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PROMISSORY NOTE i
$27,700 ~ Fort Piercer Florida
January 1980
- Fbr value raoeived, T, vie or either of us, P to pay, without
dsfalcati,on, `bo the aac+c3er of THOMAS .?'AMES 'sARR TRUST _
at Rout_ a
3_ Mars Hill, North Carolina 28754, the sum of y
---Twenty-5aven Thousand Seven Hundred and no/100 Dollars----
with interest fran date at .the rate of --9$-- per annua, based upon a t
ten i 30) Yom' PaY . 3n irstallr~ts as follows
5350.90 on the day of ~ ~.'C N ,1980. and a L~k~e ~
sum an the voacrrnspa~ditg day of each lilts suooeedirx~ period therealfter
. far. a .period cf five years car sixty (603 installments, wherwpon the _
-fatal paritrigal and inber~t is due and palab~le in full.
If the to~tat p~aipal and ~.nterest is not paid 3n full with the
sixtieth (50th) t, the effective interest rate shall increase
}
by -18-- Per Year. t2:rough the tenth (lOthJ and- final year of- pay-
ment cn the Unpaid ~,t ~*y!~ bal,anoe due, as fall,owls:
- - 6th dear Interests Ten Fbreent (10$)
. - 7th year - -7nbezest: ~ =S1.evea Flez~aes~t (11~) -
8th year - Inert: Twelve Plervent (12$) t
_ ~
9th year Interest: 3hirtreen Percent (13$) 4
- f
{
10th year Interest: Fourteen Pmt (14$)
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` Right of pmepaynaesit in full; cor in part at any time without penalty. - ~
j Each installment first shall be applied fn payment of the interest and then on the `
unpaid balance of the principal sum. If default is made in the payment of any in-.
stallment~when due, then at tha option of the holder, and without_arry other notice
all the remaining installments shall be due ant: gayable at once. Privilege is given
to pay two or a+ore installments. at nay instalLoent maturity date, but this shall
not extend the time-of-maturity of any subsequent installment. Neither-forbearance
nor acceptance by-the holder hereof after any default in arty payment t:ereon, shall
be dewed extension. Each maker, surety and endorser hereof jointly and severally,
waives-demand, presentment, protest and notice of protest for nonpayment, and fur-
they agrees to any extension of time of payment, either before or after-maturity,
x without notice to any of use aAd to pay all costs of collection, including areason-
able attorney's fen in .the elvent of any default hereunder, and hereby severally
~ waives all benefit of hooestead and exeaption under the constitution and laws of
each State of -the tTni.ted States, as against this obligation or any .extension or
k renewal hereof. Witness th8 nand and seal of each pnrty.-
.7 - , _
4 319$ s~>:Ax oRSAZ, GARDENS, INC, '
R
f980 JAN 18 ~ 33 ~
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L ~ ~ ~L~% ~ (SE11L)
FfLEOAN~FEC~~OEO Sar E. Peek - Preside
ST. LlJC1E COU9 T Y. Fl A.
. RQGER POiTRAS
q.ERX ClRCl1lT C ~ ` ~ ~ -~4 ` 1; (SEAL )
1lECORO YERlFlEL~__~~fl~ F eq n r1 -Harris Secretary ~ t
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