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HomeMy WebLinkAbout0496 _ _ INSTALLMENT PROMISSORY NOTE TUIZTL.E REEF ASSOCIATES, INC. * la Amount Received s 7,172.£+5 BANK NAME IB) `femiams~tor~redit s none P.O. a0X 618, JE~ISEN BEACN, FL. -33457 ICI Documentary Stamps s RCne OFFICE ADDRESS IDI Other Charges (itemize) s ~ none LEI s none NOTE NO. OATEO: ~e , /9~. (F) s 11011@ DuE: Aa1ri1 11 ,19 Ic) a CFO npd s 7,172.35 IHI Interest s 3• PLACE: ,FLORIDA 111 Gedit Investigation s Wane 1.l1 Other s ~Oit@ For value received, the undersigned (hereinafter Called "Maker") jointly and sewrslly (if (KI s 710i1e more than one) promise to pay to the order of the Bank, at its office listed above, the Total of Payments (from INI at right) of 511.376.00 Dollars payable in2zO ILL s CiOiZ@ lMl FINANCE CHARGE equal monthly installments of s ~ • ~ ,the first IH, 1, J, K, L) s 4 s2~3+ 15 installment due on ~ 11 , 19 and wbsequent installments due on INI Total of Payments (G + M) s~ • • the~~o~each month thereafter, together with a FINAL BALLOON PAYMENT OF: ANNUAL PERCENTAGE RATE % 5 Ti~A1 DUE ~~~~~~~~~~~«~MN~~«.~~~~ The Bank shall impose a delinquency charge against the Maker on anY payment MvhiM has become due and remains in default for a period in excess of 10 days in an amount equal to 5% of the amount of the principal part of the payment in default. In the event that the Note is not paid in full st maturity, all pay- _ menu, whether principal, interest or otherwise, shall bear interest at the maximum legal rate allowed under the laws of the State of Florida. All payments made hereunder shall be credited first to interest and then to principal, however, in the event of default, the Bank may, in its sole discretion, apply any payment to interest, principal and/or lawful charges then accrued. It is the intention of the parties hereto that the provisions herein shall not provide directly or indirectly for the payment of a greater rate of interest or the retention of any other charge than is allowed by law. If, for any reason, interest in excess of wch legal rate or a charge prohibited by law shall at any time be paid, any wd+ excess shall eitfter constitute and be treated as a payment on the principal or be refunded directly to the Maker. The Maker may prepay the entire unpaid balance of the loan at any time. If the loan is prepaid in full, accelerated Or refinanced, the Maker shall receive a refund of the unearned portion of the interest and inwrance premiums computed by the Rule of 78's method, except that the Bank shall be entitled to retain a minimum interest charge of s6.00. CREDIT LIFE AND CREDIT LIFE A DISABILITY INSURANCE ARE VOLUNTARY AND NOT REQUIRED FOR CREDIT. Such inwrance coverage is available at the cost designated below for the term of the credit: la1 S for Credit Life Inwrance (b) s for Credit Life & Disability Inwrance: Check ? Credit Life Insurance is desired on the life of - APPI• Birihdate Box ? Credit life & Disability Insurance is desired on irthdat Credit Life and/or Disability Inwrance is not desired. Date: l~r~ ?8, 1978 Signature Signature As security for the payment of the Note the Maker hereby grants to the Bank a security interest in the f otiving propgrt~~2 Turd r. R@v ~ Cr3flu. I s r~corfled in A;R. Book 256. Pam 2~5. -1!ntt Reek 18 to r~Ot1~. C-I3, Ant. :'~o : --1$ as descr•i e~ in z i ~ 1~artg~,rse. ~ SEE BACK PAGE including all increases, substitutions, replacements, additions and accessions thereto and in the proceeth thereof (hereinafter called "Collateral"1. This security . interest shall also secure any other indebtedness or liability of the Maker to the Bank direct or indirect, absolute or contingent, due or to become due, now ex- j sting or hereafter arising, including all future advances 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, wrety, guarantor or accommodation party of this Note (hereinafter referred to as the "Obligors '1, now in or at any time hereafter coming into the rnntrol, custody or possession of the Bank, whether for the ex- i pressed purpose of being used by the Bank as Collateral, or for any other purpose, and upon any balance or balances to the credit of any accounts, including trust and agency accounts maintained withthe Bank by any of the Obligors, and the Obligors agree to deliver