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° ~ INSTAILMENT PROMISSORY NOTE t~"
1~
TURTLE REEF ASSOCIATES, INC. * ~N R.o.,,,.d = 7,730.00
saNK N~M ~ ~e~ ~a c..a+~ none
Jensen 6each, Florida 33457 . ` ~i~~D~°~ s
cci o«~,~~..,? sw~w. = none
_ OFFIC ADDRE (D) OthN Chary~t IitNni=d = none
= none
Feb. 14 ,19~,Q, ~ ~F~ = none
NOTE MO. DATED:
ouE: - Feb. 26 .19 89, ~~a? ie?
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t~a i~a~..~ t
PIACE: . FLOHIpA (1) Cndit InvNtip~tion = .
lJ) Oth~r i
Fw valw r~qiwd. tM undKSiprNd (l~u~inatt~r plNd "Malc~r") iointly snd swerMly lif (K) _
mon tMn on~) p~omia t~ psY to th~~j o~j ~t itt otfiq litt~d ~bow, th~ T
oi Psym~nq lfrom (N) at ~iyht) ot s`~ OollWS psY~bl~ io 1~~ (U i
.ou.~ monthH i~cNinrna of = • .~M r~i IMI FINANCE CHAROE 4, 528.00
lH, l. J. K. U =
~nsc 1 c dw on Ma~rch 26 ,19 79. and wb~wwnt imullmn+a du~ on IN) Toal of Paym~nts (0 + M) t~~~~ >
the~~sy oi ~ch~wnth tMnsftKSto~t1~ w:M ~ FINAL BALIOON PAYMENT OF: ~NUAL PERCENTAQE RATE ~
r~vri
S DUE .19'
Th~ 8ank thNl impo~t ~ dNinqwncyr ch~rpt pdn~t tlw MdcK oo aM WY~t whieh hM•b~ea~n~ dw a~d nrralm In d~iault ta a pKiod In ~xow of 10
days in sn ~nwunt pw1 to 5% of tM ~mount of tM prioclpsl ps~t ot cM p~ynNnt in d~fwlt. (n tM w~t tM~t tM No~.k not pNd In iull ~t rrntu?ity, N) palr-
ments. wMthK pincqa~. int~rat w othawip. sh~ll bar int~rat at tM mUCimum Ipd nt~ slbw~d undu th~ law~ of th~ $qt~ o( Florl~. Atl payn~ts m~d~
nerwnder shsll be u~diud fiat to intKat and tMn to priociWl. Aowe~. in tM ~wnt oi d~hult. th~ 8~nk~Yy in lri tole di~tion. ~pply any paynNnt to
incerat. piecipsl snd/a lawful chsryq th~n soau~d. It is th~ inantion of tM psrti~t he.~to th~t tM txovklonf Mnln dwll ~ot p*ovld~ dlnctly w indk~etfy
ror tlk psym~nc ot s qr~ia? nu of intKUt or th~ nte~tion of a~y othtr chxp~ then b dbw~d.by bw. N. fa any nnon, Intast In ~xoqt of ~uch IpM at~ o?
a ch~rq~ qahibit~d by tsw sMll at any titn~ bt psid, sny weh ~xops ~hall ~itlNr conttituu and b~ trabd p a p~ynlNft vn tIN prlnCipal o? b~ r~tund~d dlnetly
to th~ MNur. - _
Th~ M~k~r ~nty pr~pay th~ lntin unos~d baisno. oi d~s ~oan n~,y time. Ir the b.n b a~d M tu~i, ~tabrat~d w rtf Intne~d, ti~ M~k~r Mull ?~wiv~ a
.efu~d ot tM un~n~d ponion of the intenst and i~wsnp praniium~ cornputsd by tM Rul~ of 78`s m~thod, ~zppt that tM Bsnk sh~tl b~ ~ntitNd to nLin
a minimum intlrlft CMrpt of
CREDIT LtFE AND CREDIT IIFE 8 OISABILITY INSURANCE ARE V~LUNTApY ANO NOT REQUIREO POR CREOIT. Sud+ imuranc~ cowrspe is
available at tht Cost d~siqnatad bNow for tM tNm of the tndit: la) = fa Cr~dit Life Inwr~na (b) s
tor Cr~dit lif~ 8 Disability Iraursnq:
Check ? Cr~dit lit~ Insur~nq is desind on tM litt oi
Appl. ~ Birthdab
Box ? Gedit li(e ~ Dissbility Inw~snq is desihd on
Birthdste
U Cr~dit lite aod/a Ois~bility Inwranc~ i: not desired.
