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HomeMy WebLinkAbout0751 PRU~IISSORY NOTE 5400,000.00 ~ Lake Worth, Florida - - ~~I , , 9» ~ ON OR BEFARE O~IE i1Ut~D D TY 1~0) t~tONTHS FROH DATE. FOR VALUE RECEIVEO, the undersigned promi y o th order of FIRST AMERICAN QANK OF LAKE NORTH, N.A. at its principal ff ce t 00 North Dixie Hicihway, lake Worth, Florida, or such other place as t_e I~ nwy from tin~e t~ time designate in writing, the principal sum of FOUR HUNDR IIOUSA~~D DOLLARS (S40Q,000.00), together wi.th interest, as here afte r provided, in lawful money of the United States of America. Interest on the unpaid balance of the princinal annunt shall actrue at the rate Of Ten Percent (lON) per ann wn, starting with the date of this note. "bnthly payments of fOUR THOUSAND THR HUNDRED l_IAR. (54,300.00), including in- terest, shall conmence on th 26 ~ay of , 1971, and shall be due and payable on the ~6 ~ti day of each r.ant thereafter until the maturity of this note. Each payu~ent wil~be applied first against interest actrued as of the date this payn~ent is ~~eceived with the balance of the payn~ent applied against unpaid orincioal. This note shall be in default if any payment required under it is not received within fifteen (15) days after the pay~~ent first becomes due and payable. This note shall also be in default if the unclersigned default in the performance of any term or provision of any i~strument which nar or hereafter secured this note. This note is presently secu~~ed by a Loan Ag~een~ent. and a htortgage encumbering certain real prnoerty in t'alm Qeach County, St. Lucie County and aroward County, Florida. Any provision in ti~is note, aqreen~ent o~' the n~ort~aye to the contrary notwithstand- inq, if this note is in default,~the holder n~y at its option declare the entire unpaad balance of the total amount disbur~sed together r~ith accrued interest, to be iim~ediately due and payable. While in default, this note shall bear interest at the maximur!m rate ;~ennitted by law. The undersigned, jointly and severally, agree to ~~a~:~ 1 COSLS and expenses, includinq, but not limited to, reasonable attorney's fees, i.~LU~-red by the holder in collecting this note. The ren~edies provided by this note are cu~,lative with, and not in lieu of all other ren~edies provided by any other instru~r~ent, by statute, at lar~, or in equity, tro delay, failur-e~or• omission on the nart of ttie holder in ex~rcising any right or , remedy shall o~erate as a waive r of such right or ren~edy. No waiver of a ri~ht or re~edy shall be effective unless in writing and signed by the holder nor shall a waiver on any one occasion be co~istrued or operate as a bar to or waiver of such I~ right or remedy or any other right or•remedy on a future occasion. The undersigned ~agree that the la~is of Florida shall govern the construction and enforcement of ~ this note. ! Makers , quarantors or endorsers several ly ~aive presentn~ent, protest, noti ce of ~ Iprotest and notice ot dishonor. They further agree that this note may be extended or rene~led any nu~~i~er of times and for any period (whether or not longer than the ~ original period of this note), and that ar~y of the te rn~s or provisions of the note, ~ including but not liu~ited to the rate of incerest. may be changed and fees may be imnosed in consideration of the renewal ur extension of this note, all without notice to the auarantors or endorsers whose liability under this note shall be un- -affected. 7he unders~gned shall have the right to antici~ate and prepay all or any part of the unpaid balance of the total aunount disburscJ at any tin~e or times upon payn~ent ~of all interest accrued to the time of the prepayn~ent provided.that this note is . _ not then in default. ~ - ~ - Nothing contained in this note, nor any instrunent or transaction related to it, s.hall be constr~~~~l~~' so o~~~rate as ta require the ~md~~rsiqned to pay interest in an amount or at a rate qreater than the maximum al l~n,red by law. Should any interest c~r otli~r charc~es naid by the unde?•signed result in computation ~ or earning of interest in excess of the ~~~aximum rate of interest pennitted under la~~, then any and a~l excess shall br_ automatically credited against and in reduc- tion of the princip;~l balance, and any nortion of the excess that exceeds the _1 P/ } - ~z~ ~ . 3 _ _ .