HomeMy WebLinkAbout0896 ~ . . . ~ ' ~I] ~
~ ' iNSTAILMENT PROMIS90RY NOTE ~ ~
TURTLE REEF ASSOCIATES, INC. * ~N R.o.~~ s.14,B4~SL_
' NK NAME ~ (8) Mmiun~ f0~ G~dit none
Jensen Beach, Florida 33451 "~'~0~a°"'~'"` _
~c~ o«~~~.n? s~ = none
OFF~CE A aESS ~o~ on?K cn~.~.. : none
= none
n~oTe No. a?Tea.~ = ~ 5~ .,s79 . ~F~ s none
. . ' 16 ~ ~ (G) Amount Fin~nc~d . 1,O ~ $QO~
OUE- ~ , tg_._, IA, 9, C, O. E, F) : •
IH) IntKat i ~ ~
PIACE: . FIORIpJ1 (11 `tG~dit Imr~tti~tio~ _
u~ an.. s
Fw wlw r~eeivsd. tM und~t+pr?ed (Mr~inattN plNd "MskK"1 fointty and s~vtqily (if (K1 = j
ma~ tAan on~i promis~ to pay to tM order ot tM Bank. ~t ia otfic~ listed abow, th~ Total
ot P~ynwoa Itrom INI st riyhd oi 317 .127. 60. ~a,. p,v.b~. ;n 120 {~I . t
~ m„~,nh ;~t~i~,,.~,n of s 142.7~ . tn. ~;~t IMl fINANCE CHARGE 6, 327.60
~nsallmN+t dw on JIIt1A 16 • , 19 ~g. aid wb»qwnt iostsllrrNnts dw on IH, 1. J. K. L) S
IN! Toal 01 P~ymN+a IQ + M! i~ 17~127.6~
tM 16 d~y ol ~eh~wnth tMrattKito~lthp w~M ~ FINAL BALLOON PAYMENT OF: /~(1jNUAL PERCENTAGE RATE ~~i_ ~ Xi
r~or~
S OUE .19'
TM B~nk qall impo~e s dNirqwncy chuq~ ap~iott tM IN~IcK on anv WY~t which has btcan~ du~ ~nd nmsins in d~i~uit fo? a p~riod M~xaa of 10
aays a+ ~n amount equal to 5% oi the amount ot tM principal psrc of the paym~nc in d~faulc, In tM wMt th~t th~ Noa is not paid in full at nyturity, NI pay ~
men~s; wMeher pren~ipsl, int~rqt o~ oU?erwi~e, shsll b~ar i~tw~ at tfp msxirrwm Ips1 na albw~d und~r tM laws of th~ Sac~ of Florid~. Atl p~ynNna mad~
herwntft~ fh~ll b~ usditM tirst to int~nst snd th~n to printip~l, howewr, i~ th~ ~vent of d~fault, tM 8snk msy, in itt ~oN disaetion, apply any p~ymN~t to
+nterest, p?i~ snd%or Iswfuf chsrgei th~n aecrwd. It is tM int~ntion of tM parties harato thac tM provisions henin ~hsll not provid~ dinctly p indinctly
tor th~ p~yment of a y~escer at~ of intKa~ or the nantion oi any aMr charg~ thao is sllowsd by Isw. H, tor anY rpson. inte~at in ~xp~s oi wth Iptl wte or
a cha~ye prohibited by Isw ~all ~t any cim~ b~ psid. aMr wch ~xpn sA~lt Hthe~ consticut~ ~nd bt t.eat~d as a paym~nt on [M Wincipal or b~ ~sfundKl dinetl~? ~
co tM MNcer.
The MakK msy prapay tIN entin unpsid bila~tt of tM losn at eny time. It the loan is prpsid in full, sccel~rated or nfinant~d, tAe Mak~r shall naiw a ~j
re~und of th~ unwned portion of the intereft and inw~ant~ prNniumt tarputed by the Rul~ of 78's trnthod, exppt Mat tM 8snk sha11 b~ ~nticNd to nt~in !
a minimum int~r~st char~e of ~
CREOIT'IIfE AND CHEDIT IIFE ~ OISABILITY INSURANCE ARE VOLUNTARY AND NOT HEQUIRED FOR CREDIT. $uch inturanp towray~ is ~
availsbl~ st tM cost d~signsud btlow fo? th~ t~rm of the Cr~dit: (s) i for C?~dit Lite InsursnCt (bl S
tor G~dit lift 8 Disability Inwrsnp: ~
Chetk ? GWit lite Itaursnee is desired on th~ life of
:
A~I. . Birthdate ~
Box ~
,Credit Life d~ Disability Inwrance is desired on ~
~ Birthdate t!
