898-SAA Promissory Note 'filet 19 PH
PROMISSORY NOTE
$388,075.00 Sanford, Florida October ,2. , 2001
FOR VALUE RECEIVED, the undersigned promises to pay to the order of
THE CITY OF SANFORD, FLORIDA
at P.O. Box 1778, Sanford, Florida 32772
or at such place as the holder of this note may designate in writing, the principal sum of
THREE HUNDRED EIGHTY-EIGHT THOUSAND SEVENTY-FIVE DOLLARS ($388,075.00)
together with interest thereon from date of receipt at the rate set forth in the Loan
Agreement of even date herewith on the unpaid balance until paid.
This note is payable in fifty-nine (59) consecutive monthly interest only payments
on the unpaid principal balance commencing thirty (30) days after the funding date c~
("Funding Date") as defined in the Loan Agreement. The interest rate is subject to change
based upon a change in the rate received by the City of Sanford, Florida from the Florida
State Board of Administration on its reserve accounts. This note is due and payable in full
sixty (60) months after the Funding Da.te, including the entire unpaid principal balance plus
accrued interest.
If default be made in the payment of any installment under this note, and if such
default is not made good within thirty (30) days then the entire principal sum and accrued
interest shall at once become due and payable without notice at the option of the holder of
this note. Failure to exercise this option shall not constitute a waiver of the right to
exercise the same at a later time for the same default or for any subsequent default. In the
event of defaults in the payment of this note, and if the same is placed in the hands of an
attorney at law for collection, the undersigned hereby agrees to pay all costs of collection
including a reasonable attorney's fee. Presentment, protest and notice are hereby waived.
SANFORD AIRPORT AUTHORITY
~A~ Dale, its President/CEO