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' ' a INSTALLMENT PROMISSORY NOTE
• _
.y. * ~ '6120~Op
TURTLE REEF ASSOCIATES, 1NC. la Atrlottntltttaiwd t~_„_
twc (0I?MI ~ - lB! Prttdum t« none - ~
Jensen Beach, Florlde 3345 ~ uh~oaablllw~` t
Iq oewlltatalti wnla • . ~ o e
lo! othK ctifi?w. (ltefttlahf
lest ~
NoTbl No. oAtEll: August 24. , tg 7~ - Iq ~ to." e
- Septefiaber 6 to gg Icl! Attgltn~Flnahteld ~ 6120.00
- lHl Inartw ~
PLACE: ' - FlOR1OA ltl ikudlt hweatlgethlrt ~
Fa wlw requved, the undeniartad lhereinsitar ailed "Maker") jolndy and swe?ally Ili ~ Otlfi? - ~
more thafl and prontfe! to pe1? to the ortMr d tM Bank, at is otfla lisesd chow, the ToW IKI t
of Pwntenb (from iN! K tlghtl .d ;,1~
x.40._ bolbn p~yfibb In 12Q l~
equN ntonthh? Irtetdintelta of S 8T.$2 . thg IYIt IN~ 1- j, k; L~AMbt ~ 441`.40
instalitrtertt dire on _.,.o , ts.,~,~, ttrd eubaetplant itaW Ifttenb dues on lNl tbbl frt. MwntMb (t1 + fvl! sr
the~~pw of iaeh~tonth tMrphaito~tM_wfth ~ FINAL BALLOON P/iYMENt
OF: ANNUAL MLgCENxAO! pAtS
s (1011 OUE - , tY:,...,.,
The yank shill IngraN o dlHnglNntey charge agdnet rite iYbka tnt gMy paynMgl 1~lIIOh~in btiaane,tlilg nisi fenuUtllM tW1Wlt ifN ~ pabd In axts~td 10
days In an amouni tWtlfai to !sX of tM amount of tM pritteipe) pat of tl+rpWtttMt fn eleliult. Q"i t1N ttwftt !IN! tin Nvtli It not {Wd In fWl rt ttt•twNy, p+t~r-
rwna, whether prlnt:YW,_ Interact « othawNe, shall hies MitNMt N tIN ttWtlttNrln Ilrlll ttlilrwld lindlr Nu IrM 01 tiu IIMHb d FlpritN. A!1 payntettb made
herwtdar strait be nxedited first to ina?at and drat to printeiptl, howerRr in the faMnt bf tltafault. t1N IMnk ttta?, ~ Nf 10N dbOtfitbA, apply wY Wb+nMtt to
interest, Wk1NpM attdiv: lswtu t>ttergea tMn aoauad. It b the Mtentlon a~ th/ partip thN tltti pf basin alldi 4Wt ptnt?Ida dlnetiy a Indkectfy
?a the payment of a grptar roe of Interact « the reantlwt d any ddtir ehtulN thin M alhlwad by larlr. 1.1 ?fWOfi. IhllrHt N+ faxtiw of wNt teMl r.u or
a charge prohibited by law shah at any time ba paid. any ttreh exaN IhaN Ntha? cofNtkuta afN! bg ttfa.bd M • pgynNlM WI till ptlfkMrll tx 1st ntutded directly •
to tittl Neka. ~ .
Tlw M~kef tray phew the Moire wlprld blllalee ~ t!h IbiN N law l~1M. N UN IBUi ~ M ifl WU, iiwrllNtud q1 Mllit~neldt rile Mdnt dtlNl teeeler a _
?elund d Nre unearned portion of rite Interest and IMUranta prtnnNtrrta tomputN! by the ales M 111'e teNlhod, elttlgpt dial the eaftu ihdl ~ tlfttltlad to state'
a minlmUm interest tdtsrpe d ~.11lI.
