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HomeMy WebLinkAbout2769 ~xi-~IBIT NOTE D~ecember 29 . 1989 Palm Beach Gar~etir~s • Florid~u~el 509 S.W. Fairview AY~n~,~s:~St. Lucie, Florida 34983 l. BORROWER'S PROMISE~ TO PAY In return for a loan that 1 have received, I promise to pay U.S. S 50, 000 . 00 (this amount is called "principal"), plus interest, to the order of the Lender. The Lender is ~publiC SaVings Bank . 1 und~rstand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holdcr." 2. IN1'ERES1' Interest will be charged on unpaid pnncipal until the full amount of principal has been paid. 1 will pay interest at a yearly rate of • 10.125 °10- The inte~est rate required by this Section 2 is the rate 1 will pay both before and atter any default described in Section 6(B) of this Note. 3. PAYMENTS (A) Time and Place of Payments I will pay principal and interest by making payments every month. I will make my monthly payments on the first day of each month beginning on ~n~arY 1~ , 199Q . I wil! make these payments every month until I have paid all of the principat and interest and any other chargcs described below that I may owe under this Note. My monthly payments will be applied to interest before principal. If, on January 1, , 2020 .1 still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "maturity date." 1 will make my monthly payments at 397Q ~ gp~levard~ Suite 7000, Palm Beach Garder~s, Florida 33410 or at a difTerent place if required by the Note Holder. (B) Amount of Monthly Payments My monthly payment will be in the amount of U.S. S 443. 41 4. BORROWER'S RIGHT TO PREPAY I have the right to make payments of principal at any time btfore they are due. A payment of principal only is known as a"prepayment." When I make a prepayment, I will tell the Note Holder in writing that I am doing so. I may make a full prepayment or partial prepayments without paying any prepaymcnt charge. The Note Holder will use all of my prepayments to reduce the amount of principa) that I owe under this Note. If I make a partial prepayment, there will be no changes in the due date or in the amount of my monthly payment unless the Note Holder agrees in writing to those changes. 5. LOAN CHARGES ~ If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest i or other loan charges collected or to be collected in connection with this loan exceed ihe permitted limits. then: (i) any I such loan charge shail be reduced by the amount necessary to reduce the charge to the permitted limit; and (ii) any sums ~ already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make ~ this refund by reducing the principat I owe under this Note or by making a direct payment to me. If a refund reduces i E principal, the reduction will be treated as a pattial prepayment. ~ 6. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Charge for Overdue Payments ~ If the Note Holder has not received the full amount of any monthly payment by the end of 15 calendar E days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge wiil be 5. 00% of my ~ overdue payment of principal and interest. I wiil pay this late charge promptly but only once on each late payment. ~ (B) Default ~ If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. (C7 Notice of ~efault ~ If I am in default, the Note Holder may send me a written notice telling me thaf if I do not pay the overdue amount ~ by a certain date, the Note Holder may require me to pay immediately the full amount of principal which has not been paid ' and all the interest that I owe on that amount. "That date must be at least 30 days after the date on which the notice is ~ delivered or mailed to me. ' (D) No Waiver By Note Nolder ~ Even if, at a time when I am in default, the Note Holder dces not require me to pay immediately in full as described ~ above, the Note Holder will still have the right to do so if 1 am in default at a later time. € (E) Payment of Note Holder's Costs and Expenses If the Note Holder has required me to pay immediately in full as described above, the Note Holder wil) have the right to be paid back by me for all of its costs and ~xpenses in enforcing this Note to the eztent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys' fees. ; 7. GIVItiG OF NOTICFS ' Unless applicable law requires a diflerent method. any notice that must be given to me under this Note will be given i by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the ~ Note Holder a notice of my diflerent address. x ~ Any notice that must be given to the Note Holder under this Note will be given by mailing it by first class mail to the ~ Note Ho1~er at the address statcd in Section 3(A) above or at a different address if I am given a notice of that different ~ address. ~ ~ ~ F I~AULTISTATE FIXED RATE NOTE-single famoly-fNMA/FNLMC UNiFORM IHSTRUMENT Form 3200 12/83 Finant~al law FOamS'' form 1W5 € ~~p~674 e,~E2769 ~ _ ~ ~ ~ ~ ~s ~,r .~sa.~s~~. ~k~