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MORTGAGE NOTE
Ft . Pi e~ce , r~ ~r da . March 29 , 197:
S 22~081.00
FOR VAIUE RECEIVED the undersigned, jointly and severally prom~se t~~ pay to the order
of Univ~rsal Housing S Development Co., the principal sum of Twenty-two thousand eighty-one
00/100-----------------Doliars, together with interest from date hereof on unpaid principal
at the rate of interest which Universal Housing and Development Company is to pay i~
connection with its bo~rowings with particular reference to this parcel of property, but
in no event to be less than the rate of six (696) per cent per annum or to exceed the rate
of ten (10°,~) per cent per annum.
The principal and interest due hereunder are payable in lawful +~oney of the United
States of America, on the dates and in the amounts specified belvw, to wit:
One {1) year fran date hereof.
Interest hereunder shall be charged only on the sums advanced frum the date of advance
to the 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 ce!^~uted on the basis of a
360 day year. -
AIl payments shall apply first to accrued interest; and the remainder, of any, to reduct:
of pri~cipal. If any installment of principal or interest is not paid when due. or upon any c
fault in the performance of any of the covena~ts or ag~eements of this note, or of any instru-
ment now or hereafter evidencing or securing this note or the obligation represeRted hereby,
the whole indebtedness (including principal and interest) remaining unpaid, shall, at the
option of the holder, become immediately due, payable and collectible, and wh~le in default,
this note and deferred interest shall 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 the maker may
legally obligate himself to pay, shall automatically be eliminated upon the exercise of
said optio~, and such unearned interest, if any, shall be credited against principal, pro-
vided, however, that such credit shall not be deemed to cure a default of a failure to pay
any installment of principal or interest when due.
Each maker end endorser severally waives deman, protest and notice of maturity,
no~-payment or protest and all requirements necessary to hold each of them liable as
makers and endorsers. Each maker and endorser further agrees, jointly and severallX,
! to pay all costs of collection, including reasonable attorney fees in case the principal
i of this note or any payment on the principal or any interest thereon is not paid at the re-
~ spective maturity thereof, or i~ case it becomes necessary to protect the security hereof,
! whether suit be brought or not.
i
This note is secured by a mortgage of even date hereof and is to be construed and en-
forced according to the laws of the State of Florida; upon default in the payment of principa
and/or interest due on any note secured by said mortgage, all notes so secured and remain-
ing unpaid shall forthwith becane due and payable notwithstanding their tenor. This note
~s payable at Universal Nousing and Development Co., 6917 Collins Ave., Miami Beach, Florida,
or such other place as shall be designated by the holder of this note in writing.
UNIVERSAL ADANS, INC.. a
Florida corporation
Attest:
- ~f -
Asst. ~ gy ~ l.~-~ / ~t C C-=l-- .
Secretary President
(Gorporate Seal)
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~ BOOK ~1 PACE 9~7eJ
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