HomeMy WebLinkAbout1056PR(X~ZSSORY NOTE
$53,250.00 Ft. Pierce, Florida, December S, 1980
FOR VAIIIE RECEIVED the undersigned pranises to pay to the order of
T~AMF.S BUII.D~ERS, INC., a Florida Corporation the principal sum of Fifty
Zhree lttiousand Ttao Hundred Fifty and No/100 Ibllars ($53,250,00) , together
with interest threon from date, at the rate of thirteen (1'x/0) percent
per atrxm until maturity, payable as follows
Six (6) months from date, interest only shall be due and payable
at the rate of L~/o per arnnum simple interest on the unpaid principal
balance accrued from date hereof; and one year from date the entire
unpaid principal balance, together with accrued interest on the unpaid
principal balance shall be due and payable.
Privilege is reserved to prepay this obligation in whole or in
part without penalty.
Each maker and endorser severally waives danaald, protest and notice
of maturity, non-payment or protest and all requirements necessary to
hold each of than liable as makers and endorsers.
Each maker and endorser further agrees; jointly and severally, to
pay all costs of collection, including a reasonable attorney's fee in
case the principal of this note or any payment on the principal or any
interest thereon is not paid at the respective maturity thereof, or in
case it becanes necessary tolrotest the security hereof, whether suit be
brought or not.
Zhis note and deferred interest payments shall bear interest at the
rate of 13% per arunm from maturity until paid.
'This note is secured by a second mortgage of even date here~~ith
and is to be construed and enforced according to the laws of the State
of Florida; upon default in the payment of principal andJor interest due
on any note secured by said Mortgage and which shall continue for 15
days, all notes so secured and remaining unpaid shall forthwith became
due and payable notwithstanding their tenor.
'Ibis is a "Wraparound" Promissory Note, pursuant to which a portion
of the principal arrotmt of this Note constitutes paid princi al
balance of that certain Promissory Notesdated the~~~i day of t'
~{X, given by Hidden River Estates Developers to citizens Federa avers
& moan Association of St. Lucie County in the original principal arow~t
of $25,000.00, as to this parcel.
Fran the payments maker makes to payee hereunder, payee agrees to
pay all of the instalLnents of principal and interest payable under the
aforesaid Promissory Note owing to Citizens Federal before the same becomes
due and payable. In the event any instalments of principal and/or interest
payable under said Promissory Note to Citizens Federal are not paid when
the same became due and payable, maker shall have the right (but not the
obligation) to pay such installment due to Citizens Federal as it becomes
due and payable and to apply any such payment so~made (plus an ama~mt
equal to interest at the highest lawful rate on the amount of such pavment
from the date of payment by maker to the date the next naturing installment
of interest is due under this Note), as a credit against the next maturir-g
installment of interest due hereunder. ~~ , ~~; j
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~~344 P~ii~