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Home My WebLink About1246 j- . _ 1, - .1 ,1 INSTALLMENT PROMISSORY NOTE ri I ~ ~ TURTLE REEF ASSOCIATES, INC. * lAl Amount Receives! = 6788.00 I3AN NAM l8) Premium for Credit none Jensen Beach, Florida 33457 Life?DisebilitY 1~. s Ic1 otxsumerttary stamps s none OFFICE AODRE 101 OthN Charges (Itemize) = none LEI s none September 10, none NOTE NO. DATED: . f9 79 iF1 _ . September 21, 8g 1G1 Anaunt Financed 6788.00 DUE: , lg_, IA, 8, C, D, E, FI s_ IHI Interest i • PLACE: , FlOR10A 111 Credit Imrestigation s IJ? Other s - Fw vekne ret:tivtd, tM undersigned (herainafter ca1Nd "Maker") jointly and severally (if lK1 _ .rare than one) promise to wY to tM ~dq of~. at its offip listed abovi, the Toy~_ of Payments (from INI at rphtl of jl • • Dollars payable in ~N ILL s 97.41 , tM first IMI FINANCE CHARGE egwl morsthly installments of s IH, 1, J, K, L) S 4901.2 I installment dw on October 21 , 19 79 ,and wbsegwnt installments dw on INl Total of Payments IG + M) s 11 689.20 j J the 21S rest' of iaeh~onth thereaf_te_r_to~etf~ arith ~ _FINAL BALLOON PAY_MENT_OF: ANNUAL PERCENTAGE RATE 12 -M1 x s f1Uf1 DUf: , 19' ' TM Bank shall impose a dNinquency charge against the Maker on anY wY~nt which has become dw and remains in default fw a period in excea of 70 days in sn amount equal to 5'X of tM amount of tM principal pert of tM payment in default. In tM event tMt tM Note a not paid in lust at maturity, all pay meets, vvMther principal, interest w otherwise, shall beer interest at tM maximum IagN rate albwed undp tM Laws of the State of florida. All paymatp rnatM hereunder shall be credited first to interest and then to principN, however, in the event of defwlt, tM Bank may, in its sole distxetion, apply any payment to interest, principN and/w lawful charges then aoawd. It a tM intention of tM parties hereto that the provisions herein shell not provide duectly or indirectly for iM payment of a grpter rate of interest w tM retention of any other charge than is allowed by law. It, fw any mason, interest in execs of such legal rate w a ch~ge prohibited by law shNl at any time tN paid, any such excess shall either constitute end be treated a a payment on tIN principal rx be refunded d-ireetty to t1~jMaker. use Maker neat' prepay tM entire urtwid balance of the loan st any time. If tM loan a prepaid in full, acahrated w refinanced, iM Maker sflNl receive a returlf~,af tM unearned portion of tM interest and inwrana premwms computed bti the Rute of 78's method, except that tM Bank shall bt entitNd to stain a mm'I~rwm interest charge of i~J,00. CREDIT LIFE AND CREDIT LIFE 8 DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such irtsur~nce coverage a available at tM east designated bNow fw tM teem of tM credit: lest s fw Credit Liie Irtstrrarsce lbl s for Crtdit Lifelk Disability Inwrsnce: I Check ? Credit life Insurance is desired On tM life of Appl- Birthdate Box ? Credit Life 8 Disability Inwrarsce is desired on r-~e_ Birthdate U Credit Life and/w Oissbility Inwrarsce is not desired. {"`ter Dd1e: September 10, 1979 signature - i Signature n As security for the payrt?snt of tM Note tM Makp hereby grants to the Bank a security interact r t "f311~nvnnVg doper n Ur a ee Cond. I, Recorded on 0. R Book 263. Page 2002... Unit Weeks 20 and 21 in Cond. Q-28, ADt_ Ne_ D-Z8~ as descrihed to said Ift[1 _oag,r_ ~ncludirsg all inueases, wbstitutions, raplaeerrrnts, additions end accessions thereto and in the protxeds thereof (hereinafter called "Colbttral"1. This security interest shell also secure any other irsdebtednttfs w liability Of tM Maker t0 the Bank direct Or indirect, absolute Or tontingant, dw or to become dw, raw tx- sung w hereafter wising, including all future advances w loans sty the Bank to the Maker. I TM Bank a also given a lien and a security interest in all property and securities of the Maker, enxfoner, wrest', gtrarsntw w accommodation party of chic ~ Note Iherainaiter referred to ss tM "Obligors"1, now in w at any time hereafter coming into the control, custody or possession of the.Bsnk, wMther fw the ex- I pressed purpose o1 being used by tM flank es Collateral, w fw smr other purpose, and upon any balance or balances to tM audit of any atxounts, indudirsg { trust and agency stxxtunts maintained withtM Bank by any of tM Obligors, and the Obligwc agree to dNiwr to tM Bsnk sdditions4 CollaterN w matte such 1 payments in reduction of tM principal amount of tM loan es shell be satisfactory to the Bank, in tM event tM afwementioncd Collateral sMll decline in value or become urssstisisctory to tM Bank. - Additions to, reductions w exchanges of, w substitutiorss fw tM Collateral, payments on account of this loan w irtnxesses of tM same, w oihar loans made partially w wholly upon tM Collateral, may from time to time be recede without aifetting