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~ ~ INSTALLMENT PROMISSORY NOTE
TURTLE` REEF ASSOCIATES, INC. * w Amount R.oew.d = Sn?n_nn
BANK NAM 141 ,LIt f«~Crldit = none
Jer?sen Beach, Florida 33457 1C1 ot~ctltttwttuys~ ~ none -
oF tc (O? oM.r c~targes Iitembel. = none
1~ = none
NoTk No. DATED: pctober 12. ,1e~q IF? = none
DUE: OCtOber 26, . ,B 89 Ic~1 i~4,
c
~o~
i s
IHl Intereq =
PLACE: ,FLORIDA 111 Credit Investigstlon _ -
lJl OtMr =
For wive reetiwd, tM undersigned (hereirtaftor eNbd "Maker") Iointly and sewraMy (if (K)
more than one) promise to pay to the order of tM flank, at is office Ibted above, !M Toth
of Payntenti Itrom IN? at right) M 513.810.80 Dollars pwable in 120 lu _
egwl monthly in,tNlntertn of f Ills .09 , tM first IMI FINi#NC~ CHAROl: 5790.80 • G~
rnstNlrttirtt dw on Mnvoash~r 96 _ ,19 IH, 1, J, K, LI i
end subsequent kgtNlntenb dw on INI toW of Mat?msrtb lQ + M) = 13 a810.80
the_Z(}day of ~>ltonth thoresfterLto~tMr wiU a FINAL BALLOON PAYMENT OF: ANNUAL PERCENTAGE RATE 12.00 Xt
S ~OfIC OUE .19
TM Bank shall impose a delingwncy charge against tM ftilskor on any wymartt which has beoatte dtN and remains M default tor. • perktd in axar of 10
days in an amount equN to 6% of tM amount of tM prineipN part of the payment M default. In tM ewrtt that tlti Nob b not paki in full at turity, NI pay-
menq, wMthor principal, interest or otMrwae. shall bea? inte?pt et the tttaximum (cite) rib allowed under tM laws Ot tM Sbb of Florfde. All
{~rttertb rnetN
`~>nereurtder sltNl be aedited first to interest and than to principal, horrerer, in.tM event of default, tM Bank may, M its soN dbtxetion, apply any payment to
interest, principN and/or Iawfu~ charges tMn acawd. It b fife intention of tltr partbs INrato that the provislorq herein tltall not provki dkec~or indkaetly
for the payment of a grNter.reb of Interest or tM retMtion of any other dtarpe than b albrred by bw.11,for any rwon, tntarest In excess of etrc ~ reb err ;t
a charge prohibited by law shNl at arty time be Paid. any such excess shNl aitftor constitub end ba trNted ere • peyntant on tM prlnepel or be refunded dkeetly .
to the Makor.
The UA~ker may prepay tM ehtin uttpaW balertce of the loot d any tNtte. It t?ta Ian b ptipNd In lull, aoalir~tW err nlinanad, the Maker shall reoNw a
refund of tM unesrrtad poniort of fife interest and irawance premiums Camputad by the Rule of 18's nNthod, axolpt that tM 8enk shell pa erttltlad to rehire
a minimum interest charge of 16,00.
CREDIT LIFE ANO CFiEDIt LIFE A DISABILITY INSURANCE ARE VOLUNTARY ANO NOT REQUIRED-FOR CREDIT. Such inwrana eotranga b
available at the cat designated below for the taim of the credit: Ie1 = for Cndlt LNe Insurance Ibl :
for Gedit Lifi a Disability Insurance: -
Cheek ? Credit Life tmurance is desired on the life of
blrthtleb
Botc ? Gedit Li41k DlsabHity Insurance b dnired on
r~1 Birthdab
u Gadit life end/or Disability Insurance is not delved.
cafe: OCtOber 12a 1979 Signature
art W. 6111ar~e Jr .
signature C ~
As security for tM payment of tM Note tM Makor hereby grants to Bank • n es iA f rtg property- i n Turtl Rawf
Cond. L RL~cdrded on 0. R. Book 263, Paae 2002... Unit Week 35 and 36 in Cond. D-15,
Aat. No. 0-15, as descr n sa n1o aaae.
~ncludirg NI inereeses, wbftitutions, replagmtnts, edditiorts and aoc~ssions thereto and in tM prooseds thereof (heninatter piled "CollaterN"1. Thb severity
~ enterett shall sMo secure any otAor irtdebcadrteft or liability of tM Maker to tM Bank direct or indirect, absolub or contingent, dw or to becorne dw, now ex-
~sting or heresltor arising, ~nduding all future advances or Iosns by tM. Bank to tM Maker.
TM Bank ie also given a lien and a security interest in NI property and severities of tM Maker, endorser, surety, gwrantor a accommodation party of Ma
Note (Mreinsftor ieforred to es the "Obligors"1, now in or at any time hereafter coming into tM control, antody or possewion of the Bank, vMNthar for the ax-
f prettad purge! of bsing used by tM Bank es CollagrN, or for any other purpose, and upon any bNattee or balances to the credit of any aoeounes, irtcltrding
trust and agency atxjotrnts maintainrd withtM Bank by any of the Obligors, and Me Obligors agree to dNivor to tM Bsnk additionN CollatorN a mMte such
payments id reduction of tM principal amount of the loan as eltNl ba satisfactory to tM Bank, in tM event the atorerrtentiated CollatarN shall dediM in valve
~ or txtcome unsatisfactory to tM Bank. _ .
