HomeMy WebLinkAbout0723 . . ~C 1~f t~t 7 .
PURCHASE MONEY
MORTGAGE NOTE
s 260, 000.00 (~ao Hundred Sixty Thousand) Miami • Florida September ~y 73.
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BEACH CLUB COLONY OF STUART,.INC.,
the principal sum of '1'WO Hundred Sixty Thousand doila~s
~a 260, 000. togethtc_with intettst_4hcrFO~_ Irom dste ht~tof at the ntr uf S@V@ll pcr centum ( 7~
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pcr annum on the unpaid balance until paid. tomputed 365 day year.
The said prinripal snd intere•t shall bt pa~•able in Iav?Eu1 monev o( the United States of Ame?ita at
SEACH CLUH COLONY, Hutchison Island, Jensen Beach, Florida 33457
, or ac sach ocher pl~ce u~Ae hoWa Ixreo( may da~~n~ce ~n arianR, tc+llovs
Interest shall be payable quarterly commencing three months from
the date hereof. The principal shall be payable $86,666.66 one ~
~Gai da~~:: $85,5~~.~~ j~~r~ frew ~~t~; ~~~il~~~,~? ~h~ee
years from date. ' ;
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f IIE~ AND !l~C~R~.
S?. a0
~~n ~0 TRAb
CLERK 1E0 C011.~.rr""~
RfC~P~ YE
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If default be made in the payment of the whole ot sny instatnrent due under this note or any part thereof, the entirt principal ;
sum and accrued interest shaii at onct become due and payaAle without notice at the option of tbe holder of this note. Failnre to exer- i
c;.c this option shall not constitute a waiver of the rigbt to cxercise the san~e in the e~ent of any subsequent default. TYl@Y'@ shall ,
h~ a 30 day grace period for 23te ga~nents pri-Qr~o acceleration.
£ach maker and endorser sevenlly waives the riQht oi exemption under thc Constitution and I.aMS of Florida and also waives
de»>and, protest and notict of maturity, non-payment or protest and all requirements nccessary to hold each of them liabte as makers
and endorsers.
Each maker and endorser further agrees, jointly and sevcrall~, ta pay all costs of collettion, includinR a reasonable at~orn~~
iee in case tht principal of this note or any payment on the principal or any interest thereon is not paid at the resp~ctive maturit>• there- #
of, or iw_cast it becomes atttssary to_protctt the security hereof, whether suit be brought o~ not. It is further aQreed that ~ach makrr 3
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and endorser jointly and severally hereby conscnts to any extensions or renewais of this note or any part the~eof without noacc, a~~d j
~ach mxker and endorser agrecs that he will remain liabfc as such during any extension or «ncwal hercof until tbt debt rep~estnted i
heret~y i; fully paid. ~
fifteen 15~
This note and a!1 sums due thercunder shall bear interest at the rate of ti~ht per centum (8°~r1 per annum from maturity until
pa~d. '
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This note is secu~ed by a~ht~r-moratga~e oiev1enydate herewith and i~ tc bc construect and enforced ac~ording to the law~s of the
Statc of Florida.
Wherever nsed, ti~e singular numbtr sball i~clude the plural, the plural the ~inaula~, and the use of any Qender shal{ inctude alt
genders, wherever the conte:t so admits.
BEACH CLUB DEVELOPMENT CORP.
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Ev - ( 3L~-~lti
S~ Miguel Recarey Jr., President
(SEAL)
Attest:
Miguel Recarey, Secretary BOOK2~C7 PASE ,l~2
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