HomeMy WebLinkAbout0104 EXHIEIT "N"
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. July l, 1972 ' ~
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On or before seven (7) years after date, for value received, the
undersigned, jointly and severally, promise to pay to the order
of ~4INDMILL VILLAGES Ar^ A?tiIERICA, INC. , a Florida corporation, at •
4000 \orth Tuttle Avenue, Sarasota, Florida 33579, the sum of
SEVEN HUNDRED FORTY-THRF.E THO~AND, FORTY SEVEN and 71/100---~
($743,047.71)------------------~_______---__~_..~~~__~..Dollars
together with interest thereon from date at the rate of seven (7$)
percent per annum with quarter-annual payments on principal thereon
starting six (6) montYis from date of Twenty-five Thousand ($25,000.00).
Dollars each and with the first interest payment thereon payable six ~
(6) months from date and then in quarter-annual payments thereafter
and shall co:~tinue to be paid until the entire principal and interest
are paid. ~ ~
Time is of the essence and if default is made in the payment of
any part of the principal or interest for thirty days, the holder
snall nave the option to declare the entire principal and interest
immediately due and payable without notice.
All makers and endorsers now or hereafter becoming liable hereon,
jointly and severally waive demand, presentment, notice of nonpaynient
and protests, and agree that if this note becomes in default and is
placed in the hands of an attorney for collection, to pay reasonable
attorney's fees includinq appellate proceedings and all other costs
of collection, and that the holder may extend the ti.me for payment
from time to time or forbear to eriforce payment without obtaining
' the consenti of such makers or endorsers and without discharging or
af:ecting their liability. ~
Tnis note is secured by a mortgage of even date herewith executed
b y the undersi gned in favor o£ the payee hereof conveying real estate ;
located in St. Lucie County, Florida, and is also secured by a mortgaqe ~
dated the 27th ~ay of June, 1972, from Marbella Associates, an Ohio
co-partnersnip, of Montgomery County, Ohio, in favor of Windmill Villaqes ?
of America, Inc., a Florida corporation, ir, the amount of Two Hundred
~noLSand ($204,000.00) Dollars on real estate located in Montgomery
County, Ohio. Upon the occurence of any one or more of the events of
I default specified in said mortgages, the holder hereof, without notice • :
i or demand o: any kind except as may be provided in said agreements, f
; :riay declare the unpaid balance hereof immediately due and payable.
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~ Should the holder hereof endeavor to enforce collection of the indebted-
r.ess evidenced by this note, it shall proceed~to realize upon the
property and any other collateral securing this note, and in the event
the amount realized therefrom is less than the amount owing on this
note, the payee, its successors and assigns, by the acceptance of this '
note, aqrees that it will never institute any action, suit, claim or
dezr?and, at law or in equity, against the maker or makers of this note
for or on account of such deficiency, it beinq expressly understood and
agreed that none of the makers of the note shall have any personal lia-
bi.lity witn respect to such indebtedness except to the extent of Two `
Hundred Fifty Thousand ($250,000.00) Dollars personal guarantees of the
payn~ent of this note as set forth hereafter. .
~ AQUA RA, INC., a Florida
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Attest: ~ By: : ,~~~r % ~ +
~ ~C RD H. T~RWILLIGE ' KENNETH H. DURNBAUGH, esiaent
~ Secretary
(Corporate Seal) -
ELLA ASSOCIATES,
. . _ ' a Flor da partnership
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~ ~ - ~ T C. COP Partner •
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I J I .`c~~ ~/~l llfl f~
~ RICiiF,RD E. B EN Partner KENNET H. U B UGH a tner
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PFi L P .~IBBETTS, SR. Partner RtC RD H. TERWILLIGE Par er~
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