HomeMy WebLinkAbout2981 PURCHASE MONEY MORTGAGE NOTE
$54,90b.25 Fort Pierce Florida
May 1, 1979
FOR VALUE RECEIVED the undersigned makers, David J. Catalano and
Melinda S. Catalano, his wife, promise to pay to the order of D. K.
Lindauer and M. Jane Lindauer, his wife, the principal sum of Fifty ,
Four Thousand Nine Hundred and Six and 25/100 (54.906.25) Dollars to-
gether with interest thereon at the rate of eight and three quarters
(8.75$) percent per annum from this date until maturity, both principal
and interest being payable in lawful money of the United States of
America, such principal sum and interest payable in installments as
follows:
Equal Monthly payments of Four hundred and Thirty-Three Dollars and
Forty-eight cents ($433.48) with the first payment to commence on
May 1, 1979 and a like sum on the corresponding day of like succeeding
period thereafter until the principal balance is paid in full.
In addition to the principal and interest shown above the makers
of this note also agree to pay Fifty Dollars and Fifty-Two cents ($50.52)
per month as an escrow payment and said makers further agree that should
the escrow payment be increased due to an increase in taxes or insurance,
then the makers shall agree to any such prorated increase.
Such installment .payments shall be applied first to the interest
accruing under the terms of this Note and then to a reduction of the
principal indebtedness.
The makers and endorsers of this Note further agree to waive de-
mand, notice of non-payment and protest, and in the event suit shall
be .brought for the collection hereof, or the same has to be collected
upon demand of an attorney, to pay reasonable attorney's fees for mak-
ing such collection. All payments hereunder'shall bear interest at
the rate of (8 3/4$) percent per annum from maturity until paid.
This Note is secured by a Wraparound Mortgage of even date herewith
and is to be construed and enforced according to the laws of the
State of Florida; upon default in the payment of principal and/or
interest when due, the whole sum of principal and interest remaining
unpaid shall, at the option of the holders, become immediately due
and payable. Failure to exercise this option shall not constitute
a waiver of the .right to exercise the same in the event of subsequent
default.
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it are ssumable and may not be assigned to any other y
the makers an ers of this Note and that i attempt to assign -
this Note is made by t e s and endo , then it shall be con-
i sidered a default under the term s Note and the-whole sum of
principal and interest r ng unpaid s a the option of the
~ holders, become ately due and payable. Failur xercise this
option not constitute a waiver of the right to exercis same
On September 8, 1978, D. K. Lindauer and M'. Jane Lindauer executed
a promissory note payable to EcCaughan 1?iortgage Company Inc., in the
principal amount of $55,100.00 which Note is secured by a Mortgage
dated September 8, 1978, and covering the same real estate in the -
County of St. Lucie, State of Florida, as is covered by the Wraparound
Mortgage securing this Purchase Money Mortgage Note, which mortgage to
McCaughan Mortgage Company, Inc., is recorded in Official Records
Books 293 at page 2935 of the Public Records of St. Lucie County,
Florida and is called the "First Mortgage". Said note dated September 8,
1978 and secured by the First Mortgage is hereinafter called "The First
vote".
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The Holders of-this Promissory Note, by accepting this Promissory
Note, agree for themselves and for their partners and their respective
heirs, personal representatives, successors and assigns as follows:
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1. They will duly comply with each and every of the obligations
~ of the maker under the First Note and the Mortgagor under the First
tortgage, and will not commit or suffer to be committed any default
under either of said instruments.
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