HomeMy WebLinkAbout0285 WRAPAROUND NOTE
Fort Pierce, Florida
November 13, 1980 $2'7,400.00
For value received, I, jointly and severally promise to
pay to the order of YVONNE MARIE KUDLAK, Fort Pierce, Florida,
TWENTY-SEVEN THOUSAND FOUR HUNDRED AND NO/100 DOLLARS at 1039
Martinique, Fort Pierce, Florida, or as designated by payee;
in 36 monthly installments of $289.07. The first installment
to become due and payable on or before the 13th day of
December A.D., 1980, and one installment to become due and
payable or or before the 13th day of each succeeding month
for thirty-six (36) consecutive months, which payments include
interest from date at the rate of twelve percent (12$) per
annum. Upon the 36th payment, the remaininy principal balance
of $26,750.80 shall fall due and payable, provided however,
payor may elect to continue to pay the n e in consecutive
monthly payments for ono (1) year beyon a 36th payment,
in which event the remaininy principal ce shall balloon
and fall due and payable on the 48t a ive payment,
provided further, prior to the ballo yta t falling due,
payor may elect to assume the fir "ge and pay the
difference owing payee between pal balance of the
first mortyage, plus accrued i if any, and the principal.
balance plus accrued interest, y, of the wraparound mortgaye.
If any installment of this note is not paid at the time and
place specified, and such default continues for 30 days, the
entire amount unpaid shall be due and payable at the election of
the holder hereof. All parties hereto, whether makErs, endorsers,
sureties, yuarantors, or otherwise, hereby waive .demand, notice
and protest. If placed in the hands of an attorney for collection,
I jointly and severally agree to pay reasonable attorney's fees,
including appellate proceedings.
Each installment shall first be applied in payment of the
interest and then on the unpaid balance of the principal sum.
This note may be prepaid ir, whole or in part at any time
without penalt;~.
(a) This is a "Wraparound" note, i.e., a portion of the
principal amount of this note is represented by-the unpaid balance
of principal of that certain first lien promissory note dated
July 30, 1980, executed by McCoy M. Kudlak, Jr. and Yvonne M.
~ Kud.lak, his wife, and payable to first Federal Savings and Loan
Association of Fort Pierce, in the original principal amount of
$22,40G.00.
(b) Maker shall make payment direct to Payee. Payee agrees
~ to pay all of the installments of principal and interest payable
under the first note before the same becomes due and payable.
In the event that any installment df principal and/or interest
payable under the first and second notes are not paid when the
- same becomes due and payable, maker shall have the right (but
~ shall not be obligated) to pay such installment payable under
~ the first and second notes as they become due and payable and
to apply any such payment so made (plus an amount equal to interest
~ at the highest lawful rate on the amount of such payment from the
date of payment by maker to the date the~next maturing installment
in interest is due under this note), as a credit against the next
maturing installment of interest due hereunder in the direct order
of their maturity.
.
(c) Payor shall pay in addition to principal and interest, the stur?of
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$27.08, per month into escrow for taxes and insurance. Payee shall recut said
funds to the first mortyage holder. Tt~~e escrowed arrount per month may be increased
or decreased, as the case may be, but shall be determined by the first mortgaye
holder.
aoox3~3 PaGE 285 (SEAL)
Ruth Langevin
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