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PROMISSORY NOTE ~ ~ /
6181,050.00 Date: ~(!~p
In the manner hereinafter stated, I, we or either of us promise to
pay to the order of Kenneth Drew and Evelyn Drew, his wife, Larry K.
Drew and Raymond E. Foreman, the sum of One Hundred Eighty One Thousand
and Fifty Dollars (6181,050.00) for value received, payable at
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with interest from date at the rate of Ten (10) per cent per annum until
paid; interest payable as stated below.
And each of us whether maker-, guarantor or endorser, hereby severally
waives and renounces any and alI homestead exemption rights we may have
under the Constitution or Laws of the State of Florida, or any other state,
or Uni"ted States, as against this note; and each. further waives demand,
notice of non-payment and protest, and in the event it becomes necessary
to collect this note through an attorney, agrees to pay all costs of
collection, including reasonable attorney's fees.
If default is made in payment more than twenty (20) days after due,
then at the option of the holder, and without any other notice, all the
remaining balance shall be due and payable at once.
The Maker shall have several options as to the manner in which princi-
pal and interest due under this note shall be due and payable, which options
shall be at the sole discretion of the Maker. The election to proceed under
any option provided hereunder shall not preclude the btaker from, at any time,
changing to another option permitted hereunder, except as hereinafter pro-
vided.
OPTION 1: The principal and interest of this note shall be payable as
follows: Interest only at the rate of ten per cent (10~) per annum on the
unpaid principal balance shall be due on January 2, 1981; thereafter, com-
mencing February 2, 1981, principal and interest shall be payable in equal
and consecutive monthly installments of 61,747.10, commencing February 2,
1981 and continuing on the corresponding day of each succeeding month until
paid in full. Each such monthly installment shall be applied first to
accrued interest and then to the reduction of principal.
OPTION 2: The Maker shall have the right to pay interest only on the unpaid
principal balance at the rate of ten per cent (10~) per annum, the first
Such payment of accrued interest to be payable on January 2, 1981, and
interest on the unpaid principal balance from time to time remaining shall
thereafter be payable on the 2nd day of each successive month, to and
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