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INSTA~LMENT PROMISSORY NOTE ~
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TURTLE REEF ASSOCIATES, INC. * . (N q~~~q~~ = 11,493.00
. . 9ANK NAME ~s? ~a none ~
Jensen 8each, Florida 33457 Llh/DiwbiUty Ies. s ~
tci o«~~t,n? s~.~. = none
OFFICE A ae !DI Oth~. ChupK i~ami:~! s none
January 15 79 ~E~ = none
NOTE NO. OATEO: , 19~. (F) = none
oue: Janunry 26 t9 89 (G) Anqunt Fioanpd 11,493.00
IA, 8, C, O, E. FI t ~
fHl Ina.ai = ' ~
P~ACE: " . FIORIDA 11) G~dit Invrtti~tion =
U) OeM. _
Fo? valw r~q~wd, tM und~rsiprNd (i~~indt~r plNd "Mslc~r") Iointly snd Mwr~lly (il
rt+w~ th~n ontl D~omi» to piy to tM or~r,pf yr9ap~k.ae in offio~ list~d abov~, tbw7,oa1 (L) _
of Paym~nq lirom (N) at ryht) o~ ~1Zi~LZO.SfU ~~~~Y~~ 1Lu `
eQua1 ~nonthly in~talim~nn of • 8 IMI FINANCE CHAAOE 6 f33 8~.
• . tM lirtt IH, 1. J. K. L) _ ~ ~
~nst~iltn~nl dw on Feb ,19.__._. and wbwqwnt installm~nb dw on ~ .
(N) ToW o! P~ym~nq + M) t
the 2~t~ of ~~onth tl~wftK_co~d~ wts~? ~ F~N~?~
B~~~ooN PAV_~ENT oF: ~NUAL PERCENTADE RAT~ ~ '
s oue ~ , i9
±
Th~ Bank dwll impo~ a dNinawnetr eharp~ pNmt tM IWkK on any ptym~nt which ha l~oar» du~ arw! nm~ira 1~ d~fwlt for ~ pKiod in u~na M 10 ~
days in ~mount equal to SX of tM ~mount ot tM printipsl pKt ot tM p~ym~nt in d~lwit. In tM ~nt th~t th~ Nob b not p~id In f~Jll ~m~turity, ~tl piy 1
men~s, whetha prinNpal, Int~.pt or oth~.wil~, thall b~sr int~n~t at tM msxMwm Ipd r~t~ albw~d und~r 1M (aw~ of tM 8tm ot Flatd~. ~ W~rm«+a m~d~ ;
hereunde~ shs11 b~ uedited fint to inmtst and tha~ to principsl, how~wr, in th~ r~n[ of d~fault, tM 8~ek mayj M ks ~oh ditention, ~pplY ~ny p~yment to ~
~nterest. Wincip~l ~nd/or lawtul ch~rg~s th~n ~otrwd. It is tM int~ntion of th~ p~rti~s Iwr~to th~t ih~ provisia+s MrNe ~II not P?ovkM dk~tly a ind'uatly ~
f or th! piyrtNnt Ot ~ y?qtfr f~tf O} intNfit Ot tIN rftMt1011 Of ~f1y Othfr Chirys (11~n i! ~IlOwed by (~w. 11, (O? MV ~~taut M~,coat o~ prch Ip~l nq a
a chsrg~ prohibind by 1wv sha11 st any eim~ b~ psid. any weh ~xp~t ~Aall ~itM. eo~~titua arM b~ tr~~t~d a a pwnwnt on th~ prinelp~i ot b~ ritund~d dirsetly
to the NbkN. ' ~
7rie M~ker nyy pr~p~y th~ Mtin unpsid balane~ 01 tM losn st any lima. 11 th! Iwn b pnpsid In full, aoabraf~d a nf Inanael, thil Mike thall t~c~iw ~ ~
~e(und oi th~ unprtNd portion of tAe inter~st and inwnnte Wsmiurm tonputed by tM Rul~ of 78': m~thod, ~xdpi that 1M Bank shdl b~ MtitNd to nt~in i
a minimum int~r~st thsrg~ ot ,
CREDIT LIFE AND CREOIT LIFE 8 ~ISABILITY INSURANCE AitE VOLUNTAEtY ANO NOT qE~IJIRED FOR CREDIT. Suth Inwnndreov~ray~ is ~
availabM ~t tM co~t daiqnstW below for tM tKm of the aedit: (~1 S fo. Cndlt Life Inwr~nw (b) f
for Cr~dit Lif~!! Ditability Inwrant~: .i
Check ? Cr~dit Li(~ Inwranc~ is dtsind on tM lih of
App1, glrthdab i
Boz ? Credit Liie 8 Disability Inwrsnc~ is d~si~ad on .
Birthd~t~ '
l_J C~~dit life and/or pisability Insurante is not des~rad. !
oa« January 15. 1979 s;~,,,,e 9-
. .
y
Siqnstu.e. I ~
As s~turity tw the psyrrwnt of the Note the Miker her~by 9ranq to the 8ank ~ tltwity intere:t in the Idtowinp p~opKty_ In TUY'L~ C RE@f CO/Id.
