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REPLACEMENT
PROMISSORY NOTE
U.S. $ 16,400.00 Date: February 17, 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 Sixteen
Thousand Four Hundred dollars (U.S. $16,400.00
together with interest on the unpaid principal at the rate of Ten
percent (10.00 per annum from February 17, 1979
until paid in full. The unpaid principal balance shall be paid in
Four 4)equal annual installments of Three Thousand Six Hundred
dollars (U.S. $ 3,600.00 ) and one final installment of Two
Thousand dollars (U.S. $ 2,000.00 )
with interest at the rate of 10.00 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 February 17, 19$x. Annual payments of principal plus
accrued interest shall be due and payable as follows:
February 17, 1980 - $ 5,240.00
February 17, 1981 - $ 4,880.00
February 17, 1982 - $ 4,520.00
February 17, , 1983 - $ 4,160.00
February 17 , 1q 84 - $ 2,200.00
` 19 - $
, 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 February 17,
1976 (herein referred to as the "Original Note"), the-Original
Note being secured by a mortgage dated February 17., 176 •
recorded in Official Record Book 249 at Page 2365 Pub-
~ lic Records of St. Lucie County, Florida (herein referred to as
the "Mortgage");
(b) As of the date of this Note, the unpaid principal
balance under the Original Note is 16,400.00
dollars, plus accrued interest thereon at the rate of ln_n0
percent per annum from February 17, 19~- -
2. The undersigned shall have the right to prepay this Promi_
sort' 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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