HomeMy WebLinkAbout1547 and that said Mortgagor doe~s hereby fully warrant the title to said
land and will defend the same against the lawful claims of all per-
sons whomsoever. ,
PROVIDED ALWAYS, that i~ said Mortgagor, its successors,
legal representatives or assings shali pay unto said Mortgagee, its
legal representatives or assigns, the certain promissory note, of
which the following in words and figures is a true copy, to-wit:
•
PROMISSORY NOTE ~ ~
, 51,400,fl00.00 , Philadelphia, Pennsylvania January 4 , 1974;
' FOR VALUE RECEIVED, the undersigned promises to pay to the order of
':HE TRUSTEES OF PNB MORTGAGE AND REALTY INVESTORS, a Maryland Trust, their
successors or assigns, the principal sum of ONE MILLION FOUR HUNDRED THOUSAND
~OLLARS ($1,400,000.00), together withinterest at the following rate formul.a:
~nterest will be charqed at a rate which is at aII times three percent (38)
above the variable large business prime rate charged by the PHILADELPHIA NATION-'_
AL BANK from time to time, but never less than ten percent (10$) per annum. '
:r.terest is payable monthly, beginning Februa 4 , 19 74 .
Principal, plus interest, shall e payable in awful United States
;~oney in full on or before expiration of eighteen (18) months from the date of
this note. .
It is hereby agreed and understood, as a term and covenant herein,
~nat HERM~IN GLAZER, President of the corporate payor, is the principal stock-
:j~~cer in and to the issues and outstanding stock of KINGSWICKE ESTATES, IIvC.,
a Florida corporation. Any change in interest of the corporate stock by Mr.
Glazer shail be subject to prior written approval of the payee. Any viola-
tion of this provision s;~all constitute a default under the terms hereof.
All costs in~idental to and pertaining to this mortgage loan and
~romissory note shall be the sole responsibility of payor.
Payors and endorsers of this note further agree to waive demand, na-
t~ce oi non-payment and protest, and in the event suit sha~l be braught for the
; ,_.oliection thereof, or the same has to be collected upon demand of an attorney,
; ~o pay reasonabZe attorney fees for making such a collection. All payments
f :~ereunder shall bear interest at the rate set forth above per annum from mat-
_.ritJ u;~til paid. Tnis note is secured i~y a mortgage of even date herewith
.~::c: is to be construed and enforced according to the laws of the State of
; ?eansylvania; upon default in the payment of principal and interest, when ciue,
~::e w:~ole sun of principal and interest remaining unpaid shall, at the option
's c~f the holders, become ir.unediately due and payable. Failure to exercise this
option shall not constitute a waiver of the right to exercise the same in the
; event of subsequent default.
; Right oi prepayment of interest or principal in whole or in part is
' ranted witho•at penalty at any timc~
~ This note shall be payabl•_ lawful money of the United States of
:-T~erica at such place as shall be designated by the holder of this note in
~ .ariting.
~
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; ' / KINGSWICKE ESTATES , INC. ~ '
t-J\ , A Florida corporation. iv
t ~ ; ,
; (CORPORATE pL'~1LJ/ ` w
` , g /s/ liernan Glazer ~~~~~"''`'+~s' ~'"c.` _
. ; ~ y:
HERMAN GLAZER, President /
EXECUTED IN PHILADELPfIIA, PENNSYL IA. •
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