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_ INSTALMENT PROMISSORY NpTE
•
TURTLE REEF ASSOCIATES, INC. * w Amount Reeeiwa s 5220.00
HANK NAM ~ 191 Premium for Credit none
Jensen Beach, Florida 33457 _ I.ife~0isebility Irte. s
lCJloocumonbry Stamps - : none
oPFtc A a (01 Other Chaga UtrnkN : none.
IE1 ~ :
NOTE NO. DATEO: Aagust 17 : s 79 . IP1 s none
s lG1 Amount Finertced ~ $j~~(~
,our: September , ~ , t9 84 IA, , C, O. E, Fl =
t - t., ~ ~ ,a (H~ ltt- ~ i
PUKE: ~ ~ • . FLOHIOA S • 111 t htveetigetiwt i
` ~ ' UI Otfte~ i
Fa vslua reaiwd, tM urtdersignad lheninattar celled "Maker"1 lointh? and severally lit IKI _ ~
mixe than oral promise to pay to tM order of tM Battk, at its office listed above, tM T~(o,W .
of PaYnwtp_It?orrt iN1 at rghtl of ~$~2 • ~ collate payable_in !U i
tiquN noneMy j/ntallmates oft 113.Sy , the tint ~ lMi FINANCE CHAROE_ 1712.20
(H, 1, J, K, L) t
~nstNlnnr~. dtie on ' OCtAbAM ~ , 18~, and arbsegwnt instal lrrtentt dw on a INl Total of Psymata IG + M1 t ~3G • ~V
tM ` ' daY of eechotonth thergitlrtto~etMr witfi ~ FINAt: BAL.IOON PAYMENT OF: - ANNUAL PERCENTAeE RATE -1Z-~ -
i10tIC -
s ouE . t9•
TM Sank shall impose a dNirtgtrancy charge against tM Maker on srty payment which has becarta dw and remains in defwlt for a period exoew of 10
days in an amount equal to 5% of tM amount of tM principal pan of the payment in defwtt. In tM went thst tM Nob is not paid in full at rttaturhY, NI pay-
menu; wMther princN~. interest or otMrwisa, shall bear interest at tM maximum legal ab albwed under the taws of the Sgb.oi Florida. At! payments trade
herwttder shall be credited first to intKest and then to principal. however, in tM event of default, tM Bank tttay, in it; e0lf dilCretion, apply any payment to
interat,~ principal and/or lawful charges then socroed. It is tM intentipt Of tM parties• hawt0 that iM proviaiorts hereto shell not provide directly Or indirectly
for 1M payment of a gtestar nb of interest err tM retention of any other charge then it Nbwad•by Law. It, for arty reason, interest in excaa of loch tegN nb a
a charge prohibited by Isw shall at arty time be paid. srty such excess shall eitMr canstitub and be traced as a psyment on tM principal a be refunded directly
to IM Maker.
The Maker may prepay tM entire unpaid balance of tM loan at sny time. If tM loan is prepaid in full, acaNrated a rafinsncatf, tM Maker shell receive a
refund of the unarned portion of the interest and irtwrana premiums computed by tM Rule of 78'f method, except that tM Bsnk shell De entitled to retain
a minimum inarest dtarpe of 16.00. •
CREDIT LIFE AND CREDIT LIFE A OISABIL.ITY INSURANCE ARE VOLUNTARY AND NOT REQUfREO FOR CREDIT. Such irquranq covarsga a
availabM st the cost designated below for rite term of tM uedit: lal i for Credit Ufa Inwrartoe ib1 S
for Gedit life 8 Disability Inwrsna:
Chock ~ Gedit Ufe Insurance is desired on tM life of
Appl. - Birthdab
f3ox ? Credit life 1!< Disability Inwana is desired On
_ Birthdate
l:_l Credit Lile and/o. Disability Inwrana is not desired. -
- August 17 1979 ,
Date• Signsture
Dr. E. Joh L ~ ry
Sgnature w
As security for tM psyment of tM Note tM Maker hereby grants to the Ban a sec tty to at n the toll 'rg property: i 11 Turtle Ree
Cend I~ arnrded nn 0_ R_ Bnnic 263, Pane-2002... Unit Week 4 in Cond. D-10,
Antes Nn Q- ltc ~~rihed ~n sltid met-taa;fa.
including all irtcreaes, substitutions, replsantents, additions and accessions thereto and in tM proceeds tMreof lheaittaftN a1Nd "Collateral"1. This security
interest sfuU also secure any other indebtedness or liability of tM Msker to tM Bank director indirect, absotua or contingent, due or to ttecortta dw, now ex-
isting or henattN wising, including all future adwnces or loans by tM Bank to tM Maker.
TM Sank b also given i lief and a security interest in ell property and securities of tM Maker, endorser, surety, guarantor or accornntodation party of this
Note Iheninaher referred to as tM "Obligors"'1, now at or at any time herafter coming into the control, prstody or possasiort of tM Bank, whether for tM ex-
wetasd purpose of being used by the Bank as Collabral, or for any other purpose, end upon any bslsnee or bNsnas to tM aedit of any amounts, irtcludirg
vast and agency aixouna maintained vrithtM Bank by arty of tM Obligors, and the Obligor agra to deliver to tM Bsnk sdditionN Colpteral or make such
paymsMS in reduction of tF» principal amount at tM loan as shall be satisfactory to the Bsnk, in tM event tM aiorerrtsntiated Collateral shall decline in glue
or become urtsatistactory to tM Bsnk.
