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INSTALLMENT PROMISSORY NOTE
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TURTLE REEF ASSOCIATES, INC. * ~N R.~;,,.d : 5504.00
6ANK NAME (8) Prwefun+fa G~dlt none
Jensen Beach, Florida 33451 uh~a~~~ri s
~c~ o«„~+t..v st.~ro. s none .
OFFICE AGORESS (OI OtM? Chaty~ lic~ni:~) = none
iE~ = none
NOTE NO. DATE~: NOY. 30, ,~s 78 ~F' = none
oue: Oec. 11 .~s_88 ~c~ i~
s c o.~~
i : 5504.00
IHl Intpat i •
PIACE: . FIORIDA (I) Cnd(t Invatipubn =
- (J) OthK i -
Fw wlw nctiwd. tM U11dHfiqlNd (MfNMIt~f Ci~Md "MakK") Ioiotly and swerslly (if (K) _
mon tMn on~) p~omis~ to p~y to th~ f 8~n1c, at ia o(fip lisad sbovs, tM Ton`1~
ot Payen~na lfrom !N! st rphtl ot Dollan psyabl~ in +`O IU t
ews~ monthh? ~nsta~~n~nt: ot t 72. 74 . t~ ~~t IINt HIN.ANCE`CHAROE = 3224.80 1
„u~~Ilm~~t due o~ Jan, 11 ,19~~nd wb~qwnc insullmenu dw on (N) ToW of P~ym~nts (0 + M) i-~~~
the~lday of iaeA~wnth tt?KpftKLto~tl~ with a FINAI BALLOON PAYMENT OF: pNNUAL PERCENTAOE RATE 1O. ~ ~
f10f1
S OUE .19'
TM 8ank ~It irtipa~ a dNinqwney ch~rq~ pNnst tM IWlc~r on ae1? WYm~1t which 1?u b~oort~ dw and ~~IM in d~f~ult for a pKiod in ~xpp of 10
days in ari amount pual to 5% oi the ~nou~t of tM prieeipsl p~rt ot th~ p~yment in dNwlt. In th~ w~nt d~t th~ Nob b not p~id in tull at nqturity, ~II pay
mena, wlkthe. p~incipsl, inttnst or oth~rwist, shsll bar int~tst at tM ma~cimum Ipd rst~ allow~d und~r th~ Iwns of tM St~ts ot Flo?id~. All p~ymrnts m~t)t
hereundK tA~ll b~ er~dited fint to iot~r~st and tMn to printipsl, I~oww~r. in th~ ~wnt of dtfault, th~ Bank m~yy fn its yol~ discntion, ~pply a~Y payrtNnt to
mterest. principsl aod/or Iswful chuga th~n souwd. It h tM inqntion of tM parties l~ento thst tM p~ovitiota Asni~ dwll not prpvid~ 2lihetly w indinttly
lor Uu psymsnt of s ynst~r nt~ ot int~?at or th~ ntentian of ~n~r otM? e1+Ky~ than is ~Ibwed by bw. lf, tor any rMSOn, intaat ie ~xpq a~~ueh lp~l ~~n or
a chs~ prohibiad by Isw shall ~t sny tim~ M psid, aey wd+ ~xoas sA~ll Ncl~e~ oonsticua and M~nstW ~ ~ p~ymant on th~ {xlnetWl ar b~ nfundd dir~ecly
ro tM MNcN. • ~ ~
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' Tlw MskKm~y prpry tM ~ntir~ unpsid bslana"oi tl+~ loan ~t any tims. 1/ ths losn q prpaid in tull, icubntsd or retinsne~d, tAe M~ka shdl naiw •
.efund of tM unesrrnd portio~ of the interest snd inwrurce premiums computad by ths RuM of 78'~ m~thod, ~xapt th~t tM Bank sh~ll b~ ~ntitbd to nuin
a minimum intenst chsrp~ of s6.00. .
