HomeMy WebLinkAbout0379 (Construction b Permanent)
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MORTGAGE NOTE
Amount of the Note: $20, 000. 00 Date of Note: Oecember 21, 1977 ~
Maturity Date: January 15, 1993 *
Interest Rate: 9$
Interest Period: From the date hereof through
Amortization Period:- From the date aRer the Interest Period
to the Maturity Date.
InstalmentPayment: $Z~Z•86 _
' First Instalment Payment Date: January 15, 19?S
The Payee: Suri Bank of St. Lucie County
Address• 111 Orange Avenue, Fort Piezce, Florida 33450
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~ FOR VALUE RECEIVED, the undersigned and, if more tl~,flne, jointly a~d ~
severaily (the Maker), does hereby aovena~t and promise to pay to the order of ~
the Payee, or to its successors or assigns, at its principal offioe, or at such
other place as the Payee may desig~ate to the Maker in writing from time to time, `
in legal tender of the United States, the Ama~r?t of the Note or so much thereof as ~
may be advanced (the Principa~ Amaint) by the Payee pursuant in a aonstruction ~
loan agreement or loan commitrr~ent, between the Maker and the Payee, togeth~e- ~
with interest at the interest Rate on the unpaid batance of the Principal_Amount. ;
During the Interest Period interest from the date of each advance, at the =
Interest Rate, shail be payable monthly an the first day of the month following
the month in which the first advance is made and on the first day of each month
thereaRer; during the Amortizativn Period equat monthty instalmenis,- each in the
amount of the Instalment Payment, the first such Instalment Payment to be made on
the First instaiment Payment Date and subsequent Instatment Payments on the f~rst
day of each month thereafter ~mtil the Maturity Date whereupon the enlire unpaid
balance of principal and interest aocrued and unpaid ther~n shal! beoome due and `
payable; each such instaiment when paid shatf be applied first to the payment of s
interest on the unpaid batance at the Interest Rate and the remainder there~f to -
payment on acoount of principat. ~
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If interest or any Instatment Payment shalf not be paid when due, .then the :
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entire principal sum and accrued interest hereunder shall beaome due and payable :
at once or thereaf~er, at the option of the haider of this Note. The Payee may, at
its option, collect a iate charge not to exceed two cents for each one dollar of each ~
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Instalme~t Payment not paid when due to reimburse the Payee for expe~ses of ser- ~
vicing delinque~t instatment Payments.. Failu~e to exercise these options shall not e
aonstitute a waiver of the right to exercise the sarne in the event of any subsequent :
default. ;
It is further agreed that the Maker and each endorser, surety, guarantor,
joi~tly and severally, shall pay alt costs of oollection of this Note, including a
reasonable attorney's fee, inciuding ali aosts, exper~ses and ait,orney's fees for any
retrial, rehearing or appeals, on failure to pay any lnstalment Payment or ainy ~
accrued interest due hereunder on the due date thereof. This Note and all sums due ~
hereunder shatt bear interest at the highest lawfu! rate of interest per annum in #
the State of Florida frorn the date when the prihcjpal and.accrued interest under
600K PACE