HomeMy WebLinkAbout0966 REPLACEMENT
PROMISSORY NOTE
U.S. $ 12,880.00 Date: May 15, 1979
FOR VALUE RECEIVED, the undersigned, jointly and severally,
promise(s) to pay to Venture Out in America, Inc.,. a Delaware Corpora-
tion, or its assigns, or its order (hereinafter "Holder") at its
office in Mesa, Arizona, or at such other place of payment as Holder
may designate hereafter in writing, the principal sum of Twelve thousand
,~,j„ght hundred eighty and 00/100 dollars (U.S. 12,880.00
together with interest on the unpaid principal at the rate of ten
percent ( 10 per annum from May 15. 1979
until paid in full. The unpaid principal balance shall be -paid in
five equal annual installments of Two thousand three hundred and 00/100
dollars (U.S. $ 2,300.00 ) and one final installment of
One thousand three hundred eig~y dollars (U.S.~ $1,380.00 )
with interest at the rate of ten percent per annum on the un-
paid principal balance to be added to each payment of principal, with
the final annual installment of principal and interest due on or be-
fore Hay 15, 19~. Annual payments of principal plus
accrued interest shall be due and payable as follows:
May 15 19,$~ - $_3.588.00
May 1 S , 19~_ - $ 3 , 358.00
riay 1 5 19~_ - $ 3,128.00
May, 15 19 - 5 2.8 9 8.0 0
`iay 15 . 14$4_ - $ 2,668.00
~ May 15 19_$i - $ 1, 518 _ 00
19 - $
All payments received shall be applied first to interest accrued to
the date of payment and then to principal.
1. The undersigned represent, warrant, agree and acknowledge
that:
(a) This Note is being executed to clarify the terms of
the undersigned's indebtedness to Venture Out in America, Inc., such
indebtedness being evidenced by a promissory note dated
j 1975 ~ (herein referred to as the "Original Note"), t e Original
Note being secured by a mortgage dated May 15, 1975
~ recorded in Official Record Book 242 at Page ~g91 Pub-
! lic Records of St_ r.uc_iP County, Florida (herein referred to as
F
the "Mortgage");
(b) As of the date of this Note, the unpaid principal
balance under the Original Note is S12 880.00
dollars, plus accrued interest thereon at the rate of_~L
percent per annum from May 15 19~_. -
2. The undersigned shall have the right to prepay this Promis-
sory Note in full or in part at any time without prepayment penalty.
Any partial prepayment shall be applied against the principal amount
outstanding and shall not alter the due date of any subsequent annual
installment unless Holder agrees thereto in writing.
3. Time is of the essence of this Promissory Note.
4. Any of the following events shall, at the option of the
Holder, constitute a default hereunder, and upon such default all sums ~
evidenced hereby shall immediately become due and payable without
notice, at the option of Holder and shall bear interest from the date
of default at the highest rate of interest permissible under the laws
~ of Florida:
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