HomeMy WebLinkAbout0962 PROMISSORY NOTE
$~Q,000 QO U. S.
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Mar~~h 'I , A. D, , 1988
FOR VALUE RECEIVED, the undersigned, (and if more than one,
each oE them jointly and severally), (the "Maker"), promises to
pay to the order of WESTON-FLORIDA DEVELOPMENT CORPORATION - FT.
PIFRCE ~I, a Florida corporation ("Payee") at 801 South Ocean
Drive, Suite 1204, Ft. Pierce, FL 33449 (or at such other place or
places as Payee or the holder hereof may designate in writing,
from time to time), or order, the principal sum of
SIXTY THOUSAND AND NO/100-----------------------` U.S. DOLLARS
60'OOO.Q.O in lawful money of the United States of
America, together with interest accruing thereon from the date .
hereoE at the rates and times hereinafter provided, at the rate of -
_p_ percent (-0-$) per annum payable as follows:
ENTIRE PRINCIPAL SNALL BE DUE AND PAYABLE IN FULL ON OR BEFORE
JUNE 1, 1988.
This Note may be prepaid, in whole or in part at any time,
without penalty provided that any partial payment shall be applied =
against the principal amount outstanding and sh~.ll not postpor.e ;
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
anplied first to accrued interest, and then to principal.
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In the event of any default, interest at the rate hereinabove
specified, shall be computed and be required 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. -
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
liereoE on payment in full. =
Nothing herein contained, nor any transaction related ~
thereto, shall be construed or so operate as to require the Maker
to pay interest at a greater rate than is now lawful in such case
to contract for, or to make any payment, or to do any act contrary
to applicable law. Should any interest or otiher charges paid by
the Maker, or parties liable 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 of the balance due under this
indebtedness, and the nortion of said excess which exceeds the
balance due under this indebtedness shall be paid by Payee to the
Maker and parties liable for the payment of this Note.
Upon the happening of any of the following events,
circumstances or conditions, eaeh of which shall constitute a
default hereunder, all liabilities of each Maker to Payee shall
thereupon or thereafter, at the option of Payee, without notice or
demand, be accelerated and become immediately due and payable: (a)
Failure of any Maker to pay any interest or principal under this
Note or other obligation herein when demanded or within fifteen
(15) days of when same becomes due; (b) Any warranty,
representation or statement made or furnisl~ed to Payee or on
behalf of any Maker in connection with this Note to induce Payee
to make a loan to Maker proving to have been false in any material
respect when made or Eurnished; (c) The death, dissolution,
termination of existence, insolvency, business failure,
a~~~ointment of a Receiver for any part of the prop~rty oE,
/~ssignment E~~r the benPEit oE creditors by, or the commencement oE
.~nl ~~rv<,~~~~~ling un.i~~r th~~ E3.~nkru~~t~,y or Insolvency Laws t~y or
~gainst, any Maker; (d) Failure of any cor~orate Maker to
4 ' ~ooK 57s ~A~E ~64
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