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HomeMy WebLinkAbout0924 _ NSTALLMENT PROMISSORY NOf~ TURTLE REEF ASSOCIATES~'INC.* _ lAI AnwuntRsuiwd s- 9,180.00 6ANK NAME I81 Premium for Credit _ - - ~ Life/Disabiliry Ins. Z none P.O. BOX 618 JENSEN BEACH, FLORIDA 33457 ICI oocurtserttsry stamps t none OFFICE ADORtc55 IOI OtMr Charges (itemi:e) f nena? IEl t node NOTE NO. _OATEO: DeCelab@r 27 . _ , 19~. IFI s , non._ lGl Amount Financed 9.180.00 t ~uE: January 6 a ~ fg~, IA, B, C, O, E, FI S IHI Interest s 5:378.40 PLACE: ,FLORIDA III Gedit Investigation = none 1.11 Other S nt»u For valve received. tM undersigned IMreinafter called "Maker") jointly and severally (if lKl f nett more than orsel promise to pay to tM order of tM Bank, at its offip listed above, the Total of t~syrrsents (from INI at right) of S 14, SS8.40 • Dollars payable in 120 ILI S nen~ equal monthly irsstallrrtants of S ~ 121.32 ,the first IMI FINANCE CHARGE q 78.40 IH, 1, K, 11 S ~a installment due onF -1~~C ~Lh:_,19~$r and subspuerst insatlmentf dw on INl Total of Payments (G+ M) S 14~SS8.40 ch~>~day of .ach month thereafter, together with a FINAL BALLOON PAYMENT OF: ANNUAL PERCENTAGE RATE 10 % S 130NS DUE . Ths Bank shall impose a delinquency chugs against tM Maker on any payment which has becorrse dw and remains in default for a period in exoses of 10 days in an amount pual to 5°1ri of the amount of the principal put of tfte payment in defwtt. In else event that the Notes is not paid in full at msturiry, all pay- ments, whether principal, interest w otherwise, shalt bear interest at tM maximum legal race allowed under the Taws of the State of Flwiida. Afl psymertts made hereunder shall be uedited first to interest and than to principal, hovwver, in the event of defwlt. the Barsk may, in its sole discretion, apply any psyrrtant to interest, principal ud/w lawful chuges than accrwd. It is the intention of the parties hueto that the provisions herein shall not provide directly w indirectly for the payment of s grMter rate of interest w the retenCron of any other charge than is slbwad by law. If, tw airy reason, interest in excess of such legal rate or a charge prohibited by law shall at arty tinN be paid, any such exgss shall either constitun and be treated as a payment on the principal or be refunded directly to the Maket. _ The Maker may prepay tM entire unpaid balsnd of the loan at any tints. If the loan is prepaid in full, aocelereted w refinarsced, the Maker shall receive a refund of the uneuned portion of the interact and inwrsnce premiums computed Dy the Rule of 78's method, except that the Bank shall be egtitkd to retain a minimum interest charge of .56.00. CREDIT LIFE AND CREDIT LIFE f}t DISABILITY INSURANCE ARE VOLUNTARY ANO NOT REOUIREO FOR CREDIT. Such inwranacoverage is available at tM cost designated below for rite term of the credit: lal S tOr Credit Lice lnwrance tb} S (cr Credit Life !!t Oissbiliry Insuranq: Check ? Credit Life (reverence is desired on the life of ~ - Apol. - ~ Birtldate Box ? Credit Life ~ Disability Inwrance is desired on Birthdate Gedit life and/w Disability Inwrann is not desired. ~ , /j ~r Date: Signature i P ~,Ci` _ _ Signature • ~ • 'r ~ " ~ j: ~ _ . As security tw tM payment of the Note the Maker hereby grann to the Ban a security interest in the following property= An 0.0769x tmdivided interest in Turtle Reef Condo. 1, recorded in O.R. Book 263, Pafre 2002...Unit weeks 13 and 14 Condo. No. D~26, apt D.26 as desceibed in said tmorttra8e including all increases, wbstitutions, reptacemsnts, additions and accessions thereto and in the proceeds thereof (hereinafter called "Collateral"1. This sewnry interest shall also secure any other inrdebtedness w liability of the Maker to the Bank director indirect, absolute or contingent, due w to become due, now ex- isting or hereafter arising, including all future advarsps or loans by the Bank to the Maker. The Bank is also given a lien and a security interest in all property and securities of the Maker, endorser, orrery, guarantor or accommodation poly of this Note (hereinafter referred to ss the "Obligors '1, now in w at any time hereafter coming into the control, custody or possession of the Bank, whether for the ex- pressed purpose of being used by the Bank ss Collateral, w for any other purpose, and upon any balance or balances to the uedit of any accounts, including trust and agency accounts maintained with the Bank by any of the Obligor, and the Obligors agree to deliver to the Bank additional Collateral w make wdt payments in reduction of the principal amount of the loan as shall be satisfactory to the Bank, in the event the aforementioned Collateral shalt decline in value cr become unsatisfactory to the Bank. Additions to, reductions w exchanges of, or wbstitutions for the Collateral, payments on account of this loan w inueases of the same, w other loans made partially or wholly upon the Collateral, may from time to