HomeMy WebLinkAbout2962 PI~MISSORY NOlE
Fbrt Pierce, Florida
Date: February 26, 19?9 Amowlts $70,000.00
Richard & Dale R. Koine ("Maker"), far value received,
hereby p to pay to oac+der FIRSP NATIC~I~1L BANK FC~T PIERCE,
(the "Hank"), at its main office, in Fort Pierce, Florida, on or before
.the Principal sun of Seven -Thousand
& rro lore lawful money of the States, to
P$Y terest on amount thereof from the dabs hereof, in Like
nrot~y, at said office each quarter
The interest shall be 10.5$ per annum. Interest shall
be ca~uted on a 365 day year, basis until the principal artiownt shall
become due. In no event shall interest be cdrarged ar collected in excess
of that allowed by Florida law,. ar the National Banking laMs of the. United
States, whichever is greater.
This Prami.ssory Note shall also secure the payment of arty
future advances or loans that may be made by Bank to Maker at ar?y time
within one (1) year from the date hereof; provided that the maximum
principal acmamt of this Promissory Nate shall not exceed $70 000.00
at any 'one time: and, provided further, that Maker, by the excv rn of
this Promissory Note, agrees that the consideration far any such future
advances or loans, as hereinabove described shall be evidenced by the
i.ssuatx~e of Bank's official ctreck payable to Maker ar by the crediting
of Maker's aocamt nurber with the amount of such future advances ar
loans, just as though Maker had executed a separate pranissory note to
Bank in the anamt of said future advances and loans. In the event any
such future advances ar loans are made to Maker by Bank vender .the terms
hereof, any such future advances or loans shall be subject to~all of the
terms, prwisians and ornditians of this Promissory None.
As security far the payment of this ~~aker has pledged or
deposited with Bank. the following: Mortgage recorded In O.R. Book
3 ~ 3 Pacm~ y.~.3 , Public Peeords, St. Lucie Do~urty. Florida.
which property, together with all additions and tutions hereafter
pledged or deposited with Bank is called the Collateral. The Collateral
j is also pledged as security-far all other liabilities to Bank. (primary, -
E seeorrdauy, direct, contingent, sole, joint or several) , due ar to beoactre
{ due, or which may be herafter oontsacted or acquired. of each Maker (or
of eadZ Maker acrd any other person). The surrender of this note, upon
k payment or otherwise, shall not affect the right of Bank to retain the
Collateral for such other liabilities.
Aclditians to, reductions or excl~arrged of , or substitutions
for the Collateral, payments on aecwnt of this loan ar increases of the
wane, or other loans made partially ar wholly upon the Collateral, may frcm
time bo time be made withait affecting the provisions of this Hate. Bank
shall exercise reasonable care in the custa3y and presentation of the
Collateral to the extent required by applicable statute, and shall be
deemed to have exercised reasonable care if it takes sudz action for that
purpose as Maker shall reasonable request i'rl-variting, but no anission to do
any act not requested by Maker-shall be leaned a failure to exercise
reasonable care, and no onission to comply with any request .of Maker. shall
of itself be deanecl a failure to exercise reasonable care. Bank shall not
be boaurd to take any steps necessary to preserve any rights in the
Collateral against prior parties and Maker shall take all necessary steps
for such purposes. Bank ar its naninee need not collect interest rn or
principal of any Collateral or give any notice with respect to it.
If the Collateral shall at any time beeline unsatisfactory to
Bank, Maker shall within oze day after demand pledge and deposit with Bank
as part of Collateral additional proQerty which is satisfactory to Bank.
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