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- $25, 700. !t0 Fort Piclcc, Florida
PROMISSORY NOTE February 1980
FOR VALUE RECEIVED, the undersigned promises to pay to the order ~
of PETER J. MILOBAR and LINDA MAE MIL013AR, his wife, the principal sum
of TWENTY-FIVE THOUSAND SEVEN HUNDRED AND NO/100 DOLLARS ($25,700.00),
. both principal and interest being; payable in lawful monoy of the United
States or its equivalent, at resident address of payee said principal sum
- to be payable on the daces .and in the amciunts speci f icd- below, to. wit
This mote is payable as follows: No interest or principal shall be due until January
30, 1985. On January 30, 1985, the payor has the option to either pay the deferred
interest which has acclmilated at 8-1/2% on the unpaid principal balance of the Promis-
sory Note from January 25, 1980, to .-nxl incluclin}; January 30, 1985, or to capitalize
the deferred interest and pay it over five (5) years thereafter. On January 30, 1985,
the payer shall make a principal payment only of Five ltiausand Dollars ($5,000.00).
Five (5) equal principal payments plus interest at 8-1/2°~ an the unpaid principal balance
shall be due and payable armually *_hereafter_ (A principal payment plus interest on the
unpaid principal balance at 8-1/2% per. annum shall be due January 30, 1986, Jannuary 30,
1987, Jaraiary 30, 1988, January 30, 1989, and January 30, 1990.) This note may be pre-
paid in whole_or in part at any time witl~ut penalty.
Each maker and endorser severally waives demand, protest and notice of maturity, non-
payment or protest and all requirc3nents necessary to hold each of then liable as makers
and encbrsers.
Each maker and endorser further agrees, jointly and severally, to pay all costs of
collection, including a reasonable attorney's fee in case the principal of this note
or any payment on the principal or any interest thereon is not paid at the respective
maturity thereof, or in case it becomes necessary to protect the security thereof,
f whether suit be brought or rot. -
This note and deferred interest payments shall bear interest at the rate of 8-1/2% per
amum from maturity until paid.
This note is secured by.a second irortpate of evrn date herewith and is to be construed
and enforced accordir~; to the laws of the State of Florida upon default in the payment
of princi-pal and/or interest (and such default ccmt>1~ues for 15 days) due on any rote
secured by said Mortgage, all rotes so secured and rmriining unpaid shall forthwith i
become due and payable notwithstanding their tero~r.
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