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t a INSTALLMENT PRQMISSORY NOTE '
TURTLE REEF ASSOC~ATES, INC. * tA? ~+ou~i ~e.w.o . s 6464.00
. . . 0/1NK NAME 18? none
Jensen Beach, Florida 33457 ~'~•~dtb~''"''"'. _
. ~ tc~ oo~~w+a.v sa~ ~ none
OFFICE ADDRE55 . ID) Otf1N C11~f~t (itM11iZ~) = none
none
NOT~ NO. DATED: JUn@ ,,e ~9 ~F~ = none.
IG) Amount Firw~c~d '
DUE- JW~~/ 11 ,19 ~ (A. B. C. 0. E. FI f ~~4,~ ~
f HI Iot~.a~ t '
PLACE: , FLORIOA ~b~~ fmiatip~tan : '
U? Oth~r i ~
Fw wiw ~eiwd. ihf Yfldfftl~flld (hHNMItM qli~d "MakK") lointly and s~v~~Nly (it (K) _ .
mwt thN+ on~) pranist to psy to tM o?dn af tM Bsnk. ~t its otliq lisud sbov~, th~ Toql ~ ~
ot Paym~nn Itrom INl at r~yhtl o~ 511,132.20 pa~ p~v~N in 120 Ill t '
equ,~ mon~nhr ~~ia~im.~cs ot t 92-76 ~;,n (MI FINANCE CHAROE = ti
~nsallm~nt dw o~ ~9l1St 11 ~ . 19~.Q. and wbs~qwnt u~stsllm~nu dw on (H. J. K. U : ~67• n} T
INl Toul oi Paym~nq (G + Ml t 1~+131 _ 20
en~~av ot ~~wntn thenatea, eo~etM: v_~tl? a FIN~?~
Bw~IOON PAVNtENT OF: ANNUAL PERCENTAGE AATE 1~.~Q %
s oue , is-
TM Bank shall impos~ s dNinquency chsrye a~inst the Malur on sny psYrr»nt whieh Au b~cwn~ du~ ~nd n~i~q in d~iwlt /or ~ p~riod in ~xpa of 10
days in sn smount pust to SXi of tM s~wunt of tM prineipsl psrt oi tht piym~nt in detau;t. tn th~ w~nt thst th~ Not~ is not p~id in futl st m~turity, all p~y-
ments, ~IuMas principsl, intenst a othawis~, shNt bqr inta~st at th~ maximum Iepd rsa dlow~d under tht I~ws of tM Stat~ of Flaid~. Atl paym~nri nnad~
hereundeF shNl be tndited first !o intKest ~nd tMn to p~incipsl, howe~, in the ~wnt ot d~lsult, tM B~nk may, in itf wl~ disaetion, apply a~y paym~nt to
~nterese, principsl a~d/oe lavrfu~ chsrgts th~n sct~ued. It is iF~ intMtion of tM parties her~to that tM provitions Mrein thdl not providt directly or indu~etly
tor the psym~nt o1 a~ester r~te of intKat a ths ntention of sny otf?K chsrge tAan a sllowed by law. H, tor any rpson, intentt in ~xqa of such I~1 ~~te or
a cha~y~ proi~ibited by Isw shi11 at ~nY tim~ b~ psid. ~nY sutlf ~xqsf thNl eithe? COnstitute ~nd b~ ttestsd as s psyrtN~t On tiN printipal Or b~ r+fund~d dK~ttly
to tha Mdcer:
The M~kK msy pr~psy tM entin u~taid bslano~ of the loan st any time. ti tl+e loan is prepaid in tutt, Kcelerat~d w r~f Insnead, tM Msk~r sAatl r~uiv~ a
retund of tM un~unad portion of the interest snd inwranc~ premwms tornp~ted by ths Rule ot 78's rrwthod, exppt that tM 8ank sh~ll p~ ~ntitbd to nuin
a minirtwm intKat ch8rpe oi s6.00. ~
CREDIT LIFE AND CREDIT IIFE d~ QISABILITY INSURANCE ARE VOLUNTARY ANO NOT REQUIREO FOR CHEDIT. Suth inwrsnp coveny~ is
availabk at ttw eost designated bNow for the te.m of the aedit: (s) S fa Gsdit Life I~suranp (b) S
tor Cr~dit Lifi 3 Dissbility Insu~snts: . ~
Chack ? G~dit life Inwrsnce is desired on the lits of
APp~- 8irthditf -
Box ? C~edit Li(e d~ Oissbility I~urance ii desired on
r~ 8irthdate
L"] Cradit Lite and/w O"~ssbility Inwranea is not desired.
