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EXHIBIT "C"
PROMISSORY NOTE
=1.580.000.00 August 7 .1979
FOR VALUE RECEIVED. the undersigned. jointly and severally promises to pay
to the order of BRSIaNE FLORIDA PROPBRTiBS . INC . , and BRSICIIJ3 CONTRACTING
CORPORATION.
in lawful money of the United States of America the sum of ONB MILLION FIVE HUNDRED
EIGHTY THOUSAND and No/100 DOLLARS (=1; 580.000.00) . without interest until June 30.
1981. and
After June 30. 1981. the remaining principal balance, if any. shall be increased
by ten percent (10$) to establish a Srst revised principal balance which shall then be
due and payable without interest on or before June 30. 1882.
In the event any of the Srst revised principal balance remains then unpaid. the
then unpaid principal balance shall be increased by Sfteen percent (15$) which new
sum shall be the second revised principal balance due and payable;~without interest.
on or before June 30. 1983.
This Note shall not be is default until July 1. 1983.
If default be made for thirty (30) days in the payment of the second revised prin-
cipal balance outstanding as of June 30. 1983. the whole sum then remaining unpaid
shall become due and payable at holder's option without notice. After maturity on
June 30. 1983. the then unpaid second revised principal balance shall bear interest at
the maximum rate then allowed by the laws of the State of Florida.
• The makers. sureties. endorsers and guarantors of this Note hereby severally
waive presentment for payment. notice of non-payment. protest and notice of protest
and diligence of bringing suit against any party hereto and consent the time of payment
may be extended without notice thereof to any of the sureties of this Note.
i
` Should it become necessary do collect this Note through an attorney. each of us.
I whether maker, surety, or endorser, hereby agree to pay all cost of said collection
including a reasonable attorney's fee and cost of appeal whether suit be brought or not.
The holder hereof is hereby expressly authorized to retain any general or special
deposit. collateral, real or personal security or the proceeds thereof belonging to any
of.us now or hereafter in tie possession of the holder during the time this note remains
unpaid and before or after maturity hereof may apply the same to this Note or any other
debt or liabilities of any of us Lo holder due or to become due .
ATTEST: OCEAN TOWE OPMENT
O CORD 1 da corporation
s re 456841 By
Its. esi t
(Corporate Seal)
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