HomeMy WebLinkAbout1633 DOCUMENTARY STAMPS AFFIXED TO ORIGINAL NOTE AND CANCELLED
• ILL
1980 HAY 19 Ald 9' 26 X86914
PROMISSORY NOTE 11``
• ST.IUC E
C,
~R~ Y il~A. Miami, Florida
f~ER~lt cnt~t3tTTCOUi ~Y 9 19 80
kt:tlARll YfR+PtFO_.~_~
FOR VALUE RECEIVED, the undersigned. jointly and severally, promise Yo pay to
t'Tie order of
SUN BANK OF MIAMI
a Florida banking corporation, at 60 N.W. 12 Avenue, P. O. Box 350678, Miami, Florida, or at such other place
as shall be designated by the holder of this Note in writing, the sum of
SIXTY FIVE THOI>SAt1D and 00/100
Dollars (S 65,000.00 )together with interest thereon from the date hereof at a~omod' *
~x
p~ r9RtitQt9~until aid i full, all ayable in lawful one o~1tie United States of ' rrter ca, as ('oll ws: `
*I-t art~utec~ at ~ perce~itage points ~ the prune rate of ~.n~erest c~arged
by Stm Bank of Miami from time to time to change effective upon each change in stacYt
rate. Interest only payable on May 12, Jtute 12 anti July 12, 1980; interest plus
$5, 00 00 r i ab1 t 12, x.980; i1ntere~st plus $2, 000.00 rutcinal
yrtten-
h ~atc~i
p~l~ . I~. 80 andfo~44, 000?~ pl~isoaoc~iued~in~terest~
bye
1 F~anainin9
ny anal ~aySn i~~"stiall be applied first to accrued interest, and the remainder, if any. to reduction of
rinci al. if an installment of riots al or interest is not aid when due, or u on an default in the performance
P P Y P P P P Y
of any of the covenants or agr«ments of this Note, or of any instrument now or hereafter evidencing or securing
this Note or the obligation represented hereby, the entire indebtedness (including principal and interest)
remaining unpaid shall, at the option of the holder, become immediately due, payable and collectible, and white
in default this Note and deferred interest shall bear interest at the maximum rate permitted by law.
Each maker and endorser severally waives demand, protest and notice of maturity, nonpayment or protest
and all requirements necessary to hold each of them liable as makers and endorsers. Each maker and endorser
further agrees; jointly and severally, to pay all costs and expenses of collection, including reasonable attorney's
f«s, and specifically including costs, expenses and reasonable attorney's fees on appeal, in the event the principal .
of this Note or any payment of principal or interest thereon is not paid at the respective maturity thereof, or in _
the event it becomes necessary to protect the security hereof, whether suit be brought or not.
The holder is expressly authorized to retain any general or special deposit, collateral, real or personal ~
security or procxeds thereof belonging to any maker or endorser hereof, now or hereafter in possession of the
holder during the time this Note remains unpaid, and before or after maturity to apply same to the balance due
or to become due to the holder of this Note, and all endorsers hereby expressly consent that the bank may,
without notice to or consent of the said endorsers, from time to time extend the payment of the whole or any part _
of the indebtedness or liability of the maker of this Note without impairing the liability of said endorsers.
The liability of each maker and endorser on this Note shall be absolute and unconditional and without
regard to the liability of any other party hereto.
In addition to the acceleration rights set forth hereinabove, the holder hereof shall be entitled to accelerate
the entire unpaid balance and any accrued interest hereunder. forthwith as against the makers hereof and any
endorsers, upon the occurrence of any of the following events: (a) the institution of any legal proceeding making
claim or attempting to attach, garnish« or otherwise seize or immobilize deposits, general or special, securities,
collateral or funds in or at or held by the holder hereof, owned or in which any benefit is held by the makers
~ hereof or any endorsers or guarantors, whether said proceeding shall be instituted by third parties or parties
I
• hereto; (b) the dissolution of any corporation liable for the payment hereof; (c) in the event any party liable for
I~ the payment hereof shall become insolvent, make a general assignment for the benefit of creditors, or if any
bankruptcy, insolvency or reorganization proceeding of any nature under Federal or State statutes be
commenced by or against any of them, or in the event a receiver shall be appointed, or a writ or order of
attachment or garnishment be issued or made against any of the property, assets or income of any of them; (d)
failure of any party obligated hereunder to do all things necessary to preserve and maintain the value and
collectibility of any collateral now or hereafter securing the obligations created hereunder.
Nothing contained in this note, nor any instrument or transaction related to it, shall be construed or so
operate as to require the maker, or any person liable for the payment of the loan made pursuant to this note, to
pay interest in an amount or at a rate greater than the maximum allowed by law of the State of Florida. Should
any interest or other charges paid by the maker, or any parties liable for the payment of the loan made pursuant
to this note, result in the computation or earning of interut in excess of the maximum legal rate of interest
permitted under law, then any and all of that excess shall be and is waived by the holder of this note. and all that ~
excess shall be automatically credited against and in reduction of the principal balance, and any portion of the ;
excess that excads the principal balance shall be paid by the holder to the maker and any parties liable for the
payment of the loan made pursuant to this note, it being the intent of the parties that under no circumstances
shall the maker, or any parties liable for a payment of the loan hereunder, be required to pay interest in excess of
the maximum rate allowed by law of the State of Florida.
~ity agreetner~ts and
This Note is secured by certain collateral identified in a mortgagr5of even date herewith. The holder
shall be under no duty to enforce payment out of the collateral securing this Note.
Address: AIR a• (SEAL)
Address: 13797 N.W. 19th Avenue (SEAL)
KAYO CH, Press ent
Address: OPa Florida 33054 (SEAL)
LL CH, Secre
Address: (SEAL)
,33~. ~~1~32