HomeMy WebLinkAbout0958 EXHIBIT "A"
~ ~ ~ IKOR~GAGS NOTE
$65,400.00 8tuart, FLorida June 1984
FOR VALU$ RBCEIVSD, the undersigned; jointly and severally,
PROMiS$ TO PAY to the order of WILLIAM D. PAX30N and 3ALLIB C.
PAXSON, ' his Wife, SIXTY-FIVB THOUS~IND and ' NO/100 DOLLARS
($65,~00.00), at 1850 Palm City Road, Unit 106-L, Stuart, Florida
33494, or s~ch other place as the holder hereof may designate fn
~riting, together With interest from the date hereof at the rate
~ and in the manner hereinafter set forth.
Interest shall be charged at the rate of 12.58 per an~um for
three (3) years from the date hereof and thereafter interest
shall be charged at an "adjusted rate" determined by the
following formula: -
12.58 = "ad~usted rate"
12 mo. T-B 11 at 12 mo. T-B 11 3 years
the date hereof .after the date hereof
The "12 mo. T-Bill" shall be the weekly average yield on
United States Treasury securities adjusted to a constant maturity
of one (1) year, as made available by the Federal Reserve Board.
The princfpal and interest shall be payable as follows: In
59 consecutive monthly installments~of $800.00 each, commencing
on the lst day of August, 1984, and continuing on the lst day of
each succeedfng month thereafter until the entire indebtedness
has been paid. In any event, the balance of principal, if~any,
remaining -unpaid, together with accrued interest, shall be due
and payable upon the -happening of any one of the following
events, ~hichever first occurs: (a) on the lst day of July,
1989; (b) Within sixty (60) days after the death of James
Trump; or (c). upon the sale or other transfer of the real
property which secures this note.
The installments of interest and principal shall be applied
first to the interest on this note, and the balance shall be
applied in reduction of principal. Provided, however, if a
monthly instalLaent is not sufficient to pay the accrued interest
~ for that month the unpaid accrued interst sball be added to the
outstanding principal balance and this unpaid accrued interest
~ shall thereafter~bear interest at the rate specif ied above.. THIS
; ZS A BALLOON NOTE AND THE PRINCIPAL AMOUNT THE UNDERSIGNED MUST
~ REPAY MAY EXCEED THE AMOQNT ORIGINALLY BORROWSD.
~ This note may not be prepaid before January 1, 1985 and,
thereafter, this note may be prepaid in whole or part ~ithout
penalty. '
If default be made for 30 days in tbe payment of any
installment of principal or .interest or any part thereof, the
whole sum then remaining unpaid with interest sball at holder's
option become due and pay~ble without notice. Failure to
exercise such option shall not constitute a waiver of the right
to exercise- the same in the event of subsequent default. After
maturity both principal and accrued interest shall bear interest
~ at 15.25$ per annum until paid. The makers and endorsers of this
note further waive demand, notice of non-payn?ent and protest. If
this notice is not paic~ at maturity and the same is placed with
an attorney for collection, the makers and endorsers hereof agree
d to pay all costs of collection, including all court costs and
~ reasonable attorney fees. If any payment is paid more than 10
days after due tFien, ~in addition to said payment, the maker shall
~ pay a LATE CHARGE of 5$ of the payment due. This provision shall
~ not be construed tcs modify the defaul~ provisions herein or_the
~ interest due after default. -
~ 66,~2;~
'84 ,~1 !9 I~0 ~9 ~ S~
JAMES E. TRUMP
FtLER A ~ ~ERK
~ ROGE PGi ; .ti`=~ ' g~
ST. LUCIc ~:C~" Fl.
LILA J, TRUMP, his wife
~Qr~K PACE ~c~7~
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~ F ~