HomeMy WebLinkAbout2242 r
WRAP-AROUND NOR'E
Fort Pierce, Florida, November 20, 1979. $250,000.00
For value received, I or we jointly and severally promise to pay
to the order of H. H. REESE and IRENE H. ItEESE, his wife, of
Fort Pierce, Florida,
TWO HUNDRED AND FIFTY THOUSAND AND NO/100-----($250,000.00)DOLLARS 3
payable at Post Office Box 3718--------------------------------
Fort Pierce, Florida, or as designated by payee, in monthly install-
ments of $ 2,249.40 ~ The first. installment to become due and
payable on or before the 20th day of December , 1979, and
one installment to become due and payable on or before the 20th
day of each succeeding month until the whole of said indebtedness
is paid, including interest from date at the rate of 9$
per annum.
If any installment of this note is not paid at the time
and place specified and such default continues for 30 days, the
entire amount unpaid shall be due and payable at the election of
the holder hereof. All parties hereto, whether makers, endorsers, ;
sureties, guarantors, or otherwise, hereby waive demand, notice
and protest. If placed in the hands of an attorney for collection,
we jointly and severally agree to pay reasonable attorney's fees,
including appellate proceedings..
Each installment shall first be applied in payment of
the interest and then on the unpaid balance of the principal sum.
This note may be prepaid in whole or in part at any time
without penalty.
~ (a) This is a °Wrap-around" note, i.e., a protion of
the principal amount of this note is represented by the unpaid
balance of principal of that certain first lien promissory note
~ dated December 7, 1970, executed by JOSEPH LIPPSON and payable
to the order of HAZEL M. TRAVIS, in the original principal amount
of $132,000.00.
(b) Maker shall make payment as above stated. Payee
agrees to pay all of the .installments of principal and interest
payable under the first note before the same becomes due and
payable. In the event that any installment of principal and/or
interest payable under the first note is not paid when the same
becomes due and payable, maker shall have the right (but shall not
be olbigated) to pay such installment payable under the first note
as it becomes due and payable and to apply any such payment so made
(plus an amount equal to interest_at the highest lawful rate on
( the amount of such payment from the yate of payment by maker to
the date the next maturing installment of interest is due under
this note), as a credit against the next maturing installment of
interest due hereunder in the direct order of their maturity.
~ ~
L
8
PHILIP B. AHN
~ _
/ ~j
J. AHN ~ i
FEE, KOBLEGAR 8c TEEL., P: A.
ATTORNEYS AT LA1N
~o.T 0..,~t .Ox ~~K 320 P~~~ 2238
/ORT MtRCt, ILORIDA si460 aO~K
}