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HomeMy WebLinkAbout3001 - - - - - - - - - - - ' ' . r ' • ' S. ' BORitOWER'S RIGHT TO PREPAV. I h~ve t~ e nght to make payments of principal at any time before they are due. A payment of pnncipal only ~s known as a"prepayment." When I make a preFayment, I wilt tell the Note Hofdar in wriGng that I am dang so. I may • make a full prepayment a partial prepayments w+ihout paying any prepayment charge. The Note Nolder wilt use ell of my prepayments to reduce the amount ot principal that I owe under this Note. It I make a partial prepayment, there witl be no changes in the due dates of my monthly payments unless the Note Ho~der agrees m wriling to those changes. My partial prepayment may redt~e the amount of my monthly payments afier the tirst Change Date follow~~g my partiaf prepayment. However, any reduction due to my part~al prepayment may be ottset by an interest rate inCrease. 6. LOAN CHARt3ES. If a law, which appl~es to th~s loan and which sets mawmum loan charges, is finally interpreted so that the inlerest or other loan charges collected or to be collected in connect~on w~th this Ipan exceed the permitted limits, then: (1) any such loan charge shal! be reduced by the amount necessary to reduce the charge ro the perm~tted I~mit; anri any sums a~reacly co~lected trom me which exceeded perm~tted I~m~ts w~ll be retunded to me. The Note Holder may Choose to make ihis refund by reducing Yne principal I owe under this Nole or hy makmg a d~rect payment to me. If a re(und reduces princ+pal, the reduct~on ~nnll be treated ss a partial prepayment. - ~ ' ~ a . . , 7. BORROWER'S FAILURE TO PAY AS RE~UIRED. (A) lats Char~es for Overdue Payments. I( ths Note Holder has not rece~ved the full amount ot any monthty payment by the end of f~fteen (15) calendar days after the date it ~s d~e. I w~Il pay a late charge to the Note Holder. The amount ot the charge w~ll be 5.009~6 of my overdue payment of princ~pal and interest. i w;ll pay this late charge promptly but only once on each late payment. (B) Defautt. If I do not pay the tull amount o( each monthly payment on the date it i~ dus, I w~ll be in detault. (C) Notice of Default. tt the Note Ho~der deems ~tse~f +nsecure, or upon the happening by any ot the folbwmg events, each of wh~ch shail const~tute a de(ault hereunder. all unpaid amounts hereundzr and other I~ab~l~ties ot each of the undersigned to Note Holder shall thereuaon or thereafter, at the opt~on of Note Holder, without not~ce or demand, become due and payabte: (a) tailure of any Obligor (which term shall mean and include each ot the undersigned, endorser, surery and guarantor ol this note) to perlorm any provision ot any securiy agreement securmg the repaying her~f, to pay interest hereon when due, or to pay any other liability wha4soever to Lender when due; (b) the death oi any Obligor; (c) the tiling ot any petition under the Bankruptcy Code, or any similar federai o? state statute by a against any Obligor; (d) an apptication for the appointment oi a receiver or th2 making of a general assignment tor the benetit of creditors by, w the in- sotvency of any Obligor; (e) the entry of a judgmPnt against any Obtigor; the issuing of aRy writ of aitachment or writ a1 garnishment, or ths filing oi any tien against any property of any Obligor; (g) the taking ot possessbn oi any substantial part of the property o( any Obligcx at the instance oi any governmental authoriry: (h) the dissolut~on, merger, consolidation or reorganization of any Obligor; or (q the assignment ~ by any o( the undersigned of any equity in any Collateral secUring this toan without the written consent d Note Ho{der. ~ (D) No Walv~r By Note Holder. Even if, at a time when 1 am in default, the Note Holder does not require me to pay imrn~diately ° ~n full as de9Cribed above, the Noie Holder will still have the right to do So it I am in deiault at a latet Gme. f . E ~ (E) Payment of Note Holder's Costs snd Expenses. If the Note Holder has required me to pay immed~atey in (ul! as described ~ above, the Note Holder ~nnll have the right to be paid back by me (or all of ~ts costs and expenses in en(acing this Note to tha extent not j prohibited by appticable law. Those expenses include, for example, reasonab{e attorneys' tees. . ~ ~ 8. ~~i1VINd OF NOTICES. Unless applicabte law req~ires a different metnod, any ~otice that must be given to me under this Note will be given by delivering it or by mailing it by tirst class mail to me at the Properry Address above or at a diiferent acldress 'rf I give the Note Holder a notice of my diHerent address. 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 Holder at ihe address stated in Section 3(A) above or at a d~Nerent address if I am given a notice of that difierent address. 