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_ . _ ~ INSTALMENT PROMI8SORY NOTE ,
' : TURTLE REEF` ASSOCIATES, ~ ,INC.. t~fh ~ .~u l IAt Ar+wwtt R.o~wes ~~;tr.. 1.010/00
. ~ , _ IB~~ t ~ none
_ Jensen. Beach, F1or--'#~ 9346` ~ _ - s.~a? ~ ~ none
!q Doourrtetttarl? ~ i
y~ " : toZ otlnrCh.~ilstitrtK~.t ~ : ~ ne
tEt r _ ~ none
NOTE NO. OAT@0:.,.. JiIjY ~ 10 t~ 7~. IFii ~ i ~ _ 11~n~
_ ~ ~ lel Artiotsttt Fi.w+taed 4,010.00
~ ~ Ju1t Y4 ~ , psi « ~ rw s. 4 p, a, ~
PLACE:. - , l1rLQRIpA ~ _ -
For vMea received. tM~undaniortad (tterairteftN raged "Maker"! iofndy and seversNy lit - ~ ~ OtMf
i revere than onfil promia. eo gq? to thetordK at d+fz BMtk, it itti ofties?iead atiovc,aM:TotM 1K1 i _
ot Peynana lirom iNl et r~ltt! at~-~4R/I~-~-, .~.~,..'_Qollmipwa~~! : YLI i ~ ~ _ ~ .
IMi FIN~1[iiCE C11ARq~e -
egad monthly irtstdlments of f _ . tM itrst (H; i, b R, Ll ;f,~.:~ e-~-~
anttaftmtttt dw on August : x`/11 , and stibM4wnt itgnllntanft ti>ve on ~ ~
(NI - total of t~yrgartts tG M) -
tM~,.,dM? of ~cA~wnth. thucaftEr to~tlar wilt a! F11~1~~1t/?f~~ON PIiYMENT OF:~ ~~l ~
~~~'X
1WIl ~ _t .s ~s.~.
TM ~W shill irrgaoee a dalirtgttendf the MNw on snit .~Ymant aphids hM beoottta the! and' epn~eme lit default itt~ s period in exceta of ~ `
dsys in sit anaunt equal to 59fi d the antntant d tIN prpttapal pelt pf the paymutt in dafauh.• In tM evaftt that the Note is not grid in fYH st rttaUirity, MI pay _
Hants. rMteMar principal, inttrasti;at-otherwin, shah bear interest at tM max'tnwm rata Mowed ttndst the_Nrvs of ~ Stab: oil .Florida. Ail PaylnaM mnilt -
herwrt~sr altdt ~ credited rust to :iacaut arld than to PrYleil~. bare,:, id tM erNtt of tYfauht,_tM-Bank may. in its aoN t1,on:~ppiF aiW WNdM?i
interest. prptcipd_erld/or 1a~rrtui dta<fia tMn tiuurwd. It ie rile MtantMn~of thf partiee;henlo that tM {trorisiorts Mrtin ehMl ttgli ero6tdedireetly or ieMH?rctly _ ,
fw tM wyrnettf 01 a 9raater rate of inartef or the tttarttian Of amr otltac tata9u thank allprsad by Mw. If, for any resaat, iA.ta!lltk+ axottrt of Brach M4M rau'~r
a Cltarpe ..prohibited by aces shdt at sny time be paid.. any Built exoale shall either eoratituta and be treated as a paynN+tt oq »te 0!~e_ipat:fX tie ntutaded tlkecdy
. ,
r:
to the MNrtr: - . - '
'The Make tM entire unpaid belaree d dte ktan at ary. tints. If tM loan is.wrpaid in fuN, eealaattad or .rtfirtanoad fire Maker shah nosiN a
. raturtd o~ the u~portion of tM inarest and irpursnoe prerrtkatra txtmputed by tM Ruled 78's metfiod, exogst that _tM ~ sltaq. btt erttitkd to rrWn
~ minimum, lntere~t dterpe Of - _ e; i r ; `
CR~,gIrT' LIE AND CREOIT LICE A OISABILiTY INSURANCE ARE~YOLUNTAR1/ ANQ NOT REQUIRED FoR~Ytetlit ,&?clt artMaranpoowraN k
swilablR it the cost desgrtated below (err tM term of tM eretBt: fad ~ for Credit Life Inarenoa ib~1 f
for Gedit Lila 8 Disability lnwrartoe ,
f -
- ' Y
Cheek ? Credit Life Irnttranoe a desired on tM life of -
Aopl. girthdete -
Box ? ~'tdit life J7t pitability Inwrana a desired on - -
- - 8irthdeta • ~ .
