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Home My WebLink About1551 ~rp~~ ~~l~B. tleai' if cai~ .~fort~agor shall pay unto t/~e .cai~ .1Kortga~ee the certain prnnii~~cory notP, of tah~cl~ thP f~llnu~in~ in iaornl c tire~ ~i?¢~crPs ia ~ frue copy, ~ to wit: PROMISSORY NOTE ' :~y.1,G22,400.40 P+orL Pierce, Florida May 17, 19?2 . FOR VALUE RECEIVED, the~underslgned promises to pay.to the order oP ! "NORTH B~ACH DL'VLLOPMENT COMPANY at the office o~ ST. LUCIE.COUNTY BANK, rort Pierce, ~lorida, or at such piace as the holder of this note may ~ desie~,nate in wY~itin~, the principal•sum of ONE MILLION SIX HUNDRED TWENTY- • ~ Tt~10 THOUSAND FOUR HUNARED AND NO/100 DOLLEiRS : together with interest thereon t from date at the rate of Four percent (4~) per annum on the uapaid balance until paid. ~ Interest shall be payable semi-annualiy, the first interest payment being payable November 17, 19?2. Yrincipal shall be payable in eleven (11) ~qual consecutive annual installments, the first principal installment being payable May 17, 1974. Privilege is reserved to prepay the whole or any part of the unpaid balance of the indebtedness at any time without penalty, provided that ~ny partial prepayments pr3or ~o January 1, 19?3 shall be limited to an amount which w311. make the payee eligible for installment sale ~reatment under the United States Income Tax Laws. Liability i'or payment hereof shall be limited to the property f mort~aged to secure the payment o~ this note and ~1ri~ ~~akzr sh~~~ ~~t ~~t=_~r- wise be individually or personally liable for the payment hereof and no ! deficiency decree shall be entered against the maker in case of a fore- f closure of the mortgage securing this note and any ~udgment on this note ~ shall be restricted in its lien,operation and effect to the property described in the mortgage secu~ring this note. If default be made in the payment of any installment under this note and if such default is not made good within thirty (30) days, the entire principal sum and accrued interest shall become due and payable without notice at the option of the holder of this note. Failure to exercise this option shall not constitute a waiver of the right to exercise thesame at a later time for the same default or for any subsequent defau~t. In the event of default in the payment of this note and if same is collected by an attorney at law, the undersi~ned hereby agrees to pay all costs of collection including a reasonable attorney's fee. Presentment, protest and notice are hereby waived. ' Th3s note is secured by a GORDON S. NUTT HOLDING COMPANY, INC. . mortgage of even date on real estate i n St , Lucie County, Florida . BY : 3/ Gordon 3. Untt ' _ esident and shalt perform, comply with and ccbide bfj each and every th.e stipulati+ons, d~ree- ments, conditions and covenants of said promissory note and of th.is deed, tlten this ~ deed and the estate hereby created shactt cease and be nrcll arid void. the sacid .iKortga~'or hereby covenants artd agrees: 1. To pc~y all a.nd sin~r~lar the principal and interest and other srcros of rrioney payable by virtue of said prornissory note and this crl,eed, or either, pr~mptly on the daJs respectively the sa~ne severcally come due. 2. To pccJ all acnd singular tlae ta.~es, assessments, levies, liabili~ties, obligationa acnd encumbrances of eaerrJ natur-e oia said described propertJ eacl~. and every, and if the same he ~aot promptly pacid the said ,hlortga~ee may cit ccny tinae ~rxt,y tlie same without waivin~ or a~j}'ectir~g the option to foreclose or acny ri~/it heretcnder, and every payment so made shall bear interest from the date thereof at the rate of 4 per cent. per ar~nu~n. • 3. To pciy alt and sin3sular the costs, char~ses and e.rpe~ises, includin~ lawyer's fees, rea.sonably incurred or paid at ctny time bJ said rilort3sagee because of tJae failure o~a the part of tlae said .~lortgd~or to ~uerform, complJ witJa a~ad acbide by each dnd eaerJ the stipulatio~as, conditions and coaenan.ts of said pronaissory noteacnd this deed, or either, acnd eaeri/ sucJi payment shall bear interest from dccte at tlae rate of Your per cent. per annur~t. To keep the buildings now or h.ereeifter on sai,~l land insured in eL sunt not lesS tlutn Pull in$urable value ~c~mea, in Q corrtpac~ay or compa~aies to be approved by said .1~iort~ag'ee, and the policy or policies Jteld by cznd pct~able to said .hfort~a~ee, and in. the event anr~ src~n of moneJ becomes payable r~nder suclc policy or polictes, the ,~fort~agee shall liave th~ option to receive and apply the ~ume on account of tjie indebf~edness hereby ~cectcred or to permit tlre .~lort~d~or to receive and u.se it, or any part thereof, for other prcrpo.ees, witlwict t/aerebJ waiving or impairin~ c~ny eqicity lien or right under or by virttce of this m,ortgn~e, a~~d ntccy place and pay for such insurance or anJ part thereof, without waivirc~ or a~}ecting ti~e option to toreclose or any ri~'Ir,~ hereunc~er, and eaeh and every sueh paJ~nent shctll bear interest fro~n. dctte • cat the rate of Pour per eent. per dnnum. ~ R ~ ~:17~r P~1$E ~