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PROMISSORY NOTE
x25,000.00 -
Apri ] /fl , 1980
FOR VALUE RECEIVED the undersigned promises to pay to the FLORIN BAPTIST
CONVENTION, a non-profit corporation organized and existing under the Laws of Florida,
or order, at its principal office at 1230 Hendricks Avenue, Jacksonville, Florida
32207, in lawful money of the United States of America, the principal sum of
TWENTY-FIVE THOUSAND AND NO/]00 DOLLARS (x25,000.00) payable as follows: x277.56
on the 1st day of April, 1981 and x277.56 on the 1st day of each and every month
thereafter until the whole of said sum has been paid in full, together with interest
on the amounts remaining from time to time unpaid at the rate of Six per, cent (6~)
per annu. Final payment of the entire indebtedness evidenced hereby sha1T be due and
payable on the 1st day of April ~ 1991 Said loan shall bear no interest and .
require no principal payments for one year after date hereof.
If DEFAULT is made. in the payment of any installment under this note,
and if such DEFAULT is not made prior to the due date of the next such installment,
the entire principal sum shall bear interest at the rate of twelve per cent (12~)
- per annum from the date of default until paid and shall at once become due and -
payable without notice at the option of the holder of this note.
The undersigned church shall at all times while this loan is in effect
continue to be a Southern Baptist Church maintaining fellowship with the Southern
Baptist Convention, the Florida Baptist Convention, and its local association. In
the event, the undersigned church ceases to be 'a cooperating church, the Florida
Baptist Convention through its Executive Secretary-Treasurer shall have the right
to accelerate maturity on the loan. Non-cooperation with the Souther Baptist
Convention, the Florida Baptist Convention, and its local association, shall be
determined by the Florida Baptist Convention, acting through its Board of Missions
and/or the Executive Secretary-Treasurer.
Failure to exercise these options by the Florida Baptist Convention shall
not constitute a waiver of the right to exercise the same in the event of any sub-
sequent default. In the event of default in the payment of this-note, and if the
same is collected by an attorney-at-law, the undersignec+ hereby agrees to pay all
costs of collection, including a reasonable attorney's fee, whether collection is
made by suit or otherwise. This Promissory Note is secured by a Mortgage of even <
date herewith and the terms of said mortgage are by this reference made a part hereof;
Presentment, protest, and notice are hereby waived by the undersigned church.
FAIRLAWN BAPTIST CHURCH of FORT PIERCE
- ~ ~B ~ I ~ ~ 3~ By S/ EDWIN H. BAWLING
EDWIN H. BAWLING
~o ~ ~ a S/ RAYMOND H. - HI XSON
s~~ut ~ RAYMOND H . HI XSON
it CsCINt tit~N
~asRa v[a;fiFO S/ CHARLES WOOLEY
- CHARLES WOOLEY
4~~15 ~ TRUSTEES
- $329 ~d~ 745