HomeMy WebLinkAbout0942 DOLLARS ($750,000.00) shall become due and payable as follows:
THZRTY THOUSAND DOLLARS ($30,000.00) on July 1, 1977 and a like su~
on the first day of each July thereafter until July 1~ 2001, when ~
the entire unpaid balance of principal and interest shall be due
and payable, together with interest on the unpaid balance thereof
from the date of this- agreement at the rate of TEN PERCENT (10%) ~
per annum, payable on July 1, 1976 and annually thereafter to and ~
including July 1, 2001. _
2. That the mortgagor will pay the indebtedness ~
as provided in paragraph 1. hereof. After default or maturity,
both principal and interest shall bear interest at the highest law=
ful rate permitted by contract under the laws of the State of
_ Florida. In the event (a) any installment of said consolidated
principal sum or the interest thereon is not fully paid when due
and remains unpaid-for thirty (30) days, or (b) default shall occur
in the performance of any of the terms and provisions of the afore-
said notes or mortgages, then the entire indebtedness evidenced by~
said notes and consolidated by this agreement shall, without notice
to the mortgagor and at the option of the Society, become due and
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payable at once (notice of the exercise of such option being hereby
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~ expressly waived) and shall bear interest from the date the same
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~ became due at the same rate as herein provided after default or
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~ maturity. In the event of such a default. the liens created by the
aforesaid mortgages shall be subject to foreclosure, at the option
of the Society, as provided in said mortgages or as otherwise pro-
vided by law. ;
3. (a) That the Society agrees that the mortgagor
will have the priviledge of paying, without penalty, on or after
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~ July 1, 1977 (1) on any installment date due, sums in addition to
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~ installments required by paragraph 1. hereof, provided the addit-
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ional amount so paid in any one calendar year not be less than ONE
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~ HUNDRED DOLLARS ($100.0U) and shall not exceed ONE HUNDRED FIFTY
~ THOUSAND DOLLARS ($150,000.00), and (2) at any t~me after one year
~ from the date hereof and while the mortgagor is still the owner of
~ the-pz2mises described in the mortgages described heretofore. ~
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