HomeMy WebLinkAbout1821 EXHIQIT
RENEWAL REPLACEMENT NOTE NO. 1
$22500.00 As of June 30, 1978
For value received, the undersigned, hereinafter called "Maker" promises to
pay to the order of SOUTHEAST FIRST NATIONAL BANK OF FORT PIERCE, f/k/a
FIRST NATIONAL BANK OF FORT PIERCE, hereinafter called "Bank", the
principal sum of $22S,000.00, at Its offices at 300 South Sixth Street, Fort Pierce,
Florida, together with interest thereon until maturity, with principal and interest
payable In the manner as set forth in a Restated Mortgage Modlflcatlon Agreement
dated ~ , 1980. Interest shall accrue from July i, i978 to June I
30, 1980, at eight 8916 percent per annum and thereafter shall accrue at fifteen
(15916) percent per annum, all of which shall be payable in the manner set -forth in
the Restated Mortgage Modification Agreement. The entire unpaid principal
balance, together with accrued interest shall be due and payable June 30, 1983. All
payments received by the Bank prior to maturity of this Note will be .applied first
to accrued and unpaid interest and then in reduction of principal.
Both principal and interest are payable in lawful money of the United States
to the Bank at 300 South Sixth Street, Fort Pierce, Florida.
In the event of default in any payment of principal or interest for a period of
thirty (30) days after the due date thereof, or upon the breach of any provision of
the Mortgage which secures this Note which has not been cured within thirty (30)
days after wcitten notice to Maker and the Sands Lake View Development, and with
respect to any non-monetary default that cannot be cured within thirty (30) days
from notice thereof which Maker or its successors are not attempting in good faith
to cure said default, the Bank may at its option accelerate maturity, and the unpaid
principal balance hereof and al! accrued interest shall thereupon immediately .
become due and payable without demand or notice and to set off against this Note
all money owed by Bank in any capacity ~to Maker, whether or not due, and to set
off against all other liabilities of Maker to Bank, all money owed by'Bank in any r
capacity to Maker.
Except as otherwise provided herein, maker waives demand, protest and
notice of maturity, nonpayment or protest, and all. requirements to hold it liable as
f .Maker.
4 Maker further agrees to pay all costs of collection, including a reasonable
C attorney's fee, (inclusive of any appellate proceedings) in case the principal of this ~
i Note or any interest thereon is not paid at the respective maturity thereof,
whether suit be brought or not.
Bank is -hereby given a lien upon and a security interest in all property of
Maker now or any time hereafter in the possession of Bank in any capacity
whatsoever, including but not limited to any balance or share of any deposit, trust
or agency account, as security for the payment of this Note and all other liabilities
~ of Maker to Bank.
This Note shall be governed as to validity, interpretation, construction,
effect and all other respects by the laws and decisions of the State of Florida. In
the event Bank determines it necessary to institute suit to collect on this Note, the
action may be maintained by Bank in the State of Florida, and the Maker does
fiereby consent to the institution of action in that jurisdiction and waives any and
alI defenses it may have to the maintenance of the suit in Florida.
This Note is secured by a Mortgage dated November 7, 1975, as modified by
a Mortgage Modification Agreement dated June 30, 1978, and a Restated Mortgage
Modification Agreement dated , 1980, between Maker and Bank
f and is entitled to the benefits thereof.
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~ This Note and deferred interest payments shall bear interest at the rate of
~ fifteen (1596) percent per annum from maturity until paid.
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