Additions to, reductions a exdtanges of or substitutiom for tM Collateral, payments on account of this loan a irtpeases of tM settle, or other loans made
partially or wholly upon tM Collateral, may from time to time be made without affectitg tht provisions of this Note. TM Banktftall extrcae reaoneWe care in
the custody and prslertratiOn of tM Collateral to the extent required by spplicable statute, and sltNl be deemed to halve exerciad renonabN are if h takes such
action fa that purpose as Maker shalt raaonably regirat in writing, but no omission to do sny act not requested by Maker shall be deemed a Isilun to exercise
ressonabl an, end rto omission co comply with any request of Maker shall of itself tie dsen»d a failurb to axeicite ieasonabte can- Bank -shall nos Oe botstW to
take arty steps rteoeaary to preserve any rights in tM Collateral against prior parties and Maker shall take all necessary steps for such purposes. TM Bank or its -
nomina need not collect inbrest on, or a prirtcipel ot, anY Collateral or giw any notip~with respect to it.
TM Bank may continut to hold any Colbteal deposited hereunder sfter tM payment of this Noa, it st tM tints of tM payment and disehsrge Mrsof any of
tM parties liable for tM payment hereof shall be than directly or corttirtgently liable to tM Bank ss Msker, endorser. orrery, gusrsntor or aooornrtodation petty
of any other note, draft, bill of exchange, a otMr irtstrtuttent, or otherwise, and tM Bsnk may theresfter exercise all rights with respect to ssid CotlabrN
grsntad herein wen though this Nob shall haw been surramdered to tM Maker.
If tM Bank deans itself insecure o? upon the happening of any of tM following events, esch of which shall oorntitute a defaWt, all liabilities of eseh Maker to
the Bank, including tM satire unpaid principN of this Nob and aixxwd inbrtKt, lea srty unearned ineerest and any interest in axaa of tM maxinwm a~lbwed
by Law and any rebates squired by law. shall immediately a thereafter, st the option of the ~k, except that tM occurretta of (c) a ldl sftatl eawe wtamst-
ic aixeleration:without notice or demand. betorrte due and peyabb: lal the failure of any Obliges to perform arty obligation, liability or claim to tM Bsnk, to pay
interest hereon within 10dsyt attar it is dw, or if then is no dw dace, after it is bi1Nd a otherwise regwetad or danarded, or to peY arty other liability whst•
toever to tM Bank wMn dtxs; lb) tM loth of any individuM Oblgor, tM dissolutan of any pttrtnership Obligor or tM diaolution, retarget or cortsolidetion with
out the Bank's pier written eonsertt of any t:Orfwrab OWgor; lel tM filing of a petition in bankruptcy or the adjudication of irteolvertcy or bankruPteY under
any reorgani=anon. arrartglrttent, reedjustmMt of debt, dissolution, liquidation or firnilM prooeedirp under arty Federal or state ebhrb, by or against any
Obligor; (dl sn appliation for the appointrrNnt of a rei»ivar for, or the making of a genarN assigrtrnatt Ion the txtrtafit of ueditors by, snY Obligor; let tM entry
of lodgment ageirut any Obligor: Ifi tM iauirg of any ettacltmatt or gexnishmtent, a tM filing of any lien. against any properry'of sny Obligor: l!1 rite taking o<
possession of any substantial pan of rite property of any Obligor at iM irtetana of any goverrwmattal wthority; lh1 tM determination by t1~11,9artlc that a rrtetpi-
al sdrerte dtange hoe oowrred in tfte firtartcial condition of arty Obligor from tM conditions set forth in tM most rant financia~sbtememt of each Obliges
heretofore furnWted to tM Bank, or from tM condition of such Obligor as heretofore mat retxirttfy dadosed to the Back, or that any warranty, rttpreeenbtion,
certifiate or sbtematt of any Obligor (whether oontairtid in thin Note or not) perbinirg to a in oonneetion with this Nob a tM loan avideneed by Mta Non
contains an umrue statemartt of material fact or omits to sate material fact rtecaaary in order to rneke tM statements made not mislaadwq; err, lil rite assign- .
mart try sny Mekar of sny equity in any of tM Collea?N without tM prior written consent of the Bank.
TM Bank chap have, but sitNl not be tirttitad to, the /ollowirg rghts, each of which msy be exercised at any tittle whether a not this Nob a dw: li1 co
pNdge or tnrtsfer this Nob and tM Collateral end tM Bank shall tltanupop ba rNievat of sp duties end retpOntibilitNS Mreunde? and rMieued from eats and MI
liability with reepeet to any Collateral sD pledged Or tnlteferrMl, and any pledgee or trrafera ahall for cep purpoMe sand in the place of rite Sank Iterauedar end
hsva cep tM rigltb of tM Bank herwnder; lit) to tender tM whoN or any pert of tM Collannl into rite name of iteeH err its rtorrtirtee; (iii) to yob tM Copaaral;
(iv1 to notify tM Obligors of any Coll~atter~al
to make peyrtwtt to tM~tBpenk. of any amounts dw a to beoarrte due thereon: Ivl to demand. Mra for. collecK, or
make any 'tfNrllc~ as~used et1 `re~n means 'furLle~Reessoc~a~es; `~`n~° erect/or°°~~s as'~s'ig c°t"tera'
_ t NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION ._~R"E~ ~ n. !