HomeMy WebLinkAbout0074 f 'r
(Co~struction S Permanent) ~ ~
MORTGAGE NOTE ~
Amount of the Note: 555, 000 . 00 Date of Note: December , 197
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Alaturity Date: June 1, 1989
Interest Rate: 108
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- lnterest Period: From the data hereof through May 1, 1979 ~
Amortization Period: From the date aRer the Interest Period .
to the Maturity ~ate. - ~
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. Instalment Payment: $~2b.83
First Instaiment Payment Oate: June 1, 1979 ~
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The Payee: Sun Hank of St. Lucie County
~ Address: 111 Orange Avenue
f• Fort Pierce, FL 33450 -
FOR VALUE RECEIVED,-the undersigned and, if more than.one, jointly and
severally (the Maker}, does hereby cove~ant and promise to pay to the nrder'of
the Payee, or to its successors or assigns, at its principal offrce, or at such
other ptace as the Payee may designate to the Maker in wtiti~g 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 Principai 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. ~
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F - During the Interest Period i~ter.est from the date of each advance, at the
i interest Rate, shalt be pay~le monthly on the first day of the month following
the month in which the flrst advance is made and on the first day of esch month"
~ thereafter; during the Amortizstion Parlod equal nwnthly instaiments, each in the
E amount of the Instalment Payme~t, the first such Instalment Payment to be made on
i the First Instalment Payment Data and subsequent instaiment Payments on the flrst
~ day of each month thereaRer ~til the Maturity Date whereupon the entire unpa~d
E balance of principal and interest accrued and unpaid thereon shait become due and
i payabie; each such instalment whe~ paid shaii~be applied first to the paymer~t of
! interest on the unpaid balance at the Interest Rate and the remainder thereof to
~ ~ payment on account of princlpal.
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~ If interest or any Instatment Payment shatl not be paid wher~ due, then_the
; entir.e principal ~sum and accrued interest hereunder shail beaome due and payable
at once or thereafter, at the option of the holder of this Note. The Payee may, at .
its optio~, collect a late charge not to exceed two cents for each one dollar of each
~ Instalment Payment not paid wher~ due to relmburse the Payee for expenses of ser-
~ vicing delinquent Instalment Psyme~ts. Failure to exercise these options shall not
~'.r -nr,,t~:t~i~- 3~- ~i~ nf the right to exercise the same in the event ~f any s+ibsequent
~ ^ . j' :s' ~ i~ _:.t . ' ~ :t . ~ , 3'l31 ! s•
.I~~i~~y cl~iij~,~:,f+~t :r.5in1mer11 ~'aytritilts. Fal~ure to exercis~ these dptiorls shell t?ot
oonstitute a waiver of the right to exe~cise the same in the event of any subsaquent ~~I
default.
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It is further agreed that the Maker and ea.ch endorser, ~urety, guarantor, ~
y jointly and severally, shall pay all costs of oollection of this Note, includtng a a
roasonable attorney's fee, including all costs, expenses and attorney's fe~ss fa- sny ~ ?
i . e
. ; retrial, rehear~ appeals, o~.failure to ~i::y any Instalment Payment or any ~
' accrued ~nteresc aue hereunder on the due date thereof. This Note and alt s~rrms due
. ~ . . . i~~, }.:.!1 tlaar int0rocf at ~h0 F.i~.hs.• lo.../..1 .-~sa. ..t :..a......~• • -
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