CFIEbit LIFE ANO CEtltbit LIFE ~ o18A91LitY INSUgANCIt Aqp vOIUNtApY ANO Ndt pE11UiMlb FbN CiiEtflt. ludt fttsuratta eowrage b -
swlWrfa at tfte boat daalgnated bNow for the term d the credit: (d ! for O»dli llw ln111ffd10g (b! It .
for Credit Ufe ii Oisebility Irtstrnna: _
Check ? Cndlt Ufe lntsurana b deeirsd on lira fire of
Appl. _ rl?~/y
Box ? Credit Life A WseWitty Intwrattoe b dated on A
llkthtlaN • -
Credh Ufa and/or bbablllty lmu?ena b not trained.
Darr. August 24?1979 8lonafUre
A a 0
INrnrtu?l1
A: security for the WYrtNnt of the Notes the Maker hereby arena to rite ea 1 idlowing property: t n Turtle Reef
r~arf_ T~ Q~oralwd-ofn 0. R. Book ~3, Pam 200... Uait Yeuslctt: d5 and 46 in Cand_ D-19,
including ell inerp,es, substitutions, rapiaantatts, additions and aeoessionts thereto to the proceeds thereof thereinafter aihd "CollaterN"L Phis security
interest shalt also eswr_ anti other intdabtadntua Or liability of the Maker to the Bank director indirect, abduct or eontingent, dW or to beeorne dw, now ex-
fisting or INfplter arbing, itndudirtg all tuturt advances or loans by the Bank to tM Maker. - •
The Bank is also oiwn a lien and a eaeurity interest in all property and sawritirae of the Maker, artdorsar, suety, guaentw or accommodation party of this
Note (harainafter gferrad,to as the "Oblgors"1. now in a at any tiny hapftt+r eorrtinp into rite control, ctutotfy or pOpeiiiont of the Bade; wMther fa tM ex-
pressed purpoa of being used try tM Bark es Collateral. or for any otter purpoN, and upon any bNatta or belantoea to tM txadit d any ooeounta, indudirta
trust end aaentey aocotnna maintsitted witbthe-bank by arty of tM.Obliaors, and.the Oirligon carp to-dNhrer to the Bank addittonN CollserN or trtak_a such
payments in nductian of the principal amount of rite lost es shall ba atisfactory to the Bank, in tfta avant the a/oranrtentiatad Collaerat shall decline in wtw
or become urwtisfactory to the Bank. - ~ -
AdditiOM to, reductions w axtdtanaes of, or suMtitutiora for tM Collateral, payments on account of thb loan or inereaess of the ante, or other loans made
partially or wholly upon tM Collateral, mw from time to time be ntatlR without affeetlrtg ifte provisioM d thb Notes. Tito Benk shall axarwe rpeonabN w~ in
the custody aril praarvation of tM Collateral to the extent required by appliable statue, and dtail be deamad to have exercised reasonable eae it it takes nrM
action for that purpae es Maker shall raasonabfy earnest in writing, but no ombsian to do any act not nquped by Maker shall 6e daemad a taaun to exercise
reasonable an, and no omission to comply with any request of Maker shell of iteef be deemed a fauun to exacip naonable care- Bank shall not be bound to
take any crape rteastary to prestrrve any righq in tM CoNaterN egeimt prior partNt-and Maker shall take NI rteasary shpt far such purposes. The Bank or its
nomintae need not oollaet interest on, a a printdpN d, arty Collateral or. Give any notla;with respect b it.
The Bank may continue to hold atY Collateral dapoeitad herwnder afar the payment of thb Note, if at the time of the payment and dbdtarae Mreof any of
tl?e pertip liable for the payment Itanof shall be then dlncty or contintgantly liable to tfN Bank es Maker. entdorar, surety, gtnarenta or accorttmodation pertt?
of any other note. draft, bin of utdtange, or other Mutrumsnt, or otharwia, and the Bank may dtereafter exercia all riata wilt respect to said Collaterst
granted herein even tltottgh this Noe shwa haw been aurrandeted to the Makes.
