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• o ' INSTAI~MENT PROMISSORY NOT ~ ~ +
TURTLE REEF AS50CIATES, INC. * IAI Amount Ilealved i 6361.00
tIfANK NAME Iel Prertekrne tes Cradle none
Jensen Beach, Florida 33457 ~ ~"•/°+«bi"~' lee. i
lcl Ooeunttintary itatetpa i none .
Qfrfec A IDI ONeer Charges litemisel = none
IEI = none
NOTE NO. DATED: OCtOber ~ • ,19~. IFl i none
November 1, 89 IOI Anaunt Flrareced 6361.00
DUE: , ig_, IA, B, C. D. E. FI i
IHI Intarat i
PLACE: , FLORIDA 111 Credit imrastigatton i
lJl Other i
For vNus teaived, the uredgsigned lherNnaiter a1Nd "Maker") jointly and tevetNly lit ~ IKI ~ i
mac than one) promise to pw to tM order of tM flank, n is office listed above, toW
of Psynanti atom INI at right) d 10 963.60 Oollen pwaba in~20 IU i
eyuN monthly instNlttants of i 9 •2 .the fine !MI FINANCE CHAgOE 4529.60 G
mstNlment dw on Mcaaehpr 1 _ ,19 IH, 1, J, K, L) i
end wbsageNtet i~anllmenss due an IN1 ToW of f?aymenb (O + MI : s •
the.~dw of ~~eoreth thereatnritoiether with a F~N/?~
eA~t.QoN PAY_Ir!ENT oF: ANNUM I~ERCENTAOE RATE %
s ouE , t9~
1 ~ The Bank shall impose s dNinqueneY charge sgairat tM Maker on any psynant whlcfe has betoortte.dtle and rentelm M default fes a period exoaq d 10
days in an amount equal to 57L of tM amount of tM pireeipN pert of the pymeret in defaerlt. IA the event abet the Nob b not paid in full at rr>~rrlty. aM pay-
mencs, whether principN, interest es otherwba, shall beer intents st the naxirnum IeON tab Nbwed under the tewa of Nee State d Florida. Aq paymeMs seeds
hereunder shNl be credited lust to interest and store to principal, however, in flee event of default, tM Bank nay, <h Ib tioN dbentlon, apply a~r p.yment to
,nearest, principal and/or lawful charges then aepued. It b tM intention of thi parties hereto that tM provbiotes hereto slap teat provide directly a iredket:tly
for rice paynant of a greeter rete of Intetast or tM retention of any other ciearga then b Nbwed by law. Ii. for any reason, Inttitut M execs of such bgN rate es
s charge prohibited by law shNl at any time be paid, any fade exact shall Naar constitute and be treated M e paymNet on tla principal es be refunded directly '
to tM MNter.
The Mekbr-nay prepay tM entire utp.id belanq of tMe loan N smr tine. If Ile IoNi b prgpNd In fuN, eegNrebd a Mltnentad, th. IMeksx shNl reeeia e •
= .efund of the uteearteed portion of tM interest and iraunna•premiums corteputetj by tie RuN of T8's treetiwd, except that tM Bank Nall pe eMltled to retain
• ? ~ t/ arr~re interest charge of ~.00. f
. CREDIT LIFE AND CREDIT LIFE A DISABILITY INSURANCE ARE VOLUNTARY ANb NOT gEOUIREb FOR CREDIT. Such Iroursna ebverage b
avaiisble at the cast deslgnatad below for tM term of the cradle: lal i for. Credit Llfe hwrerea Ib1 i
for Credit Life 8 pisability Inwrence: _ _
Check ? Credit Life Inwrsnce is desired on tM life of
APpI• BI?tldan
8oz ? Credit life B Disability Insurance b desired on
Birthdan
L"J Gadit Life and/or Disability Inwrarea is not desired.
Date: October 20. 1979 signature /Ll~~
N. ne , Dore
signature f ' .
As securi fort payment of ht to the Male her tf to p~ fol i 1 P_' 1tPQf CAnd _ j -
recor~ed ~ n 0. R. ~oo`~c 263, ~`a ~ l~n~ Mee s 36 i"n ~n`~ - . ~
as sc n sa mo gage. '
,ncludirg all inueases, substitutions, replacement:, additions and sccessans thereto and in the proceeds thereof ihereinatter ailed "Co1NmN"1. Thb severity 7
,merest shNl also severe any other indebtedness or liability of the Maker tQ the Bank director indirect, sbsolua or contiregant, dw or to become dui, now ex- ~
sting abate/tar arising, itndudirq all future advances es loses by the Bank to the Maker. ~
The Bank b also given s lien and s security interest in NI property and sswrities of the Maker, endorser, surety, guarantor or accomneodation party d the
Note (herNnsfter referred to as the "Obligors'•l, now in es at any time leerastnr eomirg into the control, custody or possession of tM Bank, wetatMr for the ex-
I pressed purpose d being used by the flank es CollaterN, or for any other purpose, and upon any txslance or belareps to tl+a credit of any aeeounri, eedudirq i
trust and agereey accounts maintairad withtfee Bank by any of tM Oblgrors, and the Obligors agree to deliver to tfa Bsnk sdditionN CollanrN es make fade ;
payments in reduction of the principN amount of tM loan es shall be satisisctory to the Bsnk, in the event the aforementioned CollaterN shalt dedira in valeta j
or become umatisfactory to the Bank: _
C Additiora to, reductions or exchanges of, or substitutions for the CdbterN, psyrnents on sexxxrret of this loan o. ireCraesef of tM same, or other locos made .1
partially a wholly upon the CollaterN, may from time to tutee be made without affecting the prorisions of this Note. The 8ankshNl exercise reasoreabb are in ill
the custody and preservation of flee CotlatarN to the axnnt required by applicable statute, and sleall be deirreed to have exercised rNSOnable are if it takes such
action res that purpose es Maker shNl reesontbly request in writing, but no omission to do any act not raquasnd by MNcer ateell be decreed a lailun to exercise
reasonable cere, and no omission to oompty with any request d Maker sha11 of ittNt W deemed o failure to exercise reasonable are- Bank shNl rat be bound to
take any steps necessary to preserve any rigfets in tfa CollaterN spairest prior parties and Maker shall take NI teacesaary steps fes such purposes. TM Bank or its
nominee treed not collect interest on, or s principal of, arty Cdlataral or give any notke•with rapact to it,.
