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' • ' ~ INSTAL~MENT PROMISSORY NOTE f
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TURTLE REEF ASSOCIATES, INC. * ~«.~,,.a = 7,112.00
BANK NAME none
Jensen Beach, Florida 33457 uh~a..a~~ri :
~c~ o~~~v s~ = none
OFFICE A0011E ~o~ o~ = none
Y... ~E~ ~ = none
NOT@ NO. DATEQ: 17 . 19 79 . (F? s none
y..y..~~ ((3) l~
~_wu ~t Finano~d ~ s 112.~
DUE• ~1.1f~t? I.- , 19 IA, 9,,,6, O. E. F) :'T'J'.~,~.,~.~_
(('~61) ~ ~H~. ~~?H.~~ s
PIACE: • , FlOR10A U) h Irtv~ttip~tion =
Fa wIw npiwd. tM undersiprNtt thNamtu? pll~d "Mak~r") jointly snd s~v~rNly (il ~l ~ i
nwr~ eh~n ond pronus~ to pay to e of tM , st ia oftip land abov~; tM ~K) _
ot Paym~nn (from IN) ~i
rght) of ~~~Z;7• ~ Dolbra pn/abh in (u - ~~r
ww1 mooeh~y ins~~~m~na of ! • , tM fi~st IMI FINANCE CHAROE
~~s~a~~n~,t dw on Jul~l 1~ 1979 t9 ..na w~v~+MC ~nsta~~m.nu aw on ~H. K. u s f~
IN) Toul M P~ym~na fG + MI t
che 1 d~y ot ~~wnth cMrMtt~rLto~ttM,~,w_th a F~Nj?L BA~IOON PAV_MENT OF: ANNUAL PERCENTAGE RATE %
S DUE - ,19.
The 8sok sh~ll impo~ a dMinqwncy ch~rq~ p~i~t tht INNcw on a?y p~YnMnt which hu b~ooar dw and r~ira ie d~fault fpr a pKiod in ucaM~ of 10
days in sn ~mount aqual to 5~ ~f tM anwunt oi tM pri~ part of th~ paymN?t in deiwlt, In tM wtnt that tht Noa i~ not paid in full at m~tu~ity, all p~y- .
ment~. whethK principal. interat or ochKVris~. sAall bNr inar~st ~t tM maximum Npd raa albw~t! undu tA~ I~wt of tM SUa of Florid~. All psym~nts made ~
hereunde~ sANI bt u~dited tint to ieterat snd thal w principN. howw~r, in th~ w~nt of d~i~utt, ~th~ Bsnk mt1?. in ia so1~ di~~iion. apply snY piyrt~t to
,nterese. wincipal sndla Iawful ehHga N+.n acawd. It is iM int~ntion of tlw pirtiet hento tMt th~ ~oviaions herein ~all not provid~ dK~etly a indinetly
tor th~ psym~nt of s great~r nte of intKpt w tM nt~ntion of sny otMr chuqt t?~n is Nbw~d by I~w. lf, tar any rs~son, intt~at in ~xa~ of sueh IpM rst~ a
a charpe prohibit~d by Isw sM11-at any timt b~ psid. ~ny sueh ~xass ~ull N[I+a conseicua and M creae~d ~s s psymen~ on ch~ princiql or b~ r~fund~d dine~ly
ro the Nh1cu. ,
The MakNmiy pnpsy tM Mtin urpsid bala~et oi th~ loan at any time. 1/ th~ Iwn is pnpiid in full, ~ooeN?sad or nfins~c~l, tA~ M~k~? th~ll neNVt s
retund of the unss?ned portion oi the int~rest snd inw~snce prKnwms eamput~d by. tAs Rut~ of 78's+ntthod, ~xapt thst tA~ Bank shNl D~ ~ntitNd to nuin
a mi~imum int}res; durp~ of
CREOIT IIFE AND CREOIT tIFE ~ DISABILITY INSURANCE ARE VOIUNTARY AND NOT REQUfRED FOR CiiEDIT. Such inwrsnd cowraps is
available at tM cost dnignst~d bNow io. tM term of the u~dit: (al t for C~~dit Life Inwra~a (bl t
for Cndit lif~ 8 pisability Inwranp: .
Chack ? Cr~dit Lite Insur~nte is d~sired on th~ Iit~ oi ,
aPP~• B'uthdate .
Box ? Credit Liie ~ Dissbility tnwnna is d~sired on •
' ~y BirthdaM
t~J Credit Lite and/or ~issbility I~wranq is not desired.
