sllorwd by law. If~ Iw sny rpson, interat in ~xaa ot wch IpM ace or
a ch~ry~ prohibind by taw MNF at sny tim~ bt paid. sriY wch ~xc~ss shsll either cons~itute ~nd be troated ~s s paymN?t on th~ principN or b~ nfu~d~d dweCdy
to tM M~kK. -
The INrk~r m~y pr~psy tM ~nun uepsid balsna ol tM losn ~t aey time. It tM loan it p.~psid 'en full, aoCtlNatad or niinanoed. the IN~kK shNl r~cyiv~ s
refund ot the unqrMd portion of the int~rest snd inwranct (xemiums Corr~puted by tM Rule oi 78't m~thod, exppt thst tAe Bsnk fhdl b~ tntitl~d to nuin
a mmimum innrat Charp~ of ~'f.~.
CREDIT UFE ANO CREDIT LIFE S ~fSA81LITY INSURANCE ARE VOLUNTARY ANO NOT RE~UIREO FOR CREOIT. Suth insurs~q covKSpe is
ava~~ at the cast d~siynated bslow for tM te~m of the cndit: S tor C?edit Lite Inwrsna (b) S
for Cr~dit Lift di Dipbility Insu~and:
Chetk ? G~dit litt IotursnCt ef dOtirld on tfN life 01
Appl. Birthdatt •
8ox ? Credit life ~ Disability InsuranCe is dtsired o~
,~6 Buthdste '
L"] Gedit life and/or Oissbility Inwranee is not desired.
Date: ~C. 15~1s78 ' Sip~aturo ~
erry . e
- .
. s~~t~.e
~ ~~~r a~ ~t o~ tn r~t. ~r~ M.ke~ ~..a, to tn~ e.~k anr?~ u~~~ t~~,~~ w~ri: In Turtl e Reef COnd . 1.
recorc~ec~ ~n tt~.~ook ~63, Page 2002...Unit Week 17 in Cond. D-5, Apt. No. D-5 as described
~n said mn~~a'g~
mtludinp alt intr~sse~. substitutions, raptscerrwnts, sdditioes and attettions the~eto and in the proceeds therwt (henirwfter qlqd "Collsttnl"1. This t~writy -
~ncenst shall slso secun snY oth~r irwl~btMnas a liabiljty of tM Mska to thr8ank d~sc[ or indiract, absolut~ o. continpsnt, due w ~o b~com~ dw, ~ow ~x-
~sting o. h~nsit~r ~?isirg, includirg ell (uture ~dv~nas a Ioans by the Bsnk to tM Maker. , ~
; Th~ 8ank is slso given a Iip~ snd s t~curity inta~st in all property s~d securities of tM Maleer, endorf~r, wn[y. 9uannta a accommodstion pucy of this ~
~ Note IMhin~ha nbrred to a the "Oblqon"1, now in w at ~ny time herqtcer cominp ioto the ea?trol, cu:tody o. poss~aion of che Bsnk, wheeMr for tM ~x- ~~.r
~ P~ess~d purpo~ ot beinp uad by tM 8ank ss Coltster~l, or tw sny other purposs, snd upon any bslsnce or balanns to tht u~dit of airy aocounn, includinp '.J
trust snd ap~ney aocounts maintained wi[hthe 8snk by sny of tM Oblpor~, s~d the Obligon apr~e to deliver to tM Bank additional Co11atK~l or m~k~ weA
paymrnts in nductia? of tM principal amount of the loan as sMll D~ sstistsctory to tAe Bsnk, ie the event the aforem~ntioned Cdlsanl ~hsll d~din~ in valw
~ ~r become u~ustisiaetory to tM Bsnk. _
„ Additio~s to, r~ductions a exchsnOes of, or wbstitutiont fa the Collateral, psymenu on sooount of Mis losn or incna~s ot th~ ~srtr, w oM~r lo~ns mad~ ,
~ partislly w whally uppn tM Coll~tlnl, mty from tirrn to time b~ made without affecting tl~ prwisiora oi this Not~. T1N 8snk shsll tx~rtn~ rpwnsbl~ car~ in
~he custody snd prperv~tian of the Co11atK~t to th~ ~xt~nt rpuind by appliuble satut~, and thsll be d~md to hav~ ~x~rcif~d rMfOfNbl~ CN~ i/ it taka wth
actiOn fO? N1it purpOq ~t M~ker ~hall rfaWnably rpW~t in w?itirg, but no omifsiOn t0 d0 ~ny att nOt rlqupqd by MakN ihdl b~ dNrtyd ~ fiilur~ to f~cq!
ressoMW~ drt, ~nd no omissio~ to comply with any rpuKt of INdcK ~MII of itseli be deemed a fsilun to ez~rtis~ r~ason~bl~ csre. Bank s~ll not ~ bound to -
take aM? ~tps Mns~ary to pnsarw any tiphtt in tM Collstsral spsiiut prior psrties and Maker shsll tske all Moessuy st~pt tor wth purpoia. Th~ank or its I
nomir~ nNd not eoll~et int~nst on, a ~ principN of, ~rty Collat~rsl or give any notip with nipscc to it. , ~
. ~
TM Bank m~y continue to hold ~ny Collat~r~l d~positd herau~der sft~r th~ paym~nt of this Not~, it st the tirtw of th~ paymtnt snd di~Marpe Mreoi sny of ~
th~ pptiM Ii~bN tot th~ Wym~nt lNnof ~tl b~ tMn dinCtly or oontinp~ntly lisbb to tIN Ba~k as Msker, endorser, wnty, pu~anta or aoeo~rwnodacion ps•ty j
ot sny otM~ not~, draft, bill ot ~xd~sny~, or otMr iratrurrMnt, o? od»?wis~, and ths B~nk mnr th~rqft~r exKCiu st1 rpha with r~t to ssid Co14ce~~1 ~
grsnt~d henin ~wn thouph Mis Noa dNtl h~ t~~ wn~nd to dN Msk~r.
