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HomeMy WebLinkAbout0583 '~y y l~ • ~ . _ ~ AEC 9738 Pc 324 RENEWAL ° PROMISSORY NOTE s600,000.00 Lake Worth, Florida ; ~ Jv~u~ ~ , ~9» ' ON OR BEFORE THIRTY-SIX (36) MONTNS FROM DATE, FOR VALUE RECEIYED, the undersigned promises to pa~y to the order of FIRST AMERICAN BANK OF LAKE WORTH, N.A. at its principal office at 1200 North Oixie Highway, Lake Worth, Florida, or such other place as the holder may from time to time designate in writing, the principal sun { of SIX HUNDRED TNOUSAND DOLLARS (5600,000.00), together with interest as hereafter prnvided, in lawful money of the United States of America. ~ Interest shall accrue at the hig~:gst prime rate charged by any bank in the City of , New York, pl.us three percent (3x) per annum. Nowever, the rate of interest shall \ not be fixed as of the date of this Note is executed, but shall be a~ usted upward •~~downward as banks in the City of New York cha~ge their prime rates. Ad3ustment to the i~terest rate of this Note shall be made and be effective on the first day ~ of the i!ionth following the change by New York City banks. . The use of one New York City bank's prime rate in any one instance shall not require that the same bank's prime rate be used in any other ~ instance in the future. i Nbnthly payments of TNELYE THOUSAND SIX HUNDRED SEVENTY-FOUR and 64/100 DOLIARS i (~12,674.64), including interest, shall camience on the lst day of August, 1977 and shall be due and payable on the first day of each month thereafter until the maturity of this note. At maturity, there shall be a balloon payment of unpaid principal and accrued inter~st. The monthly payment is based on a five (5) year payout although this note shalt mature thirty-six (36) months from date. This Note shall be in default if any payment required under it is not received ~ within ten (10) days after written notice of non-payment is mailed by the holder to the undersigned at the address for giving notice specified in the Loan Agreemen . A notice of non-payment shall not be mailed to the undersigned before the sixth day of a month. The Note shal] also be in default if the undersigned defaults in the perfoYmance of any term or provision of any instrument which now or hereafter . secures this Note. This Note is presently secured by a mortgage encumbering cer- ~ain real property in Da~de County and St. Lucie County, Florida, dated December 13 1971, as modified, with the latest modification being of even date, by a pledge and assignment of land sales contracts related to the sale of parcels of the mortgaged property and by an assignment of life insurance, all according to the ; terms of a Loan Agreement and Security Agreement dated December 13, 1971, as modi- ~ fied, with the latest modification being of even date, between the undersigned and ~ the payee of this Note. My other provision of this Note, the Mortgage as modi- , fied, or the Loan Agreement as modified to the contrary notwithstanding, if this Note is in default, the holder may at its option, declare the entire unpaid prin- cipal balance together with accrued interest to be imnediately due and payable. While in default, this Note shall bear interest at the maximun rate permitted by law. The undersigned agrees to pay all costs and expenses including, but not limited to, reasonable attorney's fees incurred by the holder in collecting this Note. The r~medi es provi ded by thi s Note~ are cumnul ati v~e , wi th , and not i n 1 i eu of al l other remedies provided by any other instrument, by statute, at law, or in equity. ~ No delay, failure or omission on the part of the holder in exercising any right or ~ remedy shall operate as a waiver of such right or remedy. No waiver of a right or = remedy shall be effective unless in writing and signed by the holder nor shall a ~ ~ ~ waiver on any ane occasion be_construed or operate as a bar to or waiver of such ~ right or remedy or any other right or remedy on any future occasion. The under- ; ~ signed agree that the laws of Florida shall govern the construction and enforce- ~ ment of this Note. Guarantor waives presentment, protest, notice of protest and notice of dishonor. ~ Itfurther agrees that this Note may be extended or renewed any number of times and ' for any period (whether or not longer than the original period of this Note). and ~ _ 1,~;° ca~ -1- i oR271~ ~ ~ 600K ~ , . - - - _ _ ~ ~ - ~x