Additions to, reductions or exchanges of, or sub~titutiora for tM Collateral, payments on account of Mis loan or inaaeses of the sarrta, or oMor loans made
! partially o. wholly upon the CollatorN, may from tints to time be ntstft without affecting tM provisions of Mis Note. The Bank shNl exoreies reasonable earn in
the custody and preservation of tM CollatorN to tM exbnt required by applicable statute, and shNl ba desnNd to have exerciad reasonable can if it takes euM
action for that purpose as Maker sANI reesortably request in writing, but no omission to do any set not requested by Maker shNl be deemed • failure to exorcise
reasonable care, and no omission to comply wiM any ragwst of Mekor shall of itself be deemed a failure to exorcise reasonable can. Bank shNl not be bound to
take any steps necessary to preserve any rpha in ttte CotlatorN against prior parties and Makor shalt take NI necesstry steps for such purposes. TM flank or its
nominee steed not collect interest on, or a principal of, arty Cdlawal or give any notiwwiM aspect to it.
TM Bank may continue to Aoki am Collateral deposited hereundor dtor the psynwnt of Mis Nob, if at tM tints of tM payment and discharge Mraof any of
the porties liable for tM psymertt hereof shall be then directly or contingently IiabN to tM Bank es MNter, endorsor, suety, guarantor or aooorrtntotfation party
e of any othor nob. draft, bill of exehartge, or othor irtstrumertt, or otherwise, and. the 8en~t may tltareaftor exorcae NI riatte wiM respect to said Col4terN t
granted horein evert though Mis Nob shNl have been surrendered to tfte Makor.
If tM Bank deems iteslf irnectrre or upon tM ftappating of arty of the followitg events, eatfi of which shNl oortatitub a default, NI liabilities of each Makor to
the Bank, irtctudirg tM entire unpaid prineipN of Mh Note and net?wd interest, IaN any unearned fnttrest ertd any intoreet in excess of tM mucimtun Mowed
try Isw and any rebates required by law, NtNI intrrtedirtely or thareaftor, at the option of the Bank. except that ttte oocurrena of lei or Id) shall estate autantat- -
rc aaelaration;without notiq o?derrtertd, beoontedw end peyabb: Is) tM failure of ~ ObNgo? eD perform any obligation, liability or eiairtt tO the Bank, to pay
interest hereon within 10dayf sitor it is dw, or H Min is no dw dab, aftor it ie t>;Iled or otherwise requested or dornartded, or to pry eery otlNr IgbJity what-_
toever to tba Bsnk when dw: (bl eM daaM of any individuN Obligor, tM dissolution of any penrtorship Obliges or rite dissolution, merger or oonsolida*_ion wiM-
out tM Bank's prior written consent of any eorporab Obliges; k) tfte filing of s petition in bankruptcy or tM adludicetion of imolwrttyy or bankruptcy under
any reorganisation, srrsrtgarnent, readjwtmerit of debt, datolution, liquidation or similar proeMding under any PsdorN or sbb statub, by or agairgR any
Obligor; Id1 an application for the appointment of a receiver fqr, or the making of a garterN assigrtrrtent for tM benefit of ueditors by, any Oblige; let the entry
I of ludgmer?t against any Obligor: Ifl the bstrirg of any atteehmertt or garrtieltrrtent, or the filing of any lien. agairtet any proporty of any Obligor: Igl tM gkirg M
possestiort of any ptbatantiil pan of the property Of any Obligor at tht instance Of any gwernrtientN euMority: If>1 tM dabrminstionbt/ the Bank that • rrlaeeri-
al adverse ehattgt has ooverred in the finarteisl eatdition of any Obligor from tM OOrldKiale set forth in tM mat recent finsrteial sbtemartt of eudt Obligor
heretofore fumishad to tM Bank, or from der condition d such Obligor as horetofore mat recently dadosed to the Bank, or tint any werramy, nprrMntstian,
ce?tifigb or sbtemant of any Oblgor (wMUNr oontsirted in Mb Nob or notl perbinirg to or in tonrtection wiM Mb Note or tM fan evidntoad by Mb Nob l
conuinte an umrw wtemertt of rrsebrial feet or orniq to stab metorial feet rtegssary in order to make the sbtaments made not mittaadirtg: or, Ifl tM aMigrt- j
runt by any Maker Of any equity in any Of the Collateral without tM P?ior written oonaent Of tM Bank.
TM Bank sttNl hare, but eltsll not be limited to, tM following rights.- eadt of tlrhieh may be exorcised at any tints rrltetlter or not Mis Nwe b dw: lil to
pledge or transfer Mb Note and the ColbiterN and 1M BaQk shell tMtNlport be relieved of all duties and reeponsibllities hsrwttder end rNiered from any and aH
liability wiM respect to any Co1bwN eo pledged or trerteferred, srd any pkidgee or trensfene shall for all purposes stand In the place of the Bank Itereurtdor antd
have all tM righb Of the Bank herelrftdal; Illl to trantNr the whoN or any part of rite Collebnl klto the rtanM of itself o. its nominee; (iii) to veer the Collabrel:
liv) to notify fife Obligor of arty Colbterel to make payment to tM Benlt .of any antoutma~dw( or to tbyeoonte duegthtereotr
(~v) to dates,
tpd. sue fa. oolNet, or
m.ka•nr~*~'6AtYK~ ast uset~ ef~ree~n means ~urr~e~Ree~~ ss
oclates; lnt~°Mana~r•007LS as
'7~1~:°~'O'COlle~.rel'
- . a~ ,
~ NOTICE: SEE OTHER SIDE FOR IMPORTANT INFORMATION ~ ~3~ pt~~ KS
Fes 3'ss a«. ~n~ w