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INSTALLMENT PROMISSORY NOTE
TURTLE REEF ASSOCIATES, INC. * la Amount Received ;-,f:~-~- -
. DANK fV/latfi 181 Prsfrtitsm f« Credit ~ none
Jensen Beach, Florida 33457, uf.r~t.biney Irtt. _
Ic1. oovementery stomp; = none
FFIC IDI Other Charges Iitemuel = none
LEI _ -none
NOTE No. oATED• Au9uat 3 ,1979 IFI ~ _ none
DUE: Auauat 16 ..1989. 1~3! UAr
a c,FD,
Ems,
F?F? t 6,~Q.4~Q
IHI Interest i
PLACE: , FlO.R10A ' 111 Credit Invwtigetion _
For veltre received, the undersigned (hareirtafta alNd "Maker"1 Tandy and teverNpl lit !J/ Other E
more than oriel promise to pay to eM ri is office tilted above. IKI
of Paymenri (from lNl at rght) of Oalatrspayeble in~~ IU ~ S
equN monthly ir?stNhrtertn of t , the first !MI FINANCE CHARGE 3,330.00
IH, 1, J. K, L)
~rotNlment dw on .~pteaiber 16 ,18 79, a,d wbepwnt ir»tNlmenri due on
iNl Tool of Payrrts+tes (O * MI ~ i..,~_e
the day of iaeh~onth tMreaft~rtto~tM_-with a FINAL BAkl.00N PAYMENt OF: ANNUAL PERCENTAGE RATE
s DUE -----19. -
TM Bank MINI impose a dNingwnsY chargt against tM Maker on enY payment avl?idt has become dw and remains in dNwlt for a ptariod•in excess of 10
days in an amount equN to 5% of tM amount of the principal part of tM payment in dtifwlt. In the want that the Note is not peicf in full n maturity, NI pay
menri, whether principal. interest a otherwise. tltall bear interest at tM maxinwm bgN rasa Mowed under the lavrt of tM Stse of ftorida. AU payments node
herwndet MINI M txedited first to interest and then to ptittcipN, however. in the event of defwh; the Bank may, in iri eoM dIiCretion, apply any payment to
interest, principal and/or Isvvtui charges then aocrwd. It is tM intention a ttta pairttat hereto that the provisions Main shall hot provide directly or indirectly
for tM paymuit of a grocer ne of interest a tM retention of any othu chage then it alkwvad by law. If, fa any reason, interest in exceu of such leptal ne or
a tltsrpe prohibited by law shNl at any time be paid, arty suM execs sMll either conttitutft and be treassd a a payment on tM prirtcipN of be refunded directly
to the Maker.
i
The Maker may prepay the a?tin unpaid balance of tM loan at any time. If t
:a loam is prepaid in full, atxx+Mated or rtifinsirtced, the Maker shah receive a
rotund of the unearned ponion of tM interest and irtwrsnoe premiums eon+pttted by thi Rule of TB's method, except that tM hank MINI. M entitktd to Hain
a minimum interest charge of X6,00.
CREDIT LIFE AND CREDIT LIFE 8 DISABILITY INSURANCE ARE VOLUNTARY AND NOT REOU!QFO FOR CREDIT. Such irwrrance coverage is
availaDN at the cast designated below for site arm of the rxedit: la1 f for Gedit Life Iratrrsnce Ib) S
for Gedit 4fe 8 Disability Inwrana:
Check ? Gedit Life Insurance is desired on the life of
Appl. Birthdate
Box ~ Gedit lift ~ Disability Irtwrartce is desired on
_ Birthday
r-~
U Gedit LYe and/or Disability Insuranq is Hoc desired.
Date: Ausust 3 a 1979 sigrtatu
Charles M. tteo
~
signatu y{ -
As severity for the payment of the Noe site Maker ItsnbY granri to tM BE+1k' t~lAe falowing prowrh?an Tu1+'fl a Reef Bnrtd I
recorded in o_ R_ Reefc 26~a ex~a4 ~nn„~; Unit 11rEeks 45-an~5 iN Cored ~ZO, Art. Ho. iL-24-
ac dpscri bed i n sAi d ~r?rt~c~w
intltrding Nt inuew, substitutions, replacements, additions and accessions thereto and in the praceedt thereof (hereinafter ailed "CalaserN"1. Thies security
interest MINI Nso secure any other indebtedness or liability of tM MNcer to the Bank director indirect, absaue or contirtgant, dw err to became dw, now ex-
isting or hereafter arising, including all future advartoas a loans by the Bank to the Maker,
TM Bank it Nto given ~a lien and a severity interest in NI property and securities of the Maker, endorser, surety, guarantor or aceonwnodatan party of this
Note Iheninstte. referred to es tM "Obligors"1. now in or at snY time hereafter comieg into the contra, custody or poss~ion of tM Bank. wMther for tM ex-
pressed purpose of being used by the Bank as CabtsrN, or for any other purpose. and upon any baaance or balances co tM uedit of any aocaunri, irtciudag
trust and agertey aaarnts maintained withtM Bank by any of the Obligors, end the Obliges agree to dNiwr to the Bank additionN CalaterN or make such
payments in reduction of the principal amount of the loan as MINI be tatisfac*_ory to the Bank, in tM event the aforen-,sntioned Collater~ltall decline in valve
a bsconr unsatisfactory to tM Bank. -
Additiaa to, reductions or exdtanga of, or strbstitutiorts for the CalaterN, psymana on sccotrnt ai this loan or increases of der carne, or other loans made
partially or wholly upon tM Collateral, may from time to time be made without aftectirtg the provisions of this Note. The Bank shall exerclse reaaonabN are in
the custody end preservation of the CalaterN to the excent required by applicable statue, and shNl be deemed to haw exercised retaortabb are if h take sud+
action for chef purpose as Maker shNl renortaWy ragwtt in wtitirq, but no wasion to do any set not ngtretad by Maker shalt bs deemed • failure to exerciN
reasonable are; and rt6 omission to-txtmply with any request of Maker-shaft of ittNf ba daented s falcon to exercise nssortable cere: Btnk MtMI riot bs bound to -
take any steps neceaary to preserve any righri in the CalaterN sgsirtst prior parties end Maker shall take NI rteotswry taps far such purposes. The Bank or iri
nominet need not collect inerett on, sir s principal ot, any Cdlatenl or give any noticawith respect to it.
