Reso 2010-1624 - Laserfiche WebLink

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PROMISSORY NOTE October .S , 2010 FOR VALUE RECEIVED, the undersigned, La Perla Condominium Association, Inc., a Florida not-for-profit corporation ("Maker" or "La Perla"), promises to pay to the order of City of Sunny Isle Beach ("Payee" or the "City"), a Florida municipal corporation located at 18070 Collins Avenue, Sunny Isles, Beach, FL 33160 or at such other office as Payee may from time to time designate, the principal sum of One Hundred Thousand Dollars ($100,000.00) (the "Indebtedness"), together with interest from the date of execution of the Second Amendment to the Ingress Egress Easement Agreement ("Second Amendment"), at the rate of(5%) per annum. La Perla shall pay the sum of$5,682.04 on a quarterly basis from the date of execution of the Second Amendment. The remaining principal balance shall be paid with accumulated interest within five (5) years from the initial payment on the Note (the Maturity Date). All payments made on this Note shall be applied by Payee to the reduction of the indebtness. The Indebtedness and accrued and unpaid interest thereon shall be due and payable on the Maturity Date. Pursuant to a Second Amendment to the Ingress Egress Easement Agreement, the City has agreed to cancel its rights to use or ownership of twenty nine (29) parking spaces within the parking garage of La Perla Condominium for the sum of Two Hundred Thousand Dollars ("$200,000.00"). La Perla agrees to pay One Hundred Thousand Dollars ($100,000.00) upon the execution of the Second Amendment and the remaining balance of One Hundred Thousand Dollars ($100,000.00) over a five (5) year period with an interest rate of five percent (5%) per year. If this Note is not paid promptly on the Maturity Date in accordance with its terms and is placed in the hands of an attorney for collection, Maker agrees to pay all reasonable attorney's fees and the costs and expenses of collection of this Note incurred by Payee. Maker covenants and agrees that time is of the essence for payments due under this Note. All agreements between Maker and Payee, whether now existing or subsequently arising and whether written or oral, are expressly limited so that, in no contingency whatsoever, whether by reason of acceleration of the maturity of this Note or otherwise, shall the amount paid or agreed to be paid to Payee pursuant to the terms of this Note or otherwise or for the payment or performance of any covenant or obligation contained in this Note or in any other document evidencing, securing or pertaining to the indebtedness evidenced by this Note exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, fulfillment of any provision of this Note or other document, at the time performance of such provision shall be due, shall involve exceeding the maximum amount permissible by law, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit validly allowed by law. If Payee shall ever receive, as interest or otherwise, an amount which would exceed the highest lawful rate of interest, such amount which would be excessive interest shall be applied to the reduction of the principal amount owing under this Note or on account of any other principal indebtedness of Maker to Payee and not to the payment of interest or, if such excessive interest Promissory Note—La Perla Condo Assn.