HomeMy WebLinkAbout2153ihi~~ \i-~i~ ::h:~ll bt• ~:uv~~rne~l 1>j :l~~ci ~•un~:t r~ti~~i .u:~~ur.liu;; (~~ t!i<' I:tt... t~i tiii~ St.it~~ ut
I'1.~riJ:~ L.~ tit•~ w.t::imucn r,tunl pcrmitl~~ti Uy 1:~~,:: ll~~•i~•uf'.
It is tl~c~ in[entiu~~ uC thi~ hc~lil~~r uf lhi~: ::ut~• th:it nut::it'<i:t:~n~lin}; :~nv ~~rc~vi;:ic~n
:uut:einc~d hE>rri~i or iu th~• I.aan Uocutaents, [t~~• intc•r~•-;~ wi~icli :::,~y b~• rhnrLc•cl '~v ttlc• 1~o13~•r
~~r E,~iid tc- t h~• hcildE~r, or th~ tot~tl l iuhi l ity fc~r ~~aynwnl iu tlic~ n:irurc of int rc.•st ctu~•
l~.~r~•~uul~r .tn~ undc~r tti~ I.u:in I)ocumE:n~ti ~:hall u~~t excr~~~i ~lu• t;-:i::ic~ue~ 1 i~it~: :1~-c1 r:elc~ ut
int.•r~•st p~~rmi~ted tu bc• ch.trged a:~J p.1id undt~r r.he l:zt,~: of tt~cr tit:~tt~ of F':c~ridri; :~uc'.
th:-t in tl~~~ av~nt a~ry ;:u~-h p:iyme~~t uf i~1t~•rest~ in ~•xccss ~if thc~ u~.~xic~u,u aiaount:;
4-err,:is:.ible uncler thE• l.~ws of the St.~te u[ 1'lurid<i is r~reive•cl l,y tL•~• lic~lctrr h~rr~~e~C, thrn
surti c:xcess sl~all constitute and be desig~ated as .i paY~~~r,nt oti tl~e ~,rincip,~!_ here•uncic~r
and shzll operate to rectuce such principal b~ L`'e a~aount oi sur•h c•x~•uss, or i f sucL c~inuunt
is i.n excess of the pri~cipal i~~ebteclness thc~u due, ~:uch rxc~~:s sh.ilt bF~ 4:~~ived oi rc•fund~~cl
tu the maker. '
The holder .-t«1 tl« n~:-kers, endortierti ;u-d ~;u:~rzne~rs of th i s ;:ut c~ rc•cc,t;n i z~ th.it in
~~ie.~ o( tLc: :__~~ that Che prime raCe~ oC intere~t <1s sc•i fc~rtt~ iu tl~is .:otc• i~: prc•s~-c-ily
flu.-tuatiag. ,:^~ that, Uec~ZUSe this is a contit ruct ion lu1n, th~ ~rti:ict SIIIOIII~L:i ~~end dates of
di~inirser~er.~~ o: loan funcis cannot be presently ascer[.-inecl, iC is therefure~ iiapossible to
accurately c~_~::iate the total amount of intrrest which sh::ll be paid by tiu• maker here-
ur.d~r to the :~lder hereoE pursuant to the terms of this \ote and the I.oan Dc~cuments. The
holder will tlnerefore from ti~e to tiine during the tc~rm of Chis ;:oie calcul:sre the a~iount
of interest char~;ed and received and which it niay cLarbe an.l receive undcr the terms here-
of and under the Loan Docu:nents; and if it appr_ars to the liolder thaC it may cl~ar~;e or
collect interest exceeding the maximum rate pFrmitted ~inder the laws of thf• State of
Florida, the h~lder will charge a lesser rate of interest for var}•in~ periocls of tic~z diiring
tiie term of this Note and l.oan so chat che cotal amount. of ii~tc•rest char~ed or collected
kill not exceed the maxi~um rate per:nittc•d e~nder the laws uf the State of 1'torida. At the
tinr ttie iu~t~btedness l~ereunder and under tl~e I,oan ll~cu«-eni.s is paic. in f~tll., Che l.older
will aoain recalculate the interest charged and paid, and in the event there has been
inad~ertently charged or collected interest cxceeding the ~:axicee:m rate permiC~c~d under the
taws of the State of Florida, [he holder shall credit any such paymen[ as a reduction oE
principal so that in no event shall there be received hy thc~ holder herc•of interest 1Jt11CI1
~.o~el~? ~xceed the r,~aximum rate of interest per:~itted un~ler the 1~ w~ of the Slat~~ of Florida.
By the sa:ae tolcer, shauld the holder have voluntarily rc>~uced Che inrcrest rate as herein-
above set forth, ~-nd if on the date of final rayment it appears that the hold~rrwould
lawfull.y have t~een permitted to charge a greatcr interest ratc as provi:lec! ior in the'I.osn
ll~cifnents than [lta[ ~ictually charged, tl~en t-hc• t~alcler shall he entitted [o c~llect
~dciitior.al interest herPUnder to the c•xtent ttz:~t th~ hol.:ter had volunt~rily red~:ced ttic~
li:ii'CE'SC durin~ the term Of t~l1S ~OCi'~ f)LIC 1R Il0 eveni ~O C`X~Cc'il ~f18 f~1.1'lt.^.l::ll CI4C~: ~t'i"T11.~rE'_C~i
~tncier ~i~e la:,s of the State of Flurida. ~
Yrovidrd r.one of the ter:~s ar~d co:~ditiuns, COVCIi:1RtS~ w~rr~ntic~ .in~l a;;rc~>ments o_`
tiii~ \ote or the l.oan Documents shall be in dc~Esiilt, the~n tiiis \ote and the inde~t~dcieti~
evic:enced hzreunder may he prepaid in ~whole or in parr at any tinf~ withuur nrc~m~u::~,
penalty or the arior written consent of the liotd~r.
~pon-tile huppenin~~ oi any of ti~t~ fullot~ink e~vcnt.::, E~a~~l~ of ~~hicli shaLl runs- i~~ir.~ a
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