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Home My WebLink About0839 PROMISSORY NOTE _ . $1,900,000.00 ~ Miami, Florida June 4 , 1973 , . On December 1, 1974, For Value Received, the t~ndersigned, B.D.B. Development Corp., a Florida corporation, hereby promises ~o pay to the order of Housing Investment Corporation of Florida, a Florida corporation, at its main office in Miami, Florida, or at such other place or places as the Payee or holder hereof may desig- nate in writing, from time to time, the principal sian of One Million Nine Hundred 14iousand Dollars ($1,900,OOD.00) in lawful money of the United SCaCes of America, together with interest accruing thereon from the date hereof on sums advanced ~ereunder, at the rates and times hereinafter provided, calculated on the daily outstanding principal balances from Cime"to time. All payments hereunder will be madz in such coin or currency of the LTnited States of America as at the time of payment shall be legal tender for the payment of public and private debts, upon presentation hereof for notation of each payment or upon surrender hereof on payment in full, and the ~Iaker promises to pay interest (computed on the basis of a 360-day year for the actual number of days elapsed) on the daily ouCstanding principal balances, from time to time, from the date hereof at a rate equal to three percent ~3%) per annum greater than the prime rate (the "prime rate'') charged from time to time by 'I'he Chase rlanhattan Bank, a national association, each change in such rate to become effectil,e on the f irst day of the month immediately following the effective date of such change in the prime rate announced by said The Chase Manhattan Bank, in like coin or currency, upon presentation hereof f for notation of payment at the office of•the Payee or holder of f this Note, such interest to be paid on the first day o£ each month ; during the term of this Note, co:rsnencing Ju1y 1, 1973, until the ~ obligation of the riaker with respect to payment hereuader shall be ~ discharged. All references to Zhe Chase I~tanhattan Bank prime rate ; herein shall be the prime rate charged by such bank on short-term ~ loans to large businesses with the hiohest credit standing. In no ~ event shall the interest reQUired to be paid hereunder be less than ~ a rate of nine percent (9%) per annvm. Such rate of interest shall ~ never exceed the maximum legal rate of interest which is legally ~ permitted under the laws of Florida; and if such rate of interest, ~ computed in the amount herein~provided for, should exceed said mar,i- ~ mum legal rate, then said rate of interest sha11 be automatically ~ reduced to such said maximum legal rate. . ~ ~ ~ All delinquent principal and interest shall bear interest from due date at the maximum legal rate le~ally permitted by the laws of Florida until paid. : Nothing herein conCained, nor any transactian rel_ated = thereto, shall be construed or so ~perate as to require the Maker, ~ or any person liable for repayment of same, to pay interest at a s~ greater rate Chan is now lawful in such case Co contract for, or to ~ make any payment, or to do any act contrary to law. Should any ~ interest or ~ther charges paid by the Maker, or parties liable for ~ ~ 6l^!( 215 ~4Cf O•J~ ~ ~~a ~s c~t,ini t "a" ~ :h. ~ - - _ . . ~ _ _ . . . __e..~: