HomeMy WebLinkAbout1127 PROMZSSORY t:OTE
$329,850.00 Miami, Florida
February 26 , 19 75
On November 30, 1975, for value re~eived, the undersigned,
B.D.B. Develo~mP~~ Gerg., 3~L~ridd ~:~~:~,~ra"tion, hereb
pay to the order of Housing Investment Corporation of FloridaSea to
Florida corporation, at its main office in Miami, Florida, or at
such other place or places as the Payee or holder hereof may desig-
nate in writing, from time to time, the principal sum of Three
Hwndred ltaenty-Nine Thousand Eight Hundred Fi~ty Dollars ($329,850.00)
in lawful money of the United States of America, together with- inter-
est accruing thereon from the date hereof on sums advanced hereunder,
at the rates and times hereinafter provided, calculated on the daily
outstanding principal balances from time to time.
A11 payments hereunder w ill be made in such coin or cur-
rency of the United States of America as at the Cime of payment
shall be legal tender for the payment of public and private debts,
upon presentation hereof for notation of each payment or upon
surrender hereof on payment in full, and the ~iaker promises to
pay interest on the daily outstanding principal balances, from
time to time, from the date hereof at a rate equal to three per-
cent (3%) per annum greater than the prime rate (the "prime rate")
charged from time to t~me by The Chase Manhattan Bank, a national
association, each change in such rate to become effective on the
effective date of such change in the prime rate announced by said
The Chase Manhattan Bank, in like coin or currency, upon presenta-
tion hereof for notation of payment at the office of the Payee or
holder of this Note, such interest to be paid on the first day of
each month during the term of this Note, commencing March 1, 1975,
; until the obligation of the Maker with res ect to
shall be discharged. p paYment hereunder
All references to The Chase i~ianhattan Bank
prime rate herein shall be the prir?1e raCe charged by such bank on ~
r short-term loans to large businesses with the highest credit stand-
i inQ _ Tn nn n.,o.,t- ..t,..., -
_ J~,ull ~i~~ inierest requirer to be paid hereunder
~ be less than a rate of nine percent (9%) per annum. Such rate of
3
interest shall never exceed the maxirnum legal rate of interest
: which is legally permitted under the laws of ~lorida; and if such
€ rate of interest, computed in the amount herein provided for, should
~ exceed said maximum legal rate, then said rate of interest sha1Z be
~
ti automatically reduced to such said maximum legal rate.
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All delinquent principal and interest shall bear interest
' from due date at the maximum legal raee legally permitted by the
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_ laws of F lor ida unt i 1 pa id .
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~ Nothing herein contained, nor any transact-ion related
= thereto, shall be construed or so operate as to requi.re the Maker,
~ or an
y person liable for repay?nent of same, to pay intcrest at a
greater rate than is now lawful in such case to contract for, or to
_ make any payment, or to do any act contrary to law, Should any
_ intcrest or o~her. char~;es paid by the Maker, or parties liable for ~
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I~;xhibit "}3"
aoox2'37 P~~112fi
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