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HomeMy WebLinkAbout0947 PROMISSORY NOTE North Palm eeach, Florida !larch 2Q, 1985 l. For value received the undersigned promises to pay to the order of SECURITY AND INVBSTMENT CORPORATION OF T8B PAL!! BEACBBS the principal sum of THIRTY THOUSAND AND NO/100 Dollars ($30,000.00) together with interest fram date at the rate of 15.638 per annum on all unpa3d balances. INTERBST ONLY shall be payable fn monthly ~inatallments of THREB HUNDREO NINETY AND - 75/100 Dollars ($390.75), ,per month, beginning on the 15th day of April, 1985, and on the 15th day of each and every; month thereafter until the 15th day~of March, A.D. 1988, at which time the entire balance shall become due and payable. 2. Said payments shall be applied first to interest or. the unpaid balance at the rate herein apecified. Interest for each calendar month shall be accrued on the first day of said month and be computed on the unpaid balance of principal and interest existing on the last day of the .preceeding month. This note shall be considered in default when any payment required to be maae hereunder, and any additional ndvances under thi~ note or ~ the instrument securing same, shall not have been made within ten i10) days following its due date and shall remain in default until said payment shall have been made. While in default this note and any additional advances under this note or the i~strument securing same shall bear interest at the maximum legal rate permitted in the State of Florida in lieu of the rate ~ hereinbefore specified. This note is aecured by a FIRST . mortgage of even date. 3. This note may be prepaid at any time after six months from the date hereof with the payment of 38 on the then unpaid principal balance. THIS NOTE MAY BS PRSPAID AT ANY TI!!E WITHIN T8E FIRST SIX MONTHS OF THE UATE BEREOF WITHOUT PENALTY. The payment of any larger or additional sum in advance of the payments herein required shall not relieve the maker of the payment of the regular monthly installments herein provided. 4. If the effect of any part of the loan transactian evidenced by this note results in interest (or charges deemed to be interest) paid or to be paid to the holder, being in~excess of the permissible civil usury limita as established by the laws of ~he State of Florida, then such excess will be promptly ° refunded. ~ ~ 5. All persons now or hereafter becoming parties hereto jointly s i a~d severally waive demand, notice of non-payment and protest, : and agree that in the event of ~efault in the payment of any ~ I installment~ due. hereunder for a period of ten t10) days, the ~ whole of said indebtedness shall thereupon at the option of the ~ holder, become imn?ediately due and payable, and if this note becomes in default and is placed in the hands of an attorney for ~ collection, to a reasonable attorne 's feea and all other ~ costs for making such collectiona.- Thisynote shall be the joint ` and several obligation of all makers, s~reties, guarantors and ~ endorsers and shall be binding upon tbem, their heirs, personal ~ representatives, successors and assigns. ~ 4 6. Reference is made to the mortgage for rights as to ; acceleration of the indebtedness evidenced by this note. ~ DOUGLAS INVESTMENTS CORPORATION /DOUGLAS SOUSA/ `a /DOUGLAS SOUSA/ aoulgas Sousa, President Douglas Sousa, Inc~ividually ` 6?9~'71~ F I F '85 MAR 21 P 1:49 ~ ~ ~ I ~ FILFn n,. ~ ROGEa ~c; - S1. LUC~E ; _ . . . . , ~o~K459 Pa~~ 94~' f ' _ "E"e~' - ~ - ~ ~~-°s$'"" ~3~~G~ F~ ~ '~+fic+a ~ iS . _ "