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COMMUNITY FEDERAL SAVINGS AND LOAN ASSOCIATION OF RIVIERA BEACH
M O R T G A C E N O T E
` Riviera Beach, Florida ~
$4,173,600.00
~ March 27, 1974
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ON OR BEFORE EIGEiTEEN (18) MONTHS AFTER DATE, for value
received, the undersigned jointly and severally promise to pay to
the order of COMMUt1ITY FEDERAL SAVINGS AND LOAN A&SnCIATION OF
RIVIERA BEACH,at the office of said Association in Riviera Beach,
Florida, the sum of FOUR MILLION ONE HUNDRED SEVENTY THREE
THOUSAND SZX HUNDRED DOLLARS ($4,173,600.00), together with
interest as hereinafter stated, from date hereof until fully paid.
Interest shall be paid in quarterly installments, and the first
such quarterly payi!ient shall be due on the lst day of July, 1974,
and subsequent payments shall be due on the lst day of the month
of each quarterly period thereof, until all sums secured by this
note and the mortgage securing this note have been fully paid.
Prepayments on the principal sum due may be made at any time.
Payments made on the indebtedness secured by this note
shall be applied first to repayment of monies paid by COMMUNITY ~
FEDERAL SAVINGS AND LOAN ASSOCIATION OF RIVIERA BEACH in accordance `
with the terms of the mortgage securing this note, and thereafter i
shall be applied to payment of accrued interest, and lastly to the ~
payment of principal.
Interest on unpaid balances shall be computed at the rate
of ten percent (10$) per annum. Interest for each calendar month
shall be-accrued on the first day of said month and be computed on
the unpaid balance of principal and interest existing on the last
day of the preceding month. This note shall be considered in ~
default when any payment required to be made hereunder shall not !
have been made on its due date, and shall remain in default until ~
said payment has been made. While in default, this note shall bear ' ~
interest at the rate of twelve percent (12$) per annum in lieu of
j the rate hereinbefore specified. -
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i All persons now or hereafter becoming parties hereto
~ severally waive demand, notice of non-payment and protest and jointly
and severally agree that in the event of default in the payment of
any interest due hereunder for a period of thirty (30) days, the
whole of said indebtedness shall thereupon at the option of the
holder become immediately due and payable, and if this note becomes
in default and is placed in the hands of an attorney for collection, ~
to pay reasonable attorneys' fees and all other costs for making
such collection thereof.
. ~ (SEAL)
Warr d
(SEAL)
- Mary Ann MCFad en
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