to the Bank additional Collateral or make wch i 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 or become unsatisfactory to the Bank. Additions to, reductions or exchanges of, or wbstitutions for the Collateral, payments on account of this loan or increases of the same, or other loans made f 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 tare if it takes such action for that purpose 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 reasonable care, and no omittion to comply with any request of Maker shall of itself be deemed a failure to exercise reasonable Wre. Bank shall not be bound to take any steps necessary to preserve 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 the 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, wrety, guarantor or accommodation party of any other note, draft, bill of exchange, Or other instrument, or otherwise, and the Bank may thereafter exercise all rights with respect to said Collateral t granted herein even though this Note shall have been wrrendered to the Maker. If the Bank deems itself insecure or upon the happening of any of the following events, each of which shall constitute a default, all liabilities of each Maker to 1 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 by law and any rebates required by law, shall immediately or thereafter, at the option of the Bank, except that the orxurrence of (cl or Id1 shall cause automat- icacceleration; without notice or demand, become due 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, or ii there is no due date, after it is billed or otherwise requested or demanded, or to pay any other liability what- soever to the Bank when due; !bl the death of any individual Obligor, the dissolution of any partnership Obligor or the dissolution, merger or consolidation with- d out the Bank's prior written consent of any corporate Obligor; lcl the filing of a petition in bankruptcy or the adjudication of insolvency or bankruptcy under any reorganization, arrangement, readjustment of debt, dissolution, liquidation Or similar proceeding under any Federal or state statute, by or against any Obligor; Idl an application for the appointment of a receiver tor, o. the making of a general assignment for the benefit of creditors by, any Obligor; let the entry of judgment against any Obligor; If) the iswing of any attachment o. garnishment, or the filing of any lien, against any property of any Obligor; (g) the taking of possession of any substantial part of the property of any Obligor at the ir?stance of any governmental authority; Ih) the determination by the Bank that a materi- al adverse chartge ftas occurred in the financial condition of any Obligor from. 'he conditions set forth in the most recent financial statement of wch Obligor heretofore furnished to the Bank, or from the condition of wch Obligor as heretofore most recently disdosad to the Bank, or that any warranty, representation, k certifigte or statement of any Obligor (whether contained in this Note or rrot) pertaining to or in connection with this Note or the loan evidenced by this Note contains an untrue statement of material fact or omits to state material fact necessary in order to make the statements made not misleading; a, (il the assign- ment by any Maker of any equity in ar?y 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: lil to 1 pledge or transfer this Note and the Collateral and the Bank shall thereupon be relieved of all duties and responsibilities hereunder and relieved from any and all liability with respect to arty Collateral so pledged or transferred, and any pledgee or transferee shall for all purposes stand in the place of the Bsnk hereunder and f have all the rights of the Bank hereunder; (ii) to transfer the whob or any part of the Collateral into the name of itself or its nominee; (iii) to vote the Collateral; (iv) to notify the Obligors of any Collateral to make payment to the Bank of any amounts due or to become due thereon; (v) to demand, we for, collect, or make any comp?omise or settlement it deems desirable with reference to the Collateral; and (vi) to take possession or control of any proceeds of Collateral. *"6A:IiC" as ustM heref n ~t ;1s ?urt i ~ ~~R~iF""D~°~~r~~~i~t' ~$~~1~~ ~ a~s~i s ~ NOTICE: SEE SI F ~ 1 IN I FBS ~s2 Rev. ~m 600X PAGE