ri1 ~ ~ -
u Credit Lift sttd/or Oidbility Inswand is noYdesired -
n . . -
)~ate: Siprtaturs
, -
r
Sgnetun
. ~ -
Assecurity for flee paymatt bf tM NOa rite Maker hereby grata to', 1~ a scour' interest in thg tQho~ito -
a 2 ~ - ~ ~8 1n ConQ (~-6 o. I;
indudinp all irtcreeses; substitution, raplacerrtenn, additions and soc~sfion; thereto and in the. p.oaeeds thereof (henittatter csiteQ- Cfl11elari ''~'hk eatxarity
interest siaalt also sawn any other ktdebtedrtea a liability d tM Make.. to the Sank rinser a indirect, absolua a oontirpem, des or fo biebn» due, tao4r ex-
rains or herNiter aisitg, indudirt4 aN future adrerton or loans by tM Bank tp the jlAekes• -
~ -
7he Bank K also oiven a lien and a security interest ifs all property and. aeturities d the Maker, eradorea, surety, yw?antp a acoorrrnodation paty d this . -
Noe IhereirtettM. Marred to as tfia "Obliyots'1, stow ut o at any time herNit~ poKiin4 into tM txtnvol, taatody a possNSion of tM Bank. wMther Mr~ ~~ttx _
prNNfit! purpose Of beirt0 used by the Bsnk ere Coltawd, a for arty other purport, snd upon aril balance a balattcaa to tM end'et of any aaountt, i~in0 ; `
truss and penctraooaiunts mrintsined withtM Bank by any d tM ObliOors, artd: sties Oblgas aoret to ddiwr to tM, Bank additionN CdbarM or maireLuda -
` psymente_ in redtaetioft- d tM prineipM amount d tM titan ere. shall be satisfactory to the 8errk, in tM event tM aforanentiotted Cdksarel slteii decline in ,
~ beeotrta 1Naet+daetorY to tM Bank. - - - -
Additiora w, ndtlctiont or exchages d, or subatitutiora for tM Cpllateral, payment: on acoaxtt d this ktait or increases of rile sane. a other loans m~
pertielly or-rrAtoltll upon Nta Cgllagrd, may from time to time M made without effectk+a tht proraion of this Note. TM BNtk shell txeraee reesanatala earn iw. _
the =end prassxwation d the Colkateal to tM axtatt squired t111 applicabls statute, and shah be deartted.tot+ava exercised tenortlbN saes if ,k Leiria suds
1
action far- tMt purpose ere Maker- shah riaeortaldy request in rrritirtp, but no omission to tb sty set trot requested by Maker shall ba deemed a failure to exucae
reasonable t>tra, and rto otniseiort to comply wit!t any request d Maker shill of its~tt bt dNtned a fadun to exarcae rsasortabie wa- Bank shell not be bound tb
take sny saps rteastarli~ to preserve any ridari in tM CdlatarM a0eirtst prior parties and Maker shall take all neassay;tepe for eudt purpoMS.~TM,9ar~ or its "
norrtNtee need not collect interest on, or a prnteipel of, arty. Coilata?si or phra anll rtotioerritft nspret to k. - _ _ .
