HomeMy WebLinkAbout0949 PROMISSORY NOTB
$1Q,2..
000 . 0 U . S .
Mar , A. D., 1988
FOR VALUE RECEIVED, the undersigned, (and if more than one,
each of them jointly and severally), (the "Maker"), promises to
pay to the order of WESTON-FLORIDA DEVELOPMENT CORPORATION - FT.
PIERCE ~I, a Florida corporation ("Payee") at 801 South Ocean
Drive, Suite 1204, Ft. Pierce, FL 33449 (or at such other place or
places as Payee or the holder hereof may designate in wri~ing
from time to time), or order, the principal sum of
ONE HUNDRED TWO THOUSAND AND NO/100 U.S. DOLLARS ($102,000.00),
in lawful money of the United States of America, together
with interest accruing thereon from the date hereof at the
rates and times hereinafter provided, at the rate of
TEN percent ( 1~.0~) per annum payable as follows:
Begi.nning Apri~ 1988, and on the day of each month there-
after the sum of 50.00 representing in~erest only, until March~
1993, at which time the entire principal balance and all accrued ~
interest shall be due and payable in full. ~
This Note may be prepaid, in whole or in part at any time,
without penalty provided that any partial payment shall be applied
aqainst the principal amount outstanding and sha11 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 principal.
In the event of any default, interest at the rate hereinabove
specified, shall be computed and be reguired 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 Payee have
been paid.
s
All payments hereunder will be made in such coin or currency ~
of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts, :
upon presentation hereof for notation of each payment or upon ~
surrender hereof on payment in full.
4
Nothing herein contained, nor any transaction related ~
- thereto, shall be construed or so operate as to require the Maker 3
to pay interest at a greater rate than is now lawful in such case
to contract for, or to make any payment, or tv do any act contrary ~
to applicable law. Should any interest or other charges paid by ~
the Maker, or parties 2iable for the payment of this Note, in ~
connection with said loan, result in the computation or earning of ~
interest in excess of the maximum 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 all such excess shall be automatically ~
credited against and in reduction o£ the balance due under this ~
indebtedness, and the portion of said excess which exceeds ~
I~~ the balance due under this indebtedness shall be paid by Payee to ~
the Maker and parties liable Eor the payment of this Note. ~
;
,
Upon the happening of any of the following events, '
circumstances or conditions, each ef which shall constitute a
default hereunder, all liabilities of each Maker to Payee shall ~
thereupon or thereafter, dt the option of Payee, without notice or ~
' demand, be accelerated and become immediately due and payable: (a) I
~ Failure of any Maker to pay any interest or principal under thi.s '
hote or other obligation herein when demanded or within fifteen a,=
~ (15) days of when same becomes due; (b) Any warranty,
~ representation or statement cnade or furnished to Payee or on
; behalf of any Maker in connection with this Note to induce Payee
to make a loan to Maker oroving to have been false in any material CD
respect when made or furnished; (c) The death, dissolution, ~
termination of existence, insolvency, business failure, ~
appointment of a Receiver for any part of the property
of, Assignment for the benefit of creditors by, or the ~
commencement of any proceeding under the Bankruptcy or 1~
~ Insolvency Laws by or against, any Maker (d) Failure of
Maker maintain its corporate existence in good standing; (e) The
entry of any judgment or the assessment and/or filing of any tax
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