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WRAPAROUND
PURCHASE MONEY MORTGAGE NOTE
5355,000.00 Fort Pierce, Florida
January 1,1980
FOR VALUE RECEIVED the undersigned promises to pay to the order of
UNITED PARTNERS III,INC., a Florida Corporation the principal sum of
Three Hundred Fifty Five Thousand Dollars with interest thereon at the
rate of twelve (128)percent per 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:
Twelve(12)equal monthly payments of 55,000.00 with the first payment to
commence on February 1,1980 and a like sum on the corresponding day of
each like succeeding period thereafter; and commencing February 1, _
1981, equal monthly payments of $6,000.00 with a like~sum due on the
corresponding day of each like succeeding period after February 1,
1981 until the entire principal balance is paid in full.
~rhe maker of this Note has the right to prepay according to the
prepayment terms provided in the Agreement for Purchase and Sale of
Business and Real Property executed on January 1,1980 by the Seller,
UNITED PARTNERS III,INC. and the Buyer, CRAIG C. MATTHEWS.
The terms of this Note are fully subject to the Rider to the Mortgage
securing this Note making .this a Wraparound Mortgage Note. Any prepayment
shall first be applied to the First :lortgage and Note, then to the
Second Mortgage and Note, and after both are satisfied the remaining
balance. shall be paid to the holders of said Note.
A late payment charge of five percent of the delinquent payment shall
be added to each installment remaining unpaid ten days after its due
date.
Such installments payment shall be applied first to the interest
accruing under the terms of this Note and then to a reduction of the
principal indebtedness.
Tha 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
nor the collection hereof,or the same has to be collected upon demand
~f an attorney,to pay reasonable attorney's fees for making such
~.ollection. All payments hereunder shall bear interest at the rate of
i twelve (12~)percent per annum from maturity until paid.This note is
secured by a mortgage of even date herewith and is to be construed
and enforced according to the laws of the State of Florida upon default
Yn 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 exe se his option shall
not constitute a waiver of the right to exercise he s e in the event
of subsequent default.
~~ayable at:P.U.Box 1152 ~ ,
Fort Pierce,Florida,33450 IG T
~ or such other place as shall be
~ designated by the holder of this
t Note in writing.
4'78'755
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