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PROMISSORY-. NOTE
. $52,000.00 West Palm Beach, Florida, January , 1980.
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FQR VALUE RECEIVED, we KENNETH A. JACKSON and SUSAN J. JACKSON, his
wife, jointly and severally, promise_to pay to the order of ROBERT
C. McKINNEY and GAIL"-L.~ ~IcKINNEY, his wife, the sum of FIFTY TWO
THOUSAND ($52,000.00) DOL~.ARS, with interest thereon from date hereof,
at the rate of Twelve percent (12$) per annum on-the unpaid balance
of principal- remaining due from time do time, payable in quarterly
installments of TWO THOUSAI~'D SEVEN HUNDRED SEVENTY ONE and 24/100-
. ($2,771.24) DOLLARS each, including principal and interest, begin`ninq
April 28, 1980, and a like sum shall-be due on the same day of each
January, Ap~ri~, July-and Qctober of each year thereafter until Hilly
paid.. - -
In ttie event of default in the payment of any'of the installments
above mentioned and if said default shall continue for a period `
of twenty {20) days or more, then, at `the option of the holders, the-
entire balance of principal shall immediately become due and-.payable
without notice,-and the principal amount--then remaining due, .shall
bear interest at the rate~of Fourteen percent (14$) per annum, from
the date of the default until fully laid, or the default corrected.
Failure to exercise this option shale not con$titute a waiver~of the
' right to exercise the same in the event of any subsequent default.
4
The makers of this note shall have the right and option to pay ail
or any part of this note at any time before due, with interest to
date of payment only, and:without penalty, after April 28 , 1985,-'but
prepayment may not be made prior to April 28, .1985.
The makers and .endorsers of this note further agree to waive demand,
notice of non-payment, and protest of this note, and in-the event
suit shall be brought for the collection.thereof, or same has to:be
collected upon demand of an attorney, to pay all costs of such
collection, including reasonable attorney's fees. _
- pare A. ~cxso~ (SEAL)
KENNETH .A. JACKSON
1'~ - SUSAN A>~ J. ~ JACR80~i (SEAL)
JACKSON