MORTGAGE NOTE
$400,000.00 Orlando, Florida
March 1, 1999
BEING INDEBTED FOR VALUE RECEIVED, the undersigned, BOAT TREE, INC., a
Florida corporation (the "Maker"), promises to pay to JCJ FAMILY LIMITED
PARTNERSHIP, a Florida limited partnership (the "Payee"), or order, in the
manner hereinafter specified, the principal sum of Four Hundred Thousand and
No/100ths Dollars ($400,000.00) with interest from date at the Note Rate as
hereafter defined on the balance from time to time remaining unpaid. The said
interest shall be payable in lawful money of the United States of America at
0000-00xx Xxxxxx, Xxxxxxx, XX 00000, or at such other place as may hereafter be
designated by written notice from the holder ("Holder") of this instrument to
the Maker, on the dates and in the manner following:
A. Interest Rate. Interest shall accrue at the variable rate
equal to the "SouthTrust Bank Prime Rate" (as hereinafter
defined). The term "SouthTrust Bank Prime Rate" shall mean the
annual rate of interest announced from time to time by
SouthTrust, as its "Prime Rate." SouthTrust Bank Prime Rate is
a reference rate for the information and use of SouthTrust
Bank in establishing the actual rates to be charged its
borrowers and, as such, is purely discretionary and is not
necessarily the best or lowest rate charged borrowing
customers of SouthTrust. If, at any time, or from time to
time, the SouthTrust Bank Prime Rate increases or decreases,
then the rate of interest applicable hereunder (the "Note
Rate") shall be correspondingly increased or decreased as of
the date (a "Change Date") on which such change occurs.
Interest shall be computed on the principal balance from time
to time outstanding.
B. Payments. Maker shall pay to Holder monthly payments of
interest only. The first payment shall commence on April 1,
1999 and a payment shall be made on the 1st of each
consecutive month thereafter through and including July 1,
2000. The entire principal balance plus any accrued interest
will be due and payable on August 31, 2000.
This note with interest is secured by a mortgage on real estate, of
even date herewith, made by the maker hereof in favor of the said payee, and
shall be construed and enforced according to the laws of the State of Florida.
If default be made in the payment of any of the sums or interest
mentioned herein or in said mortgage, or in the performance of any of the
agreements contained herein, or in said mortgage, then the entire principal sum
and accrued interest shall at the option of the holder hereof become at once due
and collectible without notice, time being of the essence; and said principal
sum and accrued interest shall both bear interest from such time until paid at
the highest rate allowable under the laws of the State of Florida. Failure to
exercise this option shall not constitute a waiver of the right to exercise the
same in the event of any subsequent default.
Each person liable hereon, whether maker or endorser, hereby waives
presentment, protest, notice, notice of protest and notice of dishonor and
agrees to pay all costs, including a reasonable attorneys' fee, whether suit be
brought or not, if, after maturity of this note or default hereunder, or under
said mortgage, counsel shall be employed to collect this note or to protect the
security of said mortgage.
Whenever used herein the terms "holder," "maker" and "payee" shall be
construed in the singular or plural as the context may require or admit.
Maker's address: 0000 00xx Xxxxxx
Xxxxxxx, Xxxxxxx 00000
BOAT TREE, INC., a Florida corporation
By: /s/ Xxxxxx X. Xxxx, Xx.
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Xxxxxx X. Xxxx, Xx., President
