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INSTALLMENT PROMISSORY NOTE ,
.r
TUNtLE REEF ASSOCIATES, INC. * tAl i?mtwnt Reeeh?ed ~ 4,000.00
SANK NAME PrelnlUm for Credll
Jensen Bpisch, Florida 33457 uf•/t)leewlh, Ire. ~ non
lCl bowtwnt.ry !ltehtpl 0~~
~ (Dl OthN Chaves (itemisel ~ ~
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IEI ~ ~
NOTE NO. DAtl:o: 26 A~I~tist . tf~ 79, IFI s none i
l01 Atttount Plrlarteed ` _ 4,000.00 '
cue: 11 September . to 84, IA, r, c, D, t=., frl = !
IH11ntNNt S~ t
PLACE: ,FLORIDA 111 Credit ItttrestlWtlon ti i
For wive received; tM undenignatl IMninafter called "Maker") jointly and severally Ilf IKI p ~
more than oMl promise to pay to th~orrjs~~f ttx8ank, at its olfip Ibted above, the ToW
of ftaytttente (trout INI rt rlghtl of . Dollars wyebb In 60 tMl FINANCE CNApbE ~ 1`337P60
egad monthly II»ttdlntcnts of >1 ~ • 96 , the tlNt ? •
~nttallrrtent rive on 11 October 7 end eubssquattt IraWltttents tale on 1N, 1. J, k, ll ~
tam, INI toW ol. Mwfltrntr 11! + MI ! 51337.60
the 11 day of aach~wr?th tMreaftNLto~ther with ~ FINAL BALLOON PAYIIAENI OF: IyNNUA~ MLpCENtAG~ RAfE 12.00 X
S IIOffC DUE , 1fi.,..,.~. i
the ffank t>tiall Imfwse a tlellrtquettey charge agalrwt the Make? on eery peliMeMl whpd+ hoe txloelfle tI1N rod nMrlw In detrult tw !period In extxlss of 111
days In an amount equal to !!t!$ of tits ~ur? of tl+! nar±6lual Hart of lira wythent Ih deteult. In the watt tiler the-Nab N not Wld In full n tttetwlty, all pey-
ments, MtfllMN prlrtelpal, Interest or othNwlN, shell ricer InterNt et the InexttfxlM lejleel rate allowed tinder rile Irsy! of the titete o1 plorlde, All peyttwntt made
Hereunder shall be aedited first to interest and tMn to principal, however, In the event of defwlt, the Benk May, In lri edfl dlletetlon, apply any payment to
interest, prlrtcipal and/or lawful charges th~rt atxrtted. It b the Mtentlon of thlt pertiM hereto thrt the ptovlslons herein ehrll IWt proekN directly or tndkectly
for tM paymutt of • erecter rate of Interest or tM retentbn of any other thrtge thrlt N ellOSYrd by (eve, 11, let my ?NIOM. InttNeet In ext~ss of each leyrl rcu tx
a charge p?ohibited by law .hell at any time be paid, any sud+ exoea shall Nther. Conltltub end be trailed M • prylrleht WI f1N prlltt:lpel or W refunded dlreetl~
to thi f,AehN. - `
the 1Mellw eelgr p?Mwy thr etltWl uflpeld belendl dl ~ Iwh W rfly law. t11Ntl (torn y pNtNld IM lull, ttelwllrilrbd NIIllllleed, lira! IIl1rItN Illill ?et»lw tb
refund of tM unearned portion of the interest and itaurence premlume eatywted by rile Mule of 1d'1 trletllted, ext1lpt thN file Wok ehell're eftlltlN! to retain ,
a minimum IntNeet t~tarec of !lLtXh ~ i
CREbIt LIFE ANb CREDIT LIFE A DISAtiILItY INSUgANCE Alit: VCLUNtAgY ANtf t~Wt t1EnUIMt±b pON CpEtflt. liueh Inwrrrta t:owrsge b
available at the eat deslencted below for the term of the txedlt: ld ! for t~edlt Litt Insufena Ibl ~
for Credit Life tft Disability Inaurartp: _ 1
Cnr_~4 ? Gedit Lifs In,urance is desired on-tM lice of
Appl. MI?thdrri
cox ? Credit Lib 6 Dlsablllty Inwrettp Is dNlred on .T
r-~ tllrthdcfe
I.:.I Credit life and/or Disability tnwrattp It not deslrsd. ~ i
vale. 26 August 1979 slenattlre J
av ray, r. ~
IUdnrturr
A, security for the payment of the Note tM Maker hereby grants to the Bank • security InterNt in tM following property.: In TUrtl a Reef Cored I,
~ - 6 t N- 0-26 a des ribed
n sa d Inortl~a4e. - a
including all increases, substitutions, replaeerttants, additions and accessions thereto and in tM proceeds thereof (hereinafter celled "Collateral"e. This sea,ritY
j interest shell also secure arty otMr irtdebtedrtest or IiablHty of tfte Maker to tM Bahk direct or indirect, absolute or contitteent, dw or td become dw, now ex-
~st~ng or herwiter arising, including all future advattps a loans lty the Bank to the Maker.
TM Bank a also given a lien and a security interest in all property and securities of the Maker, endorser, surety, guaranto? o? accommodation party of thrs ,
~ Note (hereinafter referred to as tM "Obligor"1, now in or at any time etereatter oomlrp into the contrd, custody or possession of the Bank, whether for tM ex• i
pressed purpose of being used by tM Bank as Collateral, or for arty other purpose, and upon am belartee tx haleness to the vedlt of any atxounts, including ?
trust and agency aooottnts maintained Mrithths Bank by? any of tM Obligors, and the Obligor agree to dNivN to tM Bank additional Collateral or make wdt
payments in reduction of tM principal amount•of tM loco as shall ba satisfactory to the Bank, in tM event tM aforementioned Collateral shell decline in valve
or becorrta unsatistaetory to tM Bank.
