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HomeMy WebLinkAbout0963 , ( i P~(]NLISSORY NO?PE $365,000.00 pa~e March 9, 1987 ~ F~ort P1erc.~e, F-Tor~a . For value reoeived, the prcmises to pay, without defalcation, to the order of FL~RIDA NATIaNAL BANK, 501 Orange Avenue, Post Office Box 3969, . Fort Pierce, Florida 33459, the sumt of $ 365,000.00 , with interest whicli ` shall be at a'variable rate and shall be periodically adjusted upwardly or f dawnwardly by reference to the Florida National Bank Pr~me Rate, which shall l~e set and established by the Senior Credit Carmittee of Florida Natia~al Ba~~l:, Jadcsonville, Florida, whieh rate shall be knawn as the Inclex. Tl~e interest herean shall be at a rate of interest equal to the Iridex plus 1.0 As of the date hereof, said Index is 7.5 so that the i.nitial ini:erest ra~e shall be ~.5 $ per annum. Any change in the Index shall be etfec~ive and causc: an j adjustment in the rate hereon at the beginning of the Uusiness day on wi~ich the ~ change in the Index occurs. Payments upon principal and interest shall be made as follows: Camnencing upon the 9th day of April , 19 87, by the paym~zt of $1,521.00 on accaunt of principal and the san~ swn on ac~oa~nt of principal upo~ the 9th day of each m~nth thereafter through and including the 9th day of FebnxarY , 1990 , To each such payi~nt of principal there shall be added an amaunt to pay accrued interest since the date of the last payment. A final ballaon payment shall be made upon the 9t~'? day ot March , 19 90 , in the principal amount of $ ~I1;765.00 together with accrued ~ interest. Each installment first shall be applied in payment of the interest and theri on the unpaid balance of the principal sum. If default is ma~e in the pa~m~ent ~C ~ny installment v~en due, and such default continues 15 days, then at the optic,n of the holder, and witliout any other notioe, all the remaining installments shall t~e due and payable at once. Privilege is given to prepay this Note an whol.e or in part at any time withaut penalty. Neither forebearance nor accepGance by the holder thereof after any default in payments hereon, shall be de~ied an extension. A late payme~it rharge of shall be added to each installment remainirx3 unpaid 15 days after its due date ancl a like stIIn shall be added to each such installment rgnaining unpaid 15 day~ after each succeeding payment date. ~ Each malcer, surety and endorser hereof, jointly and severally, waives dem~nd, presentment, protest and notice of protest for nonpayn~ent, and further agrees to any extension of time of payit~nt, either before or after maturity, witha~t notice j to any of us; and to pay all oosts of collection, including a reasonable attorney's II { fee, in the event of any default hereunder, and hereby severally waives all lx~~efit of hanestead and exemption under the constitu i and laws of each state of the ' f United States as against this obligatio tension or renec,ral hereof. WIZi~'SS the hand and seal /s/ Marion M. Sizenare ON M. SIZ RE , /s/ Ruth M. Sizesrore RiTrH M. SIZII41lJRE ~ ` TRIJC:K AND Z'Fi1~ILER ~CII~fPER, II~C . ' f BY /s/ c~ ~ f eRQ534 PAGE0961 : ~ - . - . _ w. .