Feb. li, 1979 - ~ - ~
Date: Signst ~ ~ -
. one ta nque , • 3
t t
Sipnaturf - ~ ~ ' - - _
As security fa ths psyrn~nt ot the Note the Msker henby gr~nts to tht Bank a s~curity interest in the fpllowilr} t,,: I n Turt f Cond . 1~ ~
I, recorded 1n O.R. Book 263. Paae 2002..Unit Wekks 47 and 48 in Cond._~4, A~t. No. D- as
' escr ~ n sa mor gage. ~
'I ~ncludirq ~II inuwses. wbstitutions, nptacemtnts. ~dditions and aceessions thento snd in RAe p~oa~ds thKwf (henin~it~r eslbd "Co~lat~al"1. Thit s~quity ~
~ ~nterat ~hNl also acuro any otMr indebadr~s or liab+lity of th~ MNca to tM Bank dinct w indinct, sbsolut~ or continp~nt, dw w[o b~com~ dw, now ~x- ~
~ ~scing a M.Nfte. xisiny, intluding all tuturo sdvsnds or losns by tht Bank to tM Maker. ~
~ TM 8ank is also piwn a lien and a t~cu~ity intenst in ~II prop~rty snd sewritiss of the M~Ieer, er~dontr, wrety, quaantw w scco~unodatan puty of thn I
~ Nott (hM~in~ftu ntur~d to as the "Obligors"1, now in o~ at sny time herqfter comirg into tht control, c~ntody or pop~aion o1 th~ 8ank, wMcher iw eM ~x•
p.~ss~d purpos~ oi b~inp usnd by tM 8snk ss Collaqnl, or fa sny othe? purpose, snd upon uiy baland a bNsnca~ to tM a~dit of any ~ocou~q, includinp t!
i t.ust and ~yt~ey ~otounts mtinqirnd withtfr Bsnk by any of tl~ Oblipors, sM the Oblw~ort ayrM to dNiw~ to tM Bsnk additional Co1btKN or make wth j
i paymentt in nduction of tM printipsl ~mount of th~ losn as shall b~ sstafactory to the BMk, in Me Mnt the s~ortrrnntion~d Colbtenl thsll d~clin~ in vslue ~
E or b~COn~ urwtisfsCtory to tht B~nk. .
\ .
Additioi~s co, nductions o~ exchanpes of, a wbstitutans fa t1?~ Collaursl, p~ymsnu on secou~t oi this losn or incr~pes of th~ sur~, or ocAa Io~ns made(~
partis~ly or NAwlty upon tM Collsunl, m~y trom tim~ to tim~ b~ nwde wiMout sftectirg tM provisio~ls of thy Note. Th~ 8ank ~h~ll ex~rc,s~ rWSOnsbq c~n in ~
~he custody snd prherv~tion o1 tM Co11~tKal to dw ~xant rsquind by applicable statuu, and fMll be di~nNd to hav~ ~xaci~d nssombN ur~ if ft taka such~
action fa th~t pwpoW ~t Mska shall r~son~Wy r~qw~t in writinp, but no omission to do any ~ct not nquat~d by M~k~r ~hNl b~ dNm~d ~ tailun to ~xwcift.~'~ ~
reasornW~ un, snd no omiaion to compty wiM sny r~qwse of Maka shsll oi itsdf be ds~med a failura to sxKCis~ reasonabN csrs. Bank s!?dl nof bs bound to ;
take sny stpt MoKpry to prp~rv! N~y riphtt in tM CoUatKal spsirot p~ior psrt~ss and Msk~r shsl) tak~ sll n~pssary st~pt for tuth pu/po~tf. TM Bank or its ±
nomir~ nNd not colbct inarat on, a a prineipsl o~, any CoIlstKd or piw any notid wiM rapat to it. ~
TM 8ank may ~oruinu~ to hold a~y CollabrN d~posibd far~under sfter th~ paym~nt of tf~is Not~, if at the time of tM psyrn~nt snd di~chsrp~ hereol any of !
