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INSTA~I.MENT PROMISbORY. NOTE
TURTLE REEF ASSOCIATES, INC. * w ~wunt =..~3,'000.OQ
_ ~ ~ !el rtwt,~t~r~ fo< cneit none
Jensen Beachy ° Florida 334R7 ~ uh~a..wlify Ins. s'
ICl ~,[tn:ntary Scnpti _ . none
- l IP1 Other ClMrtiN littimis?1.:.. _ none
. tEl = ..none .
Jtrl Y9 79 • _ . none
NDTta No. o~Tao: ~ . ~s+.,.. - t~1 ~
_ .
- ~ ~ - {'tcl Amortnt Fitrrroed
August 11 ~ - a. c. o. E. FI 000.4Q
. - tHl Inaran i
PLACH:. ~ F LQRIOiA - 111. Ondk mMtiEstion ~ ....,.1
. - ~ _ IJI, other
for vdw stowed. tM undaaigtrad Ihereitraftar atlad "gAakar" l iolatty and »r~.nay (il,. IK! S~.,..~.........._
more than oteel prottrise to aay to order of tM latrk, at la offi4a listed abo~te, eM Tgtsl -
ot Payments ifrom INl at rphtl M ~ PwMtM itt iV ~ . '
11iA FINAhlCte CHARGE
agttal mptrdrly. hstallttN!rts f : _ tM f wilt `
irasaliment deter one:_ t8 , rind ttabsagiaant itrdalNerents doer qta. - (N) -Tout of naymatru t(i fz Ml * •
dra ~ day of loch month tM?NharLto~d[~a~r wi1~ } F~NAI
BA
*Ls00N
PAYMENT
Ofs• : ~RC~MTAGE i~ATI: ~
: OOne DUE 2 - .15 ~ ~ . - _ -
Tlaa Bank Nrall unPon a dNitrgrasocy chafpa agtaMtsi Nra Maker on ores payment whidr Ira beoorlra.dw arts nitraitrs h dafeuh ~f.a~o«iod h eau:MS.of f0
days in sit irrwuM egad to tai . of tlra amasnt of tM principal part of the paytrNnt in dNeult. In tM want that the NoM b not gild M tali at ttrauriri. Ml pM-
rrretrts, wMthsr principd, intaM! or otMrwira. sMN bMr intareet,M lira ttteximutra foots na dbwad utrdar th• 4ww of eta Stater ~ Fktridt: Aa paymMra eaada ~
Mrautrdar shNl ba txedited tort- io intiarat. and reran to priadpd, horn~wr. in the revise p1 datauh, . tM. sank n+av. in is twN di~titial: apply any otiwMnt a
intartpf; pnc~ipal and/or lawful r~rargcs tltan,atXrwd. Ic is d?a hantbn of.~ra:parties liarNo door tl» Prov$ionsararein shall trtlt jxor~idil,dtrictly or k+diriety? _
for tM paymetn of a grater rata w inarat or tM reantion of any other tdrtrgf than b Nbrwd by law. if; to any r~asorl, httttast h axaae of each krpsl na•ot
a t~rarga prohibiad by taw slrail pt any tints be paW,~sny tudt.xoNa tiraa aithar Coaaituta +nd be mated a a psyttret?t.on tb print:bN a fay refutdad dkaetly '
to.tht; INak... , - ,
The Ms±kar mall Prefray ilra antis unpaid 6datra of tM loan st any time. If tM loan is.ptepaid in fuB, aealerated or,tefltrrrroad, lees Makes shoo ntpiw a
iatund of tlre.untlarMd portion of tM hterast and- itrwrena. premiunM Computed by tM- RuN of 78's ttrathod, except that tfra latrlX.rMll ba antitlatl t0 stain
a minimum inprast drrga of s~,00. - _
CREDIT I~FE AND CREOIt LIFE A DISABILITY INSURANCE ARE KOLUNTARY ANO NOT REOIliREO FOR CREDf~. btisdr hwtrancaeovwa/tia
available sK tM oat desigtr>!ad below for tM arm of elta ttndit: W i for Credit .Life hatapna tbl i
fa Credit Lila ~ Oissbitity Iraswatrel:
Chock Credit rite hasurauoa b desired on the GIs of
Appl. Birdrdaa
Box ' ~ Credit Life i! O&sbiliri ltawana b tfesind on
- Birtt+daa , ~ _
Gadit Lifer andlo. Disability Irrsurstrca a not desired. -
p,M: July 29 1979__ . Signoras
a es Benn t r.
