HomeMy WebLinkAbout1728 . ' ~ , FILED Ah; nECURQEQ
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RIOcR ATT1Ch :J 'Tt~ A:;~ S?£CIFICALLY I~1.~1DE A PART OF CLE'?,K ~~,:~IT COURT ,
T:i.i~ QTAIC: 1\OTG ~ C:,TE~ , 1972 ne~r.p~ ti~-..,: if0 ~
:ii: D BY WALTER KAS3JBy T.~i^.~:.:Y CO~?ORATION, IN u Ol
~:'i'v`~ O:' JACK R. COURSriOId, AS hO:tIiI~:£ OF THE TRiJST- '
: 05' FIRST N.ORTGAGE IiNESTORS, A 21ASS. SUSI[7E5S
T~U~T. ~ 25Q539
Tne above ir._a_~st rate of •Pen ann One-~uarter ~10.2S pezCg;1C t
~ ~"t" ~~tt:?r~: ^3~'~~~ : r.,or.t-hl~r~ 1S ~J3S~ l! 3:1 ?,^,`~.°r~ ` Ca~~ :v:~~~:? t
~ Four
and Onz-~:a~ ~ ~ ( 4. SO ~1 ~~r~=n~ p- r a: n~.:.-~ ~uJilJ~ ti:~ ::e:~r ~~r: ~
Cstv Prirn~ ~~=e, p3yable non:hly on the Loa;~'s av~raye daily ou`_ :tar.d?^3 ar?r._ ~
C:^3t J3~3:^.'-~?.. ~i_~ i:c::l `~03':: CLtV cL'1:^..? ,~'i1c~'.2 ~ -~a-~ ~ sl Z--~ t
is n- r~5= d«i..._.. ~.s t. at ,
o= interest b~i. q charged b~• tne three (3) laryest ~~z~ York Cit1 Co.:..:~~~cia2
B3nks to their ~;o~t credit worthy borra:~ers. In the even* the .~e•a 1'ork ?zi:±~ ~
R3te dif€er~ a::~nqst th~ three (3) large~t r:e:~ Yor}: City Co^r_:aYcial Ban:;s, . '
ztten the highest rate t~ill b~ ussd for such ieasis. In the event t:?~ ?ri^e
DeZe''.~ ~r_cr~3S~S ~1=1!:.;. ~?2? .''.y'=?t OL aL.~l1S ~03i1 3J0~;~ ttl'2 ~C1.^.:? ZZt~ ~S 0= ti~e~
~~te of exect~tion o*_= this ~ot~, then taa an.~u31 in~~rest rate on tha c~rith~ a
N~te will be increase~ by tnat amount. Hc:v~ver, if tnz Prin: ?.~te.decreas~s i
during the ~~r:t. of this loan beZo;~ t:ns Pric!~ ~at~ as of th~ dat~ cf exec•.:~~c.^_ ~
of this Not~, then th~ an:?ual interest rate on the ~vitnin ~ote :~ill b~ de- _
creased by that a~ount. Ar.y Prit!tz Rate c:~a?~g~ will take effect as of t~'~e firs~
day of the r.~an~h follo:~:ing any Prime Rate chanqz. P~Qvide3, ho:rsver, that in
th~ event that all three (3) of the Iarg~st r*z~r Yor?c City Co~a:ercial 8an:s dis- ~
continue th~,custo^~ of adhering to a Pri~~ Rate, then and in that evpnt tne
variable interesE rate on thi.s I~ote shall bz ~our and One-Half
( 4.50 Percent per annum above the most favorable rate cnarged by these
b3nks for cormercial loans to their most credit caor~hy borrowers on th~ last .
day of the precedinq month, adjusted and payable m~nthly on th~ iirst dav of -
each month, an3 in the event that this most favorable rate differs araongst
~these baN:s, then the highsst of-the most favorable rates shall bz used for
deterraining the interest rate on this Note. In no-event will the interest
rate ever exceed Fourteen and Three-Quarters (14.75$) Percent per annu~.
_ .
In addition to and together with the pr:ncipal and i.nterest as se~ forth above.
Maker will also pay the sum of Six Thousand and No/100 ($6,000.00) Do2lars.
Said additional interest sha11 hereinafter be referred to as Interest Differen-
tial and shall be payable as follows: ,
s:a'c2r will Fay th~ arour.~ ~y w:~ich an intere~~ ra~~ of Ten and On~-Quart~r
(10.25$) Pzrcznt per annum.+p3yable mor.thly as set forth above ex::eecls the in-
terest-which would have been collected at the rate of Fourteen and Three-Quarters
(14.75$) Percent per annum payable monthly. Said interest differential shall be '
payable monthly on the first day of , 19 ; and shall
- continue thereafter until such time as the holder has collected the entire
amount of interest differential as set forth above. Thereafter co~saencing on
th~ first day of the month next sacceedinq, principa2 and interest sh.a12 be
payable as set forth in th~ paraqraph above.- ~t-is specifically understood
~ and agreed that in no event will the interest rate exer exceed Fourteen and
~ Three-Quarters (].4.75$) Percent per annum.
f
f -
~
E This Note cannot be prepaid ia whole or in ~rt at any ti.^?e until the hol3er
~ hereof has collected all of the interest differential as specified above, and
` thereafter this Note cannot be prepaid in whole or in part prioz to the due date
` hezeof, unless the holder sha21 first have received ninety (90) days` prior
written notice of the m~ker's intention to prepay the N~ote, and provided, that
~ the construction of all the property's improvements have been comgleted, the ~
completion of the improve:~ents have been certified as completed in accordance
with the plans an3~specifications by the proqress inspector specified in the
FtdI Loan Co~caitment No. 1011-23P, and a certificate oE occup3ncy has been is-
` sued.
i -
~ Funds prepayin~ this Note must be the proceeds of a percaanant loan made by an
! irt~titutional lender, and the holder will not be r~quired to accept ~>ayment
f until it has reviewed and apgraved the institutional lender's cor.+~nit:.ent to
~ qrant the loan which will prepay the Y:e=ein loan. ~
F FIIED A!+G REGOit0~E0
: • In' ti s: St.lUC1E COUNTY- I.A. ~
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; LAW OF£~GFS. GOURSHOM Ar'C~iU.ZSMOV. FORTY-1~IR3T STREET OFFICl. P09T ORPIGi OOX 20~7. MIAMI B[ACN. fl,Oii10A 111s0
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