~ C~Klit L~fe and/M Dif~bility IofurBnCt it nOt desired. ~ i
Date: ~ 5 s ~~79 , Sgnatwe I
_ ' Signatun (
As ~ewrity fw tl?e psyrn~m oi the Noa che Msku here~ aoa ~o • mu es ~n 9 ` I~ i
reaoo~.ied in O.R. Boo1c 663, P
a
g e 20U~...th~t taadts an'~ ~n .°L~-°~~; . . ;
. ~
' ~eer; ~ ir~ t~i8 mo~rtga4e `
mcluding alt inCnues. subs[itutioiu, nplsttrtNnn, additiOns snd acassiorts ehereto a~d in Me procaeds chK~oi (Mninsfter ca11W "ColharN"1. Thi~ Nwriq t
j ~nter~st shNl ~Ifo s~cure sny othet indlbt~dness or li~bility of tM (~laket to ths Bsnk direCt or i~?dintt, absotute or tontinpsnt, dw or to MtorM dw, ~row !x- ~
~ ~sting or i~qitK Mifing, inNuding ~11 tuture ~dvsnas w losns by t1x Bank to tM Msker. y
~ TM Bank is Mso piven a Iie~ snd s s~turity inttr~tt in a11 property snd seturiti~s ot tMe Miker, endoner, w"r~ty, Qwrantor or accommodaciOn puty Of this ~
i Note (h~tNnstt~r rdlrr~d to ~s the "Obligon"1, now in w at sny time herwfcer cominy into M~ eontrol, custody or pos~ssion ot M~ Bank, wMcMr fa d~ ~x ~
press~d purpose oi b~inq uf~d by tM 8snk ss Collae~r~l. w for sny oth~r purpos~. and upon any baisnct or bsl~ co the a~dit oi an~ aocounts, ineluding~._3 f
~ t.ust aM ap~ncy sceounts ~inainad withth~ B~nk by sny of tM Oblipors, snd d+~ Obligors spr~e to dNiwr to tM Bsnk sdditional CoWbi~l w m~ke ~uch\ E
; pavma~n in nduction ot ch~ principsl amou~t ot the Iosn as sh~ll b~ satisfacto?y to the Bsnk, in the ewnt Me atorementionad Coll~terM tl+N1 ~din~ ie valu~`
or becorro unsatistsctory to tM Bsnk. ~
~ Addetions to, nductionf o~ exehanpes of, or wbttitutions lor thdCollsteral, poyme~ts on stew~nt oi this bsn or ina~~es of th~ s~rtK, or oMK lo~ns mad~
~ partisll y or wholly u p o n ths ColqterN, m
~ y irom time to timt,~ mscle wid~out sf~ecti n g the pro~risiwu of this Nott. The B~nk shsll exercit~ r~sfonabN car~ in i
the cwtody snd prttKVatioo of tM Collattral to th~ ~xt~nt requind by ~plipbldstatute, and shsll bs dNrrnd to hav~ tx~rcis~d r~ssonsW~ tq~ if it takM a+c1+. j
acuon for thst purpoa ss IM~k~r slull rMSOnrbly ~puett in writinp, but n8 omission to do any sct not raqu~st~d by Mak~r thNl b~ da~mrd a failun to ~xuciu ~
~easo~aW~ can, and no omistion to corriply wiM ~ny rpuat of M~k~r shall ot ittMf be d~emed s fsilun to exacia re~saaW~ care. 8ank ~hall not be baund to '
take sm ~t~ eNdwry to presKV~ sny rphts in tM Cottatewl against pr'wr ps~ties snd Msk~r shstl Wc~ sil nKessuy st~ps ior wch purpoits. TM Bank or its ~
nominN M~d ~ot oollett inttrpt on. or a prinCipN 0/, y~Y Coli~tt?al o? piv! any notice with retp~tt t6 it. _
TM Bank twy continue to hold u~y CollstKd d~posit~d hsnundK afta the payrtwnt ot tbis Nots, if at th~ time of the psyme~t and diuharq~lpnof soy of !
