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$ 37.500.00 PROMISSORY NOTE Syugrt , Florida
" August 14, 19 79 .
FOR VALUE RECEIVED, the undersigned, jointly and severally,
PROt~ISE TO PAY to the order Of MAw.TN R_ HEMPHZLT. ANn ~TANE E_ HEMPHIi.L
the sum of THIRTY SEVEN THOUSAND FIVE HUNDRED AND NO/100---------------
DOLLARS ($37,500.00 a t 2594 Hounds Chase, Troy, Michigan 48098
or such other place as the holder hereof may
desi Hate in writing, together with interest from date at the rate
of ~en (10) percent ( 10 per annum on the unpaid balance
unti maturity. The said
principal and interest shall be due and
payable as follows:
One payment of principal shall be due and payable eighteen (18) months from
date of closing.
Accrued interest shall be payable semi-annually every six months commencing
six (6) months from date of closing and every six (6) months thereafter until
principal and accrued interest shall be fully paid.
THIS NOTE IS SECURED BY A MORTGAGE ON REAL PROPERTY IN ST. LUCIE COUNTY, FLORIDA.
Prepayments, in full or in part, may be made at any time, without
penalty. If default be made for 15 days in the payment of
any installment of principal or interest or any part thereof, the
whole sum then remaining unpaid, with interest, sha21, at holder's
g 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 principal and accrued interest shall bear interest
~ at ten -percent ( io - per annum until paid. _The ;
makers and endorsers of this note furtfier 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 makers and
endorsers hereof agree to pay all costs of collection, which shall
include costs, expenses and attorneys' fees on appeal.
SUNBLEST DEVELOPMENT,, INC. _ (SEAL}.
_ ~
~ gnOK315 PACE ~ I l 11 By SJ t (SEAL) _