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, ~ MORTGAGE NOTE
Ft . Pi erce . da . Merch 29 , t 97~
c e~
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FOR VALUE RECEIVEO the undersigned, Jointly a~d severally promise t~~ pay t~ the order
of Unjversal Housing ~ Development Co.. the principal sum of Twenty-five thousand five
hundred 00/100--------B:.Ilars, together with interest from date hereof on unpaid principal
at the rate of interest which Universal Housi~g and Developme~t Company is to pay in
connection with its borrowings with particular reference to this parcel of property, but
in no event to be less than the rate of six (6~) per cent per annum or to exceed the rate
of ten O0°,~) per cent per annum.
T~~ ~rincipal and ini~re~t due here~.~n~Pr are payable in lawful money of the Unitc~i
States of Arrerica~ on the dates and in the amounts specified below, to wi~:
One (1) year fran date hereof . ~
•Interest hereunder shall be charged only on the sums advanced from the date ~f advance
to the date of repayment and interest from the .fate of this note to the date of advance is
waived. Interest hereunde~. if on an annual basis shall be computed on the basis of a
360 day year.
All payments shall-apply first ta acc~ued interest, and the remainde~, of any. to reducti
of p.rincipal. If any installment of principal or interest is not paid when due, or upon any c
iaui~ i~ t~~ per~ar~nce of any of the c~v~nants or agrep~nts of chis nore, or of any instru~
ment now or hereafter evidenc~ng or securing this note or the obliqation rep~esented hereby,
the whole indebtedness (including principal and interest) remaining unpaid, shall, at the
option of the holder~ become immediately due, payable and collectible, a~d wh~le in default.
this note and deferred interest shalt bear interest at the rate of 12 per cent per annum.
In the event the holder exercises the option to acce,lerate the•maturity of the whole indebted-
ness, then any unearned interest in excess of the highest rate of interest tJ,e maker may
legally obligate himself to pay~ shall automatically be eliminated upon the exercise of
said option~ and such unearned interest, if any, sha11 be credited against principal, pro-
vided, hawever, that such credit shali not be deemed to cure a default of a failure to pay
any installment of principal or interest when due. .
Each make~ and endorser severally waives deman. protest and notice of maturity,
non-payment or protest and all requirements necessary to hold each of them liable as
makers and endorse~s. Each maker and endorser further agrees. jointly and severally,
to pay a11 costs of collection, inciuding reasonabie attorney fees in case the principal
of this note or any payment on the pr.incipal or any interest thereon is not paid at the re-
spective maturity thereof, or in case it becomes necessary to protect the secar~iy hereof,
whether suit be brought or not.
~ n) S noie 1 S Sf.'lUf eU U~I d IIiVI iy`dyc ~i Gvci~ ~oi~ iia.i ~v~ u°iiii ~ ~nnc t r~~P(~ anl~~ Pn~
forced 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 5ecured and remain-
ing unpaid shall forthwith become due and payable notwithstanding their tenor. This note
is payable at
or such other place as shalT be designated by the holder of this note in writirg.
- UNIVERSAL ADAMS, INC., a
Florida corporation
Attest:
' ~ .
1 / ~ '
A~~t. B , , Q -~C"~~ - L ~-l
.
Secretary President ~
(Corporate Seal) -
? QOOK 2O~ PACE a7~c~
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