HomeMy WebLinkAbout2372 PROMISSORY NOTE
$ 61,000.00 Port Charlotte, Florida (~~t / , 1974
FOR VALUE RECEIVED the undersigned jointly and severally
promises to pay to the order of WILLIAM Y. DUNN and ELIZABETH
A. DUNN or their heirs, the principal sum of SIXTY ONE THOUSAND
($61,000.00) Dollars, together with interest thereon from date
at the rate of 88 per annum. Both principal and interest being
payable in 120 equal monthly installments, the first of ~vhich
installment shall be due February 1, 1975. Interest from October
1, 1974, through January l, 1975, shall be paid in one install-
ment on January 1, 1975. Each installment payment shall be
credited first on the interest then due; and the remainder on
principal; and the interest shall thereupon cease upon the
principal so credited. This note may not be prepaid without
penalty_for the first three years and three months from the
commencement of this note. In the event any prepayment is made
on said note, penalty shall be based on the amount of principal
prepaid according to the following schedule:
10$ of all the amounts of principal prepaid during
the calendar year 1975,
10$ of all the amounts of principal prepaid during
the calendar year 1976,
8$ of all the amounts of principal prepaid during
the calendar year 1977.
Each inaker and endorser severally waives demand, protest
and notice of maturity, non-payment or protest and all require-
ments necessary to hold each of them liable as makers and
endorsers. ~
Each maker and endorser further agrees, jointly and severally,
- to pay all costs of collection, including a reasonable attorney's
fees in case the principal of this note or any paym~ent on the
principal or any interest thereon is not paid at the respective
~ maturity thereof, or in case it becomes necessary to protect the
! security thereof, whether suit be brought or not.
~ This note and deferred interest payment shall bear interest _
~ at the rate of 8$ per annum from maturity until paid.
This note is secured by a real estate mortgage of even date
herewith and is to be construed and enforced according to the
laws of the State of Florida; upon default in the payment of
principal or on interest when due, the whole sum of principal ~
and interest remaining unpaid shall, at the option of the holder, ~
become immnediately due and payable.
:
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~ (SEAL)
'Georg . Wilkins
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, ~ ( SEAL)
~ L a S. Wi ins
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