Da[e: JUII@ Z7. 1979 Siynsture
~loise Webster Turner
Signaturo
As sawrity fw the psymsnt of the Note the M~ker hereby gr~nis to the Bank a security inttrest in tAe fdlowing proqrty: i tl TUMt~ e PPf
~:end_ I~ Recerded nn 0_ R_ gnek 263~ Page 2(lQ2_ t)nit ~l~+k 40 in Gnnd D-lA and LIn1t
Week 2~ in Cnnd_ D-8~ A~t. Nos. D-lA and DA8 Re!q,FQZtivtly~ as desr_rihprl in sald mnrtg.
' ~ncluding all inc~qsa. wDscicutioru, nplaoements, additioM and aooKSions thereto and ie tht proteeds ther~ot (hlninafttr Called "Collsard"1. This s~w~ity
; inttrest shsll also s~cure sny OthN ind~bpdn~ w liability Of the Maker to the Bank dirett or indirsct, sbsolut~ or tontirgent, due or to b~com~ dus, now tx-
~sting or haeaiter uisi~g, including all tuture advanc~s o~ losns by the ~ank to the Msker.
Th~ Bank is slso giwn'~ lien snd s acurity interKt in ~II p~opKCy arid securities of the Msker, endorm. w~etY. ~usranta w accommodstion pa.ty ot tha 1~
Note (ha~insftK ~dernd to ss the "Oblipon"1, now in or ac sny tirn~ her~after comirg into Me control, eustody or poss~sion of the Bank, wM[Au fa tM ex-
p..sssd purpose of b~inp uscd by ~h~ Bank ss Co11~mM, or to. x~y other purpose. and upon s~y balsnee w bslaeoa ~o cM u~di~ ot any ~oeouna, indudinp i'~
' t~ust snd sp~ncy sccounts rtrintained withths Bank by sny of tiie Oblgors, and [he Obligors sprN to dNiwr to the B~nk sdditionN Colbttnl or m~k~ wch ~.J
l paymtnp in nduetio~ of tM printipal smount of tht loan ss shsll b~ sstisfattory to the Bsnk, in the went the aforem~ntionad Collaten! ~hall d~ttin~ in value
~ or btcortN urqitisfsttory to tM Bsnk. .
AdditioM to, nductiont or exChanp~s of, Or wbstitutia?s (or the CollatNal, payments on sccount of this lo~n or inpessa ot th1 f~m~, or oMN IoMS madt
partislly or wholly ~ the Collat~rN, rtny f?om tinN to t'tme b~ mide without st(ettinp the provisipns of this Note. TM 8ank shall eze?citt r~aion~bq tart in .
th! CUliOdy ifl~I ~qt?qt1011 OI LI1! C01IitQfil i0 M~ ~7lt~flt flQLIlM I1~ ~QpI1CiDl! SfitY[!, and shsll bs d~rnd to hav~ ~x~rciqd ~wfonabb csr~ it it talcts such
action for that purpow a Makar ~hall rsuon~bly nquat in w.iting, but no omission to do ~oy att not rsquesad by Mab~ shNl be dNm~d a failun to ~z~rc~st
~easonsW~ c~n, snd no omiuion to comply with a~ry nquest oi NbkK shsll ot itself 6e deemed a fsilun to ~xercis~ reawnabN care. 8ank shdl eio~ be bou~+d co
take any st~ps n~c~tsary to pr~sNVt sny riphts. i~ tM Collatsrsl against prior p~rties and Msker shsll take sll rNC~ssary st~ps for such purposcl:~ B~+k or ~ts
nominu n~~d not colbct inurat on, or a principN oi, any Cdlstenl or ~ any notiee witA re~p~et to it. ~
Th~ 8ank mty oontinu~ to hoM any CofbtnN d~{wtiad herwnde~ stte? the psYm~tt of this Note, if af the tims of ths payment snd diseharyt h~rwf sny of
iM psrti~s labl~ iw tl+~ p~ym~nt h~rwf ~hNl b~ dNn dincth w continpenHy IisbN to tlw Bank as Mak~r, endo~m, wrtty, yusranto~ a socortMnodation psrty #
~ ot ~ly OthK not~. drsft. bilt o( ~~eChinp~. o~ otFN~ in~t~urtl~nt, O? otlNrwii~, snd 1M B~nk m~y tM.ssft~r ex~.ci:e NI riphts witA ryp~Ct to ssid Collate~sl
grant~d herein twn thagh this Not~:MII havr b~~ wrr~nd to tM N4ker. ~
It cM Bank dNms itself insaun or upon tM l~spp~ninp pf aey of the followinp eventr, eade of which shall corotituc~ a d~iwlt, all lisbilitia of e~d~ Mafur to ~