TM Bank may continue to hob any CatewN deposited hereunder after tM payment of this Noe, if st the time of tM payment and daMarge hereof any of
the patties IiabM for the payment hereof tftall be then directly Or Oontirtgently IiabN to the Bank ere Maker, endorser. surety. guarantor or aooorrrttodatiwt psny
of any otMr Hosts, draft, bill. of exrJtartge, or other instrument, or otherwise, and tlr Bank may tlterwfter exerwe NI rights with raapact to sand CollaarN
granted herein own though this Noe aftstl have been surrertdend to tM Maker.
If the Bank deems ittNf insecure or upon the happertirtg of any of tM following events, each a which shell wrtstitute a default, NI liabilities of cods Maker to
the Bank, including the entire unpaid prirtt:ipN of this Noa end acuwd interest, less any unwned inarest and any interest in excess of the rnexinxrttt Nktwad
by law and any rebates required by fear, shall irtKnediaaly o? tlMreeftK, at the option of the Bank, except that tM ooarrrertce of Icl or Idl thaN ewe wtomat-
ic aeceleration;wititout notice ordarrterd, beeonte dW and payable: lal tM failure of any Obligor to perform any obligation, liability or claim to the Bank, to pay
interest hereon within 10dayt afar it u due, a H then b rto due dace, after it a bilked or otherwise requested or demanded, a to pay any others liability avltat-
soever to the Bank when dw; ibi tM dwth of any individuN Obligor, the dittolution of arty ptrtnerMtip Obligor of tM diriatrtion, merger or aoraolidation taith-
out .the Bank's prior written torgeltt a arty eorpo.ae Obligor: Ic1 tM filing of a petition in bankruptcy a tM adjudication of inaolwncy or bankruptcy under
any reorganization, arrangement, readjustment of debt, d'aaautipn, liquidation or similar ptooeedirp order any FederN or stse statute, by or ageirat any
Obligor; (dl sn application for tM appointrnartt of a reotiver for, or tM making of a ganenl apignment for the benefit of creditors by, enl/ Oblige; NI tfte entry
of ~udgrnent sgairttt any Oblige: Ifl tM issuing of any attachment or garnitltrrtent, a tltft filing a any lien, against any property of arty Oblgor; Igl tM taking of
possession of ariy substantial pert of the property of any Oblpor at Nte irtttartee of any goverrwttsntN etrtharity; lhl the dearmination by tM Bank eha~t a ntateri•
al adverse dtanpt het ooarrred in the financiN condition of any Obligor tram tM caditiortt tat forth in tM moot recant tinanciM tagnMnt of web Obligor
heretofore tumahM! to tM 8rtk, or from the condition of such Obligor err heretofore most rearttly diedoeed to tM Bank, or that any vrerranty, reprasanation,
te?tificae a ttatemsrtt of any Obligor (whether contairNd in thin NOe or eotl pertaining to or in oortnaetion with this Nog or the loco widartced by thq Note
conaint an untrue wtement of ntetaiN feet or omiri to sae material fact necessary in order to make the satemertts made not miMeading; a, (if tht awgn-
ment by any Mekar of any equity in any a the Calaenl without the prior written cortsertt of tM Bonk.
TM Bank shalt have, but shall not be limited to, iM follovrirq rphri, each of which may be exercised at any time wMther a not this Nose it dw: lil to
pledge or trarttfer this Noe and the CollaarN and rite Bank Moll Ntenupat M rNNVd of NI dutiessxd reaporftibilitiee herwMer and rNiewd hom any end all
liability with respect to any Calearel a pledged err ailnttarred, and any pleriga or transferee thNl for ell purposes stand in tM plea o1 the Bartle hereunder end
have aH tM rights of tM Bank herwnder; fill to tnrtsfar tM whole a any pert of tM Calatenl irKO the rtanst of itMlf or iri nominee; (iii) to voce tM Co11sMrN:
liv) to notify tM Obligors of a++t? Calatenl to make payments to the Bartle of any aarauna dw a to beoarrte dw thereon; (v) to dtfntartd, aw Tot, eolMet, or
mNce any tndentsrtt it ~aan)s~ ~aairabN -wilt ~t to the Col~terN: jvil to Wu,orr tea d 9oca«!t M CaMarM.
`a*~'NK~ as used e e n means urge Reel ssoc~a es, n , n ~0 OO~LS as'~s'i°rns.
NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION ~
F95 752 "Rev. 7/77 1. nn., ~ ~ ,..nom