HomeMy WebLinkAbout0021 PROMISSORY NOTE
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$1,900,000.00 Miami, Florirla ~
. ~ June 4 , 1973
. On December 1, 1974, For Value Received, the undersigned,
B.D.B. Development Corp., a Florida corporation, hereby promi.ses Co
pay to the order of Housing Investment Corporation of Florida, a
Florida corporation, at its main oifice in Miami, Florida, or at
such other place or places as the Payee or holder hereof may desig-
nate in writing, from time to ti:ne, the principal sum of One Million
Nine Hundred Zhousand Dollars ($1,900,000.00) in lawful money of the
Ut~ited States of America, together with interest accruing thereon
from thQ date hereof on sums advanced hereunder, at the rates and
times hereinafter provided, calculated on the daily outstanding
principal balances from tiine to time. -
All payments hereunder a~ill Ue mad~ in such coin or
currency of the L'nited StaCes o~ A:r,erica as at the time of payment
shall be legal tender for the payment of public and privute debts,
upon presentation hereo£ for notation of each payment or upon
surrender hereof on payment in full, and the r•!aker promises to pay
interest (computed on the basis of a 360-day year for the actual
number of days elapsed) on the daily outstanding principal balances, ~
from time to time, from the date hereaf at a rate equal to three
percent ~3~,) per annum greater than the prime rate (the "prime
rate'') charg~d from time to tir.ie by `I'!te Chase rlanhattan Bank, a
national association, each change in ~uch rate to become effecti~-e
on Lhe first day of the month i~ediately following the e~fective
da~e of such chan~e in the prime rate announced by said 1'he Chase
Manhattan Bank, in like coin or currency, upon presentation hereof
for no~at~on of payment at the office of•the Payee or holdel of
this Note, such interest to Ue paid on the first day of each monCh •
during the term of this I~ote, co:rner.cing July 1, 1973, until the
obligation of the rlaker with respect to ~ayment hereu~der shall be
discharged. All•references Co The Chase Manhattan Aank prime rate
; herein shall be the prime rare charged by such bank on short-term
' loans to large businesses with the highest 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 maxitnum legal rate of interest which is legally
~ permitted under the laws of Florida; and if such rate of i~nterest,
~ computed in the urnount herein provided for, should exceed said mar.i-
' mum legal rate, then said rate of interest shall be automatically
~ reduced to such said maximum legal rate.
~ A11 delinquent principal and interest shall bear interest
; from due date at the maximum legal rate Ze;al.ly permitted by the
' Iaws of Florida until paid. -
Nothing herein contained, nor any tr~nsaction re]_ated
~ thereto, shal.I be construeci or so operate as to require the Maker,
; or any person li.able for repayment of same, to pay interesL- at a
greater rate Chan is now lawful in such case to contracC for, or to
: make any payment, ar to do any act c~ntrary to la*~. ShouZd any
:
interes~ or oCher charges paid by the Maker, or parties liable for
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