Da?e:. MAY 17. 1979 s;~,.~;,m
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Sgnsture ~
As security (or [he payment ot tAe Not~ the Msker henby qrsnts to th~ Ban ftc~T ~ m eT~(Nlowi ty: ,
Turtie Reef Cond. I, Recorded on O.R. Book 2b , Pa~e 2002...'~n~ j
Meeks. 42 and 43 in Cond. 0-27 Apt. No D-27 as descr bed n said mortaaqe
~I mtluding all intrs~fes, wbstitutionf. rplscemenn, ~dditioiK and stcatians therete snd in NN ooe~ds thKlof (heninaittr c~ll~d •.CollaqrN"1. This s~curi ~
p~ s ty
~ mtenst ihsll slso setute aey othlr inJebt~dn~ss or liability of tAe Mskar to the Bank dinct w indir~ct, sbsdua or tontinp~nt, dw a to baom~ dw, naw tx-
` ~st~ng o. Mnala+ arising, inNudinp all future sdvaneK w_losns by th~ Bank to the Msker. i
{ TM 8ank is also yiwn s lieo snd a sscurity intN~st in atl propKty and securities of tM Miker, endon~r, ~urtty, ywranta o~ aceommodstion pany of this.
i Noa (Mr~in~tt~? r~fe?rd to ss che "Oblgws"1, +ww in w~c aMr ~ime hupfce? comirg ;nto tNe eontrol, cu:tody or pow~sion of th~ 8ank, wh~tMr fo~ M~ ~x-
press~d purppt~ of b~iny ufsd by tli~ 8ank ss CollataM, w tor sny oM~r purpose. and upon sny balsnce or bslanc~s ~o ths a~di~ of any aocouna. ineludirq
~ t~ust and p~ney aocounts m~int~in~d withtht Bsnk by ahr of ths Oblipoa, snd ~he Obligo.s pr« to delivK to i1N B~nk sddiiioml Co11~mN a mNc~ wd~
paYments in r~duction of the principN smount o1 tM losn ss sl?NI b~ satis/sctory to the B~nlc, in N~e ~wnt tAe atorenwntioMd Coltateral thsll d~cline in vslue .
or becortN unsstisfaetory to tM B~nk. .
Addition~ to, r~ductions a exchstp~s of, or wbstitutiom fw tM Collateral, psymtnts on aocount of this losn or inu~qet of tht ssrm, or othu lo~nf madt
partislly O~ whollY upOn tht CollatNd, rroy /rom tinr to tim~ b~ n~ade without aif~Ctirp tF~e provi~ion~ of this Nott. TIN 8ank sA~ll exercip rp~o~sbl~ qr~ in
~ the custody and pr~lerv~tion Of the Co1latKal tO t!N ~xtMt requind by eppticsblt statut~, and ~hsll b~ dNm~d to havr ~x~rciNd r~ssonabb car~ i( it takK tuth {
act~oo fo? that piupos~ as N4k~r fhslt rwwn~bly r~t in w?itinp, but ~o omission to do anlr aet not nqu~sad by IYbka shall b~ dKnNd a 1~8un ro ~xKea~ ~
reawn~W~ an, and no omission to eomply wiM any rpwst oi M~k~r ~hsll oi itsdf be dsemed ~ tailun to ~xaci~ reasonable an. 8ank shdl not be bound co ~
take sny st~ps n~Ce~iry to pns~tve ~ny riphtf in dN Co11atKN apainft pr'wr parties and wtNctr shall tsk~ all ~s~cetsiry snpt for wch purpoies. TM BM~k or itt
nomin~s rwsd not.coll~tt intNat on, a a princip~l of, sny Colbt~ql or pive any notiq with rap~ct to it. ~ ~
Ths Bank m~y continyt to hold srW CoI1stKN d~p~itb Mr~ ~iter the psyrrNnt of this Non, if n the time of tM payment and di~srg~ ~reof sny oi ~
the ptniN IiaW~ fo? tM piym~nt Aenof ~ItNI b~ M»n dinetly or eontinp~ntly li~bl~ to tM 8ank a~ Maker. endorar, wnty, yw~snta or aoeomrtwdstion wn1? ~
oi sny otMc not~, drslt, bill oi ~xciwq~, o~ ath~r q~ttruma~t, or oih~rwis~, and th~ Bsok ~rny thNqiter ~xsrci~ NI riphp with re~p~ct to said CollsterN
g ant~d henin w~n chouph cAis Noq ~hs11 haM bMn wrr~nd to chr M~k~r. _
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It ch~ 8~nk d~ms itsNf ins~cur~ a upo~ tM hfpptnirq of sny of the follawi~g ~ve~a, ~sch of whith shsll eoruticutt ~ d~fwlt, atl liabiliti~s of ~sch Maka to i