' rP~orded in ~.R. Boak 8~3, Pa~e 2M12...~nit we~lcs 16,17 and 18 1n Cond. D-ii.~ot. lio. D-11 as _ ~
~i~arrihwd i.R 53.~~ m11"t~a$e. - ~
~ncludinp ~~II incrpses, substitutions, nplsc~rtNntt. additions ~nd atoessions ther~to and in Me poceeds th~rwt (AK~iMtta plqd "Collsttr~l"1. ThK t~writy j
~nterest ihi11 N{p qcwr~ aMr o[her indlbtsdMtt w liability of tM M~ker to the Bank dinCt or indir~Ct, sbsdut~ or contirq~nt, dW a to bKOrM dw, now ~x- ~
; ~s~~ng a M.a~a. aisiog, inctuding all fuwre ~dwnea or loans by the Bank to tM Maksr. ~ i
I TM 8ank a sh0 yiven s Iien and s s~curity int~nst in stl proper~y and securities of the Maker, tndoner, wr~ty. qwrantw or sccom~nodstan puty of thK ~
~ Note (AN~in~ftr. nitn~d to as ti~ "Obli9ors"1, now in o~ ~t sny time herpftsr cominp into the contrd, tu~tody o~ pot»tt~on ol tht Bsnk, wMther fa d» ~x-
C P~esfld purpOl~ Of btinq ut~d bY tM B~nk K COII~~~I. Or fOr ~ny OthM purpOS~, snd upOn ~ny bsl~nt~ Or b~IsnC~s to tfN C~~dit ot ~1y aCtOUnts. intludinp
~~ust u~d p~nty ~ocounit mrintsiewd withth~ Bank by ~ny of tf~e Obtiyors, snd the Oblipors a9r~ to dNivK to th~ 8snk additio~N Co1latNal or nNk~ wth (
~ payrtNnn in nduction of tM principal smouM ot tht losn ss shsll b~ satisfaetory to the 8snk, in the went the aforem~ntion~d Coll~tenl sh~ll drelin~ io value ' '
o+ becor~r unatisfactory to th~ Bsnk. . . _ ~ ~
Additior?s to, nduetioM w tzehstqn of, or ~ub~titutions for the Collsteral, payrn~ntt on sccount oi this Iwn a incrNSts of tM tsma, or otfi~r loans m~
oartislly o? nAwlly upon the CollaterN, msy irom timt to time bs rrude without sifsctinq the provisions of this Not~. TM Banksh~ll exeraa r~onabN tar~ i~ ;
che custody and praervatio~ of the Collst~nl to th~ ~xt~nt ~equind by appliesble statut~, and shall b~ dwnwd to hav~ tx~rcis~d ruson~bl~ qn it it tMc~s wcA ~
acuon for thst purpoa ss Mak~? shdl rwonsWy r~qu~t in writin9. but ~o omittion to do sny set not rpuhbd by b4k~r ihNl be d~tnNd ~ f~Nur~ to ~z~ust
~easonabl~ can, and no omission to tonply with s~ry rpwst oi Nbk~. ~all ot itsNf b~ dsemed a fsilun to exNCi~ r~qombb csr~. B~nk ~MII not be bound to ~
take sny ftps n~o~y to prp~rw any rphts in th~ Collats~al spsinst priw puties snd Maka shsll ake ~II n~pswry stpi (a such purpo~. Ths Bank a~c:
nomirns nMd not ooll~et int~rat on, or s prineip~l of, any Collataal or 9iw sny notiee with re~p~ct to it.
TM 8ank m~y tontinw to hdd sny Co1lat~tM dpo~it~d hereunder after the paYmw+t of this Nots, if st iM tirrw of tM payrrrnt and diuhuy~ Mr~o/ ~ny of
th~ pnti~s Ii~W~ (o? th~ p~ymrnt herwf tAMI b~ tMn dinetly or oontinptntly lisbl~ to tM 8ank ~s Msk~r, endorar, wnty, pwrsnta a aoeomnodstion pa~ty '
of any otM~ not~, drsft, bill of ~xd~sep~, a oth~r instrum~~t, w oth~wise, snd th~ Bank msy tMr~aftsr ~x~rci~e NI rgha with rNp~et to s~id Collata~l ~
granted her~in w!n tbouph this Note th~ll hwf bNn wrtN~d~rod to tM MskK. ~
If tfie Bank d~err~s itsNf ir~cun or upon the hsppsninq of sny of the followin~ ~v~nts, eaeh of whicl~ sh~lt eoratitut~ a d~iault, stl li~biliti~s of ~acA Mak~r to
tne 8ank, includinp the entin unpsid priecipN ot this Not~ snd acsru~d inunst. Ntt say ur~nsd inOMat snd snY intMNt in ezeta O) th~ mtximum sllowrd 1
by Isw a~d any nbst~s rpuir~d by law, dull invrwdi~tdy w tMrssim. st the option oi t1?~ Bank, ~xppt that th~ occwnnce of (e) or (d) dNll eau~ autom~t-
~c aculerslion: without notiq w d~rw~d, Meonrdu~ ~nd payabM: l~) the failun of any Oblfyo? to p~rtam any obtiy~tio~. li~bility w d~im to th~ Bank, to p~y
~ ~nte.pt f~~on within 10dayt Nt~r it ii dw, or ii th~n is no dw dste, aftK it is billed or od~wi~r ~equat~d or dan~nd~d, a fo p~y any oti+K lability wi+at• !
