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HomeMy WebLinkAbout1755 FROMISSORY NOTE $350,000.00 Stuart, Florida, March 1971. FOR VALUE RECEIVED the undersigned, jointly and severally, PRO.iISE TO PAY to the order of M. E. NIKANDER, as Trustee, THREE HUNDRED FIFTY THOUSAND AND 00/100 ----($350,000.00)--- DOLLARS, at ~ ~x, ~ tt~ 3~~0~ C3'14 or such other place as the ho er hereof may designate in writing, together with interest from date at the rate of seven percent (7%) per annum on the unpaid balance until maturity. The said principal and interest shall be due and payable as follows: Interest shall be payable annually on the outstanding balances of the principal then due beginning one year from the date of this note and continuing annually thereafter until the note is paid in full. The principal payment shall be made in four annual installments: $50,000.00 one year rrom the date of this note and thereafter $100,000.00 annually beginning two years after the date of this note and annually thereafter until the principal is paid in full. The Maker may prepay this note in full at any time without payment of premium therefor, however, partial payments of the principal may be made in advance of maturity without penalty on or after January 1, 1972. Prior to January 1, ~ 1972, advance payments of principal may be made only to the extent ; that such payments, together with all payments theretofore made on ` account of the purchase of lands described in the mortgage which ~ ; secures this promissory note do not exceed twenty-nine percent ~ (29~) of the total purchase price. At the time of each advance ~ payment of principal the Maker shall also pay the interest then ~ e accrued on the amount so paid. All advance payments of principal ~ shall be credited to the installment next due on this note. ; If default be made for thirty (30) days in the payment of ~ any installment of principal or interest or any part thereof, the ~ ~ whole sum then remaining unpaid with~interest shall at holder's ~ option become due and payable without notice. Failure Co exercise ~ such option shall not constitute a waiver of the right to exercise x - the same in the event of subsequent default. After maturity both ~ principal and accrued interest shall bear interest at seven percent ; (7%) per annum until gaid. The makers and endorsers of this note further ' waive demand, notice of non- payment and protest. If this note is not - paid at maturity and the same is placed with an attorney for collection, # the makers and endorsers hereof agree to pay all costs of collection, x including all court costs and reasonable attorney fees. ~ ~ . ~ s ? ~ (SEAL) - P ilip W iner as Trustee ~ ~ ~ ° R 19i Z750 50t,K ~ ~ ~ . ~ ~ ~ ~ . _ _ _ . _ ~-y . . ~ ; ~x~