1300 SHA Promissory NoteThis Instrument Prepared By:
Lonnie N. Groot, Esquire
Stenstrom, McIntosh, Colbert,
Whigham & Partlow, P.A. r r,
1001 Heathrow Park Lane, Suite 4001
Lake Mary, Florida 32746 i' w
SANFORD HOUSING AUTHORITY TO CITY OF SANFORD
PROMISSORY NOTE RELATING TO UTILITY SERVICES
$108,954.80
Sanford, Florida
January 12
FOR VALUE RECEIVED, the undersigned Sanford Housing Authority, whose
address is 94 Castle Brewer Court, Sanford, Florida 32771, a dependent special
district, operating under the provisions of Chapter 421, Florida Statutes, and other
controlling law, the Maker of this Promissory Note, promises to pay to the order of
Holder of this Promissory Note, the City of Sanford, Florida, a municipal corporation, at
its address which is, 300 North Park Avenue, Sanford, Florida 32771, or at such place
or places as the Holder hereof may designate, the principal sum of One Hundred Eight
Thousand Nine Hundred Fifty -Four Dollars and Eighty Cents ($108,954.80), together
with interest on the unpaid principal balance at the rate per annum, which is the
established rate on City of Sanford deposits as established by the Florida State Board
of Administration until paid. Said principal and interest shall be payable as follows:
Equal monthly installments of Eighteen thousand One
Hundred Fifty Nine with thirteen cents Dollars ($18,159.13),
beginning, and continuing on the 1st day of each month,
commencing on February 1, 2010, and thereafter until the
entire principal sum and accrued interest are paid in full.
The Maker recognizes that the Maker shall also be
obligated to pay utility bills to the City of Sanford /Holder for
services billed by the City of Sanford /Holder to the Maker
subsequent to the execution of this Promissory Note and
payments made shall be credited to current bills first with
remaining sums being due and owing by the Maker to the
Holder being subject to the aforesaid interest rate. If the last
payment due is less than the above - stated amount, the last
payment shall be in the sum of the remaining amount due.
The Maker and endorser of this Promissory Note severally waives presentment
for payment, protest, and notice of protest of the nonpayment of this Promissory Note,
and consents that the time of payment may not be extended without notice thereof and
the Holder's subsequent written agreement.
If a default be made in the payment when due of any installment, either of
principal or interest under this Promissory Note, and if said default shall continue for a
period of twenty (20) business days after due, the entire principal sum shall at once
become due and payable without notice, at the option of the Holder of this Promissory
Note. Failure to exercise any option hereunder shall not constitute a waiver of the right
to exercise the same in the event of any subsequent default. In the event of default in
the payment of this Promissory Note, and should it become necessary, in the opinion of
the Holder to place it with an attorney at law for collection, the undersigned Maker
agrees to pay all costs of collection, including a reasonable attorney's fee and such
other fees and costs and may be reasonable.
Each Maker, endorser or guarantor jointly and severally promises to pay all
costs of collecting this Promissory Note including, but not limited to, a reasonable
attorney's fee and other fees as set forth above, whether incurred in connection with
Promissory Note in Favor of the City of Sanford, Florida
Maker: Sanford Housing Authority
Page 1 of 2
collection, trial appeal or otherwise.
The Maker shall have the option and privilege to prepay in part or in full at any
time the sum remaining unpaid, without penalty.
To the extent allowable by applicable Florida laws and Federal Statutes, this
Promissory Note is secured by any and all revenues, assets and property, subject to
any superior liens by the U.S. Department of Housing and Urban Development
including but not limited to recorded Declarations of Trust, of the Maker and shall be
construed and enforced according to the laws of the State of Florida and has been duly
authorized by the Sanford Housing Authority.
Maker and Maker's Address:
Sanford Housing Authority
94 Castle Brewer Court
Sanford, Florida 32771
WITNESSES/ ATTEST. SANFORD HOUSING AUTHORITY/
MAKER
Ca'� 04d / /
Signature By: Bernard Mitchell
AnnPl I Tun Chairman
Printed Name
Date: January 12, 2010
cam( cc�r, s
S,ygWat � - UJ ► f [fnS
Printed Name
ACKNOWLEDGEMENT
STATE OF FLORIDA
COUNTY OFSEMINOLE )
I HEREBY CERTIFY that on this day, before me, an officer duly authorized to
administer oaths and take acknowledgments, personally appeared
Bernard Mitchell, as Chairman of Sanford Housing Authority 0 who is personally
known to me or ❑ who produced his as identification
and acknowledged before me that he executed the same by authority of the Sanford
Housing Authority.
WITNESS my hand and official seal in the County and State last aforesaid this
12 day of January A. D. 2010.
NOTARY PUBLIC -STATE OF FLORIDA a ry Public; State of rida Aurea E O (Affix Notarial Seal)
• - . je d a I
:Commission #DD562790 Printed Name: L - C JI G
Expires: ,TUNE 12, 2010 ci
BONDED THRII ATLANTIC BONDING CO., INC.
Promissory Note in Favor of the City of Sanford, Florida
Maker: Sanford Housing Authority
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