CREOIT LIFE AND CREDIT I.IFE 8 DISABILITY INSURANCE ARE VOLUNTAqY AND NOT REQUIRED FOR CREOIT. Sudi inwr~nq cowrap~ is
available st th~ eost daiynated below for the ~srm ot the uedit: Is) S fw Credit Life Inwranee Ib) S i
for G~dit Li1~ ~ pissbility lnwrsnce: ;
Chsck ? G~dit Life liuuranC~ is detired on tM life oi ~
~
Appl. Birthdatt ~
Box ? Credit Lite di Disability Insurante is desirad o~ ~ ~
Birthdate ;
~ Gedit Life a~d/or Oitability Inwrance it not desirtd. ~ +
oate: NOV. 30~ 1978 sro~w.e ~j~'~'~ _ 1
ar otte esser ~
Siynaturo ~
As setutity tor the sy nt of the Not~ t Msk het s~t to n a stcur~ ~ ~est in 1 i r n ur e e@ i
^ : Cond. Recorde~on ~ ~oo~C ~age ~08~. ~n~~~e~~CS°Y~~ an n on . - . I
A~t_ Nn_ t1-~9 as dpscri6ed 1n said mert9aae_ ~
, ~ncluding sll inu~sses, wbstitutiw~s, nplacem~nts, additions snd aecessiorn thereto and in tM prooaeds thtrwf (heninaiter plbd "Collat~ral"1. Thq t~writy ~
~nterat fAs11 slfo ssCUre sny otMr indlbcsdnKS O~ li~biliqr o/ [ht M~Icer to the Bank dintt or indir~tt, absdute or contirptnt, dw or to b~tomt dw, ~aw tx-
~ ~sting pr MrN(tN Niting, ioCtudiny ~Il /uture advsntp or lOSns by tAe 8ank to the Maker. , ~
C Tht B~nk it ~Iso qiven a lien snd s acurity inter~st in sll property snd ~ecuri[ies ol the Miker. MdorMr. wnty. 9us~antor a xcamtnodation p~rty oi this
~ Nots (hN~i~s1tK ~t(Nnd to ss the "Oblqors"1, now in or al ~ny tirn~ h~rMf ter cominp into tM tontrpl, tuftody or pop~stion of th~ Bank, wMtlNr for tM ~x- ~
prsssad purpos~ oi beinp u~ad by the Bsnk a~ CollstaN. a for sny otAer purpos~. and upon ~y balanu or bslanps to th~ aedit oi ~ny ~ocounts. indudinp t
t~ust and syteey socounts msinqirNd withtM 8ank by ~ny of th~ Oblipon, snd the Obligors pr~e to dNiv~ to tM Ba~k sdditional Coll~a~al w m~k~ fucA 1
~ paym~na in r~duction oi tM p.incipsl smount of th~ Iwn as sF~all b atisfsctory to the Bsnk, in the ewnt the afor~rn~ntion~d Coll~t~rsl shall d~c1iM in value ~
or becom~ u~atisi~ctory to tM B~nk. . ~
~ Additrons to, r~ductions or exehany~s of, or wb~titutions for the Collstersl, payments on sceount of this lo~n or inueaoes of tM wm~, or oMK loins m~ ,
y p2rlNlly Of WhOlly YpOn tM COII~[Kil, msy trom tims to time b! rt~sde without sifectiny the p~ovisiohs of this Not~. TM Bank ~lull exerc~s~ rwtonsb{~ tsre ~n ~
~ the tustody snd prpervation oi t1M Col~~tasl to dN txtMt tequired by applicsbl~ statuM, and shall be dNnNd to hav~ ~x~rcis~d rqfonsbl~ ur~ ii it tslc~s such
act~on iw thst purpoN ~s IN~kN shaFl npor?~Wy rpuMt in w?itirg, bui no omission to do any act not nqu~st~d by MakK ~hNl b~ ~nrd ~ 1~Nun to txaci~e ?
~ .wsoMbl~ un, snd no omission to comply wiM ~ny rpwst ot M~kK ihsll of itsdi be dMmsd ~ f~iluro to exerci~s reaon~bb car~. 8u~k shatl not be bound io ~
take sny stpt Mp~a~y to ptetKVt arry riphri in tM ColbtKal ay~irot priw psrti~s s~d MakK shall tsk~ stl n~cestqy st~pi tor wth pur~wMf. TM Bank or ~ts f
nominN ~~1 not coll~ct inq~pt on. p a Prineiprl 01, any Collsttnl or yiw any notiq with rap~ct to it. ~
t
TM Bsnk m~y continw to hold s~y Co1lat~rN d~posit~d hsnund~r ~fter the psym~nt o~ Mis Note, if st t1k time oi tlw payment and diuAarq~ Mreof any ot j
iM partia liabM fw tM psyrn~nt Iwnof dull b~ th~n dinctly or oontiny~ntly liabb to tM 8ank a~ Maker, endorar, wr~ty. ~uarsnta a ~ocommodation ps•ty '
ot iny othK not~, drait, bill ot ~zchany~, or othM in~tnim~nt, o~ othuwis~, snd th~ B~nk m~y th~rpft~r ~xe?ciss all ripAts with rpp~ct to ssid Collattral ~
grsntM As~tin wen ihaqh this Noq sh~ll haN b~f wmndK~d to tM IN~k~r. . 1
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If tM 8ank ditrm itsNt in~eCUr~ or upon tM hpp~nin0 ot eny of th~ follOwiny tvents, ~~ch of which th~ll constitute a tNfwlt, NI liabilitia o1 Ncl+ Mak~r to
che Bank, intlydi~g ihf ~~tirf unpiid p?inCip~) O~ thi~ NOU M~d ~OCrY~d inqr!{t, lta srty un~an~d inbr~t snd sny int~rat in ~zps~ of th~ m~xMnum ~Ilow~d '
Dy law and sny r~tfattt r~quir~d by Iwv, zl+dl imrnrdi~t~ly or cMrpfqr. at cM option of tM Bantc. ~xppt that Ua oaurr~np of (c) a(dl ~Adl cw~t automat• !
