HomeMy WebLinkAbout1578 PROMISSORY MORTGi\(a NOTE
eeinq indebted for value received, the undersigned jointly and
severally promise to pay to FIRST lY1RINE BANK AND TRUST COl~ANY OF
THE PALM BEACHES, at its office in Tequesta, !'lorida. or order the
sum of FIFTY NINE THOUSAND SEVEN 1iUNDR1~0 SEVrNTY-FIVE ANQ NOI100---
Dollars ~~~,~",~77~~'00 , together v t i nterest t~iereon as ere W-
after stated in monthly in~rtallments of SIX HUNDRED Ti1IR
Y~-S.I~V
99 100------------------------Dollars 0637.99 The rst
insta ment-s~T~~ie-c~uc and payable on the. 2nd day of ,
19 80 , and subsequent installments on the 2~ n~- day of each an every
ca e3'n-c~ r month thereafter until the principa an interest are fully paid.
Each payment shall be applied first to interest on the unpaid principal
hal;?nc:e •~ncl the remainder shall be ap}died to principal.
F~~r a I~rriod of five years from the date i~erenf, the undersigned
shall lie rcyuirrd to pay to the bolder hereof a penalty on any prepayment
of principal. Said penalty Rh.111 be an amount equal to one hundred eighty
(180) days' interest, at tlrr. rate ec~t Earth heroin, o» the amount I~repaid.
After the raid five yc+ar prepayment penalty i~eriod, the undersigned
may prepay this note iri wlrote or in part at any time: without notice or
pen:i I ty.
This obligation shall bear interest from date at the rate of
TWELVE AND ONE-HALF percent ( 12 1/2 t) per annum until the
princ
aT an nterest are fully paid.
If any installment of principal and interest is not received by
the fifteenth day following any due data, then the undersigned shall
pay a late charge equivalent to five percent of the amount of such
installment. This note shall be considered in default when any payment
required to be made hereunder shall not have been made when due. Said
note shall remain in default until said payment shall have been made..
If such default shall not be remedied within thirty days (30) days,
the entire principal balance and all accrued interest shall at once
become due and payable without notice at the option of the holder
hc.•reof. Failure at any time. to exercise said option or any right provided
fir herein shall not constitute a waiver of the right to exercise the
same at any time. while in default, this note shall bear interest
I! a~ eighteen percent (181) per annutir, in lieu of the rate hereinbefore
six~ci find.
E
The undersigned and each maker and endorser jointly and severally
waive demand, notice of non-payment and protest, all exemptian rlghts
whether under the }'lurida Constitution or otherwise, and alsa severally
waive valuation and appraisement, presentment, and notice of dishonor.
Thc• widersiyned agree that if this note becomes in default an~j is placed
in the hands of an attorney for collection, to pay reasonably attorneys'
~ ices and all other costs for nk~kinq such collection, reyardlesa of
r whether or not suit is instituted, including costa and fees in connec-
tian with any appeal thereof. This no to is to be construed according
to the Laws of Florida.
This note is secured by a mortgage of even date executed by thc~
makers in favor of 1•'IRST MARINi; BANK AND TRUST COMPANY OI' '1'IIIi i'.`!~M
BEACIiFS. Any default under said mortgage shall entitle the holder
to declare the indebtedness hereunder immediately d:re and payable.
a a d endorser becomin liable under
The undersigned nd a ch maker an_ q
this note hereby consent to any extensions or renewals of this note or
any part thereof without notice and agree that they will remain liable
:~•r- ~;.~irl n~.+e during any extensions or renewals hereof until the debt
• :.~stnted is paid in full.
g~~K332 P,~1576