HomeMy WebLinkAbout0999 EXH:'.?I': ~~~1~~
JUPITER TEQUESTA NATIONAL BANK
ADJUSTABLE RATE BALLOON
$143,200.00 MORTGAGE NOTE TEQUESTA, FLORIDA
JANUARY 19, 1990
BFZNG INDEBTED FUR VALUE RECEIVED, the undersigned jointly
and severally promise to pay to the order of JUPITER TEQUESTA s
NATIONAL BANK, a corporation organized under the laws of United ~
States of America, (hereinafter called "The Bank") at its office
at 250 Tequesta Drive, Tequesta, Florida 33469, or at such other
place that the holder of this Note may designate in writing, the
principal sum of ONE HUNDRED FORTY THREE THOUSAND TWO HUNDRED AND
NO HUNDREDTHS DOLLARS ($143,200.00), in lawful Money of the United
States, together with interest thereon from date as hereinafter
stated, in monthly installments of ONE THOUSAND SIX HUNDRED TWENTY-
SEVEN.AND 61/100 DOLLARS ($1,627.61) commencing on the 19th day of
February, 1990, and on the 19th day of each month thereafter until
January 19, 2000, at which time all sums, including unpaid
principal and accrued interest, shall be fully due and payable.
Said installments are subject to adjustment as hereinafter set
f orth .
Interest shall accrue from date on the principal balance
remaining from time to time unpaid at an initial rate of interest
of ELEVEN percent (11$) per annum until January 18, 1991.
Thereafter, the interest at which this Note shall accrue shall
adjust annually, commencing the 19th day of January, 1991, and on ~
each subsequent 19th day of January, until the principal and
interest are fully paid (hereinafter called the "Adjusted Interest ;
Rate") . The Adjusted Interest Rate shall be equal to the published i
prime lending rate established b~ Chase Manhattan Bank, New York, ;
NY, on the date of the annual adjustment, as such rate changes from '
time to time, plus ONE percentage point (1.0$). (In the event the
date of the annual adjustment falls on a Saturday, Sunday or a
legal holiday, then the prime lending rate in effect for the
immediately preceding bnsiness day shall be used for this ~
calculation.) The term "prime lending rate" shall mean the annual
rate of interest announced from time to time by Chase Manhattan ,
Bank and is a reference rate for the information and use of Chase
k Manhattan Bank in establishing the actual rates to be charged to
f its borrowers. The Bank makes no representations, either in this
` N~te or elsewhere, that the "prime lending rate" is the lowest or
~ best rate of interest offered by the Bank for loans of the kind
~ evidenced by this Note or any other type of loan. The Adjusted
~ Interest kate shall he calculated on a 360 day basis.
Notwithstanding the foregoing, the maximum rate of interest at
which this Note shall accrue is eighteen per cent (18~ } per annum.
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E The monthly installments of each annual term of this Note
5 shall be adjusted to an amount sufficient to fully amortize, at the
~ Adjusted Interest Rate, the remaining principal balance over the
~ remaining term of the original amortization term of this Note. The
~ original amortization term of this Note for such amortization
4 purpose is FIFTEEN (15) years. Notwithstanding the foregoinq all
~ remaining principal and accrued interest shall be due and payable
~ on January 19, 2000. The holder of this Note will send a written
~ notice to the undersiqned, stating the amount of each adjus~ed
; monthly installment and the adjusted rate of interest.
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~ In the event the prime lending rate of Chase Manhattan Bank
is subsequent2y not available for whatever reason, the holder
hereof may substitute the highest prime lending rate of major money
center banks as published in the Wall Street Journal. As used in
this Note, "Chase Manhattan Bank" shall mean Chase Manhattan Bank
' and/or its successors.
The undersigned shall have the right to prepay the whole or
= any part of the unpaid principal balance of this Note without
~ penalty. The payment of any larger sum in addition to the payments
$ herein shall not relieve the maker of the payment of monthly
~ installments herein provided for, unless it is specifically agreed
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