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HomeMy WebLinkAbout0175 ICONiT71UCT10N AMD ~ERMAM[MTI MORTGAGE NOTE Amount ot ths Note: $ 44 ~ 0d0. Q~ Date of Note: Ju1ti' 22~ 1~7~ Maturity Date: A;2gtlst 1.9 ~ 1975 _ ~ Interest Rate: ~ ~ tAe~r~c ~riod: From ct~ aae~ ~r~ot uuo~Peria! of conatruction (4 ~~~s. a~grox. ) p~orlisation petiod; grom the day after the Interest Period to the Maturity Date. ~s~t~At pa~~t: ~'111 duo at :naturi}y, Au~~ist 29, 19?5 Pticat Instalment Payment Date: ~+t ~turf ty , Auqust Z 9, 197 S FOR VALUE ItECEIVED~ the underaigned aad ii more than one. jointlq and severally (the Maker). doea hereby eovenant and promiae to psY to the order oi Sun Bsnk o! 3t~ Lucie County or to ita successora oz assigna (collectively the Payee), at its prineipal oi~ce at 111 Orange Avenue~ Fort Pierce. FI~. or at auch other plsce as the Payee may designate t~ t~• ~r~lcer in writing irom tirae to time, in legal tender oi the United Statea, the Amount of ttie Note or so much thereoi as may be sdvanced (the Principal Amount) by the Payee pursuant to a conatruction loan age+eement or loan commitment, between the Maker and the Payee. together with intereat at the Interest Rate on the unpaid balance oi the ' Principal Amoun~ .Durins the Interest Period intereat twm the date of each advance, at t6e Interest Rate. ahall be payable monthly on the firat day of tbe month following the monW in which the Cirat advanoe ie made and on the tir$t day oi each month thereatter; durin6 the Amortization Period equal monthly inatalmenta. esch ia the amount ot the Inatalment Payment, the ~rat such Instalment Payment to be made on t6e Fiist Instalment Payment Date and subaequent Instalment Pay- menta on the tiist day oi each month therEafter unW the Maturity Date w6ereupon the entire unpaid balance ot principal and interest acccued and unpaid thereon shall bcoome due and payable; each such inatalment when paid shall be applied tirat to the payment of intereet on the unpaid balance at the Intereat Rate and tl~e remainder thereot to payment on account of principal. , . If iaterest or any Inatalment Payment shall not be paid when due, then the entire principal sum and aecrued interest hereunder ahall bec~ome due and payable at once or tl~ereaf ter. at the option of the holder of this Note. The Pay ~ may. at ita option. collect a?ate charBe. not to e:ceed two centa for each~ one dollar of each Instalment Payment not ~ vvhen due to reimburx the Payee for ezpenses of servicing deliaqueat Instalment Payments. Failure to e:erci.se theee options shall not constitute a waiver d the right to e:erciee the same in the event oE anY subse9uent default. It ia furtber agreed that the Maker and each endoreer. surety, suarantor. jointly and severally, ehall pay all coata of collection of this Note. including a reasonabie attorney's fee, on failure to pay any Instalmeat Payment or any acrrued interest due hereunder on the due date tbereot. This Note and all aume due hezeunder ahall bear interest at tbe higheat ' lawful rate of intereat per annum in the State of Florida fmm the date when the princlpal and acrrued interest under 'l this Note shall be due and payable. The total intereat payable hereunder shall not in any one year exceed the highest E law[ul rate' of intereat in tbe State of Florida. - ~ F 'Thia Note ia secured by a MortBaBe, dated the date hereot, oE property situated in the State of Florida. 3 ~ E The Maker agrees that it ahall be fioand by any agreement e:tending the time or modifying ti?e above terms ot pay ~ men~ made by the Payee and the owner or owners of the pmperty affected by said Mortgage, whether with or without notice to the Maker, and the Maker shall rnntinue liable to pay the amount due hereunder, but with interest at a rate ~ ~ no greater than the Interest Rate. aocording to terma of any auch agreement of extension or ~nodificaGon. The unpaid balanee of the Principal Amount, plw accrued 'uf&reat shall beco~ due and payable at the option of the Payee-under the happening of an event by which said balance ahall or may become due and payable under the ~ terms of said Mottgage. This Note may not be changed orally. but only by an agreement in writing, signed by the party against whom en- foreement of any waiver, change. moditication or diacharge is soughk ~ All parties to thia Note, whether Maker. principal, aurety, guarantor or endorser, hereby waive presentment for ~ ~ payment, demand, protest, notioe oE pmtest, and notice of dishonor, and e:pressly agree jointly and severally to remain ~ and continue bound tor the payme~t of t6e principal and interest provided for by the terms o[ this Note, notwithetand'u~g ~ any e:tension or e:tensiona of the time of, or tor the payment of eaid principal or intereat, or any change or changes in the amount or amounta agreed to be paid under or by virtue of the obligation to pay provided for in thia Note, or t any change or changes by way of releaae or surrender or substitution ot any real property and collateral, or either, held as security tor this Note, and waive all and every kind oi notice of such e:tension or e:tenaiona, ck~ange or changes, and ~ agree that the aame may be made wit6out t6e joinder of tbe Maker. _ ~ ~ ~j suring construtction perioc! this ~ loan is to be on a dsmartd basie ~ •,~ith ir.terest bille~ s~ontr~ly on o F ar.tount outstanding. . hillig . Dallr~an ;j ~ ~ Don J. Crossniklaus s/ ~ ~ ~ ~230 P~ i?~ rr~r a:: _ e~er.rr,. s, srw~m~ ~ , . ~ ~ - - - - - - - ~ ~ - - ~ ~ ~ ~Y.. ~ _ _ _ ~ . .