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$ ~1, 000. 00 Fort Pierce, Florida,~~', , 19Z6.
' FOR VALUE RECEIVED, the undersigned promises to gay to the order of J. TU~Ai
COATS and ARLEEN E. COATS, his wife, the principal sum of SEVENTY-ONE THOUSA13D
AND NO/100 DOLLARS t$71,000.00), together with interest at 7 1/2 percent pex
annum (designated'basic rate), which interest shall be due and payable as -
above-described, which interest shall be known as preliminary interest install-
ments, PROVIDED, HOWEVER, that said interest sha11 i~crease or decrease from t"
to time hereafter in such amounts as are determined by the Board of Directors
of the Federal Land Bank of Columbia, in accordance with Farm Credit Administra
tion, as amended, and upon such inc~ease or decrease, shall bear such rate of
interest from date of change. Tn particular, the intent of_this variable rate
shall coincide the interest hereunder with the variable rate of interest under
that certain mortgage between Sellers and the Federal Lank Bank of Columbia,
said mortgage being recorded in O.x. Book 211, pages 2$38 through 2841, of the
public records of St. Lucie County, Florida, from above date until maturity,
bothNprincipal and interest being payable in lawful money of the United States,
such principal sum and interest payable in installments as follows:
Interest only on the unpaid balance beginning one (1) year from date
of closing, and interest only thereafter for the years 1977, 1978
and 1979. •
. Commencing with the 1980 installment, there shall be principal re-
gaid by twenty (20) equal annual installments of THREE THOUSAND FIVE
HUNDRED FIFTY AND NO/100 DOLLARS ($3,550.00), plus interest, in ac-
' cordance with the above.variable formula until paid in full.
Right of prepayment of interest in whole or in part shall.be qranted witbout
penalty at any time.
Right of prepayment in whole or in part of principal shall be granted at~
any time after February 15, 1977. ~X~'~~?~I~xf~x~'~~~P~x~~~~~~
mx~}x~tfaxx~t~~?~xx~~xx~1~'tx~x xf~x~x~~rfnc~a~c~t~c~~~~x~~'~x~
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~ Such installment payments shall be applied first to the interest accruing
under the terms of this note and then to a reduction of the principal indebt-
edness. ,
The makers and endorsers of this note further agree to waive demand, notice
of non-payment and protest, and in the event suit shall be~brought for the co1-.;
iection hereof, or the same has to be collected upon demand of an-attorney, to ;
pay reasonable attorneys' fees for making such collection. All payments here- ~
~ under shall bear interest at the rate of 7 1/2 gercent per annum from maturity t
~ until paid. This note is secured by a mortgage of even date herewith and is t.
to be construed and enforced according to the laws of the State of Florida; upot~
; default in the payment of principal and/or interest when due, the whole sum of
! ~rincipal and interest remaining unpaid shall, at the option of the holders
; nereof, become immediately due and payable. Failure to exercise this option
I shall not constitute a waiver of the right to exercise the same in the event of
subsequent default. '
I .
1~ This mortgage note shall be subject to the terms of exculpatory clause con-
tained in the mortgage securing this mortgage note.
Payable at: Route 4, Box 419 ~ '
i(L.S. )
Fort Pierce, FL 33450 . , stee.
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~ or such other place as shall be designated
by the holders of this note in writing. a001(~~ PA6E ~Vt~