HomeMy WebLinkAbout0241 (Construction b Permanent)
MORTGAGE NOTE
Amount of the Note: $100, 000.0o Date of Note: 6, 197a
Maturity Date: . Apri2 2, 1988
Interest Rate: 9s P~
tnterest Period: From the date hereof through '
Amortization Period: From the date after the Interest Period
to the Maturity Date.
fnstalment Payment• S1014_3a per raonth for 10 years; balance due
~ at the end ot ten yeara.
First Instaimeni Payment Date: Apri2 1, 197s
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The Payee: S[TN F+J~NK OF ST. LUCIE COZA~'.CY
Address• 111 Orange Avenue, Fort Pierce, Florida 33450 _
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~ FOR VALUE RECEIVED, the undersigned and, if more tfian_one, jointly and
~ severaily (the Maker), does hereby co4enant and promise to pay to the order of
~ the Payee, or io 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,
i ~ in legal tender of the United States, the Amount of the Note or so much thereof as
~ may be advanced (the Principaa Amount) by the Payee pursuant to a oonstruction
~ loan agreement or loan commitment, between the Maker and the Payee, together
with interest at the lnterest Rate on the unpaid balance of the Principal Amou~t.
During the Interest Period interest from the date of each advance, at the
Interest Rate, shall be payable monihfy on the first day of the month following
the month in which the first advance is made and on the first day of each month
thereafter; durirtig the Amortization Period equal monthly instalments, each in the
amount of the Instalment Payment, the first such Instalment Payment to be made on
the First Instalment Payment Date and subsequent Instalment Payments on the first
day of each month thereaRer until the Maturity Date whereupon the entire unpaid'
balance of principal and interest accrued and unpaid thereon shall become due and
payable; each such instalment when paid shall be applied first to the payment of
i~terest on the unpaid balance at the Interest Rate and the remainder thereof to
payment on acoou~t of principal.
If interest or any Instalment Payment shall not be paid when due, then the
entire principal sum and accrued interest hereunder shatl beoome due and payable
at once or thereaker, at the option of the holder of this Note. The Payee may, at
its option, collect. a late charge ~ot to exceed two cents for each one dol lar of each
Instalment Payment not paid when due to reimburse the Payee for expenses of ser-
vicing delinquent tnstalment Payments. Failure to exercise these options shall not
constitute a waiver of the right to exercise the same in the event of any subsequent
defauit.
It is further agreed that the Maker and each endorser, surety, guarantor,
jointly and severally, shall pay all costs of v~llection of this Note, including a
reasonable attorney's fee, including all costs, expenses and attorney's fees for any
retrial, rehearing or appeals, on failure to pay any Instalment Payment or any
accrued interest due hereunder on the due date thereof. This Note and all sums due
hereunder shall bear i~terest at the ttighest lawful rate of interest per annum in
the State of Florida from the date when the principal and accrued interP~t under
3~D~ YAGE
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