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Home My WebLink About0757 Southeast banks PROMISSORY NOTE s ~O.,SDe fps oats ~eo~ er 9 , ts~Q`_ FOR VALUE RECEIVED, THE UNDERSIGNED (and if more than one, each of them jointly and severallyl, hereinafter called MAKER without regard to number or gender, promise to pay to the order of SOUTHEAtT FIRST NATIONAL BANK OF FORT PIERCE nrreinaiter called BANK, THE PRINCIPAL SUM OF F.1lR'f'Y ~eUSl~ND F~_H~1NDifiF;D_ ANA NO~1~0•-------------COLLARS PAYABLE together with interest on December 14. 1980 Interest thereon shall socnle from tM dab of funding. computed on the basis of a 385 day year, at the ANNUAL PERCENTAGE RATE OF _ 17.749. - WTEREST SHALL BE PAYABLE ~s above All payments shall be applied fifst to aouwd interest and then to principal. Interest will actxtle at the rate of 1/385dt of artfwsl interest for each day that prindpal is outstafxfing, but in no event shall interest be due at a rate in excess of the highest lawful rate. Without limiting the generality of the foregoing, and notwithstanding any oral a 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 mark in full when due, the entire unpaid principal anti accrued interest, less any unearned interest and any ~ntert:st 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 wbsequent right to exercise. AFTER MATURITY, INTEREST SHALL ACCRUE ON THE OELINOUENT PRINCIPAL BALANCE AT THE HIGHEST LAWFUL RATE OF INTEREST. As security for the payment of this note, and sny renewals, extensions or modifications thereof, and any other liabilities of the MAKER to the BANK, however or whenwer created, MAKER hereby grants to the BANK a security interest in: Mortgage of even date. PREPAYMENT IN WHOLE OR IN PART AT ANY TIME, WITHOUT PENALTY, IS RESERVED BY MAKER. Whether or not s•peCrfiC property is described above. as addrtansl sscuriry for the payment of tMS Note.ariy renewals, extensam or modifications ~nereof, and any other liabilities of MAKER to BANK, however Or vvhenewr crested, MAKER hereby pletfges to BANK sny and all property of MAKER ~cuw or hereafter dNiwred to or left in or coming into tM possession, contrd or Custafy of BANK, whether expressly as Colbteral security a for any ,ciher purpose Gncluding cash, stock and other dividends, and all rghts [o subscribe for securities incdent to, declared, or granted in connection vwth such :.ropertyl, and property described itn cdlsterat receipts Or other documents sgrtad or /urnished by the MAKER, and sny and alt .eplscerrients of any of +he foregoing, whetflN or not in the possession of Bank. All such property sod any other property securing maker's liabilities to the Bank will hereafter i•e referred to as "the Cdlateral:' The Cdlateral is Nso pledged as security fa all other balnldies (primary, secondary, duect, contingent, sole, Joint or .rverali, due or to become due or which may be hereafter contracted or scatuiretl, of exh Make. lincludrrig each Maker anti any other txrsonl to BANK, :tihether such liabilities arise in the ordinary course of business or not. Rght is hereby expressly granted to the BANK at its option to transfer at any trine • acct( ax to its nominee sny COllattxal, and to receive the income thereon and hold the same as secunry herefor, or apply rt On the principal or interest ~ ~iur hereon or due on any liabifiry secured hereby, The BANK may continue to hdd arty plecfgdi property deposited hereunder alter the payment of this ~ •~~cte, it at the time of the payment and discharge hereof airy of the parties liable for the payment hereof shall be then directly or contingently Gable to ~ chi BANK as maker, endorser, orrery or guarantor of any other note, draft, bill of exchange, or other instrument, or otherwise, and the BANK may Ihere- ricer exerase the rights with respect to said pledged property granted herein even though This none shall have been wnendered to the MAKER. 