HomeMy WebLinkAbout2178WRAPAROI~VD PR~tISSORY N(71`£~
$70,000.00 Ft. Pierce, Florida, December 18, 19A0
FOR VAi~1E RE(EIVED the un~'ersiganed prcmises to pay to the order of
WILLY M. ANDltESFI~I and II~'MA ANDRFSFTI, his wife ~ Seve~nty 'lhousand and No/100
Dollars ($70,000,00), together with interest thereon fran date. at the
rate of eleven perce~nt (11%) per annun until maturitv~ payable as follvws:
Cannencing an January 18, 1980~ and on the sane day of each
su~cceeding month thereafter until maturity, the s~n of $645.00
which shall include principal and interest t.mtil this obliga-
tion is paid in full; provid~ed, lwwever ~ that on or befare one
(1) year frcm tt:e date hereof Maker shall pay, in ad~ditivn
to the regular monthly instailments due hereimder, make a lump
sim paymait to payee in the arcxmt of $10 ~ 000. 00 which shall
be applied to reduce the vutstanding principal balance hereof.
Privilege is reserved to prepay this obligatian irt whole or iYt part
without penalty~ after one (1) year from the date hereof.
Each maker and endorser severally waives dena~d, protest and notice
of maturity~ non-payment or protest and all requirenents necessary to
hold each of then liable as makers and endorsers.
Each maker ~d endorser £urther a~rees~ jointly and severally, to
pay all costs of collection, including a reasonable attorney's fee in
case the principal of this note or any paynaent c~n the principal or any
interest thereon is not paid at the respective maturitv thereof, or
in case it becanes necessary to protest the security ?~ereof~ whether
suit be brought or not.
lfiis note and deferred interest payments shall bear interest at
the rate of 11% per aimun from maturity u~til paid.
~ This note is sec~ed by a second trortgage of even date herewith ~d
is to be constrt~ed and enforced according to the laws of the State of
Florida; upon default in the payment of principal and/or interest due
on any note secured by said !~S~rtgage and which shall continue for 15
days, all notes so secured and remaining impaid shall forthwitt~ became
due and payable notwithstandi~g their tenar.
This is a"Wraparoiuld" Promissory•Note, pursuant to which a portion
of the principal amcxait of this Note canstitutes the ur~paid principal
balance of that certain Pranissary ?Vote dated the 9th day of June, 1A71,
given by Harris Constructian Corparation to Citizens Federal Savings ~
I~oan Association of St. Lucie Co~mty in the original principal anamt
of $30, 000 .()() and cahich has a current Lmpaid principal balance of. 521, 62fi . 97 .
Fran the payments maker makes to payee here~mder, pavee agrees to
pay all of the installments of principal and interest payable und.er the
aforesaid Pranissory Note vwing to Citizens Federal before the s~ne
becunes due and payable. In the event any installme~nts of princ~val and/or
interest payable imder said Pranisso~ry Note to Citizens Federal are not
paid when the sane become due and payable, maker shall have the right (but
not the obligation) to pay such installme~nt ~ue to Citizens Federal as it
becanes due and payable and to apply a~y such pay~rent so made (plus an
aramt equal to interest at the rate of 11% per armun on the anotmt o.`.
such payment fran the date af pa~t by maker to the date the next
mat~ing installment of interest is due ~der this Note) , as a credi.t ~gainst
the next maturing installment due he.~evnCer.
,
In the event the afaresaid obligation due to Citizens Federal ca~ls
for payment thereunder in additian to principal and interest for "escrc~i'
for taxes and insurance or if payee desires in the future to have such taxes
and insurance escrow~ed there~der, the maker hereof shall in addition to
payme~ts othezwise due tmder this Note and the Mortgage secure~ hereby, renit
to payee the aroinlt qf such escrow payme~t in accordance with the insta~l-
ment basis required by Citizen.s Federal. Maker acla~owledges that the anant
o£ such escrvw payn~ent may be increased or decreased by Citize~s Federal
and maker shal~ pay to payee the ana~nt of such escrow payment as may be
set by Citizens Federal frvm time to time.
S> >.906
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