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HomeMy WebLinkAbout0938 MOONI/NOTS#4/11218318 ~xf-11~'3r1 PROMISSORY NOTE PRINCIPAL AMOUNT WEST PALM BEACH, FLORIDA S11,424,000.00 DATED: NOVEMHER 21, 1983 FOR VALUE ItECBIVSD, without set-off, the undersiqned, MOONRAKER BAY, a Florida partnership, located at 5455 North Federal Highway, Boca Raton, Florida 33431 (hereinafter called the "Maker"), does hereby promise to pay to the order of SUNRISE SAVINGS AND LOAN ASSOCIATION OF FLORIDA (hereinafter called the , "Lender"), at the executive office of Lender at 6801 Lake Worth Road, Lake Worth, Florida 33463, the principal sum of ELEVEN MILI,ION FOUR HUNDRED TWENTY-FOUR THOUSAND DOLLARS ($11,424,000.00), lawful money of the United States of America, or so much of said principal sum as shall have been advanced, toqether with interest accruinq thereon from the date hereof on sutas advanced hereunder at the rate and times hereinafter provid- ed calculated on the daily outstanding principal balance from _ ; time to time. The indebtedness evidenced by this Note represents a loan (the "Loan") to be made by Lender to Maker pursuant to a Loan Agreement ("Loan Agreement") of even date herewith between the undersigned and Lender, the terms of which Loan Aqreement are incorporated herein by reference. All payments hereunder will be made in such coin or currency of the United States of America as at the time of payn?ent shall be legal tender for the payment of public and private debts, upon - presentation hereof for notation of each payment or upon surren- der hereof on payment in full. ~ Interest from the date hereof shall accrue on the daily principal balance outstanding from time to time at a rate equal to the greater of: (a) two percent (2$1 per annum above the Prime ~ Rate, as hereinafter.defined; or (b) twelve percent (12~) per annum (the "Interest Floor"). At Lender's option, the interest rate shall change on the date following the date on which the Prime Rate changes, if the Prime Rate exceeds Ten Percent (10$) per annum, but in all events on the firs_t day of each month as described above based on the Prime Rate in effect for that entire month, if greater than Ten Percent (10$) per annum~. Interest - charqed hereunder shall be computed on the basis of a three hundred sixty (360) day year and a11 payments shall be applied first to accrued interest and then to principal. The Prime Rate is hereby defined as the prime interest rate from time to time announced, published or otherwise quoted by Citibank, N.A., New York, New York. Payments of accrued interest only shall be made commencinq December 1, 1983, and continuing on the lst day of each and every month thereafter until the obligation of Maker with respect to payment hereunder shall be discharqed. The term of this Note shall be for eighteen (18) months. The entire unpaid principal balance, plus all accrued and unpaid interest and other sums payable hereunder, shall be immediately due and payable on May 20, 1985. Maker shall h~ve the privileqe of prepaying this Note, in who3e or in part, at any time, without penalty, provided that any partial prepayment shall be applied first to accrued interest and then to principal. Provided there is no default under the terms of this Note or any of the Loan Documents securing this Note, Maker, at Maker's option, may extend the maturity date of this Note for a period of three (3) months ithe "Firs~ Option") until Auqust 20, 1985, by giving Lender written notice of its intent to exercise its First Option and simultaneously payinq to Lender an amount equal to . 417 P~ 937 .~w x . - .y ~ ~ _ . "