If tM Bank d~tms ipelt irqscun a upon the hspp~ninp of a~y of tAe followinp events, ead+ ot wl~ich shNl oonstituq a d~fault, sli Iiabilitia of pch Nlsk~r co ~
[he B~nk, includin~ tM ~nrir~ unpaid p.ineipN of Mis NoU ~nd aocru~d int~rat, less arry uMSrned inqrat and ~ny int~rat in ~xaa ot cM maxinwm s1low~d ~
by law and srW nbtta~ rpuind by law, ~MII imn»diatdy w tMrtdar. at da option oi tl~ B~nk. ~xapt that ths oocu.r~nq oi (c) ot (d) dwll eaurs automat-
K acoslaation: witAout notip or dN~w~d, b~oorrn du~ ~nd ptyabh: tht failurt of any Oblqw to pKfam ary obliy~tion, ti~bility w daim to th~ Bank, to psy
incerpt AKwn within 10dayi attK it a dw. ~ N tlun a no dw dat~. sftK it is bilNd a ott~erwi~ rpuated or d~n~ded, ar to psy any otlNr liability wMt-
soever to tM Mnk wl+~n dw; (bi th~ d~sth of ~
aM? individusl Oblipor, tM dis~olution of any pKtrw~hip Oblipa a tM diaolution, mKp~ror conwlid~tio~ with-
~ out cM Ba~k's pr'ror writt~n oon~nt of sny corporaa Oblqa: (c) dN tilino of ~ p~tition in b~nkruptcy or tfa adjudiuaon M in~olwncy a b~nkn~pocy undK
any r~orpa~itatiOn, srr~rq~rnnt, rpdjustirwnt of d~bt, diMOlutiOn. liqufd~tion or similp P~oc~adinp unda sny F~rN or sqts sUtutt, by or aq~inst any ~
Oblpor: (d) ~n appliqtion fa tM appointn~t M ~ naivu fq?, a N» n~skinp of s~r~l atignm~nt for tM bu»fit oi cnditors by. uW Oblqa: (d th~ ~ntry f
ot ~,idqrt~~t +p~in~t inY Qb~pp~: (i) tM iauinp M aoy ~tt~ehm~nt w q~rnithm~nt, or th~ fdinp o/ ~ny li~n, a~imt a~U P~~Y a~ ~^1l Oblqa:19) tM akirp of ~
~ possKSion of a~y wb~Untial pKt ot tM propa~y of ~ny Oblpa ~t tM irutr~oe of any ~rnnwntal wMaity: (h1 th~ d~t~.min~tion by clN BMk tAat ~ nyt~ri- ~
s al adrent ehanpt hu opeyn~d in tht finsnei~l tondition oi sny Oblipor from th~ conditiont t~t fonh in th~ most r~nt (inv~ciat sqtan~it o~ w~h OMipr
~ herecotor~ furnitf~~d to tM 8ank, or trom tM condltion of weh Oblipor at hK~tofore mo~t nwntly dirdoMd to the 8ank, a d+~t ~ny wsrr~nty, r~p~nption,
cer~ifieaq o~ ttat~m~nt of any Oblgor twMtMr ooe~taieNd in thb Not~ or not) pKtainirg to or in oonmctan wid~ chis Noa a tM loan pid~npd by eha Noa
conuins an untru~ wt~nt of rmttriN t~ct or omiu to wte rr~tKiat f~et rncsa~ry in o?dfr io r~k~ tM ~tat~m~nts rt~ not mitlMd'up; a. 1~ tM M~gn.
meni by u~y M~Iw of any ~quity in sny of tM ColqtNal without tM priw writan eoea~nt of tl+~ 8ank. ~
Tht Bank ~hNl hsw, but shall not b~ limind w.1M idlowinp rghb. ~ad~ of which msy b~ ex~reiad ~t a~y tirrr wlwtM? a not this Hop a dw: (i) to
pl~ or tr~fK this Not~ and tM Co1latKal snd tIM Bank tAall tMnupp~ b~ rNNwd of NI dutiM ~nd rNpoMibilitMt Asr~und~r ~nd rNi~o~d t~oen Mry M~d all
liability wiM rMp~et to ~ny Collataal to phd~d w iransfKnd. and sny pl~dp~~ or trantfKN ~hdl f0~ all purpoMi aMM in tM pbo~ of tM 8ank fMtMtndw and.
hsv~ stl tM ri~t~ of tM Bank h~nundn: lii) to dandu tM wf~ob or aoy part ot tM Coll~d~Mto tM nsrt~ d iWlf O? its nominM: (lii) to wM tht COllaanl: ~
(iv1 to ratify tM Oblpat ot any Co1latNS1 to rtwk~ psym~++t to tM B~c of ~ny ~mounq dw or to b~oonr dw tMrwn; (v) to drrn~nd, iw for, oolNet, or }
~k~ ~y ~*~'~NK~ as use~t e~r`e~n m~eans ~ur~et~Ree~~ssoc~a~es; `~n~°`
an~/or"~~s essigns~` ~~"~`a' ~ ~
~ ~
NOTICE: SEE OTHER SlOE fOR IMPOfiTANT INFORMATION .,,',':i3~~ P~E ~ ~
F65 7S2 R1v. 7/77 d~l~l
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