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HomeMy WebLinkAbout0430 . ~ r L'xisting Note as of January 31, 1975 is in tlie amount of s12,332.29. Accrued interest through January 31, 1975 is in the amount of s117,62. ' ~ 2. Borrower has executed the New Note dated January 31, 1975, in the principal amount of s14,000.00 ,which New Note shall be secured as an additional advance by the encumbrance of the described Mortgage. 3. The obligations of the Existing Note and the New Note shall be due and payable on demand at 15 East Broward Boulevard, Fort Lauderdale, Florida. llemand may be made by written notice addressed to the horrower at 2522 N. Federal Highway, Fort Lauderdale, Florida 33305. 4. Interest on the Existing Note shall-accrue interest from January 31, 1975 at 11-1/2~ percent per annum on the outstanding principal balance. Interest on the New Note shall accrue from the date of said New Note at 11-1/2$ percent per annum on the outstanding principal balance. . 5. In the event of failure of Borrower to perform the obli- gations of the Existing Note, the New Note or the Mortgage, same shall automatically be deemed in default and interest on the out- - ' standing principal balance shall accrue interest at 15$ percent per ~ annum from date of said default un_til fully paid. ! f ~ 6~. Until demand be made on the Existing Note and the New Note, ~ repayments shall be paid quarterly commencing on the lst day of April, ~ ~ 1975, and on the lst day of July, the lst day of October and the lst ~ , F ~ay of Januar~ of each year thereafter in the total principal amount ! n ~ ~ of $1,000.00 per payment, said principal payment to be allocated ~ between the Existing Note and the New Note at the descretion of Barnett. ~ ~ . ~ ~ Accured interest on the outstanding principal balance on the Existing ~ ~ ~ Note and the New Note shall be paid at the time of principal payments. ~ ~ _ 7. The described Diortgage is hereby modified to provide ' ~ 3 1 ~ that said Mortgage constitutes an encumbrance against the property i ~ , ~ ~ therein described to secure the indebtedness of the Existing Note ` ~ f ancl the New Note. The Borrower represents and covenants that it ~ ~ is the fee-simple owner of the property described in the Mortgage ~ ~ ~ ~ and that there are no other liens or claims against said property ~ ~ ~ R ~ ~E 430 ~ _ 2 _ Boox ~ xa , ~ . ~ ~ ~ ~ ~ _ . . ~ : ~E