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Home My WebLink About1643 • Southeast Banks y'%~'~~ PROMISSORY NOTE S , 24 , 800.00 Oats April 15 , ~g 80 FOR VALUE RECEIVED, THE UNDERSIGNED land if more than one, eacl? of them jointly and severally, hereinafter called MAKER without regard to numbe? or gender, promise to pay to the order of 91~U~ FIRST NATIONAL BANK OF FORT PIERCE, a federal banking corporation, hereinafter called BANK, 1HE PRINCIPAL SUM OF ~.~~C-Six Thousand Eight Hundred and no/100-------=DOLLARS PAYABLE in._.T~'M~'~~ ~thiv installments of three Htndred Eighteen and 77/100 Dollars ($318.7 including interest , m the 15th day of eadi month begirming May LS , 1980 interest thereon shall accrue from the date of funding, computed on the basis of a 365 day year, at the ANNUAL PERCENTAGE RATE OF 13 1//+ Der Cent INTEREST SHAII BE PAYABLE coon hlv _ together with the principal payments All payments shall be applied tint to actxuad interest and them to principal. Interest will atxrue at the rate of 1/365th of annual interest for each day that principal is outstanding, but in no event shall interest bs due at a rate in excess of the highest lawful rate. Without limiting the gensnlity of the forlltgoirtg, and notwithstanding any oral or written agreement, no deposit of funds shall be required in connection with this loan in an amount which will, when deducted from the principal amount outstanding hereunder,. cause the rate of interest hereunder to exceed the maximum lawful rate. If any payment is not made in full when due, the entire unpaid principal and accrued interest, less any unearned interest and any interest in excess of the maximum allowed by law and any rebates required by law, shall at the option of the holder become Immediately due and payable without notice. Failure to exercise the option shall not constitute a waiver of the subsequent right to exercise. AFTER MATURITY, INTEREST SHALL ACCRUE ON THE DELINQUENT PRINCIPAL BALANCE AT THE HIGHEST LAWFUL RATE OF INTEREST. As security for the payment of this note, and any renewals, extensions or modifications thereof, and any other liabilities of the MAKER to the BANK, however or whenever created, MAKER hereby grants to the BANK a security interest in: Mortgage of even date . PREPAYMENT IN WHOLE OR IN PART AT ANY TIME , ~JITHOUT PENALTY , IS RESERVED BY MAKER. _ th'hether or not specific property is desuibed above. as additional only for the payment of Ihrs Note. any renewals, extensions or modifications rlrereof, and any other liabilities of MAKER to BANK, h Or whe created, MAKER hereby pledges to BANK any and all property of MAKER now or hereafter delivered to or left in or coming into t ion, control or custody of BANK, whether expressly as Collateral security or for any ~rther purpose (including cash, stock and other dividends, a all fights to wtMCribe tw securities incident to, declared, or granted in connection with such I,a,rpertyl, anti property described in collateral receipts Oro r documents sgrMd or furnished by the MAKER, and any and all replacements of any of the luregmng, whether or not in the possession of Bank. All property and any other property securing maker's lisbihties to the Bank wdl Iereafter ~ t:e referred to ss "the Collateral: ' The CdlaterN is also pl security for all other liabilities (primary, secondary, direct, contingent, sole, joint or several, due or to become due or which may be hereafter contr o? acquired, of each Maker lincludrng each Maker and any other person) to BANK,' j ,tihether such liabilities arise in the ordinary course of busir?ess O? not. Right is hereby expressly granted to the BANK at its option to transfer at any time ~ t., nselt or to us nominee any Collateral, and to receive the income thereon and hold the same as security f?erefor, or apply it on the principal or interest rtne hereon ur due on any liability secured hereby. The BANK may continue to hold any pledged property deposited hereunder after the payment of this f .,ore, it at the time of the payment and discharge hereof any of the parties liable for the paymem hereof shall be then directly