HomeMy WebLinkAbout0934 ~
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~ PROMISSORY NOTE
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$86,000.00 U.S.
i ~Z ~ ~ ~ 1982 ;
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~ FOR VALUE RECEIVED, the undersigned, (and if more thac~ one,
i` each of them jointly and severally), (the "Maker"), promises to
~ pay to the order of WESTON-E'LORIDA DEVELOPMENT CORPORATION, a
Florida corporation ("Payee"), at 618 U. S. Highway ~1, North
{ Palm Beach, Florida 334Q8 tor at such other place or places as '
+ Payee or the holder hereof may designate in writing, from time ~
~ to time), or order, the principal sum of EIGHTY-SIX THOUSAND ~
4 and 00/100-----U.S. DOLLARS tS86,000.00 a~
lawful money of the United States o America, together with
interest accruing thereon from the date hereof at the rates and
M; times hereinafter provided, at the rate of twelve percent
i128) per annum, payable as follows:~
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i~ Beginning January 1, 1983, and on the first day of
each and every month. thereafter the sum of 5860.00, `
~ interest only, until Decembe~c 1, 1984, when the
entire principal balance, plus accrued interest, if
~ any, shall be due and payable in full.
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~ This Note may be prepaid, in whole or in part at any time. ;
'i without penalty provided that any partial payment shall be ~
I applied against the principal amount outstanding and shall not
postpone the due date of any subsequent payment or change the
amount of any payment unless Payee shall otherwise agree in
writing upon determination in its~sole discretion. All payments
~ shall be. applied first to accrued interest, and then to ~
i= principal. ~
~ In the event of any default, interest at the rate herein- ;
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~ above specif ied, shall be computed and be required to be paid on
~ the unpaid aggregate principal, and on any monies advanced by
Payee until the default is cured and all monies.advanced by
ij Payee have been paid,
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~ All payments hereunder will be made in such coin or
` i~ currency of the United States of America as at the time of ,
~ pa~ment shall be legal tender for the payment of public and
fI private debts, upon presentation hereof for natation of each
~ payment or upon surrender hereof on payment in full.
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€ ( Nothing herein contained, nor any transaction related ~
€ ~j thereto, shall be construed or so operate as to require the ~
Maker to pay interest at a greater rate than is now lawful in ; ~
;I' such case to contract for, or to make any payment, or to do any ,
;f 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 connection with the loan evidenced by this Note, 4
~i or the Mortgage securi~g the payment of this Note, or any other I
document delivered in connection with said loan, result in the ~ ~
~ f computation or earning of interest in excess of the maximwn
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 Payee and holder thereof, and any and
~ ~1 all such excess shall be automatically credited against and in
reduction of the balance due under this indebtedness, and the
~ ~i portion af said excess which exceeds the balance due under this
~ indebtedness shall be paid by Payee to the Maker and garties
` liable for the payment of this Note. -
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~ : Upon the happening of any of the following events, circum-
i~ stances or conditions, each of which shall constitute a default f
~ hereunder, all liabilities of each Maker to Payee shall there-
; upon or thereafter, at the option of Payee, without notice or
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i ~ 800K ~9~ PdGE ~4
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