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PROMISSORY NOTE ~~ ~~~~ ~~~«
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U.S.$4,200,000.00
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ON JUNE 30, 1982, for value received, the undersigned
WESTON-FLORIDA DEVELOPMENT CORPORATION, a Elorida corporation,
hereby promises to pay to the order of THE TORONTO-DOMINION E3ANK,
a bank chartered under the Bank Act of Canada ("'P-D Bank"), at its
offices in Atlanta, Georgia, or at such other place or places as
T-D eank or the holder hereof may designate in writing, from time
to time, or order, the principal sum of FOUR MILLION TWO HUNDRED
THOUSAND DOLLARS ($4,200,000.00), in lawful money of the United
States of America, together with interest accruing thereon from
the date hereof on sums advanced hereunder, at the rates and times
-hereinafter provided, calculated on the daily outstanding
principal balances from time to time.
All payments hereunder will be made in such coin or currency
of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts, upon
presentation hereof for notation of each payment or upon surrender
hereof on payment in full, and the Maker promises to pay.interest
(computed on the basis of a 360-day year for the actual number of
days elapsed) on the daily outstanding principal balance, from
time to time, from the date hereof at a rate equal to one and one-
quarter percent (1 1/4$) per annum greater than the rate
published, quoted and known as The Toronto-Dominion Bank in New
York's prime rate (hereinafter "T-D Bank's New York prime rate"),
each change in such rate to become effective on the effective date
of such change in the T-D Bank's New York prime rate announced by
T-D Bank, in like coin or currency, upon presentation hereof for
notation of payment at the Atlanta. Georgia office of T-D Bank or
the holder of this Note, such interest to be paid on such day of
each month that the T-D Bank may designate during the term of this
Note, commencing in !^:;~-::'uf~~ y/ , 1 981 , unt i 1 the obl igat ion of
the Maker with respect to payment hereunder shall be d~ischarged.
Such rate of interest shall never exceed the maximum legal rate of
interest which is legally permitted under apnlicable law; and if
such rate of interest, computed in the amount herein provided for,
should exceed said maximum legal rate, then the rate of interest
shall be automatically reduced to such maximum legal zate.
All delinquent interest shall bear interest from the due date
at the same rate as set forth above and shall be ~aid on the
~irst day of each month during the term of delinquency.
Nothing herein contained, nor any transaction related there-
to, shall be construed or so operate as to require the Maker to
pay interest_ at a greater rate than is now lawful in such case to
contract for, or to make any payment, or to do any act contrary to
applicable law. Should any interest or other charges paid by the
Maker, or parties liable for the payment of this Note, in connec-
t.ion with the loan evidenced by this Note, or the Mortgaqe secur-
ing the Qayment of this Note, or any other document delivered in
connection with said loan, result in the computation or earning of
interest in excess of the maximum legal rate of interest which is
legally permitted under applicable law, then any and all such
excess shall be and the same is hereby waived by T-D Bank and
holder hereof, and any and all such excess shall be automatically
credited against and in reduction of the balance due under this
indebtedness, and the portion of said excess which exceeds the
balance due under this indebtedness shall be paid by T-D Bank to
the Maker and parties 1-iable for the payment of this Note.
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