HomeMy WebLinkAbout2146 PURCHASE MONEY MC3RTGAGE NOTE
$450,.000:00 Fort Pierce,Florida
December 1,1978_
FOR VALUE RECEIVED the undersigned promises to pay to the
order of UNITED PARTNERS III, INC., a Florida~Corporation with its
principal place of business located at 405 Ixoria Avenue,
Fort Pierce, Florida 33450, the principal sum of Four Hundred
Fifty Thousand ($450,000.00) Dollars together with interest thereon
at the ratE of nine (99.)percent per annum from this date until
maturity, both principal and interest being payable in lawful
money of the United States of America, such principal sum and
interest payable in installments as follows:
1.. Twenty-four (24) equal monthly payment of Four
Thousand and no-one hundredths ($4,000.00) Dollars, with the
first payment to commence on January 1~, 1979 and a like~sum on
the corresponding day of each like succeeding period thereafter and
2. Twenty-Four(24) equal monthly payments of Four
Thousand Five Hundred ($4,500.00) Dollars with the first payment
' ~ to commence on January 1, 1981 and.a like sum on the correspond-
ing day of each like succeeding period thereafter; and
3. Seventy-one (71) equal monthl payments of Five
Thousand and no-one hundredths ($5,000.00 Dollars with the
first payment to commence on January 1, 1983 and a like sum
on the corresponding day of each like succeeding period thereafter
until December 1, 1988 on which date the entire remaining princi-
pal balance shall-become due and payable in one BALLOON PAYMENT.
Such installment payments shall be applied first to
the interest accruing under the terms of this Note and then to a
reduction of the principal indebtedness. A late payment charge of
five (59.) percent of the delinquent payment shall be added to
each installment remaining unpaid ten days after its due date.
The makers and endorsers of this Note further agree to
waive demand, notice of non-payment and protest, and in the event
suit shall be brought for the collection hereof, or the same has
to be collected upon demand of an attorney, to pay reasonable
E attorney's fees for making such collection. All payments hereunder
shall bear interest at the rate of nine (99.) percent per annum
~ from maturity until paid. This Note is secured by a Wraparound
Mortgage and Security Agreement of even date herewith and is to
be construed and enforced according to the laws of the State of
Florida; upon. default in the payment of principal and/or interest
when due, the whole sum of principal and interest remaining unpaid
shall,at.the option of the holders, become immediately due and
payable. Failure to exercise this option shall not constitute
a waiver of the right to exercise the same in the event of
subsequent default.
No prepayment of any amount shal? be permitted until
after July 1, 1979. Thereafter, prepayment shall be permitted
up to twenty (209.) percent of the principal balance of the vote
in any calendar year without penalty; however, if the makers and
endorsers of this Note prepay in excess of twenty (209.) percent
of the principal balance of this Note in any calendar year there
shall be a prepayment penalty of five (59,) percent of the re-
maining principal balance of the Note valuated prior to the pre-
payment of any amount in that calendar year.
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