HomeMy WebLinkAbout2428 MORTGAGE NOTE
$ 256,000.00 Miami, Florida January 19 197 3
FOR VALUE RECEIVED, the undersigned, jointly and severally,
promise to pay to the order of PHOPLES FIRST NATIONAL HANK OF MLAMI
SHORE3 , a national banking corporation,
Miami ShDres , Florida, the principal sum of TWiO SUL~IDRED FIFTY-
gIX TgpUgl~Np DpI,I,ARg DOLLARS, together with interest thereon
from date at the rate of seven percent (796) percent per annum un-
til maturity. The said principal and interest shall be payable at
9499 NE 2nd Avenue, Miami 3horee• Florida,
or at such other place as the holder hereof may designate in writing.
The said principal and interest shall be payable in monthly installments
of One Thousand 3even Hundre~ Three and 30/100 DoLLARS on the lot
day of each month, beginning on the 1Bt day of September , 197 3
and continuing until the lst day of September , 19 93, at which
time the entire unpaid balance of principal and interest shall become
due and payable. Each installment payment shall be credited first on
the interest then due and the remainder on principal, and interest shall
thereupon cease upon the principal so credited.
This note also provides for interest at the rate of ten (1096)
percent per annum on overdue installment payments and, in addition
thereto, a handling charge of FIVE CENTS ($.05) on each ONE DOLLAR
($1.00), with a maximum of FIVE DOLLARS ($5.00) per payment when an
installment becomes. ten (10) days past due . This note provides for a
prepayment penalty of one (1%) percent of the amount prepaid within
the first three (3) years. After a period of three (3) years, this
note may be prepaid in full or in part without penalty.
This note is secured by a mortgaqe of even date herewith and
i is to be construed and enforced according to the laws of the State of
~ Florida; upon the failure of the makers hereof to pay any sum required
~ to be paid by the terms of this note or the securing mortgage, promptly
~ when they severally become due, or upon the breach of any stipulation,
= agreement or covenant of this note or of the securing mortgage, the
g entire sum of principal and interest remaining unpaid shall, at the
~ option of the holder hereof, become immediately due and payable. Fail-
~ ure to exercise said option shall not constitute a waiver of the right
~ to exercise same at any subsequent time.
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~ Each maker and endorser, jointly and severally, agrees to
~ pay all costs of collection, including a reasonable attorney's fee,
~ in the event this note, including any installment payment, is not paid
~ promptlv when due, and the same is given to an attorney for collection,
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~ whether suit is brought or not .
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Each maker and endorser severally waives demand, protest and
~ notice of maturity, non -payment or protest and all other requirements
necessary to hold each of them liable as makers and endorsers.
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~ BOOK2~o PAGE2425
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