HomeMy WebLinkAbout3007 PiZOhiISSORY NOTE
$29,154.54 Place Of ExeCUtiori: Longwcwd, F'Iorida
Date : October 5, 1979
After Date For Value Received, the undersigned,
jointly and severally, promise to pay to ALUMA SYSTEMS INCORPORATED,
a Canadian corporation, or order at 4800 Dufferin Street, Downsview,
Canada or such other place as the payee or the holder of this Note
may designate in writing, from time to time, the principal sum of
Twenty-Nine Thousand, One Hundred And Fifty-Four And 54/100
dollars ($29,154.54) together with interest on the unpaid .principal
balances from time to time outstanding, at the rate of fifteen per
cent (15~ ) per annum. Payments of principal and accrued interest
shall be made in consecutive monthly instalments of one Thousand
Eight Hundred And Twelve And 4/100 - do 11 ar s ( $1, 8I2.04) ) .
The first monthly instalment shall be due and payable on the fifteenth
day of yoverrher 197 9 , and subsequent instalments shall be due
and payable on the fifteerthdayof each and every calendar month there-
after until the entire indebtedness evidenced hereby is fully paid.
Each of said monthly payments shall be applied first to the payment
of interest computed on the declining principal balances from time to
time, and afterwards in reduction of the principal amount of this
Note. In the event of late payment of five (5) days a late charge
in the amount of five per cent ( 5~ ) of the instalment due shall
be due and payable by maker to the payee or holder of this Note.
While this Note is in default, it shall bear interest
during the period of default at the maximum rate of interest allowed
by law.
This Note may be prepaid in whole or in part at any
time without penalty. Provided however that any partial payment
must be ir. an amount r_ot less than the total monthly payment and
must be made on the regular scheduled monthly payment date.
Nothing herein contained, nor any transaction related
thereto, shall be construed or so operate as to require the i~4akers,
or any person liable for repayment of same, to pay interest at a
greater rate than is now lawful in such case to contract for, or to
make any payment, or to do any act contrary to law. Should any
interest or other charges paid by the Makers or parties liable for
the payment of this Note, in connection with the loan evidenced by
this Note, or the Security Agreement securing the payment hereof, or any
other document delivered in connection with said Loan, result in the
~ computation or earning of interest in excess of the maximum legal
rate of interest which is legally permitted, then any and all such
~ excess shall be and the same is hereby waived by the holder hereof,
and any and all such excess shall be automatically credited against
and in reduction of the balance due under this indebtedness and the
portion of said excess which exceeds the balance due under this
indebtedness shall be paid by the holder hereof to the bakers and
parties liable for the payment of this Note.
It is agreed that the granting to the Makers of this
Note or any other party of an extension or extensions of time for the
payment of any sum or sums due hereunder or under the Security
Agreement securing the payment hereof, or for the performance of
any covenant or stipulation thereof or the taking of other additional
security shall not in any way release or affect the liability of
the Makers and the endorsers and guarantors of this Note.
A default in this Note continuing uncured for three
(3) days after the Payee or holder of this Note shall have given the
Makers written notice of such default will confer upon the Payee or
holder of this Note the right and privilege of accelerating and
calling due the entire unpaid principal balance of this Note, together
with accrued and unpaid interest thereon. The written notice herein
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