If the Bank deems itself iraeatn or upon the heppanUrg of arw d tlu fdtowltp et?ents. rrofl M whkh ehNl cotrtltua a dalault, Nf Ilabllltles d e.ch Maker to
the Bank. irteludirtg tM entire unpaid printetpal d thq Nob and atxrtred lntaraet, Isle attll uneMnd interest aril any Inlarest b utaw of the max
by few attd any rebaee ?equirad bt? law, altNl frrrtiadhtely a thereafgr, at the option d the garlic. except that rites oocurrena of ic! err Idl ahN1 tornn-
ic aceeteration;witftout notices or denrtard, beoornedw and payable: ld the failure of any Obligor b perform any obligation, liebniq or ddm to rite o pay
interest INreon within 10dayt afar ft b dw, or N there is no dw doe, attar it b bills! or otherwise raquesed a dantaded, or to pay any other liabd' tvftat-
soever to tht Bank vritent dw: Ibl tM death of any individual Obligor, lira dissolution of arty ~ertnerahip Obliaoror tM diewkrtion, mercer or oonadkYtion with-
out the bank's prior written courant of arttr corporate Obligor: k1 ifli ilirtg of • petition in batkruptcy or lire adjtldieadon d imolwnttl? or bankruptcy untder
any. reorganization, arrataNttant, reedjustmatt d debt, diwelutiort, `fl~tnidation or similar proaedinq under any Federal « seta statue, try or against arty
Obiga: Idl an appliation for the appointtnatt of a r/calver ter; a die making of a gentarai assigrwrtent for the benefit of txedkors by, any Obligor; lest the entry
of judgmatt againtst any Obligor; Ifl the issuing of any attaehmartt or aarnbMnatt, « rites tilintg of any lien, agairot any property of any Obligor: Iii cite taking of
possession of any acrbetantiat part of tM property d arw Ob1pw at the instartoe of sty goverrtrrtenW authority: Ihl tM determination by tM Bank tftat a nntaMti-
at adverse tgtentge hes otxurrad Jft the- tirtetteiel txattlitbn d any Obliges farm rite tandkiofte eat tarth In tfw meet reOMt fitneeial setamefrt d ouch Obliges
neretotore fumbhed b the Bark, a from the cofttlltlwt d each Obligor ere tteretotore moat recently dbdoaed to tM Bank, a that any werrenh, raprapnetion,
certitiate or etabmMtt o/ afly Obligor (t+rhathrf tiahtelned N d1N Nate fA not) pablNng to or M eonrrctbn wilt fhb Note a the loan widened by Mir Noe
congitM sti untrue ataterrtMtt d nuterW fact of aNU tb wfe let feet ntet:eseery M order to make flu #eatemanta rrtede not mieleadwg; a, li! tM aesignr
meet by any Maker of any equity in any d the f~lllatird rripi9{lt~ior sYrtten txtnnent of the Bank.
The Bank shell have. but shall not be lintitad te, ttt~ following riahet, aaKit of whkh mw be atercbed at any time whether or trot this Noes b dw: lit to
pledge a traftsfer thM Nob ttnd ttN QolptarN sytd tlu rMk IftNl dlMaupon be rNNrad of Ml tiutiaa std nfpofulbtUtNs ttawfttMr and rNiewd hour airy and alt
liability wilt reepeet b any t:011aterel eo pledged er trensfMred, and any pNdgee or trarNfetM Nraa for ea purpows sand m the pica d fire Besdc Itereurttler and
hitA aN the rfyltb M flu WMt herwldar;1111 to tnlWa the athole or any part d the Colbbral into the natrN d IitNf a is naninee; lift) to voce, the Conewal;
(iv) to notify tM Obligors of any CollaterN b stake peynlMnt to the Bank of any antouttes dw Or to beoofrN due thereon: lvl to darttatd, sw.tor, n~llact, a
mek. sty «t~NK~ as usef~ e~"re~n means u~t
r~e~Ree~°~s
~dc~a~es; t~nee,° an~~r"~~s aas~s'i°gns :°t ~OMa'~'
NOTICE: 8EE OTHER~IOE FOR IMPORTANT,INFORMATION 8~~