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REPLACEMENT NOTE NO.1
$225~0~00 June 30 , 19it3
For value received, the undcrsign~d, hrreinnf ter co11PC1 "M~~ker" promisrs to
pay to the order of 1=1RST h1ATIONAL RAMC Of• FONT NIkI2Cf, hc:~einutt•:r collect
"e?onk", the principal sum of 5225,1300.00. at its offices :~t 3~+! Sc~~ti~ Sirtii Str;~ct,
1"ort Pierce, Floaidz:, toc~ett~r with interest thereon unl+i •r~.~turity, will: Ir. i~~:int;l
and interest poyuhle in the following mank:r.
- (i) Principal poynnent of $10,000.00 upon t:~e sale or cny
other transfer of the real property ~~cumbered by the - -
Mortgage os modified by the Mortgage tJlodification
Agreement.
(ii) Interest shall accrue from the date hereof at the
rote of eight (8~) per cent per annum and lx? payable -
from those monies received by the Ron!c in
consideration of releasing real property from tite lien of
the Mortgage which secwes this Note.
(iii) The entire unpaid principal balance, together with
accnied interest, shot l be duo and payable f ive (5) years
from the dote of execution of this Replacement. Note
Na 1.
(iv) All payments received by the Bank prior to the .
maturity of this Note wi I1, except as provided in
Paragraph (i) move, be applied first to accrued and
unpaid interest and then in reduction of principal
Both principal and interest are payable in lawful money of tl~e United States
to the Bonk at 300 South Sixth Street, Fort Pierce, Florida -
In the event of default in cmy payment of principal or interest on the due
dote thereof, or upon the breach of any provision of the Mortgcx3e which secures
this Note, the Bank may at its option accelerate maturity, and the unpaid principal
balance hereof rne+ all xcrucad interest sha{I therupon immediately become due end
payable without demand or notice and to set off against this Note all money owed
_ by Bank in any capacity to Maker, whether or not due, and to set off against all
other liabilities of Maker to Bank, all money awed by Bonk in any capacity to
Maker.
- Maker waives demand, protest and notice of maturity, nonpayment or -
protest, and all requirements to hold it liable os Maker. . -
Maker further agrees to pay all costs of collection, including a reasonable
attorney's fee, (inclusive of any appellate proceedings) in case the principal of this
Note or any interest thereon is not paid of the respective maturity thereof,
whether suit be brought or not. - .
Bank is hereby given a lien upon and a security interest in all property of
Maker now or any time hereafter in the possession of Bonk in any capacity
whatsoever, including but not limited to any balance or share of any deposit, trust
or agency account, as security for the payment of this Note and all other liabilities
~ of Maker to Bank. • .
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