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PROMISSORY NOTE
(Real Estate Mortgage) -
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PRINCIPAL SUM: 563,000.00 EXECUTED AT: WEST PALM BEACH, FLORIDA r
INTEREST RATE: 16.0 --EXECUTED ON: April 22, 1980
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FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay THE -
MALL BANK, a state banking organization, or order, at 1801 Palm Beach lakes
Boulevard, West Palm Beach, Florida, or at such other place as holder may
desiggnate in writing, the principal sum of SIXTY-THREE THOUSAND AND NO/100THS
DOLLARS * * * * * * * * * * * * * (563,000.00 together with interest at
the rate hereinafter stated on the unpaid balance until paid. Interest only j
shall be payable monthly. The first monthly installment shall be due and ~
payable on the 22 nd day of Maur 1980 ,and subsequent installments
shall be due and payable monthly .until the 22nd day of April 1981 ,
at which time the principal, together with interest thereon, is due and payable
in full. This obligation shall bear interest from date at the rate of 16.0 ~
per annum until the principal and interest are fully paid. Any payments
received shall be applied first to interest and then to principal.
This note may be prepaid at any time in whole or in part without penalty.
A penalty in the amount of five percent (5a) of any payment shall be charged
after the same becomes delinquent. For purposes of this provision, a payment
shall be deemed delinquent if not made on or before fifteen (15) days following
its due date.
This note shall be considered in default when any payment required =%o be made
hereunder shall not have been made within fifteen (15) days following notice
of non-payment. In the event of such default or in the event of any other
default in payment of any sum or any obligation required by the terms hereof,
the entire unpaid principal and interest shall, at the option of .the holder
hereof, become immediately due and payable. In the event of any such default,.
full power and authority is hereby given to the payee bank by each of the
parties liable for the payment hereof to apply toward payment of the within
indebtedness any balance then standing to the credit of accounts maintained 1
with the payee bank .by such parties and further to sell, assign and deliver or
otherwise dispose of any other property or securities of such parties in
the possession of the payee bank in the manner prescribed by law for
realizing upon collateral security upon default, and including the remedies
prescribed by sub-section 679.9-504 Florida S1-mtutes. i
'f All makers and endorsers now or hereafter becoming parties hereto jointly
and severally waive demand, notice of non-payment and protest, and agree
to pay reasonable attorney's fees for services rendered, including litigation,
and any and all appeals therefrom in the event this promissory note is given
{ to an attorney for collection, together with all other costs of collection.
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~ All parties liable for the payment hereof agree. that additional makers,
R endorsers, guarantors or sureties may become parties hereto without
notice to them and without affecting their liability hereunder.
f This promissory note is secured by a first mortgage of even date herewith
between the makers and payee herein.
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/sf MARTIN STEINHARDT (SEAL) {
Martin Steinhardt
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