HomeMy WebLinkAbout2926 • INSTALLMENT PROMISSORY NOTE
TURTLE REEF ASSOCIATES, INC. * IAI Amount Realwd •x.753.55
BANK NAME Iel Premium fa Credit none
Jensen Beach, Florida 33457 "'•/ae'b'I'"''"'~ •
ICI oowntintery •tatnpe • none
of cE A IDI Outer Chergee (Item):il
IEI ~ one
NOTE NO. DATED: --~i^t{~IcT~~--- , t9~p. IFI • none
1[31 Amount Flnartced 3, 753.55
ouE: February 21, , tg,$~. IA, 9, c, D, E, FI •
IHI lateral ~ • '
PLACE: ,FLORIDA 111 Credit tsttratlgatlon •
iJI Other • ~ j
For value regrvad, the undersigned (hereinafter oiled "Maker") jointly and severally (il IKI •
more than one) promise to pay to the order o! the Bank, at its olfiq listed above, the Tobl
of Payments (from INl at right) of $4.342. 80 boilers payable In 35 ILL • '
equal monthly Installments of • 124.08 ,the flat IMI FINANCE CHApti!
~nstsument dw on March 21. _ IH, I, .I, K, U • 580. ~
t9$~, and wtseequent tnlullments dtta on INI total of ihytninte td ; MI 84, 342.80
the day of ttet~ptonth thersafter_to~ther with • FINAL BALLOON PAYMENT OF: ANNUAL PEgCENTA~E BATE %
S f1CC DUE , 19 ~
.i
The Bank shall impose a delistgwncy charge against rtes Makes tltl arty paytninf tiritlCh here bitttltfli dui told NnlilfN In ddiUlt Iw • patod In exwa of 1d
days In an amount equal to 59i of the amount of the principal part of the paynNnt In default. In ihi event that tfli Nob h not geld In lull at Ittaturlty, all pay-
ments, tMsether prlnclpet, Interact tx otherwbe, shat) bear InierHt et the tnattltttUM legal taN illowid Ilndir illi lisw Of tIN •titi °f Fltulda. All payments made
hereunder shall be credited first to interest and then to principal, however, in the event of default, lira Bank fsfey, M Itf sdi dllerelltsn, apply any payment to
interest, principal artd/or lawful charges then accrued. It is the tetentlon of tfslr pertlN hereto That the prtwlelom heriln ellill not prtwkN dltictly o? Indlrttctly
!or the payment of • grpter rate oI interest Of the stentlon of any otMr tha?ge than H illOwid b11 law. If, fiN my riMOfl, IntirNt In extra of rush Iega1 rate tx
a charge prohibited by law shall st any tirrse be paid, any such excess shall either etxletitub ertd bi triatid tM • paytttint ttn the prlnelpil art W refunded directly
to the Maker.
The Mikir twit ptipiy the elfin unpiW balitldl tlf the IWh of iMy Illni. If ihll IwM M p?Ipild Ifl full, ltibrllllilld o? fi~lflltteid, NN Mika ehell realty a '
reload of the unprnad portion of the interest and inwrena prerrtlunte computed by the pule Of 1d'e sniHttld, itolpt thit the Wnk (hill bi intltled to retain
a minimum iptarest charge Of lB,11t1,
CREDIt LIFE ANb CREDIT LIFE 8 OISAbILITY INSUpANCE ApE VOLUNtAgY ANb Not pECUIMEb FOM CpEblt. such Ineurana coverage Is
available at the cost designated below to? the term of the credit: (al • flu didlt Llfi Ineuretsci (bl •
for Credit Life 14 Disability Lawrence:
Check ? Credit life Insurance is desired on the life of
Avvl. dlrthdtiti
Box ? Credit life 6 blsabillty Lawrence Is desired on
,,-~gypp tllrthdsb
t.] Credit Lite and/or bisability Lawrence is not dNlred.
is
Date. ~ 81gstUre
V
8lgnaturi - 4
As security for the payment of the Note the Maker hereby grsntf to the Ban s sscur ty ntereet in the followlrsg proper c
i Cond I Re orded on 0. R. SOOk 256 Pa a 235... Unit Meeks 16 and 1~ n Cond. C-13
Apt. Ho. C-13, as described in sa d rnort9age.
,ncfuding all increases, substitutions, replauments, additions and accessions thereto and in the proceeds thereof (hereinafter called "Collateral"1. This sacunty
interest shall also secure any other indebtedness or liability of the Maker to the 8ankdiraet or indirect, absolute or contingent, dw or to become due, now ex•
t ~st,ng or herpfter arising, including all future sdvartces or loans by the Bank to the Maker,
~ The Bank is also given a fien and s security interest in ell property and securities of the Maker, endorser, orrery, guarantor or accommixlation party of this
f Note (hereinafter referred to ss the "Obligors"1, now in or at any time hereafter coming into the control, custody or possession of the Bank, whether for the ez-
oressitd purpose of being used by the Bank as Collateral, or for any other purpose, and upon arty balance or wlanae to the sxtsdlt of any atxounn, including
vast and agency accounts maintained withthe Bank t7y any of the Obligors, and the Obligors agrp to dNiwr to tl» Bsnk additional Collateral or make such
f payments in reduction of the principal amount of the loan as shall be satisfactory to the Bank, in the event the aforementioned Collateral shall decline in value
~r become unsatisfactory to the Bank.
