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i INSTALLMENT PROMISSORY_NOTE ,
tURTLE REEF ASSOCIATES, INC. ' ~ - -lAI Arnount.NeaNwd--.--- ~ ~7-5~-~
tsAN NAM ~ : ~ - lt?I FrerNum fe? C?tdlt none
Jensen Beach, Florida -33457 - ufe,'n~ebal~r free. s _
' ° ~ Icl DowlnNftw EtMnIN ~~o~w
~ tbl other Cher~n (lrrrlltyl 1~~
LEI ~ B
NoTY No. bAteb: ~ .toil. IFI - a none .
DUE: _ S r' ~ is 89 . If31 UA
du ~~4e l+nr~ s 7 s,,50Q 00
e~te~ lHl Interen ! '
PLACE: . PLORIOA 111 C?edk Ihwetiratbn _
IJI Other !
For wIw rectived. the undersigned iheninafter ttslNd "Maker") jointh? and severally IN IKI 1.~.~~~-.---
mae than creel fxontis• to pay to the order of tM Bank. at ib office listed a~tow. the tool ILL '
of haytttanb ~lrotmlNl at rlEhtl of 12.915 ~6Q bohen pryabta in (Mi FI qbr
wu.l tnonthw inslatbnanb of ~ . tttg Ilhtt tH.~ j!~~~ ~ 5,15.60
iratNtrttent due an , tA~... and wbngwnt tttseblhttenb five otl !NI toW ol. Mllynwllb ltt ~ 1~) !
the_,LdaY of ~ t it~et~ with ~ FINAL BALLOON PAYMENt OF: ANNUAL l~gCiNtAOk gAtE ~
s - DUE .111:...x. ~ t
The Eartk t/tall a daHttgtlency tdtarye ao+l?ut the Maker tlM any peylttenl wlllOh has tttieWtlll, dIN ftlld f1My1tM Ut tlglNllt le? • pg?lod M ext~e a~`a~l
days to an amount atrial _l0 M6 of. the aretount of the prlnetpal pert of fife wyrtwnt M tlelwlt. In the event Chet the Nor b not pNd In tWl K tttatur , ail ptiy _
rrcentl, eMNther ptlntdpN. inletMt or otherwW, shgh hie? MierNt at the ntettNtNNtt hijjaal ttlti slbtead dtttN? life Ififse !d tiN Sbr M t<lo?Wa. All paylb made
hereunder shah bs credited first t0 interest and then to prkicilsal, howwer, in tM went of tNfault, Nta Beek rltey, M Ib able dbe?etlon. tlpply any paymettt to " - =
interest. principal stttNa lawful cl+ergee th~rt .caved tt b the Intenttan of thft pertbe hertKo dat the Wotrblone herein dtd) tMlt 11?twlde dkeedy a lndkecth!
for the payment of a preatai me of Interact"w tM rebntlon of any ttthM tat!?ge tltNt b sllolMd tN few. It, la fitly ?MioM, Ihti?Mt ht etti~w at tlttlt kgel rate or
s charge prohibited. by law shaft at any time (M R+Id, any such exari shall Nther eofutltur and tN trNrd r1 t p/ynNht Wt th! WNttbN a tN retutttled dkyctly '
to the Maker.
the Itlek~ ttlNr iulptM HIE NItIM YltpNd bglgllell tll tMr (oflM r~ tt1111 IIMIS. If !II! iblNl N gl11Wd IM wu. Willllt?Ilud er tI111wItMd, tIM Mllltll? t>llril raerlw
refund of the unetvrted portbn of the Inbrest and Imwattea p?amWttte owttjlupd.by tiN MWe Of 111'! ttNtltod, ifttellft tI1M du Ueltk then ~te NMltled to retain'
s minimum Inte?alt t~terfa• of !li.Otl.