The Bank may continere to hold any CollaterN deposind leerwnder after the payment of this Non, if st tM time of the payment and disdesrgt hereof any of
the parties liable for the paymetet hereof sleall ba tleele dinccly Or COntiregeretly liable to tM Bank es MNcer, endorser, surety, gerarsntor Ot aeCOrterreodstion party
of any Defeat note, draft, bill d exdeange, or other inarurtesnt, es otherwise. and the Bank may tteareefter exercise NI riglea with respect to said CollsterN
granted herein even though this Non shall haw been eurreredered to the Maker.
If the flank deers itself iresfaeerre or upon the feapparuteg of any of the folbwing ewnn, each of whkh shNl corestitun a default, NI liabilities d each Maker a
the Bank, includitg tM entire unpaid prinCipN of thb Non and atx:rwd innrest, lest any ureearMd interest std any innrest in excess of tM rnartirreum dkswed
by Isw end any rebates rpuired by Isw, shell intrteadisWy or tleereaftar, at tM optbn of the flank, except that tie oocerrnrea of (el es Ids shah eaersa autorreet-
,c accelarstion;withoutnotice esdeneard, bewrreadw and payabN: IN tM fNlun of any Obligor to perform any obligation, liability or dairre to tM Barelc, to pay
interest hereon wiMin 10dsys after it a due, or if tfeere b no due den, sitar it b billed or otherwba requested or damaedad, a to pw any other IiebEity what-
e :Dever to the Bsnk when due: lb) the death of arty individuN Obliges, tM dissolution d arty p.rtreership Obligor es tM dissolution. nargar or consdidetion witl+l
l out the flank's prior written coreseret d any corporate Obligor; le) tM filing of a petition in bankruptcy es tfea sdjudiation of iraolvarety at benkruptsy urdM
~ any reorganisation, arrengenaret, readjustment of dNst, diesoiution, liquidatjon a similar proceeding under soy FedatN a star statute, by or against any
~ Oblgor; ldl sn appliation for the appointmetet of a naivar tor, es flee mNtinE,d s general assiRernaet for the benefit d uaditess by, any Obliges; lei ttsa entry
~ of ludgnant sgtirett any Oblgor; if1 tM itauitq d any sttaehmeret es garreislntaM, a tM fifireg d any lien, agaimt any property of srry Obliges; Igl tM tskireg d
possession of any serbstantial part d the property d any Obligor at the irestareoe of any goverreiranW wthority: (h1 tM detarmiration by tfee Barak that a rreesai-
a~ adverse d+:nge hes occurred m the financiN condition d arty Obligor from the eoreditiora set forts in flee most recent firearecial sntaneant d nude OWigot .
heretofore fumisfead to the Bank, es tram the tondltbn d each Obligor as heretofore moat recently disdoaed to the Bank, or tiMt any warranty, repreaantation,
certiiiata es stanmant of any Obliges (whether oontaireed in thb Note es not) partainlrg to or in opnneetksn with this Noe or tIN loco evidNeoed try the Note
contains an untrue statement of natetiN fact es oneia to seta rrrnriN feet naasaary in esda to Hake flea sntaneants made not misleading; p, lil the aesigea
meet by any Maker of any equity in any d the ColbtarN without the prior written eoneent of tM Bank.
TM Bank shall have, but shNl rat be limited to, tM idlowing rgha, tech of which may ba exercised at any tins wftethar a not fhb Note b due: lij to
pledge es trerttfar fhb fdoa and tM CdlanrN and rice Barak Mall tiareupon ba relieved d NI dutbs and reponsibllftiaa leareurederand rNiened hom any and NI
liability wide respect to any CdlanrN eo pbdgad or transiernd, and any pNdgN es traraiarw ahNl for all putpoea creed in tM place d tie Bank herwtedar and
have NI the rlghta of the 8anlt ieareuredar;111) t0 trarafar tM whole es soy part d the Collanre>f into the name d itsNf es iri nominM: (iii) to voce the Collateal:
~ (iv) to notify seta Obliges: d any Collateral to Hake peynant to tM flank d any amounts due a to baoortea dw thereon: ~tr1 to derteard, tats fes, eNtaet. a.
male. am? ~K~ as used` i~ereeans ~ur~etaRee~~ssoc'~a~es t~n , an grp0~s as~si9na°s~'.d' °f CdlaarN.
. s idljljll~ a~. ~ ~
NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION
F95 Y52 RN. 7/77 -