HomeMy WebLinkAbout0095 F.
~ ; . .
r
i 1'
1
i
i
1_
! -
. 1
MORTGAGE NOTE
518,990.55 Fort Pierce, Florida
August 3, 1979
E
FOR VALUE RECEIVED the undersigned promises to pay to the order
of INDIAN RIVER GARDENS, INC., A FLORIDA CORPORATION the principal
sum of Eighteen Thousand Nine Hundxed Ninety Dollars and fifty-five
one-hundredths, together with interest thereon at the rate of ten
(108)per cent per annum from this date until maturity, both
principal and interest being payable in Lawful Money of the United
States, such principal sum and interest payable in installments
as follpws:
Twelve (12) monthly payments of 556.42 with the first
payment to commence on September 3,1979 and a like sum
on the corresponding day of each like succeeding period.
Then Twelve (12) equal monthly payments of 581.42 with
the first payment commencing on September 3, 1980 and a
like sum on the corresponding-day of each like succeeding
period. Then twelve (12) equal monthly payments of
i $131.45 with the first payment commencing on September 3,
1981 and a like sum on the corresponding day of each
like succeeding period. Then twelve (12) equal monthly
payments of $156.45 with the first payment commencing
on Septembe~ 3, 1982 and and a like sum on the correspond-
. ing day of each like succeeding period. Then thirty-
five (35) equal monthly payments of $183.28 with the
first payment commencing on September 3,1983 and a like
sum on the cor--responding day of each like succeeding
period thereafter until Au ust 3, 1986 on which date the
entire remainin rind al balance s al be due and
a able in one BALLOON Pa ent. The Ma ers of this ~"fie
reserve a right o prepayment in whole or in part at any
time without penalty.
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 demand 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 any attorney,to pay reasonable
attorney's fees for making such collection.A11 payments hereunder
shall bear interest at the rate of 10 percent per annum from maturity
s until paid.The Note is secured by a 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 imemdiately due and payable.
Failure to exercise this option shall not constitute a waive of
the right to exercise the same in the event of .subsequent default.
f
BOCK ~ ~ PAGE ~ ~