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PROMISSORY NOTE
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$418,170.87 Yero Beach, F~lorida,September 3, 1980
In the manner hereinafter provided, after date, I, we or either of
us promise to pay to the order of DANFOR~TH K. RICHARDSON and MARJORIE
H. RICHAROSON, his wife, JOHN M. LUTHER and NANCY R. LUTHER, his wife,
GEORGE KAHLE and SANDRA R. KAHLE, his wife, SUSAN R. BASLOW, WILLIAM
E. HARRIS and RENE PEREZ, Four Hundred Eighteen Thousand One.Hundred
Seventy and 87/100 Dollars ($418,170.87) for value received, payable
at Post Office Box 370, Vero Beach, Florida 32960, with interest as
hereinafter provided.
And each of us whether maker, guarantor or endorser, hereby several-~
ly 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 States, 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, including reasonable attorneys' fees.
Principal and interest shall be due and payable as follows:
Interest only at the rate of 10.5 per cent per annum on the amount
of $313,627.53 from January 24, 1980, shall be due and payable on .
March 1, 1981. Thereafter, the said amount of $313,627.53 shall be
due and payable in equal annual installments of $12,545.10 plus inter-
est at the rate of 10.5 per cent per annum, commencing on~March 1, ~
1982 and continuing until March 1, 2001 when the entire unpaid balance ~
of principal and interest shall be due and payable in full.
The amount of $104,543.34 shall be paid in annual installments of
$6,969.53, together with interest from date at the rate of 10 per cent
per annum on the unpaid balance, with the first annual installment
being due and payable on January 24, 1981 and continuing each year
until January 24, 1990 when the entire balance of principal and inter-
est shall be due and payable in full.
All payments shall apply first to accrued interest and then to
principal balance remaining unpaid from time to time. Failure to make
any payment of principal or interest within 30 days of due date shall
I cause the entire unpaid balance of principal and interest to become
! immediately due and payable at the option of the holders.
The Owners and holders hereof agree to make payments of principal ~
and interest from time to time as they become due on the following
described mortgages:
Mortgage executed by DANFORTH K. RICHARDSON and MARJORIE H.
RICHARDSON, his wife, JOHN t4. LUTHER and NANCY R. LUTHER, his wife:,
GEORGE KAHLE and SANDRA R. KAHLE, his wife, SUSAN R. BASLOW, a married
adult, WILLIAt4 HARRIS, a married adult, and RENE PEREZ, a married adult,
to THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES, dated
January 24, 1980, and recorded in Official Record Book 324, page 1827,
public records of St. Lucie County, Florida, securing a promissory
note of even date in the amount of $978,000.00; and '
Mortgage executed by DANFORTH K. RICHARDSON, MARJORIE II. RICHARDSON,
GEORGE KAHLE, SANIIRA R. KAHLE, JOHN M. LUTHER, NANCY R. LUTFIER, SUSAN
gASLOW, RENE PEREZ and WILLIAM HARRIS, to H. R. HOLMAN and MYRTLE P.
HOLMAN, his wife, dated January 24, 1980, and recorded in Official Rec-
ord Book 324, page 1833, public records of St.~ Lucie County, Florida,
securing a promissory note of even date in the amount of $326,000.00;
but only in accordance with the terms and provisions of the mortgage
securing this note.
FIVE STAR GROPES, INC.
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PYesi~er~*.
Sec r c7-ary
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