CpEbtt LIpE #Nb CpEblt LIpE 8t bISABILItY INSUgANCE ApE VOLUNtApY ANI! Nbt plt7UIMEb le01t Clllblt. duck hrw?tuta cotra?a0e b
awilable at 1M eat dNtOnetld bttow For tM term of the errdk: fal ! ~ t0? C?edjt Uh If11Ut~fleg (bl !
for Gedit Lib 8 DWbitity Inwranee:
Cheek ? Credit Life Ittsurartce b desi»d on tM Ilia of
q~. _ _ - o!rthdlr _ .
Boz ? Gedit Ufa A blsabllhy Insurance k desired stn
r~ tlkthdab: - i'`
u Credit Lib and/a DbablUty Imurana Is not desired.
Darr. 20 August 19'9 8lrrtatun
sts~wn
As security for tM payment of the Note tM Maker hereby granb to the Ban a leeur tt? Inter n tM tdlowl tY; I n Turtle R@~
Cored I. ret;ordf~d in O.R. Book 263e[ naae 2002, Unit Keoks 35 ~1 36 ~n~ond D-14, t. No D-
~.t>iesrilbect_i n sal d ~ ^
~ncludirg all inueaset, substitutions, nplaesrrtents, additions end accessions thereto end in the proceeds thereof Ihereimfter piled "Collabral"1. Thts taturity
interest shell sbo secure any other indebtedness a liability of the Maker to the Beek direct w indirect. afxwlub a condrtgent, dw a to become dw, now ex-
isting a Itereaiter arising, t`neluding all tutors advance or bans by the Bank to the Maker.
The Bank is also given a lien end a security interest in ell property ind securities of the Maker, endorser, surety, gwrantor or accorrwrtodation perry of b
Note (hereinafter retard to as tM "Obligors"1. now in or et arty time heraftar coming into tM t~ntrol, wstody or posseaion of the Bank. wMthar for the
pressed purpose of being used by tM Bank as Collaaral, or for any Other purpose, and upon any balance or belartpe to the credit of any aaounb, including
crust and agency atxarnb maintained withtlte Bank by any of the Obligor, and the Obligors agree to dNiver to the Bank additional Co1NmM or make such
payments in reduction of the prittcipsl amount of the ben as shall be satisfactory to the Barth, in tfte event ttta aforementioned Collateral shall dedirte in valor
or became urtsatisisetory to the Bank. '
Additions to, reductions or exchanges of, a wbstitutiwq for the Collateral, payments on atxwttrct of fhb loan or incrsaa of the sartte, or other loam made
partially or wholly upon the CollaterN, may from tints to tints be made without affecting the provisbm of fhb Note. The Bank shall axert.ise reasor?abN care in
the custody and praarvatbn of the Collateral to the extent required by appllpbls statute, and shall be daerrNd to haw exercised rauoruble cats if ft takes atrM
action for that purpose as Makes shall reasonably request in writing, but no ombsbn to do any act not regtragd by Maker o1tMl be deemed a failure w exercise '
res~onable pre, and no omissior? to comply with any squat of Mekacshall ofltsNt be deemed a failure to exachN nuonabb an. Bank shall not W bound to -
take arty steps nspsrary to Preserve arty rights in the Colbteral agaMt prior pertias and Makes shall take NI neoeaary ebps for such purpose. The Bank or its
nominee need not txtllfct Mtenst on, or a prkxipN of, acts Collateral a ghre any notla~with respect to lt. -
The Bank rtthl continue to hold any Collateral deposited herwrtder after tM payment of this Note. if at the tints of the payment and discharge Mreof any of
the parties Babb for tM paymatt hereof shall be then dirat:tly or contlrtgently liable to tfM Bank es Maker. endorser. surety. guarantor or acCOftMttodatipn party
of any otftN note. draft. bill of exchange, or other ktstrumeett, or otherwise. and the Bank may thereafter exerebe all rights with respect to said Collateral
granted herein wen thotph fhb Neq shall have been aurrerdered to the Maker.
