HomeMy WebLinkAbout1530PROMISSDRY NOTE
Stuart, Florida
January /S_,1981
FOR VALUE RECEIVED, the undersigned promises to pay FIRST
FEDERAL SAVINGS AND LOAN ASSOCIATION OF MARTIN COUNTY, on order, at ~89
South Federal Highway, Stuart, Florida 33494, or at such other place as
the holder hereof may designate in writing the principal sum of ONE
MILLION FIVf HUNDRED SEYENTY FIVE THOUSAND AND NO/100 DOILARS {51,575,OOO.QO)
with interest to be payable monthly as billed on maney advanced for
construction, until July / s , 1982 when the remaining principal balance
of $1,575,000.00 shall be due and payable in full.
fihe Note shall bear interest at the initial rate of 22 per
annum. Undersigned further agrees that on ~.fa rc h 1, 1981, the rate of
interest thereon shall increase or decrease, to a rate of two percent
(2~) above the prime rate of CITIBANK OF NEW YORK and the change in the
rate of interest thereon shall be determined and become effective on the
first day of each succeeding month at a rate of two percent (2~) above
the said prime rate. Holder shall give written notice to the undersigned
of each increase or decrease in the interest rate within seven (7) days
after the effective date of each monthly rate adjustment.
This Note shall be considered in default when any payment
required to be made hereunder shall not have been made within thirty
(30) days following its due date. In the event of such default or in
the event of any other default in payments of any sum or obligation
required by the terr~s hereof or by the Mortgage executed simultaneously
herewith and securing.this Note (the terms said Mortgage are hereby
incorporated herein as though set forth ng~h) the entire unpaid
principal and interest shall, at the o the holder hereof,
become imnediately due and payable. est shall accrue at the rate
of eighteen (18N) percent per annurtr~ in default.
All makers and endor~s s w or hereafter becoming parties
hereto, jointly and severally,- demand, notice of non-pay~ment and
protest, and agree to pay reasonable attorneys' fees (including appellate
fees, if applicable~ in the event this Promissory Note is given to an
attorney for collection, together with all other costs of collection.
Al1 parties liable for the payment hereof agree that additior.al
makers, en~iorsers, guarantors or sureties may become parties hereto
without notice to them and without affecting their liability hereunder.
The undersigned does not intend or expect to pay nor does the
F:;,lder hereof intend or expect to charge, accept or collect any interest
greater than the highest legal rate of interest Nhich may be charged
under the laws of the State of Florida. Should the acceleration hereof
or any charges made hereunder result in the computation or earning of
interest in excess of such legal rate, any and all such excesses shall
be and the same is hereby waived by the holder hereof, and any such
excess shall be credited by the halder to the balance hereof.
This Note may be prepaid at any time, in whole or in part,
without penalty. .
This Promissory Note is secured by a Mortgage Deed~of even
date herewith between the m~ker and Rayee herein, or property situated
in the State of Florida, and is to be construed according to the laws of
said State.
(Corporate
Se~l)
STERLING DEVELOPMEyT, INC.
1981 J~~+ 27 ~' `~' 2~ By: - (SEAL)
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