SrgnitYn
As set:uritr for tM mast of tba Noe the lWkar Mreby firana to des a of fxopKri= _ i:-
ttteCOrtiet# n 0 - - .
II mciudirg all irrcreesia, srtttstitutiotrs, raplaoetrrantti, additions and atxauiota thereto and in the prooeads thereof (harahefNr edMd "
Cotgtrd"1: This security y
interest dtell akto soots any other itrdebtedtrep or liability of rite Mekar to the Bank diner o. indirect, abcolua or can-
titrgent, des err to tratxttrra des, now ax- -
istirg err harMttM arising.rlrNudittg dl tutus adwtreM or Ioans by the Bank to tM Maker.
TM Bank it also given a liar and a ttsouriri inttaraaf h all propartY and securities of the Metier, atrdorear, wnri. guranto? or aecotraerodetion petty of this -
Noa hreraitreftar stetted to es the "Obtigors'9, now h a at atW tirna harMfar owning into she txrnaol, ewtpdy or poMastiorr of dre.6ratc; wtrathr for the ex-
prestad purpaa of being wad b1r tM Bstrk at Coiistrsl. or for any other pyartfose, std upon -any balance or belrroat to tM eradit of any accounts, hduding
trust and agency. stxrtana tnahgirtad wiMtfN Bank by any of the Oblpors, and tlra Obligate agree to daNvar to the Bank additionM Cpltaaral or make -such
psyrrarra in eduction of tM pritrcipii amayurt of do loan as sM11 bu satisfactory to th_ a Bsrdc. in 1M awnt tM aforamM+tioned Co1Nan1 Mall dedina ih wlw
w baeonra umatidactary to the Bank: -
Additiona to, reductions or exehatrgaa of, or wbttituCrotM for tM Coliatard, paymena on eeoottnt of this titan err increases of tM soma. or other lorry made
partidly Or wholly upon theColtaterel, may from lima to lima be marts without affecting the provaionsof this Noe. TM 8ankshatt exurciw rwonable era h
the custody and prpervation of tM Calaaral so the eacant nquind by applie:abla ststua; and shall be daanrad to haw axarcisad raNOnabFa eat it R takers ettdr _
action for drat purptrp as Maker shall raa»onably raquatt h writing, Dot no atwssion to do any act not ngwsMd by Maker tlrdl be daanrad s tWure to axareiN
rassfotaabN can: and no omission to cotnOfli vv;th way regws f of Maker slrNl of itsaM ba daamad a tailura to atarciae naonabgr can. Bank shall test be bou+id to
take arty steps naaarY to txcanra any rights in tM Cotkatrd against prior parties and Maker doll take dl rnasery saga far itsd+ pwpoaes. TM Sank a is
nomurca need not txaaeet interest on; or a principd of, arty Colyterd or give any notiedwith nspeet to it. .
The Bank mast twntirrtae to hold any Caiaard depaiad heratttrdr after the payment of this Note, if at tM lima of the psytntini and diediargt hereof -any of
the pr'tias liable for tM paynMnt liareof shwa ba than directly or ootrtitrgantM Italrla to the Bank as Maker, endorser, aunty. guarantor or acoottarrrodatittn party
of any otter Hotta, draft: bill of attclratrgtt, or otMr hstnutaetrt, or odrarwisa, and .tM Bank. may draraafter azareiee alt righa rvidr nlpect to said ColtaterM
granted harsh even thottgh this Noa shad have hoes surrendered to the Maker:
If tM 8arrk dorm itself inset are a upon the mPOMrh! of try of tM following avena, eadr of which shall rx?rrstiwa a default, dl liabilities of each Maker to
the Bank. iraeluding the entire utrpaid pritrcipM of this Rion and aotxwd imentt, less any rarrarned interest and any interact h-axaaes of the mneinNrn dlowed
by taw and any rabetas required 6y law. shill imtradaatNy a tirareafai, at tM option of the 8enic, exopt that tfra ooeurrerroa o! eel or (dl shoo tataea automat-
ic stxalerstiotrwithout notice or dattratrd, baoottradtw and payabN: Id the failure of any Obligor tQ perform any obligation. Ibbility or claNtr to the lank, to pay .
