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lNSTAL~ ENT PROMISSOi~1f-NOTE ~ ~ .
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.TURTLE REEF ALSO IATES, INC. lAi AmountRepiwd i
lBl PnrMum for credit none
Jensen Beach, Florida 33457 Lih~oit.bNitY Im. :
Icl Documentary stanws ~ none
. ofr + Iol nth.. gterges (ibmisel : none
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PIOT~ NO. GATED: September 5. . t9 7~, IFI. s -none
Iii) Ansount Finansoed 1
~E. September i6, , le 89 , u, e, c, D. E, FI s 3 ~
l?y.lnpren - i
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PLACE: . FLOR)OA ~II^~rsdit Invatigetion
W1 ~ - - 3
Fw valve reeeiwd, tM unwnigrsed (hereirsafter plkld "Maker"I jointly end ee~rgEy (if {K) i ,
more than anal promise to pay to tM order M tM Barak, at is of fip land above, tM Tofaf •
of Payments (from lNi at right) of 1 Q .711.60 Do11aa peyabN in t?0 IU ' - ~ 7
lrwll FINANCE CN ROE ~ Lt-
ertual nwnthly inttallinena of = 105.93 tlq ti»t -
IH, 1, J, K, 61•~ ~ ~ ~a ~2g •
rnstallmsnt dw on OCt. 16,, , 19~_, and wir::y-ulsrst installments dw on iNl ToW of Paymegp IG + Ml i,.i, 2 g7I ~j
s6(1~
tree 16 day of ~~sonith tMreett~r=to~ether with a FINAL BALLO~1 PAYMENT OFt - ANNUAL PERCENTAsti_E RATE„1_,QQ.., - % ~ i
S DUE ,1B~_.
TM Bank shall impose a dNirsgwney charge against tM Maker on any payment which has becatse.dae end rertaim in defwlcfa a period in exoew 10
days in an amount equal to 59fi of tM amount of tM principal pert of tM payment in ddwlt. In tM event that tM Noe a not paid in full st maturity, a~-
menu, whether principal, interest or otMrwae, shah bpr inteest et tM maximum legal nn allowed under tM laws of tM Stan of t=brills. All payment~VrsedR
hereunder shall bt credited first to interest end then to principal, however, in tM event of defsul~lhe Bank may, in its tole discntioil. apply any p~
interest, principal end/or Iswtu~ dsarges then aoerwd, It a tM intention of tM psrtiNS hereto that tM'(kovaiop herein shall not provifM nirectly or
for the paymerst of a greater nn of interest or the retention of any other chargt then a slbwad by I~w, If, for any rNSOn, interest in i,xpa of wch fecal rata or
a charge prohibited by Iasv sMll et any time bspaid, shy suds exoasi shNl either nxsnstitun and b traKed a a payment on tM principeTor be refunsded directly
to tM Maker. _
TM Maker mry prepay tM entire srryssid belarscs of tM ban at env time, ff tM ban.a prepaid in full. acceNrated or nefinarspd, the Maker ~sMN iagiva a
refund of tM unearned portion of tM interest end imuranp premwml eatKruted by tM Rule of 78's nsethod, exppt that tM Bank shell bt entitNd t0 retain
a minimum interest dsuge of 56.00. _ .
CREDIT LIFE AND CREDIT LIFE A DISABILITY INSURANCE ARE VOLUNTARY ANO NOT REQUIRED FOR CREDIT. Such irswrarsee coverage a
available st tM cost designated Dhow for the term of tM Credit: (e) _ for Credit Life Inwrarsw Ibl i
for Credit Lib ti Disability Irrsuranp: - `
Check ? Credit Life Irssrrrsrrce is desired On tM life of
Appl.- Birthdsts
f3ox ? Credit life ~ Disability Inwranp is desired on
Birthdste
Credit Lite and/or Oissbility insurirtp is not desired. ~ G
Date: Sege 1979 Signatue ~ ~
Thiery F. Mai re
~ Silllue aa,11
As security fa tM payrrsent of the Note tM Maker hs?tfby grants to tM flank a security interest in tM following propertY:li1_LYiJria Reef COf1d j
recerdad in D_ R_ Bpp~,(~,TOe 2DA2, Mit W~wlcs 2R end 29 in ~ Cend_ D~20,;.,An~ Ne_ D-2(1
ltt: dnecrihnd in c>,id lnert~~e•
including ell increaa, substitutions, replaprrtents, edditiorK end acpssiorss thereto and in the proceeds thereof lheninafter plied "Collanral"1. Tlsia severity
interest shall also secure any other indebtednssss Or liability of the Maker to tM Bank direct or indirect, absolute or cantirsgent, dw or to beconss due, now ex-
feting a<.IserNtter s?isirsg, including aN future edvarsas or loans by tM Bank to the fNeker.
TM Bank a also giwrr,a Tien and s security interest•in stl property and securities of dse MMcer, endorser, aunty, gwrsncor or aceonwnodatgn perly of this
Note (M?einafter referred to a tM "Oblgori 1, now in or at any time herafter coming into tM control, custody or possession of tM BMSIi, wMtMr fa tM tx-
presseni purpose of beery used by tM Bads a Collateral, or for any other purpose, end upon any bslarsce or bslarsca to tM pellet of any aoeounts, including
trust and agsrsey eoeounts maintained withtM flank by shy of tM Obligors, end tM Obligors agree to dNiwr to tM Bsnk sdditiorsM ColpterM or necks sud?
