HomeMy WebLinkAbout0635 . '•'ti'.
(Construction 6 Permane~t)
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MORTGAGE NOTE
Amount of the Note: S110, 000. 00 Date of Note: gept~r 2g, 1978 i
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Maturity Date: september 28, 1979 2
Interest Rate: 9 3/4t per annum '
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Interest Period: From the date hereof through gept~r 27, 1979 :
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Amortization Period: From the date after the I~terest Period ~
. t~o the Maturity Date. _ k
instalment Payment• Entire balance due September 28, 1979.
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First Instaiment Payment Date: ~
The Payee: SUN HA2dK OF ST. LvCIE CoUi~T1~Y ~
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Address: 111 Oranqe Avenue, Fbrt Pierce, Florida 33450 ;
~ FOR VALUE RECEIVED, the undersigned and, if more than.one, jointly and
severaily (the Maker) , does hereby covenant and promise to pay to tf~e order of
the Payee, or to its successors or assigns, at its principal office, or at such
. other piace as the Payee. may designate to the Maker in writing from time to time, -
in legai tender of the United States, the Amount of the Note or so much thereof as
may be advanced (the Principa~ Amount) by the Payee pursuant to a aonstructeon ;
loan agreement or loan commitment, between the Maker and the Payee, together a
with interest at the Interest Rate on the unpaid batance of the Principal Amount. _
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During the tnterest Period interest from the date of each advance, at the ~ i
Interest Rate, shafl be payabte monthiy on the first day of the month foilowing €
the month in which the first advance is made and on the ~rst day of each month ~
thereafter; during the Amortization Period equal monihly instalments, each .in the i
amount of the Instaiment Payment, the first such Instalment Payment to be made on
the First instalment Payment Date and subsequent Instalmeni Payments an the first
day of each month thereaRer until the Maturity Date whereupon the entire unpaid ~
balance of rinci I and interest accrued and u =
P Pa rrpaid thereon shall become due and
payable; each such instatment when paid shall be applied ~rst to the payment of
interest on the unpaid balance at the Interest Rate and the remainder thereof to
payment on acc~ount of principsl.
If interest or any instalment Payment shali not be paid when due, then the
entire principat sum and accrued interest hereunder shaii be~me due and payable
at once or thereafter, at the option of the holder of this Note. The Payee may, at
its optjon, coilect a late charge not to exceed two cents for each one dollar of each
Instalment Payme~t .not paid when due to relmburse the Payee for expenses of ser- ~
- vicing delinqu~t Instalment Payme~ts. Failure to exercise these options.shall not +
~nstitute a waiver of the right to exercise the same jn the event of any subsequent ~
defautt.
it is further agreed that the Maker ~d each endorser, surety, guarantor,
jointty and severalty, shalf pay_alf eosts of oollectior~ of this Note, lncluding a
reasonabie attorney's fee, including all costs, expenses and attorney's fees for any
retrial, rehearing or appeals, on faifure to pay any tnstaiment Paymeni or any
accrued interest due hereunder on the due date thereof. This Note and all sums due
hereunder shall bear interest at the highest lawful rate of fnterest per annum in ~
the State af Florida from the date when the princlpal and accrued interest under . ~
~ ~OGK~~ f'At:`f ~~t
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