Additions to, reductions or exchanges ot, or wbstitutions for the Collateral, psymenN on account of thh roan or increases of the same, or other loans made
partially or wholly upon the Collateral, may from time to time be made without affecting the provisions of this Note. The 8ankshall ezeruse reasonable care in
The custody and preservation of the Collateral to the extent required by applicable statute, and shall be deemed to haw exercised rpsonable ore it it takes such
ect,on for that purpose as Maker shall reasonably request in writing, but no omission io do arty act not requested by Maker shall be deemed a failure to exNCrse
reasonable care, and no omission to comply with any request of Maker shell of itself be deemed a-failure to exercise reasonable care. Bank shall not be bound to
:aKe any steps necessary to preserve any rights in the Collates! against prior parties and Maker shall Uke all neceessry crepe for such purposes. The Bank or its
nominee need not collect interest on, or a prineipsl ot, any Collates) or give any notice with respect to It.
the Bank may continue to hold any Collateral deposited hereunder after the psymerst of this Note, if at the !irrse of tM payment and discharge hereof any of
the partial IiaWe for the payment htrsof'dssll be then directly or contirsgently liable to the Bank ac Maker, endorser, orrery, guarantor or aocorrsrtsodation pasty
~ of any other note, drat[, bill of exchange, or other iMtrument, Or otherwise, and the Bank may thereafter exercise a!1 rights with respect to said ~ollpterrl
granted herein awn though this Note shall have been wrrarxferad to tM AArker. _ k
- If the Bank deems itwlf insecure or upon the happening of any of the followirt! ave~tte, eadt 1!f tMtldt shall constitute a dafwlt, all IiabilltiM of each Maker to
the Bank, including the entire unpaid principal of thle Note and accrued interest, lea any uneanad Interest and any InterNt to etcaa of the maximum allowed
by law and arty rebates required by law, shall imrttadlately or thereafter, at the optbn of 1M flank, except that the occurrence of fel o. Id) shell catsee automat-
; ,c acceleration; wit!}otrt notice or demand, tsecorna titre and payable: Ia1 tM failure of any Obligor to perform arsy obligation, liability or claim to the Bank, to pay
~nterat hereon within 10days after it is dw, or it then is no due date, after it is billed or othertrviee regoated or densarsded, or to pay any other liability what-
soever to the Bank when dw; tbl the death of any individual Clblgor, the diaolution of any panrsership Obliges or tM dissolution, merger a oonsolidetion with-
out tM Bank's prior written conpnt of any r:orporab Obligor; Icl tM tilitg of a petition in bankruptcy or the adjudication °f insolvency a bankruptcy under
k any reorganization, arrangement, resdjtntment of debt, dissolution, Ipuidation or similar proceeding under any Fades) or cute statute, by or against any
Cbh9or; Id1 an application for lice appointment of a repitrer for, or the rrssking of a general tmignment for the benefit of creditors by,any Obligor; lei the entry
I o' judgment against any Obligor; Ifl the iswing of any attaidsrrsent or garnishment, or the filing of any lien, against any property of any OWgor; !gl tM taking of
possession of any sisbstantial part of the property of any Obligor at tM instance of any governmental suthairy; Ih1 tM determination by tM 8arsk that • mabri-
a~ adverse change has occurred in the financial condition of any Obligor from the conditions set forth In the most radar financial statement of each Obligor
heretofore furnished to the Bank, or from the condition of such Obligor N heretofore most recently disdoMd to tht Bank, w that any warranty, representation,
i certificate o? statarrtent of any Obligor (tivlsether eastainad In fhb Noti err not) pertalnlrq to a In oonnectbn with this Nob a the loan widened by this Non
conuis an untrw etabrtNnt of material }act or omiq to elate nsebrial fart rseceaary in order to make the statements made not mieleedirq: a, lil the psigrt-
ment by any Maker of any equity in any of the Collateral without the prior written consent of tht Bank_
~ The Bank shall haw, but shall not be limited to, the followirsg rghts, each of which may be exercised at any rinse whether a not this Note n dw: lil to
pledge o• tramier this Nob and tM Collates! and tfte Bank IitHl thereupon ba relieved of all dutNe and relpone1W11tNc ftareurscfer and rNiewd from any and Mi
I,ebiliry with respect to any Collateral /O pksdged Or traneferrisd, and arsy pledgee W transferee shall for all pur{soNe stetd in tM plaq of tM Bath hereunder end
haw all the ryhts Of the Bank herwtlder; ill) to transfer the whole a any part o1 the Collateral into the narta of itealt or its rtornirsee; (iii) to voce the Collemal;
l,v) to notify cM Oblgors of arsy Colleteral to make psygterst to tM Bank of any amounu dw or to tbyeccopnsoaad~sws qt
sMreochoq(gv) to daennyserptrd, sue for, ootlect, or
make any CO*~'6~1NK~ etstlel
srteli i~er""e~nt m~eansh ~ur~etORee~~ssoc~a~es; 1nC. 8n0/or 7LS °aSSi(Jn°CS~7°f C°Ilateral.
NOTICE: SEE OTHER SLOE FOR IMPORTANT INFORMATION 8~~ PAGE~r~4
~ fnS 757 Rw 7/77