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FIRST MARINE L3ANK AND TRUST COMPANY OF THE YALT~i }3EAC1-lES
MORTGAGE NOTE
$?50, 000. 00 Riviera I3each, Florida
January 13, 1981
ON OR BEFORE NOVEMBER 13, 1981, for value received, the undersigned
promises to pay to the order af FLRST MARINE BANK AND TRUST COI~iPA\Y OF
THE PALM BEACHES, a Florida bank~ng corporation, at its principal place of
business at 2001 Broadway, Riviera Beach, Florida 33404, or at such other place
that the halder of this note may designate, in writing, the principal sum of SEVEN
HUNDRED FIFTY THOUSAND AND NO HUNDREDTHS DOLLARS ($750, 000. 00),
with interest thereon or on so much as is from time to time disbnrsed, at the pub-
lished prime lending rate charged by Chase Manhattan Bank, Ne~v York. N. Y.. plus
two per cent (2°fo) per annum with a minimum rate not less than fourteen and c~ne-half
per cent (14 1/2%) per annum. Interest shall be paid in lawful money of the United
States in the follo~ving manner;
The interest rate shall Ue adjusted n~onthly by the holder pursuant tc- the
terms hereof, shall be calculated on a 365 day basis and shall be paid at the adjusted
rate each and every month hereafter on the first day thereof.
The undersigned shall have the ri~ht to prepay the wh~le or any part ~~f the
unpaid principal balance of this note at any time ~c~ithi,ut notice or penalty. Each
payment shall be applied first to interest on the unpaid principal balance and the
remainder shall be applied to principal,
This note shall be considered in default ~vhen any principal payn~ent required
to be made hereunder shall not have been made on its due date, and when any +nterest
payment required to be made hereunder shall not have been made within fiftecn (151
days following its due date. Said note shall remain in default unti] said payment
shall have been made. If such default shall not be remedied ~~ ithin f ifteen { I S- days
the entire principal balance and accrued interest shall at ~nce become due and payable
without notice, at the ~ption of the holder hereof. F'ailure at any time t~~ exercise
said option shall n~t constitiite a waiver ~f the riQht to exercise the same at any~ tintie.
The undersiQned and each maker and endorser j~intly and severally «aive
demand, notice ~f nc~n-payment and protest, all exeii~Qtion riQhts ~hether under the
Florida Cc~nstitutic~n or othenvise, and also severally ~t~aive valuati~~n and appraise-
n~ent, presentment, and nc~tice of dishonor. The undersiQned a~rees that if this note
becc~mes in default and is placed in the hands c,f an att~~rney for collection. t~ pay
reasonable attorneys' fees and all ~~ther costs for making such collection, includin~
costs and fees in c<mnection with any appeal thereof. This note is to he construed
according to the La~rs of Florida.
"this note is secured by a first m~rt~a~e of even date here~cith encumUerinQ
certain real property lacated in St. L•ucie County, Florida, the terms and prn~•~sic~ns
of tivhich mort~age are hereby incc,rp~~rated herein by reference and made a part
hereof. Any default under said m~rtga~e shall be a default hereunder entitlin~ Ehe
holder to declare the indebtedness evidenced hereby immediately due and payaUle.
~4 hile in default, this n~te shall bear interest at the rate c~f eiQhteen per- ccnt
(18°fo) per annum, ~r such n7aximum rate of interest all~wable under the I_a~rs ~-f the
State of Florida, whichever is Qreater.
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a~~34fi P~c~ 21fi2