HomeMy WebLinkAbout1251 ~ INSTALLMENT PROMISSORY NOTE
TURTLE REEF ASSOCIATES, INC. * lA) Amount Received s 6869.00
BANK NAME 181 Premium for Gedit none
Jensen Beach, Florida 33457 uteia:abilitr Ins, s
. lc1 Documentary stamps : none
- OFFICE ADDRESS IDI Other Charges litemi:el = none
A IE? s none
NOTE NO. DATED: Jlln@ ~ , 19J3.. IFI s none
lG1 Amount Financed 6869.00
DUE: JunP_ ~6 ~ t9~, IA, B, C, D, E, FI s
_ IH1 interest = 4959.40
PLACE: , FLORIDA Ifl Gedit Investigation s
lJl OtMr s
For valve received, lM undersigned iMreinaftN Called "Maker") jointh? and severally lit IKi s
more tMn one) promise to pay to tM order of tM Bank, at its office listed above; tM Total
120 w s
of Payment: prom IN? at right) of 11.828.40 - collars payable in
IM? FINANCE CHARGE
equal monthly installments of s . tM first IH, 1, J, K, Ll i 4959.40
irtstallrrtent dw on July 16 , 19~, and wbsagwnt installments dw on 9
INi Togl of Payments IG + M) s 11.8Sr8 •
tM day of lath pwrgh thereafterLCOaetM: with ~ FINAL BALLOON PAYMENT OF: ANNUAL PERCENTAGE -RATE 12. QQ Xi
f1011C -
S DUE - 19'
TM Bank shall impose s delinquency charge against tM Maker on any payment which has beoonte dw and remains in delwlt for a period in excess of 10 ~ -
days in an amount equal to 5'16 of tM amount of tM principal part of tM payment in defwlt. In tM event that tM t110q is not paid in full et maturity, all pay
meats, whether principal, interest or otherwise, shell bear interest at tM maximum legal rate albwed under tM laws of tM Sqq of Florida. All payments made
hereunder sMll be credited first to interest end than to principal, however, in tM event of dsisult, tM Bank may, in its sole discretion, apply any payment to
interest, principal and/or lawful charges than accrued. It is tM intention of tM parties hereto that tM provisions herein sMll not provide directly Or induealy
for tM payment of s greater rate of interest or tM retention of ariy otMr charge than is allowed by law. It, for any reason, interest in exalt of such 1e9a1 raq or
a charge prohibited by law sMll at any time be paid, any such excess shall eitMr constituq end be treated es a payment on tM principal or ba returtded directly
to tM Maker. `
.
The Maker may prepay tM entire unpaid babnce of tM loan at any tune. If tM loan is prepaid in full, accelerated or rttinanctd, tM MakN shall receive a
refund of tM unearned portioe of tM interest and inwrsnce premiums cartputed by tM Rule of 78's method, except that tM Bank tiff// be entitled to retainr
a minimum interest charge of SS.~Q.
CREDIT LIFE AND CREDIT LIFE m DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such inwrsnce toversge is
available at tM cost designated below for tM term of tM Credit: Ial s for tredlt Life Lawrence Ibl s
for Gedit Life 8 Disability Insurance:
Check ? Gadit lice Lawrence is desired on the life of
<?PPI- Birthdate
Box ? Credit life ih Disability Insurance is desired en
_ Birthdate
Credit life and/a Disability Lawrence is not desired-
" t . ~ . ,r
Date: Sigrwture
o - er t,
As security for [he payment of the Note tM Maker hereby grants to }M Bank a secwity in er sTin t ~~owrng property: n Urt @ ee
pond. I, Recorded ~n 0.~. Bnotc Page13~. Llnit Wee1L 23 and 24 in Cond~ C-18,
+~~L. 1110. L-lti~ as described in sai~ ~ri:Wa~P.
including all increases, wbstitutions, replacements, sdditiorts and accessions thereto and in the proceeds thereof (hereinafter plied "Collateral"1. This severity
` interest shall also secure any other indebtedness w liability of tM Maker to tM Bank director indirect, absolute or contingent, dw err to beCOn?e dw, now ex-
istitiq a hereafter arising, including ell future advances or loans by tM Bank to tM Maker.
TM Bank is also givers a lien and a security interest in all property and securieies of the Halter, endorser, w.ety, guarantor o. accomnwdation party of the
Note (hereinafter referred to es tM "Obligors"1, now in or at any time hereafter COmirg into the Contrd, custody or possession of the Bank, whether for the ex-
~ pressed purpose of being used by tM Bank es Collateral, or for arty other purpose, and upon arty balance or balsngs to tM credit of any •CCOUntl, inclidirq.