the provisions of this Note- TM Bank shall exercise reasonable care in 1 the custody end preesrvstion of tM Collateral to the extMt required by applicable statute, and shall be deemed to have exercised reasonabh care ii it takes suM i action fw that purpose es Maker shNl reasonably raspiest in writing, but ra omission to do smr act not requested by Maker sfsail be deemed a failure to exercise ressonabU care, and no omiaion to comply with any request of Maker sMll of itself be deemed a failure to exercise reasonable care. Bank shall not be bound to j take any steps necessary to preserve any rights in tM Collateral against prior parties end Maker sisNl take all necessary steps fw wch purposes. TM Bank or its i1 nominee need not collect interest on, w a principal of, any Colbural w giw any notice with rerpeet to it. TM Bank may continue to hold amt Collateral deposited hereunder after tM payment of this Note, if st tM time of tM ' payment and disdssrga Mreo( any of tM parties liable (w tM payment hereof shall be then directly w eorttirsgently liable to tM flank a Maker, endorser, wrest', gsarantw w aocornmodation party of any other note, draft, bill of exchange, w other asstrurrsent, w otherwise, end tM Bank rroy thereafter exercip all rights with respect to said Collateral granted Mrein even though this Note shNl have been wrrenderad to tM Maker. - i1 tM flank deems itself intseture w upon tM happening Of any of the folkwvirg events, cads of which shall corotitute a default, NI liabilities of each Maker to tree Bank, including tM entire unpaid principal of this Nou and accrued interest, less any uneamad inprat and any interest in exsxss of tM maxirtwm allowed by Law end any rebates required by law, shNl inrrtediatNy w thereafter, at the option of the Bank, except that tM occurrence of let w Id) shNl cause automat- y K acceleration; without notice w demand, besxxrse dw and payable: lest tM failure of.any Obligor to perform any oblipacion, liability w ndaim to tM Bank, to pay interest hereon within 10days after it is dw, w if then s no dw dad, after it is billed w otherwies regwsted w demanded, w to pay amn other liability what- soever to tM Bank vvften dw; lb! tM death of any individual Obligor, the dissolution of any partnership Obligor w tM dasolution, mergtr or consolidation with- out tM Bank's prior written consent of any corporat! Obliges; Icl ztlte filing of a petition in bankruptcy w tM adjudication of iMOlvertcy or bankruptcy under any reorganization, arranganrtant, reedjcrstrrtent of debt, dissolution, Liquidation w similar procesdirg under any FaderN w sea statue, by w against any Obtrgw; Idl sn appligtion iw tM appointment of • receiver for, w tM making of a generN sscpnmsutt for the benefit of creditors by, any Oblpor; let the entry 1 of wdgmertt against any Obligor; lfl tM awing of any attachment w garnahment, w Ilia filing of any lien, against any property of any OWigw; (gl the taking of possession of any substantial part of tM property of any Oblpor at tM irotanCe of any governrrterttN wthwity; Ih1 tM determination by the Bank that a nrNteri- a1 adverse charge has occurred in tM finartciN condition of amt Obligor from tM conditions set forth in tM most recent finartciat aatemerit of eersit Obligor neretofwe furnitlsed to tM Bank, w from the consdition of tirtlt Oblpor a Mrstofwe most recently diseloaed to tM Bank, w that any werrantty, repreesnation, certificate w statement of any Obligor iwhether congiMd in the Note w not) pertaining to w in connection with this Noa w tM loan evidenced by the Noes contains an untrw statement of material fact w omia to state material fact necessary in order to make the statements made not maleadirg: w, lit tM asps- meet by amr Make of any equity in any of tM Col4tarN without tM prior written consent of tM Bank. TM Bank shall have, but shall not be limited to, 1M following rights, each of which may ba exercised at any time whether w eat the No4t a dw: lit to pledge w trarofer the Note and tM ColtsterN and tM Bank shNl dtereuport be rNieved o1 NI duties and responsibilities Mrwnder and rNievad from any and all Inability with respect to any Collateral to pktdged w traraferred, and any pledgee a trarNfaee shell for all purposes stand in tM plea of tM Brrnsk hereunder and have ell tM rights of tM Bank hereunder; (ii) to transfer tM whole w any part of tM Collateral into the name of itself w its nominee; (iii) to vob the Collateral: (iv) to notify tfre Obligors of any CollaterN to rttNce payment to 1M Bank of any antounp dw a to bconrte dw thereon; Ivl to deirtentd, cue fa, Ixtlkfct, w make any co~ pr settlement it QMi?abN with K to lM terN; vil to • w s>t of any oertntda of CollaterN. ~NK as used ~ierein means ~ur~e Ree~~ssoc'~a~es, t~tnIan~Jor°°~~s assigns. NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION 8 Pwv~~~ ~o~ o_..