The Bank msy eoMirtua to hold any Collateral deposiad haeurtder Mtsr the payment d this No». if at tM time of the payment and discharge Mreof a+w of -
the parties Hebb for the psymatt breed shah be then directly or etantirtganth/ IiebN to fire Bank at Msker, ettdorser, sunty,.ptaaanta or sooonrnodstion taerty
of any other note, drsft, biN d exdterga, or ptltM imtn+matt, or otherwpe, and the. Bank may dwesfter exercip W rights with respect to said Collsterd
gnntod herein even thotaylt this Nog shsN Mrs basin etarrertdatd to th! Maker. _
If rite Bank dsena itsatf htrcun a upgn tM happenkq of any of fire folktwtp events, eedt d which shell oomitua a default, Ml debilities of taeeh Malc.r t
tM Sank, indudi+tS tite.eMin unpaid principal d this Noe and aoenaed Interest, kaa any uneorned inarea std any interest in etteeM d tM maximum aibrrei
by bw end any rebetss~+egtaKed by Law, shell irerrtadraafy o? dteraafta, at tM option d tM Bank. trxapt tMc flee oocurrertct of Ce1 a sftelf setae automat---
ic stxekrationanithout rtotioe err tlerttend, btoo~ta _ and psyablr less tM n d any Obligor to perform sny obligrtion,1ie631ity a< tsiairtt ~ iM Bank, to pelt }
inarest Raton - M, _ days ` ~ k dW. N rto data, s nailed "bt tar ppad, a ~ pal?-arty - I
saevtr to the ttl ' ~ thee; tbl: tlaagt d , d~~ abtioor. the. tits ~Of
~oor or solution. mater is
art eM Ban written ap~~~d any a~ Obli'pr: ki tM•it~Ltg W a patitioii or-tM sdjtadieation d sateolraney.or binkreptsY ittMfir ~ .
any reorgrti srrartoerrtaaf, nadjtutmati d debt.. dieeokation, liquidatbn or shndar OnY under sny'Fiaderal a sale staq+M..e11r a sgeMat any _
OWiga: Id) an application for tM eppoMtnratt of a realest fps, tx rite maitiap d agertfarM aseiPwrtatt for fire benefit of erediors btt, any f7btigor; iel the isay
of jtaigrttertt sgaiat any Obigor, (f) tM isaitq of any attaehnw?t or ~rn>dwnutt, a .tM fiiino of arty INn. aYabKt tang property of any OWipor: yf sM eMriao d -
possession deny nabstantial part d flee property d sty ObNp? at'tM ittearta d att+ yotrsratrttenW autitarity: (h? the deterrttiatetion bM tM iaik-that a rrtaterl-
sl sdrarse ehartOe Iqa ooiwre0 M the. f ittartcial eortdition d any ObiiOor from tM otanditiorts sit forth in 1M most resent firraraeisl statenteM d Obtipr -
heretofore furnislnd co eM Basic, a frtnrt eM eortdltion d eudt Oblige a heretofore most rtoerttly discloesd to the BsNt, or flat any warranty. repd+tatiott,
certitieata or statearant d any Obligor IsiAtnher oontefrted k1 dtis Note or not) pwtaMlino to a in oottrtaceiort wilt title Note a tM taawMridatoedb~~ha Noll
contains en umrua sutarartt d msteriM fact a orttiq to state maeeriM fact rteressny in order to make the sNtanatts ntedr trot or, li) the awign-
mmt by any Maia+;of Gate equity in any d tM ColNard without tfta prior teritMnooeNent of-the Seek. -
TM Bank shah haw, but shNl not be. lirttited t0, flee f0lforicirrY riM?ts, NcFt d whkdt may 6e axereiesd st sty tints rritethar a not thh Noe k des: td to
pledge a trarafM Mir Noe 1nd_ the Collateral and rite BeNc shah tftasitapon be raliirad o! ep duties and retpOttsibigtip heraurtda and retierad frorw any snd di
liability with taspM.K to any CoNatarM ea pbdpid a eradernd. art any pkld~ae or t?araftrree sitsil for ail purposes stsrid.in tM of t1iR i~arck iteritutder end.
hevs art the riolta d tM Bark hereunder: liI) to traraefer tits rtltola a sny part d dttt CollaterN ktto the name d• itself a its noMttee; (iii) to rWa the Collateral:
tivi to notify rite ObfiOors of any coll~taar~einar, n4teke payn>wst c~ot~trA.~peeank a anti aittoutta~gdes or to beoont. des tlnr.ans (vl to aesi+rtd. nw eelr,.eoH~t; o?
m.k. aw a~~.N C~ asuesnetl Ir @Mel n moans' .
ui rL 1 e~Re so'c18~es `~n an ~r`~'~s 8 g~rn°
s`.d` ~ c~a~+ - i
- NOTICE: sEE OTHER SIDE FOR IMPORTANT INFORMATION -