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(Construction b Permanent) °
MORTGAGE NOTE
Amount of ihe Note: 5105,000.00 Dafe of Note: January 26, 1978
Maturity Date: _ I~lovember 15, 1988
Interest Rate: 9 3/« •
Interest Period: From the date hereof through
Amortization Period: From the date after the interest Period ~
ta the Matur(ty Date.
Durinq construction pe~riod thia loan ie to be on a~
Instalment Payment: d~~d basie t?ith intereet billed monthly on `
~ amount outatandinq. 51,373.14 beginning ~
First Instaiment Payment Date: povomber 1S, 1978 monthly for 120 months. . _
The Payee: '
Sun Bank of St. Lucie Caunty
Address: 111 Oranqe Avenue, ~ort Pierce, Florida 33450~
FOR VALUE RECEIVED, the undersigned ansi, if more than,one, jointiy and
severaily (the Maker) , does heretiy covenant and promise to pay ta 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 jn 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~ncipa~l Amount) by the Payee pursuant to a oonstruction
loan agreement or loan commitment, between the Maker and the Payee, together
with interest at the Interest Rate on the_unpaid balance of the Principal 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 the first advance is made and on ihe ~rst day of each month
thereafter; during the Amortization Period equal monthly instalme~ts, each in the
amount of ihe Instalment Payment, the first such Instalme~t Payment to be made on
the First Instalment Payment Date and subsequent I~stalment Payme~ts 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 a~ acvount of principal.
If interest or any Instalment Payment shall not be paid when due, then the
entire principai sum and accrued interest hereunder shail beoome due and payable
at once or thereafter, at the aption 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
Instalment Payment not paid when due to relmburse.the Payee for expenses of ser-
vicing delinquent Instalment Payments. Failure to exercise these optio~s shall not
oonstitute a waiver of ihe right to exercise the same in the eve~t of any subsequent
defauit. ~
It is further agreed that the Maker and each endorser, surety, guarantor,
jointly and severaliy, shall pay all oosts of oollection of this Note, including a
reasonable attorney's fee, including ail costs, expenses and attor~ey's fees for any
retrial, rehearing or appeais, 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 ihe highest lawful rate of i~terest per annum in
the State of Florida from the date when the principal and accrued tnterest under
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