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PROMISSORY NOTE
x123, ooo. oo Date ~c1,Ne- 14~ ~ 9 ~e
FOR VALUE RECEIVED, the undersigned, jointly and severally promises to pay
to the order of ERSKINE FLORIDA PROPERTIES, INC., and ERSKINE CONTRACTING
CORPORATION, in lawful money of the United States of America, the sum of ONE !
HUNDRED TWENTY-THREE THOUSAND AND No/100 -------------------DOLLARS, ~
(s123,000.00), without Interest until December 31, 1981, and
After December 31, 1961, the remaining principal balance, if any, shall be
Increased by ten percent (10$) to establish a first revised principal balance which
shall then be due and payable without interest on or before December 31, 1982.
In the event ar~y of the first revised principal balance remains then unpaid,
the then unpaid principal balance shall be increased by fifteen percent (15$) which
new sum shall be the second revised principal balance due and payable, without
interest, on or before December 31, 1983.
This Note shall not be in default until December 31, 1983. '
If default be made for thirty (30) days in the payment of the second revised
principal balance outstanding as of December 31, 1983, the whole .sum then remaining
unpaid shall become due and payable at holder's option without notice. After maturity
on December 31, 1983, the then unpaid second revised. principal balance shall bear
interest at the maximum rate then allowed by the laws of the State of Florida.
The makers, sureties, endorsers and guarantors of this Note hereby severally
waive presentment for payment, notice of non-payment, protest and notice of protest
and diligence of bringing suit against any party hereto and consent the time of payment
may be extended without notice thereof to any of the sureties of this Note.
Should it become necessary m collect this Note through any attorney, each of -
us, whether maker, surety, or endorser, hereby agree to pay all cost of said collection,
including a reasonable attorney's fee and cost of appeal whether suit be brought or not.
The holder hereof is hereby expressly authorized to retain any general or
special deposit, collateral, real or personal security or the proceeds thereof belonging
to any of us now or hereafter in the possession of the holder during the time this
Note remains unpaid and before or after maturity hereof may apply the same to this
Note or any other debt ox liabilities of any of us to holder due or to become due.
~
ATTEST: , ~ _ ISLAND VILLAGE OF HUTCHI N ISLAND
DEVELOPMENT CORPORA '
,
E S ~ By ~ O ~
Secretary Pres dent
(Corporate Seal) 4t•~~?~ '
1930 JUN 20 PH ~ I S
9 FIIEC AhC Ff CGdUi D
( ST.tUC1E CGUNTY.FI.J1.
- ROGER POITRAS
! >~RK CIRCUIT Ct1 T
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