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i~IRAPAROUND PURCHASE MONEY MORTGAGE NOTE
$22,500.00 Fort Pierce, .Florida.
vai uoaY a.i, as
FOR VALUE RECEIVED the undersigned promises to pay to the order of
G & A VENTURES, A FLORIDA GENERAL PA#tTNCRSHIP the principal sum of
Twenty Two Thousand Five Hundred Dollars together with interest thereon
at the rate of twelve (128) per cent der'annum from this date until
maturity, both principal and interest being-payable in lawful money of
the United States, such principal sum and interest payable in installments
as follows:
180 equal monthly payments of $270.05 with .the first payment to commence
on March 13,1980 and a like sum on the corresponding day of each like
succeeding period thereafter until the entire principal balance is-paid
in full. '
baker shall pay the note holder (a)during each of the first three loan
years 6.75$ of the amount by which the sum of prepayments made in any
such loan year exceeds 208 of the original amount of-the Note and (b)
during the fourth and fifth loan years 3$ of the amount by which the sum
of prepayments is any such loan year exceeds 208 of the original principal
amount of the Note.
The terms of this Note are fully subject to the Rider to the Mortgage
securing this Note making this a Wraparound Mortgage :cote. Any prepayment
shall first be applied to the First Mortgage and Note and after it is
satisfied the remaining balance shall be paid to the holder of-said Note.
Such installment payments shall be applied first to the interest
accruing under the terms of this Note and then to a reduction of the
principal indebtedness.
The makers and endorsers of this note further agree to waive demand,
notice of non-payment and protest, and in the event suit shall be brought
for the collection hereof,or the same has to be collected upon demand by
[ an attorney,to pay-reasonable attorney's fees for making such collection.
~ All payments hereunder shall bear interest at the rate of twelve (12$) '
~ per cent per annum from maturity until paid.This note is secured by a
' mortgage of even date hereiwth and is to be construed and enforced ac-
cording to the laws of the State of Florida;upon default in the payment of
principal and/or interest when due,the whole sum of principal and interest
remaining unpaid shall,at the option of the holders become immediately
due and payable. Failure to exercise this option shall not constitute a
waiver of the right to exercise the same in the event of subsequent default.
Payble at 403 South Fourth Street ~-V~ J-j
~ Fort Pierce, Florida, 33450 or
such other place as shall be HEt7R GAHN,III
designated by the holder of this '4~1~~~
Note in writing.
l980 f E8 15 ~M ~ 48
CEO o Rl:c s°?
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CIEfIK CIRCINT~r~
IIfC01t0 VERIFIED...- 7
~ BOOIIc~G~J PAfiE~~