Additions to, reductions or exchanges ot, or substitutioM for tM Collateral, payntenq on account of this fwn or inaNSet of the ssrrr, or other loans made ' !
partially or wholly upon tht Colbteral, may from time to time be made without effecting the provisions of this Note. The Bank shall exercise reasonable care in
the custody and preservation of tM Collateral to tM extent required fry applicable statute, and shall be deemed to have exercised reasonable pre if it takes such
action for that pwpoa as Maker shall reasonably request in writing, but no omission to do any act not requested by Maker shall be deemed a failure to exercise
~easonsWe pre, and no omission to comply with any request of Maker shall of itself be daemd s failure to exercbe reasonable are. Bank steal! not oe bound to
take any steps necessary to preserve any rights in rate Collateral spainst prior psvtles and Make shall take all beoessary nape for such purposes. tM Bank or its i
nominee treed not collect Interest on, a a prlttclpal of, any Col4taral or give any notice with respet:t to (t. ~
TM Bank may twntinw to held any Collateral deposited eterwrtder eft~r tM psytrtent of this Note. if at tM time of the psymtnt and discharges Mrttof any of j
tM parties liable for tM payment hereof shall be then directly Or contingently liable t0 the Bank es Maker, andorar, orrery, guarantor of a000rlMnodation party
of ar?y other note, draft, bill of exchanee, or other instrument, or otherwise, attd Thy Bank may thereafter exercise art rights with respect to said Collatent
granted herein even thotrgh this Note shell have beers wrrertderM to tfte Mikes. ~
It tM Bank deetta ItNlf irtesecure or tlport the happening of tiny of thelolbwlny events. eat:h of tMtkh shell canstltute a detwlt, all Ilabllities of each Maker to
the Bank, irtcludlrte the entire unpaid prittelpN of thb Note end eeerutf~narat, Ica arty ultairltid tntarest end any Interest In extr?ss of 1M ntaxlmtrm atbMred
5y law and any regeta required tsy law, shall inrrledlately aR thNedter, et the optbn of the , except that tM txxurnna of Icl or ldl shall cause wtamat-
~c acpleration;without notice or denttrtd, beoorrte dw and payable: la! ifte failure of arty Obligor to perform any obligetlon, liability or Beim to the Bank, to pay
i ntereat hereon within 10days after it is dw, or if there b tw due date, after it is billed or otherwise requested or demanded, or to pay any other liability what-
scever to tM Bank urlten dw; tbi tM death of arttr individtrN Oblgor, tM daaolution of any taartttenhip Obligor or the dissolution, merger or oonsolidationwith- ~
out tM Bank's prior written consent of any corporate Obligor; lcl tM filltg of a petition le bankruptcy or the adjudication of insolvency or bankruptcy under
any reorganization, arrargttrrtent, readjustment of deM, ditaohttion, liquidation or similar proceeding under any Federal or stag statute, by or aecinst any
~ Obl Igor; ldl an application for tM ttppointrrtent of a receive fqr, or tM rrtaking of a general sstignmertt for the benefit of creditors by, any Obligor; eel tM entry ~
~ of rudgntant against arty Obligor; Ih tM issuing of eery attachrrtertt or garnbltmertt, or tM tiling of any lien, eeeimt any properly of any Obligor; Igl tM taking o/ ~
possession of any wbstantial pert of tM property of my Obligor at tM instance of any governntantal wthtxitY; Iht tM degrminacion by the Bank that a rrtesNri-
ai adverse r9tattee-has ot:cu?red in tM fitterlCial taifWltlOn Of any Obligor from the condttbM set forth In the most teeeftt fittanclaf statement of each OWgo• I
s Heretofore furnisfted to the Bank, 0? from the contlltaoA of ttrelt Obligor as heretofore most rtltxtntW dlsdossd to /M Bank, or that any vwrrattty. reltreeesntation.
certifigri a sritemertt of any awlipo? IMlhether aehWned M thb Note tlr rlotl pNrilnlnq to a M txtnnt!ctlorl with this Nob or the loco wldesngd by this Note
cnnuins an untrw statement of fwtNial (eta d1 Nnlts to etch trtctcrial fact necessary in order to ntcke the statements ntede not mit{INdirte: a, lil tM assign-
ment by any IAcfulr of any equity in any of tM Colletrral without the pti0~written rxxaent of tM Bank.
TM Bank sMll haw, but shall not be Ilttlited tor, rite tWlewirtq rights, each of whielt may be exercised et any time whether or not dtis Nose is rive: Ir) to ~
piesdge or trafNfN tAM Nog itttl the Collafrerel end Nfe /rllk shell tfletellpOn be rNleved Of ill duties and rMpomlb111tIN hereunder and rNitwd from arty and all
I~abiHty with respect to any Collateral so pledged ar t?artsfetred~ and arty piadeee a transfMN titill for all purpowes ttarW In the Plea of tM flank hereunder and
Haw aN the rlrhte of the peltk heerundN; 1111 to tfNMfer the Mbole or uty pan of the Co1latNaa into the name of Itself or ib nominee; (iii) to voa tM Collateral;
1 iv) to notify tM Obligors of any Collateral to make payment to tM Bank of arty atttounts dw or to beseorrte thte thereon;1v1 to dMrtettd, sw tor, collect, a
~ make any ise Rr lettlMNflt it frM table Muth N t0 the terN; tnl to f or of atxtedes of Collateral. !
~NK as used l~ere~n means ~ur~°e Ree~~ssoc°~da~es, `~`n~°'~"an~/orOD~'~~ afgns. ,
NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION g~~~$='P~+ i
Cat fR9 Vim.. 7/77