HomeMy WebLinkAbout0442 (Construction 6 Permanent)
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MORTGAGE NOTE
Amount of the Note: SE?, Ot~O. (10 Date of Note: Jamiary S, 1978
Maturity Date: 1'chrulry 5, l~~lt3
Interest Rate: 9 ~
Interest Period: From the date hereof through
Amortization Period: From the date after the Interest Period
a
to the Maturity Date.
Instalment Payment: :1~? . ~S
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First Instalment Payment Date: FAhrtiary 5, 1~78
The Payee• Sun. ~an': of St. Lucie Coi~nty
111 Orange Avenu~, F'ort Pierce, Florida
Address:
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, ,
in legal tender of the United States, the Amount of the Note or so much thereof as
may be advanced (the Pr~ncipal Amount) by the Payee pursuant to a construction
loan agreement or loan commitment, between the Maker and the Payee, together
with~ int~rest at the Interest Rate on the unpaid balance of the Principal Amount.
' During the Interest Period interest from ihe date of each advance, at the °
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~ Interest Rate, shall be payable monthiy on the first day of tF-~e month following
~ the month in which the first advance is made and on the first day of each month
; thereafter; during 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 thereafter until the Maturity Date whereupon the entire unpaid ;
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balance of principal and interest accrued a~d unpaid thereon shall become due and
payable; each such instalment when paid shalt be applied first to the payment of _
interest on the unpaid balance at the Interest Rate and the remainder thereof to
payment on account ot principa{. ~
~ ~ If interest or any Instalment Payment shall 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 the holder of this Note. The Payee may, at ~
~ its option, collect a late charge not to exceed two cenis for each one dollar of each
- Instaiment Payment not paid when due to reimburse ihe rayee for expenses oi ~c~-
~ vicing delinquent Instalment Payments. Failure to exercise these options shall not
~ constitute a waiver of the right to exercise the same in the event of any subsequent
~ default.
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~ It is further agreed that the Maker and each endorser, surety, guarantor, ~
~ jointly and severally, shall pay all costs of oollection of this Note, inctuding 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 d~.c~ date thereof. This Note and all sums due
~ hereunder shall bear interest at the high~~st lawful rate of interest per annum in
~ the State of Florida from the date when th~~ principal and accrued interest under
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