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E~IIBIT "A"
$280,000.00 MORTGAGE NOTE FebruarY,14 ,1979
For value received, the undersigned, jointly and severally
.promises to pay to the order of AMERICAN BANK OF MARTIN COUNTY,
at its banking house in Martin County, Florida, in lawful money •4
of the United States of America the principal sum of Tf~10 1~UNORSD
EIGHTY THOUSAND and No/100 DOLLARS (5280,000.00), together with
interest after date at a rate equal to one and ttn~oe quarters peroritt (1.75'~G)
above the prime rate of intere~it, freely floating (the Prime Rate) ~
announced and charged, from time to time, by the Central Bank,
Birmingham, Alaba.~na, or any successor thereto, to corporate borrowers
of-the highest credit standing for 90-day unsecured commercial
loans. The Applicable Interest Rata of this Note shall change as
of any day upon which there is a change in such Prime Rate of
interest and shall be calculated on the basis of the actual number
of days elapsed over a 36S-day year, but in no event•shall the
Applicable Interest Rate be less than Twelve Percent (12~) nor
greater than Fifteen Percent (15~). 'Further, in no event shall
the Applicable Interest Rate plus~any other charges in the nature
of interest exceed an effective rate of Fifteen Percent (15$) per
annum calculated on the basis of a 365 or 366-day .year.
Principal sh•sll be payable in three (3) equal annual installments
of $93,333.33 each on .February 14, 1980, February 14 , 1981, and
Februar}• 14. 1982. Interest on the then outstanding principal
balance shall be payable quarterly commencing May 14 , 1979 and on
the 14~day of August, November, and February there ter until said
principal is paid in full. .
. After 11:!tllrl t}•, or in the event of default, this Note shall
bear interes~ at lle highest legal rate until paid.
In casf~ any. ~~ayment is not paid within fifteen (15) days after
the same becomes ~~ue, the entire unpaid balance, plus accrued
interest, sti..l. T f: rthwith become due and payable at the option of
the holder c~" thi~~ notice.
The mal:c:•~s, ~=ur~~ties, endorsers and guarantors of this Note,
hereby severally ~-naive presentment for payment, notice of non-
payment, protest .and notice of protest, and diligence of bringing
suit.against: any s~arty hereto, and consent that time of payment may
be extended ~:itho~~t notice thereof to any of the sureties of this
Note.
Should it be~-o:ne necessary to collect this Note through an
attorney, each of us, whether maker, surety, or endorser, hereby
a agree to pay all ~-osts of said collection, including reasonable
attorney's r"ees a:~d cost of appeal, whether suit be brought or not.
The ho :der h:~reof is hereby expressly authorized to retain any
general or :~peciat_ deposit, collateral, real or personal security,
or the proceeds r'.~c~rcof , belonging to any of us, now or hereafter .in
the possession of the holder during the time this Note remains unpaid,
and before or ~ci t~•~ ,natur i-?.}~ hereof may apply the same to this Note
or any other debt cr liabi`tities of any of us to holder, due or
to become due.
VICTORY CONSTRUCTION, INC.
b_ By Victor Georgeff/S• _
Its: President
Victor Geor~eff/S (SEF+i
~ VICTOR GEORGEFF, In viduaZly
P. O. Box 209
Stuart, FL 334!4 Virginia Georgeff/S - (SEAT.)
A ress ~ VIRGINIA GEORGEFF, Indivi wally
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