trust and agency atx:ounts maintained withtM Bank by any of tM Oblpors, and the Obligors agree to dNiver.to tM Bsnk additional Collateral or make such
payments in reduction of tM principal amount of tM loan as shell be satisfactory to the Bank, in tM event the aforementioned Collateral shall deNirie in valve
or become urKatisfaCtory to tM Bank. _
Additions to, reductions or exchanges ot, a substitutions for tM Collateral, payments on account of this loan or increases of tM same, or other loans made
partially or wholly upon tM CollaterN; may from time to time be made without affecting the provisions of this Note. TM Bank shall exercise reasonable care in
the custody and preservation of tM Collateral to the extent required by applicable statute, and sMll be deeniM to have exereiad reasonable pre it it takes ttrth
action for tMt purpose es Maker shall reasonably request in writing, but no omission to do arty act not requested by Maker shall bt deemed • failure to exercise
reasonable pre, and n0 omission to comply with any rpwst of Maker sMll of itsNt be deemed s failure to exercise reasonable pre. Bank shall not tie bound to
take any steps necessary to preserve any rphts in tM Collateral agsirtst prior parties and Maker shall take all necessary steps for such purposes. TM Bank or its
nominee need not collect interest on, or a principal ot, any Collateral or give any notid with respect to it.
TM Bank may Continw to hold any Colbgral deposited hereunder after tM payment of this Noq, if st tM time of tM payment and dittltsrge Mreof any of
ttie parties liable for tM payment Mreof shell be then directly or contingently liable to tM Bank es Maker, endorser, wrety, guarantor a seeartxrtodation party
of any other note, draft, bill of exchange, or othtrr instrument, or otherwise, and tM Bsnk may thereafter exercise ell rpha with respect to said Collateral
granted herein even though this Note tihall have been surrendered to tM Maker.
If tM Bank deems itself insttti?t or upon tM happening of any of tM following events, each of which sMll cor?stitute-a default, all liabilities of each Maker to
the Bank, including the entire unpaid principal of this Note and scuued interest, less any unearned interest end any interest in excess of tM maxinwm sllwwd
q by law and arty rebates required by law, sMll imntedNgly or thereafter, at the option of tM Bartle, except that tM ocewrence of let or Idl shah caua automat-
- is accaleratiOn; without notice Or dentsrtd, beoorna dw and payable: ia1 tM failure of any Obligor to perform arty obligation, liability or claim to tM flank, to pay
F interest hereon within 10days after it is dw, a it then is no dw data, after it is billed a otherwise requested a demanded, err to pay any other liability wfiat-
- saever to tM Bank when dw; Ibl tM death of arty individual Obligor, tM dissolution of arty psrtriership Obligor a tM dissolution, merger or consolidation with
out tM Bank's prior written consent of any eorporaq Obligor; fd tM tiling of a petition in bankruptcy or tM adjudiption of iMOlverity a bankruptcy under
any reorganization, arrangement, readjustment of debt, dissolution, liquidation a similar proceeding under any Federal or sqq sgtute, by or against arw
Obligor; Id) an sppliption for tM appointment of a reaiwr for, or tM making of s general assignment for tM benefit of creditors by, arty Obligor; Ia1 tM entry
of ludgmerit against arty Obligor; lfl tM iswing of arty attaehmertt or garnishment, a tM filing of any lien, agair>st any property of any Obligor; igl tM gkng of
possession of any substantial pert of tM property of any OWgor at tM inttana of any goverrtrnerital authority; Ih1 tM degrmirtation by tM Bank that a meari-
al adverse change has occurred in tM financial condition of any Obligor from tM conditions set forth in tM most recent financial sgtMNnt of atrcft Obligor
heretofore furnished to tM Bsnk, or from the condition of such Obligor as Mretofore most recently dadosed to tM Bank, a that any warranty, rpreeengtion,
~ certificate a statement of any Obligor (wMther contained in this Notes or not) pergiriing to a in connection with this filoa or tM loan evidenced by this Noe
contains an untrw sgtement of material fact or omits to state material tea ~iecesary in order to make tM sgtemerits rnada not rriitlNdirtg; or, (il tM aesigrt-
meat by arty Maker of any equity in any of tM Collateral without tM prior written tOruerit of tM Bartle. -
~ The Bsnk shall have, but shall not be limited to, tM following rghts, each of which may be exercised at any time whether a not this Note is dw: lil to
pledge Or transfer this Note and tM Collateral and tfte Bartle shall thereupon bt relieved of ell duties and responsibilities MreuntMr end rNieved front any and MI
liability with aspect to any Cotbterel so Pledged or transferred, and any pledgee or traruferae shall for alt purpoas stand in tM plea of tM Bartle hereunder and
have all tM rights of tM Bank hereunder; (ii1 to transfer tM whole or any pert of tM Collateral into tM name of half or iq nominee; lii~ to vote the Collateral:
livl to notify tM Obligors of any Collateral to make payment to the Bank of an~yolaymountsQdwi a to beeana dw thereonor~Iv! to d~rttptptl, eve for, collect, a
make any COrt1Rr~ni is Qr attlemerit it ¢a.tne Qesirawe with ter~eet
Reel AssOClateS; `~`n~/or` 7tLs ~a'ss7tJnos.~ae~dt of Collagral.
*'tSANK' as used ere n means fur
a
NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION OWM~~~ P~~~ ~
iB5 752 Rev. 7/77