paymasts in reduction of tM principal amount of tM loan a shall bs sstaisctory to the Bank, in tM event the atorernsntionad Collateral shall dedinse in value _
or become urssstatactory to tM flank. '
Additions to, reductions or exdsersges of, w substitutions for cM Collateral, payments on account of this ban or irsaeasa of tM same, or other berm made
partially or wholly upon iM Collateral, may from time to time bs rnsde without affecting tM provisions of this Nots. TM Bank shall exercise reaonabN pre in
the custody end preservation of tM Collateral to tM extent required by spplipble stature, and shalt be deensed to have exarciad reesonabte pre if h takes suds
action for that purpose a Make :hall reswrsaWy request in writing, but no omission to do any act rent equated by Maker shall tae deemed a Iailure to exercise
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reasonabi-i can, sea rso omission to comply vmth aey ~pwsl of AbkK sfull of itself tie deemed i failure to uxe~cae .easasable pre: Brisk shatll not Dr bound io -~ti
take any steps rseoestary to preserve shay rights in tM Collateral against prior parties end Maker shell take all rseassery steps for such purposes. TM Bank or its
nominee Head not nxslkrct intact on, a a principN of, any Collateral or give arsy notip:with respect to it.
TM Bank may continue to hold any CollsarN deposited herwnder after tM payment of this Note, if at tM rinse of tM payment and dadsarge Mrsof any of
the pantie IiabN for tM payment hereof slsall be then directly or ContirsgentlY liable to tM Bank a Maker, sndoreer, surety, guarantor or aCCOrtsnrsodstiors party
of arsy other mote, draft, bill of exdsarsge, or other irsstrurrsent, or otherwise, and flee Bank may thereafter sxereae all rights with respect to said Collateral
grsntd Mrsin even thougts this Non shell have been wrrarsdsed to tM Maker. _ .
If tM Bank deems itself irssscure or upon tM heppsning of any of tM folbwity events, ~s of whids shell eorsstitute s defauh, all IiabiNtia of Maker to
the Bank, including tM entire unpaid principal of this Non and acpued inarest, kiss srsy,Mrsearned interest end any intact in excess of the mesceruNkswed
Dy Isw and any rebates required by law. sfsall imriss~atsly or tlssreaf ter, at tlse option of tM Bank, crept that tM oocurrenoe of k1 ar 101 eheN torrset-
K scoeleret ' : vrigsour - of derrs~d, ~M due peyabMata! dse f ' ~ any qor to perform any obligation, lis~lity or deem to tM to fay
mtereet wi4ltin ~s after it-a dw,-Or ifi ~tl~no bil otMtwise egtMtted r# derrsarsded, ca pay any oa~a~,rfset
soevsr to tM Bank wMn dw: Ibl tM•dath of am/ end .the d' of pertnarehp OWigtsr of tM dasobtioi+, merger or tech with- .
out iM Bank's prior written conserst of any rmrtroran Obligor: ( rtes tiling , .s peti ' ~ ap bankruptcy or tM adjudiption of•ineolwrsty or benkrttpgy under
any reorganization, srrarsgerrsent, eadjustme+st of debt, diaohrtion, IiquidetipA or,~imilgr proceeding utsder any Federal or sfaa statue, by or sgairnc any
Obligor; Idl sn appliption for tM appointment of a receiver far, or tM mtikini~Ots¢niraf •ieignsnsserst for tM benefit of peditore-by. any Obligor; lei tM entry
of judgment sgsirsst any Obligor: Ifl tM awing of any attachment or g.rrslN+rrsertt, ar:tM fiti,q of any lien, egaintt any property of smr Oblpor:l,1 the taking d
possession of any srrbetantial part of tM property of arsy Obliges at tM inttsnoe of any governrtsersW authority: lhI tM denrmination by tM Beak that • meteri-
a1 adverse dssnge has oaurrad in tM finsaneial condition of any Obligor from tM rxsrsdltbrse set forth in tM molt regret financial etatennent of cods Obligo? ,
heretofore furnaMd to tM Bank, a from tlsa eorsdition of such Obligor a Mretofan nsost recently disdoetd to tM Barak, or that amr werrartty, repraeantation,
urtifieate a sgtament of any Obligor (whether contained in the Noe or note pertainsiny to or in CorsrsectfonrwiM this Note or tM ban widascad by the Noe
contains an untrue tutemer?t of mttsriN feet a omits to state rnttsrisl feet necessary in order to make the pitenrsents made-not mieleediir: or, (i) tM awgrs-
ment ay, snag Maker of any equity in any of tM Collaural without tM pries written oorasest of tM 8enk. -
TM Bank shell haw, but shNl not be lin?ited to, rise tolbwirg righp, each of whkh me3r be exercaed at.arsyE.Wg1,;~tetMr, a not this Nola a drre: lil to
pledge or trarsefar the Non and tM CollaterN and flee 8arsk shall tMnupol~ be reiievedK aft dude/ and reponeibili>~s_h~r~ridstr end rMieved hom crag end al!
liability wills retpeet to any Collaterel so pkidged or terafernd, wed any Pledgee o< treneterae shall for sN purpose stand in-the pga of.Ma 9Mtlc Iserwrsder and
hew aN tM rights of tM Bank Mrwrsder; lei) to transfer dse vsfsde a any part of tM ColktitarM irsto tM name of itseM or hal~aalirg111; G+i) tb wsa tM CoNatual:
liv) to ratify the Oblgoe of any ColMterN to melee paynNnt to tM 8arslt of arsy amwpa dw onto" become dw thereon: fvi to darrrerd, sw for. oolknet, or
~ke•nY ~NK~ afes~"use~` l~erm`eans ~ur~e~Ree ss
oc~a~es; `~nart~~r°°~~s a's"~rign°s:d`
NOTICE: SEE OTHER SIDE fOR IMPORTANT INFORMATION yyr~ QpyR w
ens yes o... area ~ DUUI1~~ 1~~ i