cM psrtia liabk fa iM psym~nt h~r~of thNl b~ tMn direttly or oontinyently IisW~ to th~ Bu~k ~s Make~, endwm. wnty. pw~antof a tan psrcy
Bu
of any otMr nott, d?ait, bill oi ~xehan~, or odNr instrun»nt, or otFNrwise, ~nd Me Bank msy d~rtattN ~xKCqe all riplfts with rhp~ct to ' ColfaterN ~
gnnt~d huNn ~wn thouph this Nop ~11 haM bN~ su?r~ndtnd to tM NMkK. , t
i
If th~ B~nk dNms itfelf i~s~turt or upw~ the happeninp of sny of the tollowinp events, ~ach of which sMll oo~utitut~ a d~fault, NI liabilitils o/ ~ch MakN to
che Bank, inNudiny tM ~ntin unpsid prineipsl of this NoU snd souwd intsrpt, l~ss amr u~earmd i~m~sc ~nd ~y int~rat in ~xda of tM macimum ~Uowrd
by Isw ~nd any ~bst~s nquind by law, ~il imr~disuly or th~.eslar, at the option of the Bsnk, ~xapt that tM aocurrsnoe oi (c) a(d) tl?~tl csuM ~utomst- ;
~c aaele~ation: without notia w d~n~snd, b~oonN rJw ~nd ptyabN: (a) tM f~ilure of am? Oblipw to paform sny oblip~tan. tiabNity a d~im to tht BaMc, to pry °
~ ~nterat Iw~on within 10dayt sfta it is dw, os N tMn is no dw d~n, attu it is billed o? od~erwi~ requat~d or d~unded, or to psy a~y otha li~bility what- i
~ soevN to th~ Bank wfNn dw: (b) tlw daM of ~y ind'widual Oblgw, d~e disolution of ar~y pKtnenhip Oblipa a tM dissolution, me~r or oo~sWidrtion witA-
M? roPtcY or tM adjudiption oi insoNrncy or bNfkruPl~Y undN 1
~ ouc cM Bank's p.ior w.itt~n ~nc ot ~ny eorpaaa Ob~i~or; (e1 d+~ fil' ot a puition in bsnk
~ any rwrp~niution, untg~rntnt, nad)'ustmetu of dobt, dipolution, liquidation or sim?lar procNdirg undsr anY F~~t or saft tutut~, bY o? ay~!rot a~Y ~
~ Oblpor; (d) sn appliutio~ tor tM appointm~nt oi ~ nqiva tor, or tlN rtrkinp ot,s p~n~ral mgnm~nt for th~ b~n~fit of cr~ditors by, My Obliqw; td th~ ~niry
~ of tudprtNnt a~~+at anY Oblpa: (f) tM bwirg M snY micAmau w ysmbAnwnt, a tM filirg of any li~n, eYunst anY PraP~?tY oi sny Oblipor: (4) tM t~kiry o1 ;
~ po~s~sioo oi ~ny wb~tantiM D~ of tM W~~1! of ~ny Oblpa at tM irotanc~ o( iny oov~rnn»nul authaity: (h1 tM d~t~rmirncion by dr da* d~ ~~~ui- ~
r al adverft CAsn~ hts oCCUrr~d in tM finsnti~l condition of any Oblgot from th~ tondition~ ~t torth in ~ most r~pr?i firnncia~ saarnMt of wKA OWipr
~ neretotw~ furni~Md to tM 8ank, or irom th~ co~dition of weh Oblga u Iwtwfon most ~~antly di~doMd to the Bank, or that ~ny w~rranty, npr~qtion,
F certifidt~ or stat~mMt of ~ny Oblqor (wMtM~ oontsirMd in thb NoU w notlOK~ninq to,or in oon+MetiOn with this Noq or tIN lo~n pid~nl,'~d bY thb Nob i
~ conuiru an untru~ sut~m~nt oi nyt~r}~1 t~et or omip to ttag rr~wi~1 f~qi sMaasry in wdK to rmlu tM statrn~+ts rt~ rat matNdino: a, (i! tM MsiOn- J
ment by u~y IYMIc~r of ~ny quity j,p any~f tM Coll~qnl without tM prior wiritan eww~nt of tM Bank.
~ TM Bank ~hall hiv~. but thall rlot M lirt~it~d to, tlN to0owirq rphq, ~aeh of which m~y b~ ~xKCa~d ~t ~ny time wMiha w not tf~is, No» a dw: (i) ~o
plscfp~ o~ tniufK this Noq and tM Coll~t~nl and tM 6ank ~11 tlw.wpon b~ rNi~wd ot all dutia and rhpoesibiliti~s Mrwnd~. and rN»v~d irom anY and all
lubility witb r~et to any CollatMSl ~o pl~dp~e! a transf~rnd, snd ~ny pl~dy~~ or tra~fKw ~Mfl fo? atl pu?posh:twK! in tM plsa of th~ B~nlc h~nundK and
nav~ alt iM rphK of t1+~ Bank ha~undK;lii) to tr~rfM dN wAob or any p~rt of cM CoI1~wM inco th~ nsrtr of iwli o? in nomirnt: (iii) io voa tM Collmnl; I
liv) to notify tM Obli~ors oi ~ny ColptKal to nrk~ p~ymM+t to tM B~nk oi any amouep dw or to b~oonr dw tfNnon: (v) to danrid. ~w fa, eolNet, o?
rrnk~ any c°m~ Rr ~td~nt 't ~ 1 nbb w~tb T~eto th~ ar~l: vi) to ~ ol of oa~dt of Colwt~l. ~
*'~NK as use~ ere n means ur Ree~~ssoc~a~es ,`~`n~
an~~r`~~s a~~ns .
i'
~ NOTICE: SEE OTHER StOE FOR IMPORTANT INFORMATION 8~~~ P~'E ~Q~
FBS ~52 Rw. 7/77 ut7 ~
i~ ~
_ . ~ K , . . _ , X
- -
- -
~
~ . . . : -