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MORTCAGE NOTE
Amount of the Note: 7, Q00. 00 Date of Note~anuary 34, 1978
Maturity Date: i"lnrch 10, 1988
interest Rate: 9$ ~
Interest Period: From the date hereof through ~
Amortization Period: From ihe date after the Interest Period
~ Lo the Maturlty Date.
Instafinent Payment: $215.35
First lnstalment Payment Date: March 10, 1978
The Payee: Sun Bsnk of St. Lucie County
Address: 111 Orange Avenue, Fort Pierce, Florida.33450
FOR VALUE RECEIVED, the undersigned and, if more than.one, jointiy 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 principal office, or at such
other place as the Payee may designate to the Maker in writing-from time to time,
ir~ le~gal tender of the United States, the Amount of the Note or so much thereof as
may be advanced (the Principal Amour~t) by_ the Payee pursuant to a oonstruction
loan agr~ement or loan commitment, between the Maker and the Payee, together
with inierest at the Interest Rate on the unpaid balance of the Principal Amount.
During the.lnterest Period interest from the date of each advance, at the
interest Rate, shall be payable monthiy on the first day of the month fotlowing
the month in which the first advance is made and on the first day of each month
thereaRer; during the Amortization Period equal monthly instalments, each in the
amount of ihe Instalment Payment, the first such Instalment Payment to be made on
the First Instaiment Payment Date and subsequent Instalment Payments on the first
day of each month thereaRer untii the Maturity Date whereupon the entire unpaid
balance of principai and interest accrued and unpaid thereon shall become due and
payable; each such instalment when paid shali be applied first to the payment of
interest on the unpaid balance at the Interest Rate and the remainder thereof to
payment on acaount of principal.
If interest or any Instalment Payment shali not be paid when due, then the
entire principal sum and accrued interest hereunder shail beaome due and payabte
at once or thereaker, at the option of the holder of this Note. The Paye~ may, at
its option, collect a late charge not to exceed two cents for each one dollar 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 in the event of any subsequent
default.
it is further agreed that the Maker and each endorser, surety, guarantor,
jointiy and severally, shall pay all costs of aollection of this Note, including a
reasonabie attorney's fee, including all costs, expenses and attorney's fees for any
retrial, rehearing or appeals, on failure to pay any Instaiment Payment or any
accrued interest due hereunder on the due date thereof. This Note and all sums due
hereunder shall bear interest at the highest tawful rate of interest per annum in
the State of Florida from the date when the principal and accrued interest under
BOOK 20~ PACE 4~
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