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PROMISSORY NOTE
$30, 000 00 ~ APRIL 7 , 1980
FOR VALUE RECEIVED, the undersigned, jointly and severally promise to
pay to CHARLES FARLOW and EDNA R. FARLOW, his wife at 425 Peachtree Street,
Asheboro, North Carolina or c.rder, in the manner hereinafter specified, the principal sum
of THIRTY THOUSAND and NOi 100 -------DOLLARS ($30, 000. 00). The said principal
with an interest from the date at the rate of twelve (12) percent shall be payable in lawful
money of the United States of. America at the above stated address or at such place as may
hereafter be designated by written notice from the holder to the maker hereof, on the date
and in the manner following:
Beginning May 30, 1980 and continuing through April 30, 1981 interest
payments in the amount of $300. 00 per month shall be due; May 30, 1981 through April 30, 1982
interest payments in the amount of $240.00 .per month shall be due; May 30, 1982 through
April 30, 1983 interest payments in the amount of $180.00 per month are due, May30, 1983
through April 30, 1984 interest payments in the amount of $120.00 per month are due;
May 30, 1984 through April 30, 1985 interest payments in the amount of $60.00 per month
are due. Annual payments on the principal in the amount of $6, 000.00 are due on April 30, 1981
and each succeeding year thereafter on April 30 through April 30, 1985 when the entire
principal balance will be paid. The makers of this Note hereby reserve the right of
prepayment in whole or in part at any time without penalty.
This note with interest is secured by a mortgage on real estate, of even date herewith,
made by the maker hereof in favor of the said payee, and shall be construed and enforced
according to the laws of the State of Florida. The terms of said mortgage are by this
reference made a part hereof.
If default be made in the payment of any of the sums or~interest mentioned herein or in
said mortgage, or in the performance of any of the agreements contained herein or in said
mortgage, then the .entire principal sum and accrued interest shall at the option of the holder
hereof become at once due and collectible without notice,. time being of the essence; and said
principal sum and accrued interest shall both bear interest from such time until paid at the
highest rate allowable under the laws of the State of Florida. Failure to exercise this option
shall not constitute a waiver of the right to exercise the same in the event of any subsequent
default.
~ Each person liable hereon whether maker or endorser, hereby waives presentment,
protest, notice, notice of protest and notice of dishonor and agrees to pay all costs, including
a reasonable attorney's fee, whether suit be brought or not, if, after maturity of this note or
~ default hereunder, or under said mortgage, counsel shall be employed to collect this note or
to protect the security of said mortgage.
` Wherever used here in the terms 'holder', 'maker' and 'payee' shall be construed in
the singular or plural as the context may require or admit.
~ The tax required by Section 201.08 of the Florida Statutes has been paid and proper
stamps have been affixed to tfie Mortgage which secures the obligation evidenced by this .
~ Note.
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