time be made without affecting the provisions of this Note. The Bank shall exercise reasonable care in the custody and preservation of the Collateral to the extent required by applicable statute, and shall be deemed to have exercised reasonable care if it takes such action for that purpose es Maker shall reasonably request in writing, but no omission to do any act not requested by Maker shall be deemed a failure to exercise reasonable care, and no omission to comply with any request of Maker steal! of itself be deemed a failure to exercise reasonable Wre. Bank shall not be bound to t3Ke any steps necessary.to preurve any rights in the Collateral against prior parties and Maker shall take all necessary steps for such purposes. The Bank or its nominee need not collect interest on, or a principal of, any Collateral or give any notice with respect to it. The Bank may continue to hold any Collateral deposited hereunder after the payment of this Note, if at tFre time of the payment and discharge hereof any of the parties liable for the payment hereof shall be then directly or contingently liable to the Bank as Maker, endorser, surety, guarantor or accommodation parry of any other note, draft, bill of exchange, w other instrument, or otherwise, and the Bank may thereafter exercise all rights with respect to said Collateral canted herein even though this Note shall have been wrrendered to the Maker. If the Bank dcems itself insecure w upon the happening of any of the following events, each of rrftich shall constitute a default, all liabilities of each Maker to ~ the Bank, including the•entire unpaid principal of this Note and accrued interest, less any unearned interest and any interest in excess of the maximum allowed x t~ { law and any rebates required by law, shall inxrsecfiately or thereafter, at the option of the Bank, except that the occurrence of Icl or fd1 shaft cause automats ~ .c acceleration;without notice or demand, txscomedue and payable: (a) the failure of any Obligor to perform any obligation, liability or claim to the Bank, to pay interest hereon within lOdays after it is due, w if there is no due date, after it is billed w otherwise requested or demanded, or to pay any other liability what- c;,ever to the Bank when due; Ibl the death of any individual Obligor, the dissolution of any partnership Obligor or the dissolution, merger or cons9lidation with- out the Bank's prior written consent of any corporate Obligor; (c) the filing of a petition in bankruptcy w the adjudication of insolvency or bankruptcy under any reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceeding under any Federal w state statute, by w against any Obligor; Id) an application for the appointment of a receiver for, w the making of a general assignment for the benefit of creditors by, any Obligor; let the entry of judgment against any Obligor; Ill the iswing of any attachment or garnishment, o? the filing of any lien, against any property of any Obtrgor; Igl the taking of trossessiwr of any substantial part of the property of any Obligor at the instance of any governmental authority; Ili) the determination by the Bank that a materi- al adverse change has occurred in the financial condition of any Obligor from the conditions set forth in the most recent financial statement of wch Oblgw heretofore furnished to the Bank, or from the condition of wch Obligor as fxretofore most recently disclosed to the Bank, w that any warranty, representation, certificate w statement of any Obligor (whether contained in this Note w not) pertaining to or in connection with this Note or the loan evidenced by this Note contains an untrue statement of material tact w omits to state material tact necessary in order to make tfrc statements made not misleading: w, lil the assign- ment by any Maker of any equity in any of the Collateral without the prior written consent of the Bank. The Bank shall have, but shall not be limited to, the following rights, each of which may be exercised at any time whether or not this Note is due: lit to pledge or transfer this Note and the Collateral and the Bank shall thereupon be relieved of alt duties and responsibilities hereunder and relieved Irom any and all liability with respect to any Collateral so pledged or transferred, and any pledgee or transferee shall (or all purposes stand in the place of the Bank hereunder and have all the rights of the Bank hereunder; lit) to transfer the whole or any part of the Collateral into the name of itself w its nominee; (iii) to vote the Collateral; liv) to notify the Obligors of any Collateral to make payment to the Bznk of any amounts due or to become due thereon; (vl to demand, we for, collect, a make any compromise or settlement it deems desirable with reference to the Collateral; and (vi) to take possession or control of airy proceeds of Collateral. uk *"aAhl;„ as used herein means Turtle Reef Associates, Inc. and/or its assi>~lI ~ PAGE t~ .