Knight v. First Federal Savings & Loan Ass'n

Carley, Judge.

On June 21, 1966, Knight executed in favor of First Federal a "Security Deed Note” evidencing a loan made for the purpose of consolidating Knight’s indebtedness to First Federal in the principal amount of $1,410,730.92 bearing interest at the rate of 6-3/4% a year. The note was payable in monthly installments of $12,527 over a period of fifteen years with the final payment being due on June 21,1981. Subsequently Knight, a contractor, needed more money due to his underestimation of construction costs on certain college dormitories in Statesboro, Georgia, and requested additional…