interest trareon wiWh 10days afar it is des, or N than is tw duo dace. aftr it is billed a otharwiae ragtraated or datrrrrded, or to pay any odtar liability wirat-
saavar to tM Beek whin dots: tbl the deaW of any itdividud Obfiga, tM d"asoluiwtr of try panneririp Obligor or the dieeautan, traaryaro?coMOlidationwith-
out the Bank's prior written cOlNetrt of any corporia Obligor: kl dra filitrg of a petition in benrktuPtcy err tiro adjudieadon of intwlrana~i or bankruptcy under
any reorgenisatian, arrerrgatrMtrt; readiustrrarst of debt, dissohttbn, liquidation or shriiar poaadiM under any Federal or realer staaaa, by or paiaR any
Obligor; Idl an appliation fa the appohtrtratrt of a raotah~r far; ar.dra rtrking of a getrarN aseigtxrrant for tM banatit of creditors by, any Obligor: bl tlra entry
of iutlgnaant apaitast any Obligor: tq tM iswitr0 of any atcdrmrtt w grnisfrnrant, or tlra filing of any lien. ttgaftrst arty proptartei of any. Obligor; tgl tlra talon/ Of
posseaiott of rang stabetantial part of the property of ores Obligor at the ttatatsa. of any goverrrnrrtd arrdrority: Ihl tM nation by. tM lank Wert a tteneFr
at adverea tgrarrga lea ooatrnd h dra finatrciN oon~tiotr of arty Obligor from efts txatditiorrs set forth in tlra mast tittandatl~satatrrant of.tatdr Obligor .
herstofore fwnWrad to tfra lank, or from tM oondition of ouch Obliges a• hretofon moat Handy d'pdoaad to tM Batrk, a drat any warranter, reprasatrtation,
e:ertif iCea or statamatrt of any Obligor iwhetirar oontaitrad h this Naa w not) perching to or h oonnacdan with this Nola Or dra ban er?itfreead by- Wii Mots
contains an untrue satatnant of matarid het or ttttrits m tats enatariN fact rtaeaasary. herder W brake the aatanaana made not nt;dataeing,: or, lil -die atitaigtr•,
meet be/ any Maker of any equity err any of dra Coaaarat without ~ prior vrritatt eotrsant of tM lank.
The Bank shill haver. but trot- b~ljnwted to, dra foaowirp rphLt, aardr of vrhich stray ba axareiead at any tittra wlratMr or not Wis Nola N des: lil to
ptsdga or tratrsfar Wier Noa `CoilatirM rr~ tfN 6aak iMN drareupon ba raliwad of aN duties and ruponsibilitiasteereunder and rdiwad from any and di
Igbility wiW rettDtrt:t to any ~ d} Or T'and a!W pMdga of tranderaa shoo for di purpoMS aunt! h ifN plea of tM letrk Iratatttrdar aM
haw as tM rights of tM lank harautrdar: ( to aod~whola err any part of tfra trgaaarM taco tM Hama of ' for its nolM~aa, lii+! to roe tlra Collateral:_
(iv) to notify the Obligor d sing CollaarM to mob payttlrtt Ito tM lati o1 atjy des or to baoarla dut~raraon; W! ib ~trutd. aw fa?, aoNset. a .
ttrab arty eatelrnrrt • with to der 1 to a of of Calateraf.
°`~~'CI
~ as usef~` ~ier`e n, Insane are .Rae ssoca~a~'es, `fin an ~rCO~s asps
gi~ns~°` .
NOTICE: SEE OTHER SIDE FOR IMPORTAf+1T INFORMATION B~~~i~
fee ~s; a.r. l'in