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HomeMy WebLinkAbout2365 RENEVi~AL P120MISSORY NOTE $25Q,666.58 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 SANK, 501 Orange Avenue, P. O. Box 3469, Fort Pierce, Florida 34950, the sum of $250,666.58, with interest from the date of disbursement at a rate of interest which shall be a variable rate and shall be periodically adjusted upwardly or downwardly by reference to the Florida Natianal Bank Prime Rate, which sh~~ 1_ ~e set ~rr~ ~4t?ts? ?~~a~ ~i ~~j i~i ~~~.ii~ VV1Wlt1~l.CC ~i "r'iorida National Bank, which rate shall be known as the Index. The interest hereon shall be at a rate of interest equal to the Index plus 1.5$. As of the date hereof, said Index is 10.58, so that the initial rate shall he 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 payabl~ as follows: By the payment of 53,399.74 upon principa/ and interest commencing the 28th day of lanuary, 1990, and upon ~he same day oj each month the~eafter, through and including the 28th day of Novem6er, 1994, together with a final balloon payment upon the 28th day of December, 1994 in the principol arnount of 5186,842.93, together with all accrued, unpaid interest. Each installment first shall be applied in payment of the interest and then on the unpaid balance of the principal sum. If default is made in the payment of any installment 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 unp~id fifteen (15) days after the due date and a similar charge for each installment ; remaining unpaid fifteen (15} days after each succeeding payment due i date. i ~ ~ Each maker, surety and endorser hereof, jointly and severally, waives ! demand, presentment, protest and notice of protest for nonpayment, and ` 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 't 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. € ~ CHW PROPERTIES, INC. d/b/a ~ Indian Pines Golf Club p G ~ $ 1022776 4 '90 FEB -1 A11 :C ~ By • LEONARDoiarCOTT M, tJRm i Jr . ~jl~ Pres ident r i~: ~ ~OUG. ' t I- ? s E%HIBIT B s - Page S - ° R 675 ~aGE 2355 BOOK . ~ - ~ ~1.