cM putip IiabN for th~ p~yrrrnt h~nof ~hall b~ tMn dinetly or oontiny~ncly IisbN to tM Bank a~ M~k~r. ~ndw~, wr~ty, pua~ntw or ~ooo.nmodation psny ~
~ oi sny othM noU, dqft, bill of ~xchsrgt, w oMN i~tntmM?t, o? otlNrwis~, snd cM Ba~k rtwy iMrMft~r ~x~.cifs NI riphn with ryp~et to s~id Collate~~l a
grsnt~d hK~in wM thagh this Nob ~hNl l~ bNn wrc~r~d to tM M~ku. ;
If tFN 8ank dMn~ itfNf ins~tute w upon dN INpp~nirq Of srly Ot dN followinp ~wnq, ~sd~ Ot whieh fhNl ooratitut~ a d~tault; NI li~bifitia o Msk~r to ~
~he Bsnk, ineludirq clf~ ~ntin unpsid prineipN of thit Nloq and aotiud inar~t, las any u~d inar~t and any int~rpt in ~zaa of ths msx allow~d ~
by Iaw and sny nb~ta rpuind by I~w. dall imewdinMy o? th~niiqr, at dia opcion of tM Bank, except M~t th~ oocurnna of (c) a(dl ~hNl eauw automat- ~
~ K ace~stion: without notip a d~rtrnd, b~oonN du~ and pryabN: (~1 eM f~ilura of u~y ObliDw to pMiam u~y obli~tbn, l W~ility or elwe to th~ Bank. to p~y
' ~nterpt h~r~on wit1fi11 ~Odsyf dtM it i! dIN, a N dNn i~ no du~ dst~. Nqr it a billd a od~wi~ nquat~d or d~rtw~d~d, or to psy ~ny oM~r liability what- ~
~ soever to th~ Baek wl~ dw; (b) th~ d~th of ury individual Obli~w,~d' ution of ~ny pKtnenAip Obliya a cM d'awlution, mK~r or oontolid~tion with-
~ out the Bank't pi+o~ w~itt~n consent of sny oo~pwab Oblpa: (tl thf ~t s pttition in bsnkruptcy or tfN adjudiution ot in~olwncy or bsnkn~ptty undK
any rw~p~nization, uranp~rtrnt, r~usbrMnt of d~bt, diaolution. ~puid~ ion w simila P~ao»dino und~? ant? F~de?sl w snb statut~, by or ~p~inst ~erY j
Ob~~yor; (d) M appliacion for tM appoinpnp~t of a no~ivrr fa, or tM m~kinp of s p~ns?d a~tipnm~nt for eM b~n~fit of endicor: by, my Obli9or; l~) d+~ ~naY
~ ~f ~~+~+•~~•w~•~w ow+oo?: trl a~. a«w maenm.nt o. ~.rra~n+~u, w a~. in~n~ of,n~r i~a+,.o.~nst.~r a~a~v o+ s~v oaiw?: t,t eh. a+~ a ~
~ aosswion ot anr wb~tsntial pMt ot th~ prop~rty of ~rry ablpa at tM in~w~a of snY po~rnnwnW wMaity: (A1 [M d~armiMtion by eM 8~nlc tMt ~ n~aa
~ ai adve?a~ eh~ny~ hn ocwrnd i~ t1N finsnciN oa~dition of anY Ob~i~or fran tM oonditioot ~tt ford~ in tIN mwt npnt finr~eial sat~emnt oi wrd~ OWga
~ he.ttotar~ furnqhd W tM B~nk, w irom tfN eondition of wid~ pblipor r h~rttofor~ moit no~nHy di~doMd to the B~n1c, a thrt ~ny w~nanty, rp~~Nnation,
certitiuq a stat~rNnt of any Oblqw (wMtlwr oontaimd ie thb Nob a not) pKt~iiq to a in ooon~etion with chi~ Nob or tM lo~n wid~no~d by Mis Noa
conqim ~n untrw ~t.e~nt ot nwt~r~N faet a aewn to mt~ m~tK~M faet r~ary in ord~r to nrke thr ~tat~nrnts a~ not mitlMdi~p: or, !il eM ~pn-
ment by any M~1w ot any puity in ~ny of dw Colbt~rN witbout tM pr"wr writt~n eom~nt of tM 8~nk.
TIN 8ank ~11 1~, but shNl not b~ limibd to, tl+~ folbwinp ri~l~ts. ~eh,o~ ~rhich mr1? b~ ex~reiMd ~t ~n1f tinN wlNthM or not thh Not~ a dw: (i) to
pl~dp~ a tnntf~r thb Non and th~ Collit~nl and tM 6~nk ~II tMrMlpon b~ rNirwd of NI dutM~ aid n~omibilkiK hKwndK and rNi~ad han any and ~II
liability with ?MP~tt to a~M/ ColbtKd w pbd~d or tnroiKnd. ~nd anY P~~dDN or tnrwttrN 1hNl fa all puipowt tnnd in th~ P~ ot tM 8ank h~nuM~r and
hsw sll tM rtphq of tM ~ank hKwndK: (il) to tranMK tM whoM o? ~rty part of th~ Coll~t~?~I Mto tM ~ af iwN or in nominM: liii) to vot~ th~ Cotwmd:
to no~~r,? a,. owg«. ot.nv caamd w m.k. wrrr~nt to ~n. 9«,k or .m? .mounn dw o? to bcon,. du. a~...on: m a«nn+a. w. to., aabcc, o. 1
r~rk~ any oor~ ~ wtcNm~m rabNN with co da ea~1; d) to • a d oi oa~ds qf Coll~mal. ~
; ~NK as use~- ~ier`e~n means u~
r~e Ree~'~ssoc~a~es ,`~`n , an /or`°~~s as~s
i°gns .
i
~ MO?ICE: SEE OTHER SIDE fc~R IMPORTANT INFORMATION e~~~~ P~~E S~ ~
FBS 7S2 R~v. 7/77
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=..~-ss~.~,.»..c .;.Ja;~.~.w . . - - - ~ °T~~~z~.~