HomeMy WebLinkAbout1334 PROMISSORY NOTE
5213,658.58 Date: aPd
In the manner hereinafter stated, I, we or ei er of us promise to
pay to the order of Indrio True Value, Inc., a Florida corporation, the
sum of Two Hundred Thirteen Thousand Six Hundred and Fifty-eight Dollars
and fifty-eight cents (6213,658.58) for value received, payable at
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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 all homestead exemption rights we may have under
the Constitution or Laws of the State of Florida, or any other state, or
United 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, includin
reasonable attorney's fees.
If default is made in payment more than twenty (20) dabs 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 principa
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 Maker from, at any time,
~ changing to another option permitted hereunder, except as hereinafter provided
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 prin-
~ cipal balance shall be due on January 2, 1981; thereafter, commencing
c February 2, 1981, principal and interest shall be payable in equal and consec-
~ utive monthly installments of~62,061.89, 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 interes
and then to the reduction of principal.
OPTION 2: The l~faker 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 due and payable on the 2nd day of each successivsse~~month tcco~~cc~~and including
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