11 •s jointly and severally covenanted and agreed vrrth the Bank tsy each MAKER, endorser, wrety, guarantor, aiid other party to this note (all of .tihom are hereinafter for bevity tilled Obligor Or Obligors) that: ~ Additions to, releases, reductions or exchanges of, or substitutions for the Cdlateral, payments on account of this loan orincreases o/ the carne, or • ,un~r to,ins made j,artwlly Or wholly upon du Collateral, rtiay (rOm time to Ume bt rr?itk without altecting the j,rrvrsitxis of this note or the GabfitNS of sny party hereto. Bank dull esercisa ressoriable care in the custody and preaarvstion of the Collateral and shall be dNntad to haw exereisad naonable care it it takes such action for ttwt purpose as Maker shall reasonably request in writing, but no omission to comply with sny request of Maker shall of it- self be deemed a failure to exercise ressorseble care, tllfithout limiting the gertarelity of die foregoing, tM Bank shall New no responsibility for sst»rtainirtg sny maturities, ells, conversions, exchanges, o1bn, tenders or similar tttatters rNstine to any d the CdtatarN,nor to informing the undersigned with re- spect to airy thereof. BANK shall not rte bound to tab any steps necessary to preserve any rights in tM pNdgad property against pier parties, and t,1AKER shall take all niacesssry stops for such purpows. BANK or its nomiriea roved not cdlect intt.eq on or principal of any pledged property or give .iny notice vvilh respect t0 it, 1 Upon the happening or sny of Ilia tdlovwrg events, each d which shall constitute a delaull hereunder, a it the Cdlateral shall st any time become unsatisfactory to BANK, or it BANK shall at any time deem itself insewne, alt liabilities of each Maker to BANK, wtwther or not evdeneed by this note, >tietl thereupon or thereafter, at the option d BANK, without ratite o. demand, bttonte due and payable: Ial failure of any Oblgor to perform sny .,yreement hereunder or to pay in full, when due, any liability whsteoever to BANK d any instsllrrient thereof pI interest thereon; Ibl the death o) any Ublgor; Id the hung of any petition undo the bankruptcy Act, a any simdsr /edersl a state statute, by or against sny Oblgor; Idl an appGcstiai for the appointment of a receiver for, the making of s gene.d ssspnment for the benefit of ueditors by, or the insohrency of any Oblgor; (e) the entry or a iutgment a9amst any Oblgor: the iswirg of any attacfwrtents or garnishment, a the tiling of any Iron, against sny property of any Obligors (gl the ~ taking of posseuion of sny wbstantiN part of tM properry of any Obligor at the instance o/ any goverrvnental authority; Ihl the dissolution, merger, consolidation, or reorginiratan o/ any Obligor; lit the determination by BANK that a mat!.rsl adverse change has occurred in the financial condition of • any Oblgor Iron the conditans set forth M the most recent financial ststemem of such Oblgor fieretolore Iurnished to BANK, or from the corditan of R f wch Obigor as heretofore most rtasntry drscfotad to BANK m any manner; or that sny warranty, .epresentau~ri, catiticate o. statement of any Obligor Iwixther contained in this note Or not) pertaining t0 p in connection with Mis note Or the loan evidenced by this note is not true; Ijl assgnment by sny MAKER o/ any equity in sny of the pNdgsd Collateral without the written consent of BANK; Ikl failure to do all things necessary to preserve and maintain the value srd colllctibibty of the CollsterN, including, but not lunrttd to, the payment of axes and premwms on policies of inwranee on the Aue daft without benefit Of the Bract period. Ii THE PROVISIONS ON THE REVERSE SIDE ARE A PART OF THIS NOTE. I ~ ' Note Number Otte ~ / _ ~ (SEAL) ~4 ~.,~,~reet . a her Address_ O Mainsa P ~..St. L Florida 33452/~/~ • a J 1' ~ - s ISEALI . , r - ~ 80~~ ~ a a one P - ~