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PROMISSORY NOTE i
~w~~,~~~.~~ July ~-z, 1974
Fort Lauderdale, Florida
FOR VALUE RECEIVED, the undersigned promises to pay to ~
the order of Global Development, Inc., the principal sum of Four
Hundred Thousand Dollars (=400,000.00) together with interest there-
on from date at the rate of Fifteen Percent (15$) per annum com-
puted on tne unpaid principal balance, said principal and interest ~
being payable at west neau ~zrec~, ~~~ii~~~~ a, 3:'~='-'-~ ? 4~~~ ;
or at such other place as the holder hereof may designate.
The entire principal sum together with accrued interest
shall be due and payable on July 15, 1979.
Interest for the period from date to September 14, 1974
shall be due and payable on September 15, 1974. Thereafter interest
shall be due and payable mon'thly on the fifteenth day of each and
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every month beginning October 15, 1974.
If any installment of interest required to be paid here-
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under is~not paid within thirty (30) days following its due date,
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~ then at the option of the holder or ho2ders hereof the entire prin- ,
ci al balance and all accrued interest shall become due and payable ;
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~ as fully and completely as if the same were originally stipulated 6
~ to be paid at such time; provided, however, that this acceleration
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provision shall not be exercisable unless and until the maker of
this note has been given written notice of default hereunder and
at least five (5) days within which to cure such default by tender-
ing the installment or installments which are then in arrears here-
under.
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This note may be prepaid in whole or in part at any time
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without penalty.
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~ Deferred payments shall bear interest at the rate of ~
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Fifteen Percent (15$) per annum.
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