Loading...
HomeMy WebLinkAbout0222 . - ~ . (Construction .S Permanent) MORTGAGE NOTE Amount of the Note: $44 ~ SflO. 00 Date of Note: January 6, 1978 Maturity Date: October 16, 1978 Interest Rate: 9$ Interest Period: From the date hereof through Amortization Period: From the date after the Interest Period to the Maturity Date. Instaiment Payment: $40,500.00 p2ua fnterest due October 16, 1978 . First Instalment Payment Date: . ~ _ The Payee: Sun Bank of St. Lucie County Address: 111 Orange Avenue, Fort Pierce, Florida 33450 FOR VALUE RECEIVED, the undersigned and. if more than_one, jointty and severally (the Maker), does hereby covenant and promise to pay to the order of the Payee, or to its successors or assigns, at its principat office, or at suc#-~~ L~.- other place as the Payee may designate to the Maker in writing from tirrfe to time, ~ in legal tender of the United States, the Amount of the Note or so much ihereof as may be advanced (the Pr~ncipa~ Amount) by the Payee pursuant to a c~nstruction loan agreement or loan commitment, between the Maker and the Payee, together 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, shaii be payable monthly on the first day of the monih following the month in which the first advance is made and on the first day of each manth thereafter; during the Amortization Period equat monthly instatments, each in the amou~t of the I~stalment Payment, the first such Instalment Payme~t to be made on the First Instalment Payment Date and subsequent Instatment Payments on the ftrst day of each month thereafter untit the Maturity Date whereupon the entire unpaid balance of principal and interest accrued and unpaid thereon shall beoome due and payabfe; each such instaiment when paid shatl be appiied first to the payment of interest on the unpaid balance at the tnterest Rate and the remainder thereof to payment on account of principal. If interest or any Instatment Payment shatt not be paid when due, then the entire principal sum and accrued interest hereunder shall become due and payable at once or thereafter, at the option of ihe holder of this Note. The Payee may, at its option, collect a late charge not to exceed two cents for each one dollar of each I~stalment Payment not paid when due to refmburse ihe Payee for expenses of ser- vicing delinquent Instatment Payments. Faiture to exercise these options shall not oonstitute a waiver of the right to exercise the same in the event of any subsequent default. {L is further agreed that the Maker and each endorser, surety, guarantor, jointly and severally, shall pay all costs of aollection of this Note, including a reasonable attorney's fee, including all costs, expenses and attorney's fees for any retrial, rehearing or appeats, on faifure to pay any lnstalment Payment or any accrued interest due hereunder on the due date thereof. This Note and all surns due hereunder shatl bear interest at the highest lawful rate of interest per annum in the State of Ftorida from the date when the principa! and accrued interest under 3LLt ~ F~# ~ ~ , ~ . . . _ . : . . . , . , v. F .