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PROMISSORY NOTE
$167,541.43 Stuart, Florida
, 1979
~6 , F'OR VALUE RECEIVED, the undersigned jointly and sever-
ally, promises to pay to the order of HAZEN KREIS the sum of
. ONE HUNDRED SIXTY-SEV-EN THOUSAND FIVE HUNDRED FORTY-ONE AND
~ 43/1OO DOLLARS ($167,541.43) at 10500 A-1-A, Jensen Beach, Florida,
or such other place as the holder hereof may designate in writing,
together with interest from date at the rate of 10~ per annum,
; payable at maturity.
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~ If default be made for 30 days in the payment of any installment
; of principal or interest or any part thereof, the whole su~r~ then
i remaining unpaid with interest shall, at holder's option, become
~ due and payable without notice. Failure to exercise such option
shall not constitute a waiver of the right to exercise the same
in the event of subsequent default. After maturity, both princi-
, pal and accrued interest shall bear interest at 10$ per annum ,
f j until paid. The makers and endbrsers of this note further waive
demand, notice of non-payment and protest. If this note is not
~ paid at maturity and the same is placed with an attorney for
collection, the maker and endorser hereof agrees to pay all costs
~'a of collection, including all court costs and reasonable attorneys'
~ ~ fees, including appellate fees.
TURTLE REEF ASSOCIATES, INC.
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H~n K eis, Presid nt
~ (CO ORAT SEAL) ~ '
P~~ ATT T : ,~J
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, ~ ~~cretary
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~ Payment shall be made pursuant to the terms of the "Agreement--
Exhibit A" dated March 15, 1979 between Hazen Kreis, Robert A.
~ Epperson and Turtle Reef Associates., Inc. a Florida Corporation.
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312 ~~~E 1379
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