~ soeve. to tfw Bu~k wh~n dw; (b) tM dNth of srry individuN Oblgor, th~ d'asolution oi any putnenhip Obliyor w tM d'eaolution, rtwp~r o~ oon~olid~tan with• ,
~ out tM Bank's prior writt~n cona~nt of any corpwaq Oblipor; (c) tM filirq oi ~ p~cition in bsnkruptcy or [M djudiqtio~ oi inwlwn<.y a b~nkruptey undK ~
~ ar+y rpr~r111~tiOf1, Hf~n~lf1i11t, rpdjustewnt of d~bt, dipolution, liquidstian a similu p.oaedinp unda sny F~d~rN or tqb sbtut~, by a aq~inst ~nY
~ Obipor; (d) sn application for tM ~ppoi~tn~t of ~ npivw fa, a Na mskirq of a q~ntrN anignm~nt far th~ b~rnfit of cr~ditorf b~r, ~nV Oblya: (d th~ Mtry ~
of iudpn+ant sp~irpt My Obiipor: i() tM bwieg of any maehma~t or yKnid~nrnt, or d~ filinp of sny lien, ap~inst any property ot sny Oblipor: [M takin~ ot `
~ possa~ion of any wbstantial pan of tM propKty of ~ny Obll~or at tA~ imtanq of ~nY poMKnm~nql ~ytho?ity: lhi tM d~tKmination by tht 6ank tAat ~ n~ta~- ~
~ a~ advarw dun~ h~s occurnd in tM finanea! ea~dition of any Oblgor trom tM conditioru ut t~?th in th~ mat npnt firnnci~l sat~m~nt of ~cA OWipr ;
} naetofon furni~Md to th~ 8ank, w frwn tM eondition of weh Oblqa ss Mntofpt most nqntly didoMd to ths B~nk, a th~t aiy wsn~nty, rpra~nption,
~ cert~f`csq w tqnnNnt M~ry Obliqa (wMth~r ooetain~d in thi~ Nots w notl pKtaintnp to o? in oonn~etion witl+ this Not~ w tM to~n wid~no~d by MN Noa
~ ~ nnta~~t ~n unt~u~ futNmnt of rtit~riN (aet p omiq to ~qM msterial f~et rnt~ry in ord~r to rtrk~ th~ fbt~m~nts mad~ not malMdirq: or, (i) tM M~pn-
men~ by ~M? IYMIyr ol ~pr puity in any of th~ Co11se~N without tl» prior writttn ea~nt of tM Bank. "
~ TM 8ank ~hall hav~, but fMll not b~ limibd to, tM follawinp rqha, ~seh of whiel~ rn~y b~ ~x~rei~d at any tim~ wMtMr a rat chis Not~ i~ dw: (i) to ~
~ pisdp~ p trNplN tha NOn and tIM Collat~t~l Md tM BM~Ic Mfsll tMn~pw~ b~ r~8~w1! ot all dutiM ~nd rMponsibiliti~s INr~untNr ~nd tNi~»d hom My N~d dl i
~ f~sbilfty with ~~qat to any Co{IatKN w P~Y~ w u~nN~rnd. and a~W d~dPn w tniafaM ~hall fo~ all purpwn tw~d fn tM P~~a of tM ~nk h~r~undN ~nd f
hsw all tM rlOhq ol tF» Bank I~wndM; (i11 to tnmfM tM whoN or u~y part of thi CotlatNal into N+t n~rt~t of iq~li a iri naninN; (iiil to vob tM Collaunl; ~
~ 1~v) to notify ttw Oblipo« ot ~ny CollataN to m~lw paym~nt to ~M 8~nk of sny ~mount~ dw or to brconw dw tMrwn: (v) to d~rtwnd. ~w for. colNet. or
mak~ aev c°^'~ attl~m~nt~t SN~nr dair~bN witN i«~e1ORee tvs~ apd jril to tak~~°`
a~~/or`°~`~s °ass
l 9T1o
s~ of Collat~rd. :
*~N~C as use r~erein means Yur ~`°'~ssociaLes, in . ;
x NOTICE: SEE OTHER SIOE FOR IMPORTANT INFORMATION B~~K p~E t
~ ~ ~iz ~to ~
F85 752 R~v. 7/77
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