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PURCHASE MONEY PROMISSORY NOTE
:?40,000.00 Fort Lauderdale, Florida 197'9
FOR VALUE RECEIVED, the undersigned promises to pa to the order of
JACK CUIuII4iINGS, Trustee, his successors and assigns at 2667' East Commercial
_ Boulevard,__Fort Lauderdale, Florida 33308 or such other place as the holder
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hereof may, from time to time, direct-iri writing-(the-"Payee");-the- pr
sum of SEVEN HUNDRED FORTY THOUSAND (:?40,000.00) DOLLARS th -
interest thereon from the date hereof computed on the principal balance
outstanding from time to time at the rate of nine (9~) percent per annum
payable as follows : - -
Commencing on the 14th day ~ March 1980 and every six
(6) months thereafter~Fie amount o ~ ~ 1 • shall be
due and payable until the 14th day o se te. er 98 , at
which time the entire unpaid principal balance, pus accrued in"~erest
thereon shall be due anc~ payable .
All payments shall be first applied to interest due and payable and then
to reduction of principal . The indebtedness evidenced by -this Note ma be
prepaid only after January 1, 1980, after which time it may be prepaid in
whole or in part at any time without premium or penalty. Prepayments shall
be applied to the last installments of principal due.
Payment shall be made in legal tender of the United States. This Note
may not be modified orally but only by an agreement in writing signed by the
party against whom enforcement of any waiver, change, modification or dis-
charge is sought. All parties to this Note, whether maker, principal, surety,
guarantor or endorser hereby waive presentment for payment, protest, notice
of protest, demand, filing of suit and diligence in collecting this ~ Note or
enforcing its terms and waive notice and demand
All endorsements and/or guaranties of this Note shall have the same
effect as though the endorser and/or guarantor were the primary obligor on
this Note and Payee need not seek to enforce its remedies or exhaust its
remedies against any maker, endorser or guarantor of this Note prior to
proceeding against any othe maker, endorser or ~Yuarantor, as a prime
obligor: in the event of a d ault under this Note.
If there is a default in a payment of any ` Zstallment due hereunder
whether interest or principal and such default co.i~nues for ten (10) days
after the date that such payment is due, then at the option of Payer, the
entire principal sum hereof remaining unpaid, together with interest acs.. ued
and u~paid, shall become immediately due and payable without further notice.
I~ayee shall be entitled to be reimbursed for all costs, fees and expenses
incurr. ed in collection, including without limitation, reasonable attorneys' fees,
which ft may incur, whether incurred in settlement,. suit or appeals.
Each endorser and guarantor hereof consents, without notice, to any and
all extensions of time, changes in term of payment, or any other modifications
made in the terms hereof and each endorser and guarantor agrees to continue
to be liable to pay the amounts due hereunder with interest at the rate herein
indicated, as and when due. -
EXHIBIT A
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