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HomeMy WebLinkAbout0852 PROMISSORY NOTE $19,000.00 Fort Pierce,Florida . [-,-.Z•u.~rK~, 6 ~ 19 7 8 !~'UR VALUE tt~CEiV~U~ the balance ot purchase price. the undersi~ned. J. E. LINDSEY and GLAUDIA G. LINDSEY, his wife promises to pay to GERALD M, SMITH and LINDA SMITY., his wife at Route 2~ Box 97-A~ Bostic, North Carolina, 28018 in lawful money of the United States the principal sum of Nineteen Thousand ($19,000,00) Dollars with interest at the rate of eight and one- half (8.57.) per cent per annum on the unnaid nrinciaal balance from time to time paid in the following i~anner: (i) 180 equal monthly'payments of One Hundred Eighty-Seven and 11/100 (5187.11) commencing one month from the date of this Note and continuin~ until the principal balance is vaid in.full. Such installment paycr,ents .shall first be anplied to the interest accruing. under ~ the terms of this Note and then ro a reduction of the orincipal indebtedness. This Promissory Note is secured bv a I~iort~a~e of even date herewith from J. E. LINDSEY and CLAUDIr~ G. LINDSEY, his wife as Mortgagor to GERALD M. SMITH AND LINDA SMITH~his~ wife as Mortgagee coverin~ real estate situated in St.Lucie County,Florida. This Promissory Note may be prenaid in whole or in part at any time or titrtes without Denalty, premiums, ~oints or restrictions. -On February 25,1971 ~'ernon B. Simpson executed a Promissory Note payable to Judith B. Shelby, a widow ?r. the principal amount of $15,000.00 which Note is secured by a Mortga~e dated February 25, 1971 covering the same real estate in the Countv of St. Lucie, State of Florida as is covered by the Mortgap_e sec~irin~ this Promissory Note,which Mortgage to Judith B. Shelbv is recorded ~ in 0. R. Book 190, Page 13~4 of the Public Records~of St. Lucie ~ County, Florida and is herein called rhe "First Mort~a~e". Said ~ Note dated February 25, 1971 and secured by the First Mort~ap,e is f hereinafter called "First Note". i ~ The holder of this promissory note, ~y accertin~ this ; Promissory I3ote, agrees for itself and for its vartners and ~ their respective heirs,personal representatives, suc~essors and ~ assi~ns, as foZlows: ~ ~ 1. In will dulv comply k•ith each and every of the obli~;ations of the maker under the First Note, and af the mortRagor under the First Mortgage, and will not cotnmit or suffer te be com~r.itted any default under either of said instruments; ~ 2. In the event a default occurs under either the First ~ ~ Note or the First '.~ort~a~e, the undersi~ned has the right but is not obligated, to cure such ~efau2t and to deduct anv sums naid ~ to cure sar.ie from the ~rincipal indebtedness evidenced bv this ~ Promiss'ory Note. ~ ~ ~ 3. The payments required to be made under this Promissorv - 'T. Note pursuant to the provisions of subsection (i) hereof rnay, ~ at the option of the undersi~ned, be oaid directly to the ho2der ; of the First Note to the extent of the total oavments due under t!~e ~ First Note ,whether or no[ there has been any default thereunder, ~ and any and all such nayments shall be ~edited against the indebt- ~ edness under this Promissorv Note and against the sur,~s matured ~ or first maturinR thereafter under this Promissory Note; thus, ~ if the undersigned elects to oav the monthiv installments L . ~ required under subdivision (i) of this Promissorv Note directly ~ to the holder of the First :Vote to the extent of~the total navmen~s ~ due under the First ?lote, the undersi~ned shall be relieved of the ~ obligation to pay such motithiy nayments to the holder of this ~ note to such extent, and shall receive full credit for each such 4~ u ~ ~aoK 282 e~~ 844 ~ ~Y .