HomeMy WebLinkAbout0635 PROMISSORY NOTE
$7,000,000 Philadelphia, Pennsylvania
. ~ July /0 , 1978
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For Value Received, the undersigned RADtJOR/OCEANA
PARTIdERSHIP ("Maker"), a partnership created and existing under
the laws of the State of Florida, hereby promises to pay to
the order of CONTINENTAL BANK ("Bank"), a banking corporation
organized and existing under the laws of the Commonwealth cf
Pennsylvania, its successors and assigns, at Main and Swede
Streets, Norristown, Pennsylvania, or at such other place or
places as Payee or the holder hereof may designate in writing,
from time to time, the principal sum of SEVEN MILLION AND
NO/100THS DOLLARS ($7,000,000), in lawful money of the
United States of America., or so much of said principal sum
as shall have been advanced, together with interest accruing
thereon from the date hereof on sums advanced hereunder, at
the rate and times hereinafter provided, calculated on the
daily outstanding principal balance from time to time.
The indebtedness evidenced by this Note represents
a loan (the "Loan") to be made by Bank to Maker pursuant to
a Building and Construction Loan Agreement ("Loan Agreement")
of even date herewith between the undersigned and Bank, the
terms of.which agreement is incorporated herein by reference.
-All payments hereunder will be made in such coin
or currency of the United States of America as at the time
of payment shall be legal tender for the payment of public
and private debts, upon presentation hereof for notation of
each payment or upon surrender hereof on payment in full.
Maker shall pay interest on the daily outstanding
principal balances from time to time at a rate equal to two
percent (2$) per annum in excess of the large borrower prime '
commercial rate of interest charged by Bank to similar
i borrowers, except that prior to March 1~~, 1980, the maximum
~ interest rate that Maker shall be required to pay shall be
~ ten and one-half percent (10-1/2$) per annum. Each change
~ in the interest rate applicable to this Note will take place
on the same date as the change in Bank's rate of interest
~ becomes effective. Accruec~ interest shall be payab].e on the
~ first day of each month during the term of this Note, com-
mencing and continuing thereafter until the obligation of
the Maker with respect to payment hereunder shall be dis-
charged. The entire unpaid principal balance, plus all
~ accrued and unpaid interest and other sums payable hereunder,
shall be immediately due and payable January 1981.
~ ~Saker shall have the privilege of prepaying this Note, in
~•nole or in part, at any time, w•ithout penalty, provided
that any partial prepa}?ment shall be apolied first to accrued
interest and then to principal.
~ hll delinquent principal and interest shall bear
~ in}erest from the due date at the maximum rate legally per-
; mitted by the laws of the applicable jurisdiction until paid,
~ and, at the option of the holder hereof, a late charge of
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~ ° R 290 635
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