~ K aaebratioe: without notiq or d~m~id, b~eortrdu~ and payabN: th~ failu.~ of ~ny Obli~or ~o pafam any oblip~tion, lisbilicy o~ d~im to th~ B~nk, co p~y
" inttrttt Aanon within 1Odrys aftu it it dw. pr H th~r~ i~ no dw dat~, ~ftt? it is bilqd or otMrwiM rpueted or d~rtwndsd, or to pry any othN liability what- f
~ soever to tM 8a++k wMn dw: (b) tM d~sch of arry individuM Obtgor. t!w di~olution oi anY p~.tnerd+ip Oblipor a tM diaolution. mrr~r or ooMOlid~tion with- ~
~ out tM Bsnk'i pr'~w writt~n cons~nt o1 a~ry corporaa Obli~or: (c) ths filinp ot a p~tition in b~nkruptcy a the adjudicatlon ot in~olwncy a b~nkrupuy undr? ~
any r~orp~nis~tion, arr~np~rtNnt, rpdjustrtNnt oi d~bt, diqolution, liquidrtion a similsr.~rocNdinD undrr snY F~rN or sab st~tutt, bY or p~inst anY '
Ob~yw; id) an appliqtion for tM appointn»nt of s naivK ta, a tM mskinp of ~ pen~nl anipnm~nt for H+~ bH+~fit ot cnditon by, ~ny Obtipa; tM ~nny ~
d
y ot ~udqrtient p~imt a~y Oblipor, (i) th~ awirq of any ~ttadur»nt or y~rnbhrtMnt, or th~ tili~p of any li~n, paiMt am? property ot sny Oblqor;19) tM ukinQ ot i
~ poss~ssio~ of any wbstantial psrt of th~ prop~rty of ~ny Oblpor at th~ iiatand of any qowr~m~nal wMaity: (h) th~ d~tKmirntan by tM 8u~lc tMt ~ msla~i. I
ai advert~ ehsnp~ ha ooeurr~d in tht finaneiN oondition of any OWipor trom tht sonditioM t~t forth in 1M most r~o~nt timntiM ttat~nNnt d wd~ OWipr !
~ heretofor~ furni~Md to cM B~nk, a irom tM eondltion ot wch Obliqx ~s h~retofon mat nqntly d'adowd w the 8ank, a that r+y wrrnnty, rp.a~nac~on, ~
~ certificsN a eutNernt of any Oblqor (wlNthK oonpind in thi~ Noa a not) puqinirgtq o~.in oonnation witb thn Nott w[M losn wid~no~0 by My N~
~ conuiiu sn unvw ~at~nrnt of nistuid f~Ce w omih to ftaa nnwial fact ~r in a~r to nnkt th~ stanm~nts m~ not miflNdirq: or, (fl [M a~i~n- ~
~ ment by ~ny Nbk~r of any puity in sny of tM CollaUrN witl~out th~ p~"a~ writtm oo~q~nt of tfN Bank.
~ Th~ B~nk d~Ml Aav~. but ~hall not b~ limit~d to. tM tdlowirp rghq, ~sel~ ot whid~ msy b~ ~z~reard at ~ny tim~ vrMtMr w not thii Note b dw: (i) to ~
pl~dpt or u~ntfw thi~ Noq and tIN Co11~tKd and tM Banlc diNl d~~tpon b~ rttirwd of ~II dutiN ~nd nl~poiaibilitiq MraundK ~nd rNi~v~d han N~y ~nd MI
lisbility with rMpet to any Colbtaal ~o pl~dp~d or pan~fKrd, snd any pl~dp~~ w transfMM ~11 for ~II purpo~s tt~nd iA tM plaa of tM B~nlc INrwndw ~ad ~
hsv~ all tM ri~ht~ ot tM 8ank h~nundN; (ii) to inn~fK tM whob o? ~ny put of th~ Coll~taal into d» n~ of italf o~ ia nomin»; (iii) to vot~ tM Co1latKS1: ~
(iv) to notity tl» Oblioon ot any Co1l~tad to m~k~ psyn»nt to tfN Bank o( any amouna dw or to b~carw dw d»non: (v! to d~M. ~w fa. oolNct. a
. mak~ ~nY n~ ~ttl~nt~t ~rtr ~ainbl~ with ~«~.e`~Ree I tiral: aod (vi) to 1~ 811 /or`°~~s °assl9flos~ of Colbtad. ~
; ~*~'~NK~ as use ere~n means ur ~~ssoc~ates, n.
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