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HomeMy WebLinkAbout1372 . ; ; If this note~is not paid when due, whether at maturity or by " i acceleration, or if it is collected through a bankruptcy, probate or t o~her court, whether before or after maturity, the undersigned agree . ~ to pay all costs of collection, including but not limited to reasonable ~ attorney~' fees, incurred by the holder hereof. This note is secured by a mortgage deed cove=ing certain real ~ property situated in St. Lucie County, State of Florida. This note , shall be governed by and construed in accordance ~vith the laws of the State of Texas. This is a"wrap-around" note, and the mortgagee deed referred to above is subordinate to four mortgage deeds (the "Other Mortgages") se- curing the following notes (the "Other rotes"): A. A note in the original principal sum of $383,000 dated September 20, 1971, executed by ~ailliam H. Watson, as Trustee, payable to the order of Charlotte B. Gotfredson, with interest payable annually at the rate of seven percent (7$) per annum and ~ principal being payable in installments commencing September 20, • 1972. ~ B. A note in the original principal sum of $62,500 dated September 20, 1971, executed by William H. ~Vatson, as Trustee, payable to the order of Charlotte B. Gotfredson, with interest payable annually at the rate of seven percent (7~) per annum and principal being payable in installments commencing September 20, 1972. C. A note in the original principal sum of 51,031,010 dated of even date herek•ith, executed by David Serns, as Trustee, pay- able to the order of Richard Verbic and Eugene L. LeMaire, as Co-Trustees, with interes~ payable annually at the rate of seven percer.t (7$) per annum and principal being payable in installments ` commencing June 1G, 1974. D. A note in the original principal sum of $176,240 dated ; of even date herewith, executed by David Serns, as Trustee, payable ~ to the order of Richard Verbic and Eugene L. LeMaire, as Co-Trustees, ~ with interest payaale annually at the rate of seven percent (7$) per ~ I annum and principal being payable in installments commencing Jun~ ~ 16, 1974. ~ Provided the maker is not in default hereunder, the holder hereof hereby agrees for itself and its successors and assigns to make all payments of j. ~ interest and principal due under the Other Notes. Should the holder hereef ~ default in making any such payments on the Other Notes, the maker herec2f ~ may make such payments directly to the holders of the Other Notes, and any ; payments so made shall constitute payments on account of this note and shall be applied first to the pa}~ment of interest hereon and then to re- c~uction of principal. I~othing contained in this note shall impose any , personal liability on the holder hereof to make payments on the Other Notes and nothing is intended to create any obligations in favor of any parties other than the maker hereof and its successors in interest. The initial ~ disburser,?ent by the hol~er hereof on account of this note shall be in the principal sum of $528,750, and the unpaid principal balance of the Other ~ Notes as of the date of such disbursement is $1,586,250. This note shall # ;Y bear interest at the rates hereinabove specified on the amount of the dis- .=a bursement hy the holder hereof pZus the amount cf the unpaid principal balance due on the.Other ::otes, less the amount of any principal payments ~ maGe on tlie Other t3otes or on this note. ~ s; ~ -2- . , ~ ~y o ~ 215 YA 1~ ` B001( ~ t ~ ;a- - t ~ - - ~h ' rh. +a:+~ .„.Y:,, r ~ ~.'S-?.~W _.'kt . a . _ ~ . ~ . . . P' '\~w ~E~~ ^ry _ _ _ . ~Y.~'~ ~ ~ ~.Fv