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HomeMy WebLinkAbout1283 ~ RENEWAL ~ PROMISS~RY NOTE $105,989.73 December 18, 1989 Fort Pierce, Florida For value received, I/We, jointly and severally, promise to pay, without defalcation, to the order of FLORZD~ I~UTIONAL gANR, 501 Orange Avenue, P. O. Box 3469, Fort Pierce, Florida 34950, the sum of $105,989.73, with interest from the date of disbursement at a rate of interest which shall be a variable rate and shall be periodically adjusted upwardly or downwardly by reference to the Florida National Bank Prime Rate, whic2~ shall be set and established by the Senior Credit Canm?ittee of Florida National Bank, which rate shall be known as the Index. The interest hereon shall be at a rate of interest equal to the Index. As of the date hereof, said Index is 10.5$, so that the initial rate shall be 10.5~t per annum. The interest on this loan will be calculated on the "Actual Days/360 Day Method". Payments upon principal and interest shall be payable as follows: By the payment of 5883.25 upon principal commencing the 18th day ojlanuary, 1990, ~p and upon the same day of each month thereajter, through and including the 18th day ~V of November, 1994, together with a jinal ba!laon payment upon the ISth day of December, 1994 in the principo! amount of 553,877.98. 2'o each payment ojprincipal there shalt be added all acc~ued, unpaid interest. Each installment first shall be applied in payment of the interest and then on the unpaid balan~e of the principal sum. If default is made in the payment of any installment when due and such default continues 30 uay~, zhen at the option ot the holder, and without any other notice, all the remaining installments shall be due and paya.ble at once. Privilege is qiven to prepay this Note in whole or in part at any ti.me without penalty. Neither forbearance nor acceptance by the holder thereof after any defaults in payments hereon shall be deemed an extension. A late payment charge of S.Q~ of the amount of the payment due shall be added to eacl~ installment remaining unpaid fifteen (15 ~ I days after the due date and a similar charge for each installment remaining unpaid fifteen (15) days after each succeedinq payment due i date. ~ 4 ; Each maker, surety and endorser hereof, jointly and severally, waives ! demand, presentment, protest and notice of protest for nonpayment, and i further aqrees to any extension of time of payment, either before or 4 after maturity, without notice to any of us; and to pay all costs of collection, including a reasonable attorney's fee for all proceedings, ' trial or appellate, in the event of any default hereunder, and hereby ~ severally waives all benefit of homestead and exemption under the Constitution and laws of each State of the United States as aqainst this ~ obligation or any extension or renewal hereof. ~ Witness the hand and seal of each party. ~ 's d ~ ~ ~ ~ ~ s David L. Froman ` DAVID L. FROMANG k L /s/ Deborah S. Fromang DEBORAH S. FROMANG - S%HYBIT A € k . ~ ~ 4 BflGK675 ~.~~f1283 . ~ 4 ~'wt~9 ; ~.s._ :S~«~ .~~.-..c.~ ~_.n:ovc+,+.,. ~~.:c` ~~v~v_.5~ .