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This loan is made pursuant to Chapter 665, Florida Statutes
RENEWAL MORTGAGE NOTE
$182, 800.00 As of October 31 , 1979
For value received, the undersigned, jointly and severally promises
to pay to the order of AMERICAN BANK OF MARTIN COUNTY, at its banking
house in Martin County, Florida, in lawful money of the United States
of America, the principal sum of ONE HUNDRED EIGHTY-TWO THOUSAND, EIGHT
HUNDRED AND NO/100 DOLLARS ($182,800.00), together with interest after
date at a rate equal to two and one-half percent (2.5$) above the prime
rate of interest, freely floating (the Prime Rate) announced and charged,
from time to time, by the American Bank of Martin County to corporate
borrowers of the highest credit standing for 90-day unsecured commercial
loans. The Applicable Interest Rate of this Note shall change as of
any day upon which there is a change in such Prime Rate of interest and
shall be calculated on the basis of the actual number of days elapsed
over a 365-day year, but in no event shall the Applicable Interest Rate
be less than Fifteen Percent (15$) nor greater than Eighteen Percent
(18$). Further, in no event shall the Applicable Interest Rate plus
any other charges in the nature of interest exceed an effective rate
of Eighteen Percent (18$) per annum calculated on the basis of a 365
or 366-day year.
Principal shall be payable in two (2) equal annual installments
of $91,400.00 each on February 14, 1981 and February 14, 1982. Interest
on the then outstanding principal balance shall be prepaid quarterly
commencing May 1, 1980 and on the 1st day of August, November and
February thereafter until said principal is paid in full.
After maturity, or in the event of default, this Note shall bear
interest at the highest legal rate until paid.
In case any payment is not paid within fifteen (15) days after
the same becomes due, the entire unpaid balance, plus accrued interest,
shall forthwith become due and payable at the option of the holder of
this Note.
The makers, sureties, endorsers and guarantors of this Note, hereby
severally waive presentment for payment, notice of non-payment, protest
-and notice of protest, and diligence of bringing suit against any party
hereto, and consent that time of payment may be extended without notice
thereof to any of the sureties of this Note.
Should it become necessary to collect this Note through an attorney,
~ each of us, whether maker, surety, or endorser, hereby agree to pay all
~ costs of said collection, including reasonable attorney's fees and cost
of appeal, whether suit be brought or not.
The holder hereof is hereby expressly authorized to retain any
general or special deposit, collateral, real or personal security, or
the proceeds thereof, belonging to any of us, now or hereafter in the -
~ possession of the holder during the time this Note remains unpaid, and
before or after maturity hereof may apply the same to this Note or
any other debt or liabilities of any of us to holder, due or to become
due.
VICTORY CONSTRUCTION, INC.
By ~
O Zts: President
0
.46590'7
ti ( SEAL )
VICTOR GEORGEFF, Individually
;99 i,~~l I4 n':': :I~ 13
FIL~O AYE ~ - J ( SEAL) .
RO&ER ~'C!T!?A5 VI GINIA GEORGEFF, Individually
CLERK CttiCUtt C_4.: T
Post Office Box 209
Stuart, Florida-33494
Address ~Q(~~
EXHIBIT f