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1Nhlle in default, all sums due under. the Note shall bear interest at the
highest permissible rate of interest permitted by Florida law. .This Note shall
be governed by the laws of -the State of Florida.
This Note is a "Wrap-Around" Note whereupon a portion of the principal
- amount of this Note is represented by -the unpaid balance of principaY of tthhat _
certafn first lien Promissory Note, dated December 23, 1974, executed by the
- Payee which is payable to the order of Ronald Howe, as Trustee, and has a
_ _ _ pr~e~t_ outstandng_ prindpal balance due of_ =247,702.41 (the "First Note"),
which First Note is secured by a Mortgage recorded-in
Official records-Book- - -
234, Page 2838 of the .Public Records of St. Lucie County, Florida ("First
Mortgage"). Provided that the Maker hereunder has timely made all payments
_ of principal and_ interest as required by the terms of this Note, the Pa ee
agrees to pay regular sc7ieduled installments of prindpal--anti--interest y le
under the -First Note as the same shall become due and payable and to fiurnish -
evldence of payment to the Maker at the time of making each such payment.
This Note is secured by a purchase money wrap mortgage of even date
herewith and reference is made to .such mortgage for additional rights and
remedies : - - - - -
The term "Payee" as used in this Note shall initially refer to Jack Cum=
mings, as Trustee. In the event that Tack Cummings, Trustee, assigns this
Note, in writing, the term "Payee" shall refer to such assignee and Jack Cum-
- wings, Trustee, shall be and hereby is en y relieved of all
obligations of -Payee subsequently. accruin
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STATE OF ~ ) -
MARONING Ss.:
~-COUNTY OF ~8C)
~ ' I HEREBY CERTIFY that or. this day personally appeared before me, an
officer duly authorized and acting ROBERT L. LIPTON, to me known and
~ known by me to be the individual described in and who executed the foregoir_~
instrument and acknowledged before me that he ~ executed the same for the
` purposes therein expressed.
WITr:i ~S my d and offi~'al seal in the County and State last aforesaid
this lCt~~ t:r• of 1979.
otary c
My Commission Expires: ~
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ARIMt1R R. K fRtECIttiM, Atfarn~ k ter
- Madry l~l+c tb ~+iraoon d~ .
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