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rvRCw?~a Ma~~r pRO~sso~tY dara
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- l~t. Pi~rc~. l~lorida
~uqust 31. 1970
FOR V~?LUS R~C$IVED. ths underaiqnsd, MODULSX HOMS CO~M-
MJNITIffi, INC., a Delawars Corporation, hereby promfaes to pay to th~
order of SARGBANT CiTRUS PRQDUCTS, ZNC:, a Florida Cwcporation, at
ite officea in Miaa~i, Florida, tha_swn o! One Million $iqht Eundred ~
. D~inety-Four Thoveand One Sundrad Dollara ($1,894,100.00) plu• accrued
intere8t at the rate of 19L per annum in exceea of the ~tew York City
prime rate. interest shall be paid annually, but ehall ba caaputed
on a month to morith basf e and New ~tork City prime rate shall ba
camputed aa it exieted at the close of businesa on the last businas•
day of each month. Payments shall be made as follawaz
(1) T'he aum of Seventy-five ThouBand Dollara ($~5,000)ehall be
due~and payable January 1, 197Z, which sum shall be applied to priacipal.
(2) The aum of Two Hundred T'housand.Dollars (~200,000) ahall be
due and payable on March l, 197~,, and shall be applied to principal.
(3) Twelve mcnths after date, l~iker shall pay all interaat than
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due and owinq together with a principal pay~oent of $92,000. Like
~ payme~c?ts of prihcipal and interest shall be made avery twalve (12) •
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nanths for 84 months follawinq 8ate.
(4j Ninety-Six .{96) mvnths after date, Maker ahall pny one-third
of the principal balance then awinq on this purchase money note in s
addition to the interest. Like payments ahall be made 108 aantha and
120 monthe folloti+inq the Closinq. . ~
On the failure of the Maker to make payment of principal.or of
interest requfred hereunder ~rfthin thirty (30) daya after any due date. _
the entira principal sum of thia ~tote ahall becaae imuaediately due and
payable at the optfon of the holdar hereof, without notice (notice ot
tha exercisa o~ said option beinq hereby ~xpres~ly waivad), and any
taf lur~ to ex~rcise said option ~hall not co~n~titut~ a ~+aiv~c o~ th~
rigbt to exsrci~~ th~ •aM at any other tiw.
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