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HomeMy WebLinkAbout1205 ,l. ~ ; . ~ ' . ~FFICIAL RkVVn~ ~ ~ ~ 748 PROMISSORY NOTE $382.540.00 Miami, Florida February 23, 1971 FOR VALUB RECEIVED the undersigned. jointly and severally, promise to PAY TO THE ORDER OF BERT SAGER, at his offices at 1446 Hiscayne ~ Building, Miami, Florida 33130, or at such other place as shall be desiqnated by the holder of this note in writing; The principal sum of THREE HUNDRED EIGHTY TWO THOUSAND FIVE HUNORED DOLLARS ($382,500.04) together with the interest thereon from February 23, 1971 at the rate of 48 percent per annum until maturity, all payable in lawful. money of the United States of America, as follows: $3,500.00 on March 23, 2971, and a like sum on the 23rd day of each succeeding month thereafter to and inc2uding August 23, 1971; $4,500.00 on September 23, 197Z, and a like sum on the 23rd day of each succeedinq month thereafter to and ; including January 23, 1974; $25,000.00 on February 23, 1972; ; $35,040.00 on February 23, 1973; $161,500.00 on February 23, 1974; $2,500.00 on March 23, 1974; and a like sum on the 23rd day of each succeeding month until this note is fully paid. - Each payment required to be made on February 23 during the term of this note and the last payment required to be made pursuant to this note shall apply first in payment of accrued interest and the remainder of such payments sha1Z apply in reductian of principal; all other payments shall apply in reduction of principal. This note is prepayable in whole or in part at any time prior ~to its maturity. - If any installment of principal or interest is not paid when due, or upon any default in the performance of any of the covenants or agree- ments of this note, or of any instrument now or hereafter evidencing or securing this note or the obligation represented hereby, the whole indebtedness (-including principal and interest) remaining unpaid, shall, at the option o£ the holder, become immediately due, payable and collectible, and while in default, this note and deferred interest shall bear interest at the rate of four (4$) percent per annum. Anything to the contrary notwithstanding, this'note and the debt evidenced hereby shall in no ever?t be considered in default until: (a) ten (10) days from the date of the payments scheduled on the 23rd , day of March, I971, and the 23rd day of each month thereafter, except the month of February, until all principal has been paid; (b) forty- five (45) days from the date ot the payments scheduled on February 23, 1972 and February 23, 1973; and, (c) Ninety-one (91) days from the ~ date~of the payment scheduled on February 23, 1974. ~ Each maker and endorser severally waives demand, protest and notice of maturity, non-payment or protest and all requirements necessary ta hold each of them Iiable as makers and endorsers. Each maker and endorser.further agrees, jointly and severally, to pay all costs of ~ _1_ ~ ~ ~ ~ dO01I ` _ j~ i , i.?.~,4' OFFtCES OF SAGER ~ eURTil, tU1T[ 1406 OISCAYNE lUILDING, f0 W[R /'LAGL[R fTREET, MIAMI, FLOti1DA ~~130 ~ , ~a ~ .r*+4' ,x' ~,`r_`w ~ a ~ w ~~,~t~,~ ~r~r.,~. ' y ._y -~=-v.. s.~- ~ ~ ' ~ -r-'a~~ . : ~.z~~~~ '