HomeMy WebLinkAbout2360 RENEWAL
PROMISSURY NUTE
$1,268,810.75 December 28, 1989
Fort Pierce, Florida
For value received, I/We, jointly and severally, promise to pay, without
defalcation, to the order of FLORIDA NATIONAL BANR, 501 Orange Avenue,
P. O. Box 3469, Fort Pierce, Florida 34950, the sum of $1,268,810.75,
with interest from the dste of disbursement at a rate of interest which
shall be a variable rate and shall be periodically adjusted upwardly or
downwardly by reference to the Fiorida National Bank Prime Rate, which
~::a~~ ac~ a~~~-,'. ~~si:auiisned by zne 5enior Credit Committee of Florida
National Bank, which rate shall be known as the Index. The interest
hereon shall be at a rate of interest equal to the Index plus 1.5$. As
of the date hereof, said Index is 1Q.5$, so that the initial rate shall
be 12.0$ 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 518,572.37 upon p~incipal and enterest commencing the 28th day
of lanuary, 1990. and upon the same day of each rnonth thereafter. th~ough and
including the 28th day of Novembe~, 1994, together with a fina! balloon payment
upon the 28th day of December, 1994 in the p~incipaf amount of S83S,384.23,
together with all accrued, unpaid interest.
Each install:~~^~ ~~~a~ a:a~~ La applisd in payment of the interest and
then on the unpaid balance of the principal sum. If default is made in
the payment of any insta~lment when due and such default continues 30
days, then at the option of the holder, and without any other notice,
all the remaining installments shall be due and payable at once.
Privilege is given to prepay this Note in whole or in part at any time
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 5.0$ of the amount of the payment
due shall be added to each installment remaining unpaid fifteen (15)
days after the due date and a similar charge for each installment
remaining unpaid fifteen (15) days after each succeeding payment due
~ date.
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~ Each maker, surety and endorser hereof, jointly and severally, waives
~ demand, gresentment, protest and notice of protest for nonpayment, and
s further agrees to any extension of time of payment, either before or
~ 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 against this
~ obligation or any extension or renewal hereof.
~ Witness the hand and seal of each party.
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q CHW PROPERTIES, INC. d/b1a
~ Indian Pines Golf Club
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~ '~0 F£B -1 Al l:0 ~ sy : I s/ Leonard z. Cottom, 3r .
~ j~' LEONARD I. COTTOM, JR.,
~ . , . President
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