the 8ank. inttudinp tM tetin unpsid principsl oi this Not~ and aeuued int~rsq, less sny un~s?n~d inq~t ~nd ~ny inta~st in ~zo~ of tM maxirnum Nlow~d ~
bv law u~d any r~t~s rpuind by law, ~hall irtwrNdi~tNy o~ tlwrqttK. st tM option of th~ Bsnk. ~xapt thst th~ occurr~na oi (e) w(d) datl csw~ automst-
K acoelarstion:withouc notiq or d~m~rd, b~eonw dw and psysbN: (d tM f~ilun of any Oblipor t~ pKtam sny oblip~tan, liability w Wim to tM Bank, to pay t
~ incerest hK~on within 10days aftn it i~ dw, o. H tMn b ia durd~a, aftK it a bilbd or oM~rwiie r~quaud or dM+~nd~d, a to pay any otM~ ility wh~t- ~
~ soev~r to tM Bsok wMn dw: (b) th~ dwth of any individuN Oblloor, tM d'a~olucion of sny putrnrship Obtipa w tM diaolution. mrrp~r a tion with-
~ out ~h~ Bank's piar writt~n ~t of any eorpo~aq Obl+pa: k) the (il„q ot a p~tition in bsnkrupuy a the sdjudicatio~ of 9n~olwncy a b~n telr unda
~ a~y norpani:stian. ~rrp~p~wnt, rMdjwtmrnt of d~bt. di~olutioe, liquid~tian or similar procNdinp uodrr a~y F~d~?d w sqb tatuu, by a! ay~i~t sn~r
Ob~~gor; td) an appliption for th~ appointm~nt of a naiw? for, or tM m~kinp of a q~m~N asipmNnt for tM b~n~fit of cnditors by, sny Obli~w; (d th~ ~nM
~ o} fudpm~nt sp~itKt anY Oblipor: (f) tM iswinp of any attaehn~it or y~rni~hemnt. o~ tM filina M any li~n, p~inst am/ propwry oi any ObliOcu: tM t~lcirp ot
poss~ssion oi any wbstanti~l part of th~ propKty of sny Obtioor at dM instana of any 9ov~nm~nW wtlwrity: (h) tM d~t~rmin~tion by tM Ba~lc tbat ~ nMt~ri. '
~ ai adv~.rt dwry~ hp occurr~d in q» firw~eiat ooeditton of sny ObiiQa iran iM eonditioot ~tt fath in tM natt npnt tin~neiat stat~m~nt of w+d~ Ob~por ~
~ nere~oia~ turnis~d to t1N Bank, o. i?om d,~ co~d~~ia+ o~ a+~ oapo. s. n.~.cora• ~..e.nchr a~.da.a ~o ~ti. eank, a th~t ~ny vw.ant~l, rp~a~nation, -1
$ cert~ficsa a ~tat~m~nt of ~ny Oblipor (wA~th~r epnt~iMd in thh Npt~ or not) plrainitq to or in Oonn~etioe witfi Mif NOq or t1+~ IoM widn~qd by Mq Not~
co~tain~ an untru~ ~qt~nt o( rtNtMisl f~t pr omiq to tqtt rn~iKial ~~Ct ~M~? in wdK to m~k~ tht st~t~mMt! r1~ not mplMdi~p: o?, (il t1» asi0n-
ment by sny ~IhkM of sny puity in any pf tM Co11~tN~) without tM prior writttn ca~ant ot tM Bank. ~
TM Bank thNl h~v~. but shall not b~ limit~d t0. tM tollowinp riaftt. ~ach Ot whid~ mry b~ ~zKCiNd at ~y tim~ MANtha or not this No» is dw: (i) to ~
P~Wp~ o~ unuhr thi~ Noq and tM ColUt~sl and tM 8anlc dall tMnupon b~ rNiar~d of all dutip ind rppontibifititt Mr~u+~? and rNi~wd itom any and all I
li~bility with rMp~e.~t to any Co1latKal ~o pbdprd or ta~tfMr~d, ard ~ny pl~~ or traraf~ pqll for alt pur~s stand in tM ptap of [h~ B~nk haruedrr and
haw sU tM riphts ot tM B~nk t~wnda; (ii) to tnnd~r tlwi ~oN or any psrt oi tM Collsa?N Mto N» r?an~ of ipNf o~ ia ramie~; (iii) to vob tM CollatKM:
l iv) to notify tM Oblipoa oi any Co11~tNN to m~k~ psym~nt to eh~ 8~nlc of any arnw~nq dw p to beeonN du~ tMrwn; (v) to dwrnnd, fw for. oolNet, or
rtwk~ u~y Nttbm~nt ' witA to ih~ qral; a vi) to • or ol of ocNd~ o} Coll~tNal. ~
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`~*"~'~NK~ as use~ e~`re~n m~eans ~ur~e Ree~~ssoc~a~es ,`~`n .~an
/or`°3~s as'"rs
i°gns .
NOTICE: 3EE OTHEii SI~E fOR IMPORTANT INFORMATION bQ(}K~~~j i
F65 752 Rw 7/77 ~