9. OBLIOATIONS OF PERSONS UNDER THIS NOTE. If more thar. one person signs this Note, each person is fully and personaly ~ obligated to keep all ot the promises made in this Note, including the prom~se to pay the tull amount owed. Any person who is a guaranta, surety a endorser oi this Note is also obtigated to do these things. Any person who takes over these obligations, including the obligations ~ of a guarantor, surery ar endorser ot this Note, is also obligated to keep all of the promises made in this Note. The Note Hotder may en(oroe ~ its rights under this Note against each person md~vidually o? against all of us together. This means that any one oI us may be required to pay alt of the amounts owed under this Note. {y,tnPr~~~'r' , ~ 10. WAIVERS. I and any other person who has obligations under this Note waive the rights ot presentment and notic:e of dishor?or. ~ "Presentment" mearrs the right to require the Note Holder to demand payment of amounts due. Notice of dishor~or" means ihe right to ~ require the Note HOlder to give notice to other persons that amounts due have not been paid. ~ . • ~ . ~ 11. SECURED NOTE. In ad~~tion to the protect~ons given to the Note Holder under this Note, a Mortgage, Securiry Agreement or both ~ (~nd~vidually or collectively, the "Secunty Instrument") dated the same date as this Note, protects ihe Note Nolder from possible losses which ~ m~ght result ii I do not keep the promises which I make in this Note. The Security Instrument describes how and under what cond~tions I may ~ be required to make immed~ate payment m fuA of all amounts I owe under this Note. Some ot these cor~ditions are desc.~ibed as folbws: r T~ansfer of the Property or a Beneflcfal Interest In Borrower. Ii al! or any part of the Property or any interest in it is sold or trans(er- ~ red (or it a beneficial interest in Borrower is sold or transterred and Borrower is not a natural person) veriihout Note iiolder's prior writte~ consent, ~ Note Holder may, at its option, require immed~ate payment in tutl of all sums secured by this Security InstrumenL However, this option shall ~ not be exercised by Note Holder if exercise is prohibited by federaf or state law as of the date of this Security Inshument. It Secured Party ~ exerGSes this option, Secured Party shalf give wntten notice af acceleraticwn. The notice shall provide e period ot not iess than thiRy (30) days from the date the notice is delivered or mailed within which Borrowe~ must pay aU sums secured by this Secur'ity InsUument. If Borrower fails to pay these sums prior to the expiration oi this period. Secured pa!ty may invoke any and atl remsdies ~erm~tted by this Security Instrument without (urlher notice or demand on Borrower. Sorrower will not (a) permit any liens or security interest ~her than SeCUred Party'S SeCUrity +nterest, to attach to any of the Cotlateral; (b) permit any of the Collateral to be levied upa~ under tegal process; (c) lease or othervvise dispose af any ot~the Collateral or any interest therein or ofter so to do, without the prior wriiten Consent Of Secured Party; (c~ permit 8nything to be done that may impair the value of any of the Co~tateral or the securiry intended to be afforded by this Agreement: a(e) permA the CoNateral to be or become a tixt~re (and it is expressly covenanted, warrarted and agreed, that the Collaterel, end every part thereot, whether eHixed to any reaity or not, shal! be and remain personaf property, unless a mortgage or other pledge of rea! property is taken by Secured Party as Collateral, at which time the Collateral woukf be and remam realry), or to become an accession to other goods or property. In addition i to any other Collateral securing this loan, if any, the undersigned hereby grant(s) to Note Holder a security interest in all property of each ~ of the undersigned now or at any time herea(ter in the possession ot Note Hok~ier in any capacity whatsoever, including, but not I~mited to. G any balance or share o( any deposit, trust, or agenl accouM, as security br the payment of t~is note, end a simifar lien upon and security ~ interest in all such property ot each of the undersigned as securiry (or the payment of 811 other liabilities o~! each o( the undersigned to Note ~ A Hokfer pnCluding a!I liabilities of each of the undersigne~. ' z ti y' ? FLORIDA DOCUMENTARY STAMP TAX REOUIRED BY LAW IN TNE AMOUNT OF S HAS BEEN PAiD OR WI~L BE PAID DIRECTLY TO THE DEPAHTMENT OF REVENUE. CERTIFICATE OF REGISTRATION At ~ ' ? DOCUMENTARY STAMPS IN THE AMOU(~!T OF S R , HAVE SEEN AFFIXED TO THE ORtGINA~ MORTGAGE. ? RENEWAI NOTE, STAMPS ON ORIGINAL. ~ ;w..a.~_,,,~~ .