HomeMy WebLinkAbout0712 MORTGAGE NOTE
$225,000.00 DATEs December 31, 1975
For value received, the undersiqned promises to pay
to the order of GENERAL DEVELOPMENT CORPORATION the principal
sum Of TWO HUNDRED TWENTY-FIVE THOUSAND ($225,000.00) DOLLARS
with interest thereon at the rate of nine and three--fourths
(9 3/48) per centum per annum from date until maturity, said
interest being payable in lawful money of the United States
of America at c/o Legal Department, General Development
Corporation, 1111 South Bayshore Drive, Miami, Florida 33131,
or at such other address as the holder from time to time may
specify by written notice to the maker, the principal and
interest to be paid at the date or dates and in the manner
following :
The principal indebtedness evidence by this Note
shall be payable in one hundred and twenty (120)
equal and consecutive monthly payments of princi-
pal in the amount of $937.50 per month plus accrued
interest to date beqinning February 1, 1976, and
being due and payable on the first of each and
every month thereaf ter. The balance in the amount
of $112,500.00 plus accrued interest to date shall t
be due and payable in full at the termination of
ten (10) years from date. Said indebtedness shall
be prepayable in whole or in part at any time with- ;
out penalty. ~ '
This Note to be construed and enforced according to
the laws of the State of Florida, and is secured by a first
mortgage on real estate of even date herewith.
If default be made in the payment of any of said sums
or interest or in the performance of any agreements contained
herein, then, at the option of the holder of the same, the
principal sum then remaining unpaid with accrued interest shall
immediately become due and collectible without notice, time being
- of the essence of this contract, and said principal sum and said
f accrued interest shall both bear interest at the rate of ten per .
~ centum (10$) from such time until paid.
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Each maker and endorser waives presentment, protest,
notice of protest and notice of dishonor and agrees to pay all
~ costs, including a reasonable attorney's fee, whether suit be
t brought or not, if counsel shall after maturity of this note
or default hereunder or under said mortgage, be employed to collect
this~Note or ta protect the security thereof.
PORT ST. UCIE HO.P G CENTER, INC. ~
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note an cance e. - i
Maker's Address:
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