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E}~IIBIT "C"
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PROMISSORY NOTE Q
$192,000.00 November Z0 1979
FOR VALUE RECEIVED, the undersigned, jointly and severally promises to
pay to the order of ERSKINE FLORIDA PROPERTIES, INC., and ERSKINE CONTRACTING
CORPORATION, in lawful money of the United States of America, the sum of
ONE RUNDRED NINETY-1W0 THOUSAND and no/100 DOLLARS ($192,000.00), without
interest until June ~0, 1981, and
After June 30, 1981, the remaining principal balance, if any, shall be
increased by ten percent (10X) to establish a first revised principal balance
which shall then be due and payable without interest on or before June 30, 1982.
In the event any of the first revised principal balance remains then un-
paid, the then unpaid principal balance shall be increased by fifteen percent
(15X) which new sum shall be the second revised principal balance due and pay-
able, without interest, on or before June 30, 1983. ~
This Note shall not be in default until July 1, 1983.
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If default be made for thirty (30) days in the payment of the second
revised principal 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.
Should it become necessary to collect this Note through an attorney,
each of us, whether maker, surety, or endorser, hereby agree to pay all cost
of said collection, including a reasonable attorney's fee and cost of appeal
j 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 `
I thereof belonging to any of us now or hereafter in the 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 to holder due or to become due.
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ATTEST• ISLAND VIL E CHINSON ISLAND
• DEVELOPMENT
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Secretary President
(Corporate Seal)
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