If the Bank deems Itself Insecure w upon the ltappattln/ o! any of the fdlawlM evartb, etlett bt triitleh MINI conttkub a ddault, elf IbbNitla of each Maker to
the Bank. indudtrtg tM entire unpaid prfnt:IpN of fhb Note and at:uwd Interest, Nu ale/ ut ~d Inlueet and arty InN?Mt In ettcess of tM trwttMtttrrrt Nbwed
by law and any rebates required "by law, shall ittxrwdlabiy or thensfbr, at the op of fife Batik. exppt that tM ooewrena of (e1 or Idj shau cause aytorrtat-..
is aecekration; without notice or dentartd, beooerte dw and payabN: Id the falw.~ sty Oblpor to perform any obligKbn, IiabNity or claim to the Bank, to Qly
inters:! hereon within 1 Odays after it is dw, a if there b no dw dace. after it a b Nd err otherwise regtrasted a dtenerded, or to Pell anY ot~ liability what-:-
soave. to tM Bank wMn dw; ibl the death of any individual Obligor. tM dasolution M any pennaMtip Obligor a tM dissolution, rtfar'ar err otirtedidatbn with- ~
out the Bank's prig written consent of env corporab Obliges: Icl the filing of a petition Ice 6ankrtlptcy dr the atStiWadon of IttsolvNtey or batkruptey under
any rsorgsniiation, arartgerrrnt, readjustment of debt, dissolution, liquktstan or similar proeriadirq under! any ~edarN or_ ibts statute, by or egeMst any
Obligor: Id) an appfiation for the appoirttrmnt of i raphier tw, or the making of a generN atsigiurtant for iM bertefk of usditon by, any Obligor; le) the entry
of rudgrrtait agsirot any Obligor; Ifl tM iswing of anY attadtrrtaet a ga?nahrrtsnt, or tlstfiling of any lien, agaimt any property of any Obligor: lgl the taking of
possession Of any substantial pert of the property of anti Obliges at tM irrtana of anY governrrtarttal authority; lhl the determimtiprt by tM Bank gtat a nlatari-
at adverse chertge has ooeumd in tM tirtateW oortdltton of arty Obligor ftdn the txx+dltitttte set ftxtb !1t tM•tftat reeint firtanelM staterrtettt d eudt Obligo?
heretofore furnished to the Bank. or from the condition of such Obligor st heretofore mat noentN diedoeed to the Bereft, or that any twrMnMy, r ;
ceratleate or etatentMt of arty Obllgo? (wltetltar cotttailled r fhb Note or ttotl {nrbUsing ttt Or in eonttaetktn wNh fhb MoN err tM loan atridettnd dtb Noq
contains M uMrw etitant`nt Of rtlatarlN feet o1 omiri tb ebr rtteterlN falE" + r~f trtake tlN ftatMNnte fltede not miMaadgtg: 01, 111 satign-
meet by any Maker of any equity in any of the Collaural without the prbr wr si
i~'COidant of the Bank. ,
R
Tfte Bank shall have, but shell not be lintitsd to, tM fdbwirg rights. each of whidt may be exercised at any tints whether or .nQt fhb NoM b due: (il to
pledge a trertafer fhb Nee std the COIIaterN and fife f4nk MINI thereupon W rNlevad of ell dudes and rat>pOnsMsllltlu heraurrler end rNk?rad hOm att+y and MI
liabuity with respect to any Colkstenl a pledged a trartsfarnd, srd any pledgee or trarahrN shelf -for ail pur{toNe stand In tlta pkta of tM Bank hawrtder and
itava all the rlrhtf of the Mnk httrgutder; 1111 to tniflstar fife teAwN Or any pan d the Cdktterat Mtto ttta rtattte of tbeM or is rtonttrtee; (i1i1 to voce the Colbbral:
(iv) to notify the Obligor of any ColfatarN to make payment to tM Back of any amounts dw a to baeonte dtr thereon: !vl to danwd, stre ter. oodeet. a _
retake any Mttlernent with to tM tercel: M) to a or old oaeda of Collabal.
1N C~ as used t ens ~ur~e Reessoc~a~es, t~`n an /orOD~`~s as'r`rsigns.
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NOTICE: 8EE OTHER BIDE FOR IMPORTANT INFORMATION a~n~~s~~~~4
fss Est R.v. ~i»'