or contingently liable to ~ he BANK as make, endorser, wrety or guarantor of any other note, draft, bill of exchange, or. othei instrument, a otherwise, and the BANK may there- rfter exeruse the rights with respect to sad pledged pr granted herein awn though this note shall have been wrrendered to the MAKER. r It rs lomtly and severally covenanted and agreed h t e Bank by each MAKER, eruforser, wrety, guarantor, and other party to this note (a11 of r:I~um are hereinafter for brevr3y called Obligor or Obligors t: Atldrt,ons tu, releases, reductions or eiccltdngts of, or substitutions for the Cdlateral, Irayments on account of this loan or rrxreases of the same, or ~rh,:r loans made partially or wholly up0 Collateral, y from time to time be made wnhout afrecurg the provisions of this note or the habrbtres of any party hereto. Bank shall exerciM n care in t custody and pnserntion of the Collateral and shall ba deemed to have exorcised reasonable care it it takes such action for that pu ss Maker shall asor?sbly retKrest in writing, but r?o omission to comply with any request of Maker shall of it- self be deemed a failure to exercise na • cars. Wit limiting the gsnsrelity of ths~foregoing, the Bank shall have no responsibility for ascertaining any maturities, calls, corwersions, exchst!?ges, often, Hods or similar matters elating to any of the Cdlateral,nor for intormirtg the undersigned with re- spect to any thereof. BANK shall not be to take y steps r?scssssry to preserve any rights in the pledged property against prior parties, and MAKER shall take all necessary alga for such. .BANK or its nominee need not cdlect interest on or principal of any pledged property or give any notice with respect to it. 7. Upon the happening of any of the following events, each of which shall constitute a default hereunder, or d the Coueteral shall et any time become unsatisfactory to BANK, or rf BANK tf?sll at any time deem itself insecure, all IiatNlrtres of each Maker to BANK, whether or not evidenced by this note, shall (hereupon or thereafter, at the option o/ BANK, without notice or demand, become due and payable. lal tsilure of any Oblgor to perform any agreement hereunder or to pay rn full, when due, any liability whatsoever to BANK or any installment thereof Or interest thereon; Ib? the death of any Obligor; Icl lire irling of any petition under the Bankruptcy Act, or any similar federal or state statute, by or against any Obligor; (dl an applitetron for - thr. appornunent of s receiver for, the rr?aking of s general assgnmint for the benefit of crteditors by, or the insolvency of any Oblgor; lei the entry of a lodgment against any Oblgor; Ifl the iswing of any attachments or garnishment, or the filing of any Tien, against any property of any Obhgor;,lgl the taking of possession of any wbstantial part of the property of any Obligor st the ,nstance of any governmental authority; ih) the dissolution, rr?erger, consolydatron, or reorganrzatitN? of any Obligor: lil the determination by BANK that a material adverse change has occurred m the f inanasi condmon of any Oblgor from the cor?diuons set forth rn the most recent hnanciel statement of wch Obligor heretofore furnished to BANK, or from the condition of wch Obligor as heretofore most recently disclosed to BANK in any manner; or that any warranty, representation, certificate a statement of any Obligor (whether contained rn this note or not) pertaining to W in connection with this note or the loan evidenced by the note is not true; Ijl assgnment by any MAKER of any equity in any of the pledged Collateral without the written consent of BANK; Ik1 failure to do all things necessary to preserve and marnta,n the value and coltechbibty of the Collateral, inctudir?g, Dot not limited to, the payment of taxes and premiums on policies of mwrance on the due date w,thout benefit of the grace period. THE PROVISIONS ON THE REVERSE SIDE ARE A PART OF THIS NOTE. 483311 Note Number Die / ' - 7ili fan mi Arl~ress-. ~/,bC.p: r nl u _ ST.LUCIE CGWiTY.FLA. ~ ROGER POITRAS ~ ~ , _ -L!~ (SEAL? v._. RECet1A yERtFtTfl_._ ~ R th H • Smit ~R nr3f 1 ~1 t+ I ~