HomeMy WebLinkAbout1585 BALLOON WRAP-AROUND NOTE
$90,000.00
Fort Pierce, Florida, December 3 A.D., 1979.
For value received, I or we, jointly and severally promise to pay
to the order of MAURICE SNYDE~t and JEFFREY S. FURST, Fort Pierce,
Florida, NINETY THOUSAND AND NO/100------($90,000.00)----Dollars,
at Fort Pierce, Florida, or as
des gnate y payee; n monthly installments of $868.52. The
first installment to become due and payable on or before the
3rd day of January A.D,, 1980, and one installment to become due
and payable on or before the 3rd day of each succeeding month for
fifty nine consecutive months, which payments include interest
from date at the rate of 10~ per annum. Five years from date,
the entire remaining principal balance, plus accrued interest to
date, if any, shall balloon and be due and payable.
If any installment, including the final balloon principal
installment, of this note is not paid at the time and place
specified, and such default continues for 15 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 portion of the
principal amount of this note is represented by the unpaid balance
of principal of that certain first lien promissory note dated
July 31, 1972 executed by DIXIE GIST GENTRY and payable to
JAMES WYNN and VERONICA WYNN, in the original principal-amount
of $57,500.00; and a portion o£ the principal amount of this
note is represented by the unpaid balance of principal of that
certain second lien promissory note dated December 12, 1972,
executed by Maurice Snyder, Theodore Smith and Jeffrey S. Furst,
a co-partnership, doing business as Maurice Snyder, Theodore
Smith and Jeffrey S. Furst, and payable to the order of
DIXIE GIST GENTRY, in the original principal amount of $12,000.00.
(b) Maker shall make payment direct to Payee. 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 and second notes are not paid when the same becomes
due and payable, maker shall have the right (but shall not be
obligated) to pay such installment payable under the first and
second notes as they become 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 date
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.
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a~321 P~f1584