HomeMy WebLinkAbout0985 ~ ~ ~ MORTGAGE NOTE
Ft. Pisrce, f lor~da, ?~rch 29 . ~972
S 140,000.77 ~
FOR VALUE RECEIVED the undersigned, Jointly and seve~ally promise to ~ay to the order
J+ Universal Housing ~ Oevelopment Co.. the principal sum of pne hundred and forty thousand
77/100-----------------0ollars, together with interest from date hereof on unpaid pri~cipal
at the rate of interest which Universal Housi~g and Development Company is to pay in
connection with its borrowings with pa~ticular referenca to this parcel of property, but
in no event to be less than the rate of six (6~) per cent per annum o~ to exceed the rate
of ten (10',~) per cent per annum. ~
The principal and interest due hereunder a~e payable in lawful money of the ~nited
Scates of Amer;ca. on lhe dates and in the amounts specified below,.to wic:
One (1) year from date hereof. ~
Interest hereunder shall be charged only on the sums advanced from the date of advance
*.o che date of repayment and interest from the date of this note to the date of advance is
waived. Interest hereunder~ if on an annual basis shall be computed on the basis of a
360 day year. ~ -
All payments shall~apply first to accrued interest~ and the remainder, of any, ta reduction
o` principal. If any installment of principal or interesi is not paid when due,'or upon any de-
~ au 1 t i n the performance ~f any of tt±e co~en~nLs Qr agr~~:r,~~€s af th6 s note ,~r ar~y ~ ns trt~-
~~ent now or hereafte~ evide~cing or securing this note or the obligation represented hereby, ~
;he whole indebtedness (including principal and interest) remaining unpaid, shall, at the
~ption of the holder, become immediately due, payable and collectible, and while in default, .
;~~s note and deferred interest shall bear interest at the rate of 12 per cent per annum.
'n the event the holder exercises the option to accelerate the maturity of the whole indebted-
ness, then any unearned interest in excess of the highest rate of interest the maker may
legally obligate himself to pay, shal) automatically be eliminated upon the exercise of
sa~d option, and such unearned interest, if any, shall be credited against princ~pal. pro- ~
v~ded, however,.that such credit shall not be deemed to cure a default of a failure to pay
any installment of pr.incipa) or interest when due.
Each maker and endorser severally waives deman~ protest and notice of maturity.
~~n-payment or protest and all requirements necessary to hold each of them liable as
~akers and endorsers. Each maker and endorser further agrees, jointly and severally.
~ ,
~ r=~ .c~. i~ vTi, i i~~ ~tiu~ ny r Cd~vniiu ie a[ [Uffl@~/ TE@5. I rl case LhE' pri nc i pa ~
,,F this note or any payment on the principal or any interest the~eon is not paid at the re-
~ spective maturity thereof, or in case it becomes necessarjr to protect the security hereof,
~~.~hether suit be brought or not.
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~ This note is secured by a mortgage of even date hereof a~d is Lc ~e ~anstrued a~~d en-
=~rced according to the laws of the State of Florida; upon default in the payment of principal
and/or interest due on any note secured by said mortgage, all notes so secured and remain-
ng unpaid shall forthwith become due and payable notwithstanding their tenor. This note
~ payable at Universal Housing ~ Developme~t Company, 6917 Collins Ave., Miami Beach, Fla.
o~ such other piace as shall be designated by the holder of this note in writing.
.
~ UNIVERSAL ADAMS~ INC.~ a
Florida corporation
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~ecretary Pres3dent
~Corporate Seal)
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800K ~1 PACE 90J
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