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REPLACEMENT
PROMISSORY NOTE
U.S. S 1'~,495_6~ Date: April 1 , 1979
FOR VALUE RECEIVED, the undersigned, jointly and
severally, promise(s) to pay to Venture Out in America, Inc., a
Delaware corporation, or its assigns, or its order (hereinafter
"Holder") at its offices in Mesa, Arizona, or at such other
place of payment as Holder may designate hereafter in writing,
the rinci al sum of vie and 60/100
P P Thirteen thousand four hundred ninety/QO ars
(U.S. $ 13,495.60 together with interest on the
unpaid principal at the rate of ten percent (10.000 per
annum from April 1, 1979 until paid in full. The
unpaid principal balance shall be paid in six (6) equal _
annual installments of Two thousand two hundred fifty
dollars (U.S. $ 2,250.00 ) with interest at the rate
of 10 percent per annum on the unpaid principal balance to
be added to each payment of principal, with the final annual
installment of principal and interest due on or before
April 1 , 19 8S. Annual payments of principal plus
accrued interest shall be due and payable as follows:
April 1 19 80 - $ 3,599.56
April 1 19 81 _ ~ 3,364.56
April 1 ~ ~ lg 82 _ $ 3,149.56
April 1 ~.lg 83 _ $ 2,924.56
• April 1 ~ lg 84 _ $ 2,699.56
April 1 • 1985 $ 2 470.6
All payments received shall be applied first to interest accrued
to the date o~ 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 i•:'abtedness to Venture Out in America, Inc.,
• such indebtedness bein: evidenced by a Promissory Note dated
April 1, 1977 _ (herein referred to as the "Original
Note"), the Original Note being secured by a mortgage dated
_ April 1, 1977 , recorded in Official Record Book 270
~ at Page 1109 Public Records of St. Lucie County,
Florida (herein referred to as the "Mortgage");
(b) As of the date of this Note, the unpaid balance
under the Original Note is $13,495.00
dollars, plus accrued interest thereon at the rate of 10.00 •
percent per annum from April 1 , 1979 .
2. The undersigned shall have the right to prepay this
Promissory Note in full or in part at any time without prepay-
ment penalty. Any partial prepayment shall be applied against
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