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M O R T G A G E N O T E ~ ~
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$ 1,850,000.00 March 14, 1979 .
ON OR BEFORE eighteen i18) months after date for value received
and without grace, I we, or either of us, jointly and severally, promise ,
to pay to the order of Mortgagee, FIRST NATIONAL BANK AND TRUST COMPANY ~
OF RIVIERA BEACH, a National Banking Association, 3700 Broadway, Riviera
Beach,Florida, 33404, the sum of ONE MILLION, EIGHT-HUNDRED FIFTY THOUSAND
AND/100------------( $ 1,850,000.00) dollars, with interest payable
monthly, to-wit:
The rate of interest on the date of this Note is thirteen(13$ ) per
cent per annum. Said rate of interest shall be increased or decreased
during the term of this Note to maintain said interest rate at One and~
one-half ( 1 1/2$) percent above the "PRI:4E RATE" on unsecured loans,
which is hereby agreed to mean the prime rate as determined, authorized,
and in use at and by CI~IBANK OF NEW YORK, said interest rate to be deter-
mined and adjusted monthly on the first day of each month hereafter, and
each adjusted rate to apply prospectively during the next ensuing month;
~ provided, however, that the interest rate shall not in any eventexceed
the rate allowed by the Usury Laws of the State of Florida, nor shall
= said interest rate be less than nine (9$) percent per annum.
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s This Note may be prepaid, in whole or in part, at any time prior
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' to maturity without penalty; and
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= Interest only payable monthly only on amounts actually disbursed
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from date of this Note to maturity, in lawful money of the United States
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_ of American with current rate of exchange on New York, both principal
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- and interest payable at Mortgaqee's address; and if any installment of
~ this Note is not paid at its maturity, c~ither in course or by default,
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and is put into the hands of an attorney for c~llection, I, We, or either ~
of us, agree to pay all costs of c~ll~c-ti~n, includinc~ a reasonable ~
attorney's fee, in c~~s~~ thc~ ~~c- i r.c~i i>~~ I~~? th i~- ^I~t c~ or an~~ payment on the
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~ principal, or any interc~st t hc-•r~~c~f, i~ rot pc~ic3 ~~t the respective maturity.
~ thereof, in case it bee~;n~s nc~cessar~,~ to protc~ct- the se~urity hereof,
whether suit be brou~3hr c->r nc~t . :'1ft ~~r t}i~• ~~,,~t i~ri t; r,f ~~ny installment of
i ~'~k~ 3U5 153
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