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Home My WebLink About0911 • • ' ' tT~I~CAi ,~OUNT~ FIA. RO ~ ••0!TRAE ~ RIDcR ATT~1CEi TO t1::~ S?£CIFI^ALLY D1ADE A PART OF ClE'r,K .:JIT COUNT ~ Tua^ ~~QTAI:: r~OTE, CrTE~ , 1972 ac~r.a~ ~~~..-~fp =:!=;~i~~ BY WALTER IWS3JB:+ ~~c.:Y CO~?ORATION, IN Y..~1 Ol A~1 ~ ::'i~R OF JACK R. COURSriOPd~ AS N~:tI:i~'£ OF THF. TRUST- ~ ~7 NIl ~ O° FIRST NORTGAGE IiNESTORS ~ A ~•IASS . BUSII~ESS :~~~~T. 254539 Tne above ir.:e~~st rate of 'Pen an6 One-~sarter (10.25 rerc~:~t ~•,^.Y' 2:1::~~ -^_--'s~:~7~ : r..or.thl~~ 1S LJ~S~ 1+'~?>:: 3:! 3::~°_~?~~ r~:.~ :v_~~.~:? ~Olll' and Onz-Y.3~ f ~ 4. SO ~1 j' ~r~°:1L j7- r d^:1lL't ~JJ'J@ CI:c'. ;.C~nt tJL i City Prina P.~ ~e, o3yable nonthly o:~ th~ Loan's av?rage da~ lv o;;_ .*_a~di^~ ~ri^- s, Y i ~ ~ f -sa-I i r-~ :a C:^31 D313^ ~i:3 :c:J 02'f CLtV ?r_._ Ra~e 1S l1cr~~J~+ C~v Z~...•. a..S i.;lat uC.. of interest b=i.q charged by the three (3) largest ~~~a York Ci~7 Co-:~~=cia1 B3nks to their n:ost credit worthy borro:~rers. In the event the .~tew York ?ri:?s ~te differ~ a..:ongst the trree (3) largsst Ne:v York City Co~rszrcial B~n'-;s, • ihen the highest rate will be used for su~h basis. In the evznt th~ ?riua Dc1a`,.$ ?[:CL2353S '.~`LlI3C a`.:°_ Of ~t115 ~O~II 3~0~:° t.tlZ ?Ci:.^-~ ;2~t? ~:S O: ~i~~ c3~te oi execution oE this ~ota, then taa an.-~u31 in~drest rate oa tha ~~rith~ a N.~te will be incrsa:;ed by tnat amount. Hc:~~ver, if tna Prin~ ~.~te decreas~s duYing the ~~rr: of this loan belo~ t'si~ Prics ~.at~ as of tha date cf e~:ecu ~ia^ of this Note, then the an:~ual interest rate on the caithin ~:ote :~ill be de- creased by that as~ount. Ar.y P:irie Rate change will take ef=ect as of tt'~? firs~ day of the non~h follo:•:ing any Pri:ae Rate change. P~pvided, hoY~ever, that in th~ event that.all three (3) of the largest re~r York City Co*_^.mercial 5an:s das- ~ continue th~.custo^~ of adhering to a Pria~ P.ate, then and in that e~ent tne variable interesf rate on this ~:ote shall ba Four and One-Half ( 4.50 Percent per annum a*~ove the most favorable rate cnarged by thes~ banks for comm~rcial loans to their iaost credit c,rorthy borrowers on ths last : day of ths preceding month, adjusted and payable manthly on the first dav o€ - each month, and in the event that this most favorable rate differs amongst ~these banl:s, then the hiqhnst of the most favorable rates shall bz used for detenaininq the interest rate on this hote. In no event will the interest rate ever exceed Fourteen and Three-Quarters (14.75$) Percent per annuc~. In addition to and together with the principal and interest as set forth above, Maker will also pay the sum of Six Thousand and No/100 ($6,000.00) Dollars. ~ Said additional interest shall hereinafter be referred to as Interest Differen- ! tial and shall be payable as follows: - ~ ~+.a~C2r will pay the a^our_t by w:~ich an interes~ rata of ~en and On~-Quar~sr p (10.25~) Percent per annum.•p3yable monthly as set forth above ex::eecis the in- ~ terest which would have been collected at the rate of Fourteen and Three-Quarters (14.758) Percent per annum payable monthly. Said interest differential shall be- ~ payable monthly on the first day of , 19 , and shall continue thereafter until such time as the holder has collected the entise amount of interest differential as set forth above. Thereafter co~mencinq on ths first d3y of the month naxt succeeding, principal and interest sh.sll be - payable as set forth in the paraqrsph above.- ~t-is specifically understood and agreed that in no event will the interest rate exer exceed Fourteen and Three-Quarters (14.75$) Percent per annum. This Kote cannot be prepaid i:~ wh~le or in ~rt at any ti^~e until tne holder hereof has collected all of the interest differential as specified above, and thereafter this Note cannot be prepaid in Whole or in part prior to the due date ~ hereof, unless the holder shall first have received ninety (90) days' prior written notice of the maker's intention to prepay the Abte, and provided, that - the construction of all the property's improvements have been completed, the ~ completion of the improve~ents have been certified as compl,eted in accordance ~ with the plans an3~specifications by the progress inspector specified in the ~ Ft4I Loan Co~unitment No. 1011-23P, and a certificate of occupancy has been is- sued. . Funds prepayin~ this Note must be the proceeds of a permanent loan made by, an institutional lender, and the holder Will not be r~quired to accep~ I~ay~aent until it has reviewed and apgroved the institutional lender's com~ait~ent to qrant the loan which will prepay the herein loan. • In ti s: ~ 800K ~12 PACE .9~ - , LAW OF//C[f. GOURiMON i'~iURiNOV, rownr-I111iT f~A![T O*/IG[. POlT O/IICS OOX 2047. MIAMI BtACM. ?LOIlIOA »140