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MORTGAGE NOTE ?
Amount of the Note: 520, 000. 00 Date of Note: January 18 , 1978 ~
Maturity Date: February 27 , 1993
Interest Rate: e 3/4$
Interest Period: From the date hereof through
Anwrtization Period: From the date aRer the interest Period
to the Maturity Date.
_ instalment Payment: $199.89
First Instalment Payment Date: February 27, 1978
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The Payee• Suti Barik ~f St. Lucie County -
Address• 111 Orange Avenue, Fort Pferce, Florida 33450
FOR VALUE RECEIVED, the undersigned and. if more than,one, jointly and .
severaliy (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,
in legal tender of the United States, the Amount of the Note or so much thereof as
may be advanced (the Pr~ncipal Amou~t) by the Payee pursuant to ~ aonstruction
loan agreement or loan commitment, between the Maker and the Payee, together
with interest at the Interest Rate on the. unpaid balance of the Principai Amount.
During the Interest Period interest from the date of each advance, at the
Interest Rate, shall be payable monthly on the first day of the month following
the month in which tfie first advance is made and on the first day of each month
thereafter; during the Amortizatior~ Period equal monthly instalments, each in the
amount of the instaiment 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 thereafter until the Maturity Date whereupon the entire unpaid
balance of principal and interest accreied a~d unpaid thereon shail become due and
payable; .each such instalment when paid shall be applied ~rst to the payment of
i~terest on the unpaid balance at the interest Rate and the remainder thereof to
payment on acoount of principal .
If interest or any Instalment Payment shail not be paid when due, then the
entire principal sum and accrued interest hereunder shatl 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 dollar of each
Instalme~t Payment not paid when due to reimburse the Payee for expenses of ser-
vicing delinquent Instalment Payments. Failure to exercise these options shai( not
constitute a waiver of the right to exercise the same in ihe event of any subsequent
default.
it is further agreed that the Maker and each endorser, surety, guarantor,
jointly and severally, shall pay ali costs of oollection of this Note, including a
reasonable attorney's fee, including all costs, expenses and attorney's fees for any
retriai, rehearing or appeals, on failure to pay any Instalment Payment or any
accrued interest due hereunder on the due date thereof. This Note and ali sums due
hereunder shall bear interest at the highest lawfu( rate of interest per annum in .
the State of Florida from the date when the principal and accrued interest under ;
o R 281 ~35 ~
600K
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