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~ l~00,000.00 d"" Chica~;o, Illinois ..Auc~ust...26 ~ 7I~
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, 1'~~~ ~.~I~~,• t6,• ui~'WAI;I'I''.R'~~itl}II:I.i.I:R~•b~i1(.~O~irYuANY. •(~illt•llor~')t:lcr~t '
t1?~~ i~}~~~• r:,~ ~~f . FQ1R 1RINDRCD TIlOUSAND AND NO/100----------------------------------Z~.,ll~re
. . . . quarCrrly .
~ c 400 ~000.00 ~~ith int~ ,t thori un irom datc, p;?yablr ,:~i thc r:~!c oi. .nine one-hal f r~r ecnt.
p~•r ;~u~~~~~u; thc in~crr l and prii~cip:~l o[ ll?iv nutc p:ty:~Llr i[1 insl:~lmenl~ ns fullvws: ,
1•. rt~.• lst .Jay oi.....september.---..............---......~ l9 71. t e ~nm ot...Nine. Tliousand....
Five liun~re~ & NO/ld~____~_~~utlars~ And tho snn~c umuunt on tlio ~nmc d~y of each~mon~~ahcrcaftcr~ ar.d thc entire ~
_.....19........ Tkeaforesaid` P1~-
i,ri:~r,~~al ~a~•nblr ~,n the first...__... Jpy oL,„August.... 74 ~
nieut~ are to !~e a;~~~l~ed fir~t to intere~t nt the rate AforesaiJ due Mupon tho princip~l sum or so much themof a~ shall irom #
time to tin~e retnu~n un~~aiJ, and the b:~lunre ~t each ~ pa~•ment ahall I,e zpplial on account of prineipal. ~
All inst:?irt?ents uI iqterect nnd prir.cips?I sre pa~able at the ofiice of the ps~•eo in tbe City oi..Chicago~ Illinois ~
or ~t ~uch othrc pl:ice a~ th.~ liol.i.•r hrr~of ma~ cl~ ~i~nate in ~-ritinF, i~ lnwful money of t!?e United States of America. If ony of
said iust~imcnt~• ut intcrest iend principal ~fu?1! not l:c pai~f ~+hc~ due the~ the cntire piincipal sum ond accrued interest shall
Lecon:e duc and p:?yable at once. at the option ot the l~gzl holder ot this note.
talch muker and endorscr Wai~es the riRht oi exemption under the Constitution and Lws of P'lorida. ~nd each maker and
endor>cr Naives dcmand. protest anJ notice of niaLurity~ non-payment or protest and all requireraenta necessary Lo hold e^.ch of
thcm IiaAle as makecs and endorse~.
It is farther a~reed that each maker anJ endorser. jointly atd severally. shnll pay a1i ao~b of collection~ includin~ s reasonable
attor,~cy'~ fcc. on failurc to pa} the princ~pal of tAis notc or any intcrest thereon at matnrit~. This note and all aums due there-
under shall bcar intrrest at the rate ot ten (10) per c.nt, per aanum from due date until ~aid.
It iz lurther agreed that cach maker and endorser jointly and severally hereby conseu! to any eztensions or nne~vals or modi- ~
fications of this nute or any part thereof hithout notice. and eaeh maker and endorser axreea that he will remain liable as auch '
during any extension or r~newal or modification hcreot uatil the debt represented hereby a fully paid.
This note is secured Ay mortgaKe upon real property in.... St. Iucie County ~~orida~ aad this note is to be constrned
aeconling to the laws of Illinois. ~ ~
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In addition to the interest hereinabove provided, there shall be paid to Helier as
additional interest, the s~an of S150.00 for each condaninium anit sold by FORT PIERCE
DEVELOP;tENT ASSOCIATES, LIMITED ("Partnership") in the period co~encing with the date
on which the proceeds of the subject $400,000.00 loan are disbursed to the Partnership
and ending upon the date on which the subject loan is paid--in full ("Loan Period"). A
sale shall be deemed to have been made when a Contract of Purchase is executed if said
sale is later consumated. Payment in full of subject loan, as utilized in this paragraph ~
refers to payment of the principal amount and interest thereon at 9-1/2~ per anr.um only,
it does not refer to the payment of all additional interest due under this paragraph
some of which may be paid up to 150 days after the expiration of the Loan Period. Any
amaunt due Heller pursuant to the provisions of this paragraph shall be i~ediately paid
upon consumation of the sale with respect to which said amount is due. If the aggregate
amount theretofore paid pursuant to the provisions of this paragraph by the Partnership
to Heller upon the date which is 120 days after the expiratian of the Loan Period is
less than the Base Amount as hereinafter defined, the Partnership shall pay to Heller
(in addition to all sums.theretofore paid to Heller, pursuant to the provisions of this
paragraph, or otherwise, and in lieu of all sums thereafter required to be paid to
Heller pursuant to this paragraph) on or prior to the date which is 150 days after the
ezpiration of the Loan Period, the amount by which the Base A~aint so exceeds the amount
cthere_tofore (prior to the date which is 120 days after the espiration of the Loan
Period) paid to Heller pursuant to the provisions of this paragraph. The Base Amount ,
ehall be the greater of (i) the sum arrived at by multiplying Nine Thousand Dollars
($9,000.00) by a fraction, the rnimerator of which is the number of days in the Loan ~
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Period and the dcnociiaator of which is 365, or (ii) :~ine Thousand Doll~ars ($9,000.00) 1
regarclle~s of the Loan Period.
Privilege is hereby granted to prepay this loan in full or in part, without premium,
penalty or notice, except as aforesaid.
The Mortgage secured hereby shall be released upon payment in full of the subject
loan, as said term is utilized in the paragraph above dealing vith additional interest,
plus all additional tnterest which is due and payable as of the date of such payment ~
in full.
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This Note is executed by First National Bank of Fort Pierce, Maker, no[ personally, ~
but as Trustee under Trust Agreement dated November 17, 1970, otherwise known as Trust ~
Agreement Number 2, all as provided in the Mortgage of even date herewith. ~
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On September 1, 1971, interest, if any, due fran date of disbursement up to and
including August 31, 1971 will be payable. ~
ENDORSER: MAKER: ~
FORT PIERCE DEVELOPMENT ASSOCIATES, LIMITED FIRST NATIONAL BANK OF FORT PIERCE ~
As Trustee Onder Trust Agreement dated
BY: S~ P COMPANY, a corporation, 11/17/70, otherwise known as ;
General Partner Trust Agreement Ntunber 2 ;
;
Its: '
BY: ~
BY: REAL ESTATE CAPITAL CORPORATION, a TITLE• .
corporation, General Partner ~
Its: • ATTEST:
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OOK 1~ICE~ : ~
EXHTBIT A '
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