HomeMy WebLinkAbout0832 3. FLORIDA NATIQNAL BANK AT TITUSVILLE does by these _
presents consent to the conveyance and transfer of the mortgaged
property to EGAN, FICKETT FT. PIERCE, INC.
4. The Promissory Note heretofore described and more
particularly identified as having been dated October 14, 1976, a
copy of which is incorporated within the heretofore described
Mortgage Deed bearing even date therewith and recorded~in Official
Records Book 258, page 2427, Public Records of St. Lucie County,
Florida, is amended and modified in its entirity to read as follows,
to-wit: -
PROMISSORY NOTE -
$600,000.00 November 19, 1976
Ft. Pierce, Florida
FOR VALUE RECEIVED, EGAN, FICKETT FT. PIERCE, INC., promises
to pay to FLORIDA NATIONAL BANK AT TITUSVILLE,~at its banking house
in Titusville, Florida, the principal sum of SIX HUNDRED THOUSAND AND
NO/100 DOLLARS ($600,000.00), together with interest as hereinafter
set forth.
THE PRINCIPAL shall be payable in quarterly installments of
TWENTY-FIVE THOUSAND AND NO/100 DOLLARS ($25,000.00) each, the first
being due three (3) months after date and a Zike amount each and every
three (3) months thereafter until paid. Interest on the outstanding
principal balance remaining from time to time shall be calculated
each quarter at one=half of one per cent (1/2$) above the prime rate
being charged on the first day of such quarter by the Florida National
Bank at Jacksonville,and interest at said rate shall be pa~yable
quarterly at the time of payment of principal.
ALL PAYMENTS made shall be applied f irst to the payment of
accrued interest on_the unpaid balance, and the remainder shall be
applied to payments of the principal sum.
, THIS OBLIGATION may be prepaid, in whole or in part, before
maturity, without penalty.
THIS NOTE is ~ecured by a mortgage on certain real property in
St. Lucie County, Florida, and certain personal property of the
Maker described in Security Agreement heretofore executed.
1. The personal property serving as collateral security for this
I' obligation is not presently in the custody of the BANK, hawever,
' should the BANK obtain custody of the same, or should there be a
substitution of collateral with the consen~ oi Lhe ma~c~, a;.3 a~~ th~
encbrsers and guarantors, then in such event, the BANK shall exercise
reasonable~carQ in the custody and preservation of the collateral
I to the extent required by applicable statute, and shall be deemed
~ to have exercised reasonable care if it takes such action for that
~ purpose as Maker shall reasonably request in writing, but no omission
E to do any act not requested by Maker shall b.e deemed a failure to
i exercise reasonable care, and no omission to comply with any request of
Maker shall of itself be deemed a failure to exercise reasonable care.
BANK shall not be bound to take any steps necessary to preserve any
rights in the collateral against prior parties and Maker shall take
all necessary steps for such purposes. BANK or its nominee need not
collect interst on or principal of any collateral or give any notice
with~respect to it.
2. IF THE COLLATERAL shall at any time diminish in value.more
than twenty per cent (20$) of the value of the same on the date
hereof, the BANK may require additional collateral from the Maker
~ and within ten (10) days of such demand, MAKER shall pledge, deposit
t or grant lien upon such additional collateral as the BANK may deem
~ satisfactory.
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• ~ CA~:C ~
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