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o! any oth~r po~w~r or riqht, and no waiv~r ~hat~ver ~hall b~ valid
unlesa in writinq siqned by l.l~?• holder o~ this ~ot• a~nd ahall b~
effective only to tha extent therein set forth. shall not b~ dsMa~d
to creata any precederit whatsoever. and ehall not otherwise a!lect
ths riqhta of the respective parties hsreto.
6. It is apecifically aqreed that neither tha presence o! any
proviaion herein nor the invalidity or unenforceability ot any
provision herein set forth shall affect the neqotiabi.lity or
en~orceability of validity of this Note itself or any of ita other
proviaions.
7. It is understood that thia Note shall be qoverned by,the
laws of the State of Florida as to all matters includinq, without
limitation, matters relatinq to validity, construction, interpreta-
tion, performance and enforcement, unless the contrary intent herein
is stated.
8. At any time after 95 nanths have elapsed from date, Payee ~
or assiqns will subordinate the purchase money mortgaqe secwcinq this
Note to a"take-out" mortqaqe encumberinq the real property securinq
; this Diote to be qiven to a lender not affiliated in any manner with
f , ~ - .
~ Modulex Home Conma~nities, Inc., ~Tew Jeraey Industries, Inc., Standard
~ . ~
~ Industriea, Inc., or New S~nqland Industries, Inc., (or any affiliata
. ,
of these corporations or with any officer or director thereof)
Erovided that the proceeds of said loan are used exclusively to
reduce.the principal balance of this purchase mon~y note. T'he "take- '
out" mortgage may be an open-end mortqaqe authorizinq subaequent
.
draws.
~ • - .
~ 9. All riqhts and privileqes of the payee hereunder ahall
~
inure to the benefit of any subsequent holder hereof. .
MpDUL$X ~OMS COl~II~IU~IITISS.. I~TC.
WIT~IESSED BYs
j~ l~ A~t~R E. D~c v~s By_ s FIR~u R S GLvNE. .
1u. Ri~c~T
~l aNK RoL,tlfTs (CORBCR~TB SBi1L) f
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