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MORTCAGE NOTE
Amount of the Note: $Z5, 000. 00 Date of Note•~
- . November 9, 1977
Maturity Oate: 15 years -
Interest Rate: 9~~
interest Period: From ihe date hereof through
Amortization Period: From the date aRer the Interest Pariod
to the Maturity Date.
lnstalment Pavment: SI56.64
First Instalment Payment Date: February 6, 1978
The Payee: Sun 8ank of St.Lucie County
Address: 111 Oranqe Avenue, Fort Pierce, Florida 33450
FOR VALUE RECEIVED, the undersigned and, if more than.one, jointty and
severaily (the Maker) , does hereby covenant and promise to pay to the order of
the Payee, or to its successors or assigns, at its principal office, or at such
other place as the Payee may designate to the Maker in writing from time to time,
in legai tender of the United States, the Amou~t of the Note or so much thereof as
may be advanced (the Pr~ncipa~ Amou~t) by the Payee pursuant to a c~onstruction
loan agreement or loan commitment, between the Maker and the Payee, together
with interest at the Interest Rate on the u~paid balance of the Principat Amount.
During the Interest Period interest from the date of each advance, at the
interest Rate, shall be payable monthly on ihe first day of the month following
the month in which the first advance is made and on the first day of each manth
thereafter; during the Amortization Period equal ~rwnthly instatments, each in the
amounf of the instalment Payrinent, the ~rst such Instalment Payment to be made on
the First Instalment Payment Date and subsequent Instalment Payments on the first
day of each month thereafter untii the Matur.ity Date whereupon the entire unpaid
balance of principal and interest accrued and unpaid thereon shall beoome due and
payable; each such instalment when paid shall be applied first ta the payme~t of
interest on the unpaid balance at the Interest Rate and the remainder t~ereof to
payment on acoount of p"rincipai .
If interest or any Instatment Paymettt shall not be paid when due, then the
entire principal sum and accrued interest hereunder shail beaome due and payable
. at once or thereafter, at the option of the holder of this Note. The Payee may, at
its option, collect a late charge not to exceed iwo cents for each one dol iar of each
fnstalment Payment not paid when due to reimburse the Payee far expenses of ser-
vicing delinquent Instatment Payments. Faiiure to exercise ihese options shali not
oonstitute a waiver of the rlght to exercise ttie same in the event of any subsequent
default.
_ It is further agreed that the Maker and each endorser, surety, guarantor,
jointly and severaliy, shalt pay ali costs of aotlection of this Note, including a
reasonable attorney's fee, Inctuding all costs, expenses and attorney's fees for any
retrial, rehearing or appeais, on failure to pay any instalment Payment or any
accrued lnterest due hereunder on the due date thereof. This Note and al! sums due I
hereunder shali bear interest at the highest lawfu! rate of interest per annum in
the State of Fiorida from the date when the principal and accrued Interest under
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