!he Bank, includinp the ~~tin unpiid pri~cipsl of thK Not~ snd socru~d int~r~tt, le~ sny urNSrnsd intKat and sny int~nst i~ txo~n oi tM msxinwm sltow~d ;
by Isw and any nb~ta rpuired by law, shall imn~d'~tdy or tMrq(ter, at th~ option ot tM Bank, ixe~pt that ths otcurr~na oi (e) o? (d) sh~tl eauK ~utanst- ~
~ ic acoelKation: without notip or d~m~nd. b~coerw dw and paysWt: the isilure of any Oblgor to perform any oblip~tion, liability w d~im to tM Bank; eo pay
~nterest hKeon within 10dstn aftu it is dw, o? N tMn is no du~ d~a. after it is billed a othe~wi~ requand or dert~nded. w to p~y any othK fi~bility what-
~ soever to tht Bsnk wh~o dw: (b) tM dqM o! any individual Oblgor, tht dipolution of any p~rt~crfhip Obliyor or tht diswfution. mKy~~ or oonwlid~tion witA-
~ out tM Bank't pfi0~ MRiItM C0/lffflt O} Nly COrpO/~q Obli~01: (C) tM filinp oi a p~tition in b~nkruptty or the sdjudiptip~ Ot in~olvan~y or banknp~Cy undlr
any rwrpanization, arru~n~et, rNdjustrrwnt of d~bt, dis~olution, liquidstion or simila p?ocesdinp ue~d~ any F~d~rN o? stat~ sutut~, by or ~inst my
~ Obi~ga; fd) sn appliution for th~ appointmrnt of ~ npiwr iqr, or th~ mskinp of s y~nenl anignrnrnt tw th~ b~xfit of cnditors by, any Obli~or, (t) tM ~ntry
; ot ~,d~rrKnt a~siruc ~ny Oblpw: (f) th~ awinp ot any ~ttachmtnt or y~rnahrtwe~t, or tM (tlinp of any li~n, aprirut a~r propertY oi sny Ob~ipo.:19) dw tNcirq of
~ possasion of sny wbstantial ps.t of tM propKty of any Oblga st tM irot~ of sny ~nm~nqt wihority: (h) tM d~t~rmin~tion by th~ B~nk tAn ~ nMtui-
g at adv~rp ehsnp~ hst ottwr~d in 1M firancid eondition of any Oblgor irom th~ eonditions set tath in tM most npnt /in~ncial st~t~m~n1 M w~oi~ Ob1qa
~ htretolw~ turni~f~! to tM Bank, Or from tM condition of such Oblipo? st INrftofOrt mott nqntly d'adc+Mtl to ths Bsnk, w th~t ~ny wnr~nty, rpnNnption,
~ cer~~fiuq o~ ttat~rrMnt of any Oblgor (vMNtMr oontsiewd in this Not~ or not) OKainin9 to or in conn~ction wiM Mis Noa w tM lo~fn ~vid~npd by tha Nota ~
~ cnnuim ~n untrw ~ut~nt o1 rmtKisl laet w omiq to ~tate mstKial t~ct r~ry in ord~r to mrke tM ~atNnent~ a~ not malMdirq: o~, (i) ch~ aKi~n-
~ ment by sny IN~ka o( sny puity in any of tf» ColytK~l wid~out th~ prior writnn cawet of the Bank.
TM 9ank :hall hav~, but Ih~ll not b~ limit~d to, dN tollowirq ~i~+t=, aeh of whieb m~y b~ ~xKCiWd u~ny cim~ wMtlw a noc ihis NoM a dw: (i) To
~ ptufq~ a tr~raf~r tha Not~ snd th~ Collat~ql and dr 8ank ~fwll tMr~upon b~ rNi~vrd of all duti~ and ~aponsibititin Mrwnd~r and ~Ni~v~d from any and MI
liability with n~qet to any Collst~nl w pNdp~d w tqmf~rt~d. snd sny pl~dy~e or ua~af~ thall fa NI purpoui:t~nd in tht plsa of t!» 8ank h~rwndK and
~ havr NI tM riphts ot tM B~nk hK~unda~; (ii) to tnnsfK tM wfwN a sny part of tFN CollatNal into tFN rwr~e oi iaNt a iq nominM; (iii) to vob tM Cotl~mal: ~
(ivl to notif~r tM Obliqon of amr Co11at~M to m~lc~ p~yma~t to tM 9ank oi ~ny amou~ro dw or to b~com~ du~ th~non: (rl to d~nwnd, wt fa. colNat. a
~k• ~ ~*~'E~NK~ as use~t ~iere~n m~eans ~ur~'re~~Ree~~ssoc'~a~es; `~n~° an~/or`~`~s °ass~n°s:°` °i i
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NOTICE: SEE OTHER SI~E fOR IMPORTANT INFORMATION ~K31~ PAV~ ~ !
FBS 7S2 Rw. 7/77
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