HomeMy WebLinkAbout0940WRAPAROUND NOTE
Fort Pierce, Florida
December 16, 1980
$50~000.00
For value recexved, we 3ointly and severally promise to pay
to the order of JAMES D. VALENTINE and ELIZA$ETN L. VALENTINE,
his wife~ Port St. Lucie, Elorid~. FIFTY THOUSAND AND T10/100
DOLLARS at Port St. Lucie, Florida, or as d n~gd by payee;
in 360 monthly installments of $429.58. 't installment
to become due and payable on or before th day of January,
1981, and one installment to become due and payable on or
before the 16th day of each succeeding month for Three Hundred
sixty (360) consecutive months, which payments include interest
from date at the rate of nine and three/fourth percent (9 3/4%)
per annum.
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 elec-
tion of the holder hereof. All parties hereto, whether makers,
endorsers, sureties, guarantors, 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 in whole or in part at any time
without penalty.
(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 September 19, 1978, executed by JAMES D. VALEVTINE and
ELIZABETH L. VALENTINE, his wife, and payable to First Federal
Savings and Loan Association of Fort Pierce. in the original
principal amount of $48,500.00.
(b) Maker shall make payment direct toPayee.Payee agrees
to pay all of the installments of principal and interest pay-
able under the first note before the same becomes due and
payable under the first note before the same becomes due and
payable. In the event that any installment of principal and/
or interest payali~e 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 sum of $ 73.26 , per month into escrow for taxes and insurance.
Payee shall remit said funds to the first mortgage holder. The
escrowed amount per month may be increased or decreased, as
the case may be, but shall be determined by the first mortgage
holder.
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~ ' __ (SEAL)
R. S~ttAn -
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Carol A. Sutton, is wife
~345 P~ 93~
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