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Fort Pierce, Florida
. August , 1~74 _
PRC~MISSORY NOTE
FOR VALUS RECESVED, NORTHSIDE BAPTIST CHURCH, INC., a Florida .
corporation, wfth its principal offices loGated at Route 5, Box 107, ~
Fort Pierce, Florida, hereby praafees to pay to the order of T8E FIRST r
NATIONAL HANR of Fort Pierce, Florida, at such place as the holder hereof _
may fraa tin~ to time desiqnsate ia `?riting, the swa of FIFTY THOUSAND
(550,000.00) D(~LLARS or so much thereof aa may be advanced by FIRST
NATIONAL BAI~1R of Fort Pierce, Florida under that certain Construction • "
Loan Cwmni.tn?ent with the Maker, together with interest thereon a~ here- ~
inafter provided until maturity, such principal and intereBt beinq j~
payable in lawful money of the United States which shall be leqal ~
tender in payment of ali debts at the time of payment as follows:
~
Interest only at the rate of ten percent t10$) per annum (not
to esceed the maximum lawful rate), ~ayable quarterly on all s~ans
advanced caameencing on the lst day of December, 1974, and continuinq
on the same day of each succeeding quarter during the term of thia note.
I*~terest shall be calculated on the basis cf the actual nuwber of day~
elapsed. .
The entire unpaid principal balance of this note aad all interest
accrued thereon not theretofore paid, and all other sums payable here- ,
ur~der shall be due and payable in full on March l, ].975, unless such
maturity date is extended pursuant to the terms of this note and the
~nortgage securing same are purchased by the permanent lender on or
prior to said date or any extensions thereof as aforesax3.
In the event Hame Mission Board ~f Southern 8aptist Convention,
or order, or its assigns, shall become the holder of this note as the
pernianent lender under the terms of that certain permanent loan
commitment dated April 11, 1974, to Northside Baptist Church, Inc.
fr~m Home lriission Board of Southern Baptist Convention as described
in that I.etter of Comanitment dated July 11, 1974 from Home Mission
Board of Southern Baptist Convention to First National Bank of Fort
Pierce, the terms of repayment aad principal and interest rate ehall
be as fQllows:
_ Interest at the rate of eight and one-ha~f
(8~) percent per annum on the declined principal
balance; paya2~le in 239 equal monthly izistall-
~ ments of $434.00 with any rersaining principal
and interest due and payable on the 240th
installment; said no~nthly installments to be
due on either the 7th or 22nd of the month;
provided, that the first installment will be f
due no more than 45 daye fran date of loan '
;
closing. All remaininq installments will be ~
due on the same date of each succeeding month.
Each installment when paid is to be applied
to the payment of interest accrued on unpaid
principal.and the residue thereof to be credited t
on principal. ;
Should any prinGipal or interest payment not be paid when due, ;
either in course or by default, it shall bear interest from the date ;
of such default at the hiqheat legal rate authorized to be charged
and collected by law. If default be made in payment of any installment
of principal or interest when due, or if default be made in respect
~ of any condition, agreement or covenant contained in the mortqage,
security deed or truet deed, which secures the payment hereof, then
and in thst event the holder of this note shall have the ra.qht to declare
the entire remaininq unpaid principal due and collectible forthwith,
together With accrued interest thereoa at the rate above provided, and ~
tne right of actioa thereon for priac~pal and interest shail s~t once
existj time beinq of the ease~ce of ttsis contract. In case this note '
is collected by law, or by or throuqb an attorney at law ox under the
i
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~eox 23~ PAGE 1143 !
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