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MORTGAGE NOTE
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• Amount of the Note: $40, 000. 00 Date of Note: January 16, 1978 i
Maturity Date: March 13, 1988
t~terest Rate: 9=
Interest Period: From the date hereof through
Amortization Period: From the date after the Interest Period
to the Maturity Date.
instatment Payment: $506.72 ~
First Instalment Payment Date: I"~~ch 13, 1978 _
The Payee: g~ g~k of St. Lucia County
Address: 111 Orange Avenue, Fort Pieres, Florida ~
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FOR VALUE RECEIVED, the undersigned and if nwre than,one, jointly and
severally (the Maker), does hereby covenant and promise to pay to the order of
the Payee, or to its successors or asslgns, at its princepa! 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 Amount of the Note or so much thereof as
may be adva~ced (the Principa~ Amount) by the Payee pursuant to a aonstruction
loan agreement or loan commitment, betwreen the Maker and the Payee, together
with interest at the Inierest Rate on the unpaid balance of the Principai Amount.
During the Interest Period interest from the date of each advance, at the
Interest Rate, shal! be payable monthiy 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; during Lhe Amortization Period equal monthly instalments, each in the
amou~t of the Instalme~t Payment, the first such Instalment Payment to be made on -
the Fjrst Instalmeni Payment Date and subsequent Instalment Payments on the first -
day of each month thereafter until the Maturity 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 to the payment of
interest on the unpaid balance at the Interest Rate and the remainder thereof to
payment on account of principal. ~
if interest or any Instalment Paymeint shall not be paid when due, then the
entire principal sum and accrued interest hereunder shail beoome 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 two cents for each one doi lar of each
Instalment Payment not paid when due to reimburse the Payee for expenses of ser-
vicing delinquent Instalment Payments. Failure to exercise these options shall not _
oonstitute a waiver of the right to exercise the same i~ the event of any subseque~t
default. +
It is further agreed that the Maker and each endorser, surety, guarantor,
jointly and severalty, shall pay aIl costs of ooilection of this Note, including a
reasanable 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 ihe due date thereof. This Note and all sums due
hereunder shall bear interest at the highest lawful rate of interest per annum in
the State of Fiorida from the date whe~ the principal and accrued interest under
~oaK 42~
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