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t~ PROMISSORY NOTE
j~AMOUNT: $780,000.00 _ EXECUTED AT: PALM BEACH,FLORIDA
~ INTEREST RATE : 11 1/2$ EXECUTED ON : SEPTEMBER,,,~~, 1979 ~pp
i; 1
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FOR VALUE RECEIVED, the undersigned jointly and severally
;'promise to pay FIRST NATIONAL BANK IN PALM BEACH, a national
banking association, or order, at 255 South County Road, Palm
~~Beach, Florida, or at such other place as the holder hereof may
~~~~Psignate in writing, the principal sum of SEVEN HUNDRED AND
EIGHTY THOUSAND DOLLARS ($780,000.00); provided, however, this
j obligation shall bear interest only, at the rate of eleven and f
one-half percent (11 1/2$)~per annum, on amounts actually disbursed
~.to or for the account of the undersigned, which interest shall be
;payable monthly after the date hereof until thirty six (36) months
_ :from date, at which time the principal is due and payable in full,
together with interest_at the rate hereinabove stated.
This indebtedness may be prepaid in whole or in part at any
~~time without penalty. '
l~
~ This note shall be considered in default when .any payment
~lrequired to be made hereunder shall not have been made within
;l thirty (30) days following its due date. In the event of such
default or in the event of any other default in payment of any j
;t sum or any obligation required by the terms hereof, the entire
'!unpaid principal and interest shall, at the option of the holder
~ihereof, become immediate?y due and payable. In~the event of any
;j such default full power and authority is hereby given to the payee -
;bank by each of the .parties liable for the payment-hereof to apply
~~-toward payment of the within indebtedness any balance then standin
to the credit of any accounts maintained with the payee bank by
';such parties, and further, to sell, assign and deliver or otherwis
:;dispose of any property or securities of such parties in the
i;possession of the payee bank-in the manner prescribed by law for
;,realizing upon collateral security upon default, and including the
~ _ ~lremedies prescribed by Subsection 679.9-504, Florida Statutes. ~
All makers and endorsers now or hereafter becoming parties
''hereto jointly and severally waive demand, notice of non-payment ;
~~and protest, and agree to pay reasonable attorney's fees in the t -
?'event this promissory note is given to an attorney for collection,l
:;together with all other costs of collection.
All parties liable for the payment hereof agree that additional
-!makers, endorsers, guarantors or sureties may become parties hereto`
~~without notice to them and without affecting their liability here-
! under . -
This promissory note is se^°,red by a mortgage deed of even
'±date herewith between the makers and payee herein, on property
situated in the State of Florida, and is to be construed according,
:to the laws of said state. - !
;jATTEST: S.C.S. TARPON BAY, INC., a
Florida Corporation
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~~By V~J~~1L~t~.1Z. W~tTtC.i x.15 BY : 'S( ~Q1e~. y
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~p ~ `~G~brporate Seal )
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~ ` BOOK3~.7 P~E2404
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~NOTB: .Home Federal Savings & Loan Association of Palm Beach has I
no liability for the within indebtedness.
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