HomeMy WebLinkAbout1581 $612,000.00 PROMISSORY NOTE October 1979
, Stuart, F orida
FOR VALUE RECEIVED, the undersigned promises to
pay to the order of FIRST NATIONAL BANK AND TRUST COMPANY OF '
STUART the sum of Six Hundred Twelve Thousand and no/100
Dollars ($612,000.00) at pj - Pcxc~' E Ti Fl . ~3 y
or sue of er ace as
t e o er ereo may des gnate n writing, together with
interest from date at the rate of ten and one-half (10-1/2$)
percent per annum on the unpaid balance until maturity. The
said principal and interest shall be due and payable as
follows:
In 180 constant, monthly installments of principal
and interest in the amount of $6,765.04 each,
commencing. on the A?~ k day of November, 1979,
and continuing therea ter on the da~ of each
and every successive month until the day of
October, 1994, when the entire pr ncipal balance,
together with all accrued i , shall be due
and payable in full. O
This Note may be pr ai ull or in part at any ,
time and from time i without penalty.
IF DEFAULT be made for ten (10) days in the payment
of any installment of principal or interest or any part
thereof, the whole sum then remaining unpaid, with interest,
shall, at holder's option, become due and payable with
notice. Failure to exercise such option shall not constitute
a waiver of the right to exercise the same in the event of
subsequent default. After maturity, both principal and
accrued interest shall bear interest at ten and one-half
(10-1/2$) percent per annum until paid. If this. Note is not
paid at maturity and the same is placed with an attorney for
collection, the makers hereof agree to pay all costs of
collection, including all court costs and reasonable attorney's
fees, including court costs and reasonable attorney's fees '
• upon appeal.
LAKE PARK MOTOR PLAZA, INC.
and shall duly, promptly and fully perform, discharge, execute, effect, complete, comply with and abide by each and every
the stipulations, agreements, conditions and covenants of said promissor}• note and of this mortgage, then this mortgage and
the estate hereby created shall cease and be null and void.
It is understood that each of the words, "note; ' "mortgagor" and "mortgagee" respectively and the pronouns referring
~ thereto, whether in the singular or plural an}•where in this mortgage shall be singular if one only and shalt be plural jointly
f and severally, if more than one, and shall be masculine, feminine and/or neuter, wherever .the context so implies or admits.
f And said Mortgagor for himself and his heirs, legal representatives, successors and assigns, hereby covenants and agrees
~ to and with said Mortgagee, his legal representatives, successors and assigns:
1. To pay all and singular the principal and interest and the various and sundry sums of money pa}•able by virtue of
said promissory note, and this mortgage, each and every, promptly on the days respectively the same severalh~ become due.
2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and encumbrances of every nature and
{clod now on said described property, and/or that hereafter may be imposed, suffered, placed, levied or assessed thereupon,
and/or that hereafter may be levied or assessed upon this mortgage and/or the indebtedness secured, hereb}• each and every,
when due and payable according to law, before they become delinquent, and before an}• interest attaches or any penalty is
incurred: and in so far as any thereof is of record the same shall be promptly satisfied and discharged of record and the or-
( iginal official document (such as, for instance, the tax receipt or the satisfaction paper officially endorsed or certified) shall
be placed in the hands of said bortgagee within ten days next after payment; and in the event that ar~}• thereof is not so
paid, satisfied and discharged, said Dortgagee may at any time pay the same or any part therof without waiving or affect-
ing any option, lien, equity or right under or by virtue of this mortgage, and the full amount of each and ever}• such pay-
n ment shall be immediately due and payable and shall bear interest from the date thereof until paid at the rate of ten per
centum per annum and together with such interest shall be secured by the lien of this mortgage.
3. To place and continuously keep on the buildings now or hereafter situate on said land fire and windstorm insur-
ance in the usual standard policy (Dent. in a sum not less than the highest insurable value, in such compam• or companies as
may be approved by said Mortgagee; and all such insurance policies on any of said buildings, am• interest therein or p;trt
thereof, in the aggregate sum aforesaid or in excess thereof, shall contain the usual standard mortgagee clause making the
loss under said policies, each and eyrn•, pa}•able to said Mortgagee as his interest may appear, and each and every such policy
steal! br promptly delivered to and held by said Mortgagee; and, not less than ten dace in ady.tncr of the expiration of each
polic}•, to deliver to said Mortgagee a renewal thereof, together with a receipt for the premium of such renewal: and cheer
shall he no such insurance placed on any of said buildings, and interest therein or part thereof, unless in the form and with
K the loss payable as aforesaid: and in the event am• sum of money becomes payable under such policy or policies said Mortgagee
shall have the option to receive and apph• the same on account of the indebtedness secured hereby or to. permit said ~tortga-
gor to receive and use tt or any part thrrrof for other purposes without thereby waiving or impairing am• equity, loin or
right under or b}• virtue of this mortgage; and in the event said Mortgagor shall for any reason fail to keep the said premises
so insured, ur fail to deliver promptly am• of said policies of insurance to said Mortgagee, or fail promptlc to pay fully am-
premium therefor, or in any respect fail to perform, discharge, execute, effect, complete, comply with and abide b}• this cot•-
enant, or any part hereof, said ~lortgager may place and pay for such insurance or am• part thrrrof without waiving or
affecting am• siphon, lien, equit}• or right under or by virtue of this mortgage, and the full amount of each and ryc•ry such
payment shall br immediateh• due and payable and shall bear interest from the date thereof until paid .tt the rate of ten -
per centum per annum and together with such interest shall br secured bt• the lien of this mortgage.
e~ K 482 PASF1279 b ~ -
~K 319 ~