HomeMy WebLinkAbout0995 AMENOED PURCHASE MONEY MORTGAGE NOTE
This Amended Purchase Money Mortgage Note is an
amendment of that certain indebtedness made by Ocean Harbour
Development Corporation, a Florida corporation, now known as
Ocean Narbour of North Beach Development Corporation, a
Flo~ida corporation, to James J. Pardieck, as TrusLee,
Payee, secured by that certain Mortgage recorded in Official
Records 8ook 300 at Page 2023 of St. Lucie County, Florida,
Public Records (the "Mortgage") in the original principal
sum of ~1,500,000.00 with increases provided therein so the
current principal balance of such indebtedness is
~2,062,467. No sums were paid in respect of such principal
balance until February 5, 1981, at which time #91,000 was
paid and applied to reduce the principal balance out- '
standing. At the time of execution of this Amended Purchase
Money Mortgage Note an additional principal payment in the
amount of ~870,000 will be made reducing the outstanding
principal balance of the indebtedness secured by the
Mortgage, as herewith amended, to s1,101,467, and the out-
standing unpaid and accrued interest at such Lime will be
the the sum of s184,000 representing interest at the rate of
15 per-cent per annum on the sum of ~506, 688 from and• af ter
August 25, 1980 through December 31, 1980, and interest at
the rate of 24 percent per annum from and after January l,
1981 on the outstanding principal balance from time ~o time,
no interest payments having been made at this time.
,
NOW, THEREFORE, the following is adopted and
agreed to as the Amended Purchase Money Mortgage Note in
total amendment of the original Note secured by the
Mortgage.
FOR VALUE RECEIVED, the undersigned, Ocean Harbour
~ of North Beach Oevelopment Corporation, a Florida corpo-
~ation, promises to pay on May 1, 1983, to the order of
Donald Erick, as Trustee, (referred to as "Payee") of this
Note the principal sum of ;1,101,467.00, together with
interest accruing thereon at the rate or 24 percent per
annum from and after the date hereof and together wiL-h
outstanding accrued and unpaid interest of ~184,000. In the
event that there is no default under this Note or the
Mortgage as amended from time to time, and the outstanding ~
principal amount is paid in full on or before December 31,
1981, then all interest accrued and unpaid shall be wai~~ed
; and this Note shall be deemed paid in full upon such payment
' of ;1,101,467.00 on or before December 31, 1981.
~
~ No more than ;245,389.00 of interest shall accrue
' ~from. the date hereof to October 1, 1982 so that after the
~ sum of ~245,389 of interest has accrued from the date here-
; of, interest shall abate until October 1, 1982 provided thai: ;
during such time the Mortgage, as amended f rom time to time, ~
is not in default and these Note provisions have been :
j complied with. In the event of a default under this Note or ~
' the Mortgage, as amended from time to time, then interest ~
~ shall not abate and shatl continue to accrue on the out-
~ standing principal amount evidenced by this Note at the rate ;
! of 24 percent per annum.
4 :
` On October 1, 1982, interest shall commence to .
i accrue once again at the rate of 24 percent per annum on the ~
; outstanding principal balance of the indebtedness evidenced
~ by this Note then unpaid. The entire principa{ indebted-
; ness, together with all interest accrued and unpaid thereon,
~ including the currently outstanding interest in the amount
$ of ~184,000, shall be due and payable on May 1, 1983 in all
; events, unless earlier acceleration occurs in the event of a
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