HomeMy WebLinkAbout2529 (Construction 6 Permanent)
MORTGAGE NOTE
Amount of the Note: S3o,oo0.0o Date of Note: FQb. 2, 1979
Maturity Date: Sept. 1, 1994
Interest Rate: ~ 3/4 ~ per annum
Interest Period: From the date hereof through sept. 1, 1679
Amortization Period: Flom the date after the Interest Period
m the Maturity Date.
instalment Payment: 5317.81 Fer month
First Instalment Payment date: ~
Oct. 1, 1~7.-
The Payee: SUil BAtiK OF ST. LtICIE COUNTY
Address: 111 Orange Avenue, Fort Pierce, Florida 33450
FOR VALUE RECEIVED, the undersigned and, if more than,one, jointly 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 Principal Amount) by the Payee pursuant to a construction -
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 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
I 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
balance of principal and interest accrued and unpaid thereon shall become-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 on account of principal.-
If interest or an Instalment Pa meat shall not be paid when due, then the
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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 cents for each one dollar of each
instalment Payment not paid when due to reimburse the Payee for expenses of ser-
vicing delinquent Instalment Payments. Failure to exercise these options shall rat
constitute a waiver of the right to exercise the same in the event of any subsequent ~
default.
It is further agreed that the Maker and each endorser, surety, guarantor,
jointly and severally, Khali pay all costs of collection of this Note, including a
reasonable attorney's fee, including al! 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 due date thereof. This Note and all sums due
hereunder shall bear interest at the highest lawful rate of interest per annum in
z the State of Florida from the date when the principal. and acc~r terest unC~der
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