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Bf~L1A0N WRAYAR~I~ PF~RSSORY P10-I£
$170~000.00 Ft. Pierce~ Flarida~ December 30. 1980
FOR VAU.IE RFCEN~D the undersig~ed pranises to pay to the order
of WII.LIAM E. TE,SQ$VER, as to a~ ~divided 1/2 interest m~d JAr+FS ~.
REVEL~, as to an uZdivided 1/2 interest, One tha~dred Seve~rity Tt~~.sa~d
and No/100 D~llars ($110~000,00) together with interest therean fran
date at the rate of ten perce~nt (1~1',) per arnun ~til matvrity payable
as follcxas :
Cannatcing vn Jaix~ary 30. 1981, and on the sane day
of each succeeding moc~th thereafter the sun of $1,491.89,
which shall include principal and interest. imtil three
(3) years fran the date hereof at which time the entire
~paid balance hereunder including any accrued and u~paid
interest shall be due and payable in full,
Privilege is reserved.to prepay this obligatian in whole or ir part
without per~alty. ~
Each nnaker and endorser s~verally waives demazid~ protest and notice
of maturity, non-payment or protest and all requirerents necessar}• to
hold each of then liable as makers and endorsers.
Fach maker and endorser further a~rees~ jointly and severally,
to pay, all costs of collection~ includi.~ a reasortiable attorney's fee
in case the principal of this note ar~ny payment on the princiaal or
a~y interest therevn is ~ot paid at the respective maturity thereof,
or in case it becomes necessary to protest the sec~ity hereof, whether
suit be brwight or not.
This note ~d deferred interest payme~nts shall bear interest at
the rate of 1~1', per ar~un £Tan maturity until paid.
'Ihis note is secured by a secand mortgage of ev~eri date herewith and
is to be canstrued and enforce+d according to the law5 of the State of ?7.orida;
u~an default in the payme~t of principal and/or inteTest due on an_y note
sec~ed by said '.rf~rtgage and which shall cantinue ror 15 days ~ all riotes
so secured and remaining ut~paid shall forthwith become due and payable
notwithstaonding their tenor.
'Itiis is a"Wraparamd" Pranissory Note, pursuant to which a portivn
of the pri.ncipal am~mt of this Note constitutes the unpaid principal
balance of th.at certain Pramissory :3ote dated the +~ 4~ day of j ~;,,.. .~,_
19 ~: , given by the payees heretmder to tilariorie M.~~ pavesteyn in
the original principal am~mt of $56,179.42 and which has a currenr
~paid principal balance of $29,F,09.19 .
Frun the pay~~nts maker makes to pavee herelmder, navee agrees to
pay all of the installme~ts of principal amd i.nterest payable ~der the
aforesaid Prcmissory ~Tote awing to Van Ravestevn before the same i~comes
due and payable. In the event any instalLnents of principal and/or
interest payable ~der said Pranissory Note to Van Ravestevn are not paid
wh~ the same becane due and payable, maker shall have the right (but
not the obligation) to pay such installsner-t due to Van Favestevn as
it becames due and payable ~d to apply any such pa~t so made (plus
~ acro~mt equal to interest at the rate of 1~/~ per a~m on the ana~nnt
of such payme~rit from Ghe date of payment by maker to the date the next
maturing iristallrnent of interest is due under this IVote) ~ as a credit
against the next maturing instalLne~nt due hereualder.
In the eves~t the aforesaid obligatian due to Van Ravensteyn calls
for pay~rent theTe~mder in addition to principal and interest for "escra~'
for taxes and insura~ce or if payee desires in the future to have such
taxes and ins~sance escraw~ed there~ider, the maker hereof shall in addition
to payn~ents otheiwise due tmder this ;~Iote and the M~rtgage secured hereb~,
remit to payee the amo~t of such escrow payment in accordance with the
installn~t basis required by Van Ravestem. Ptaker acla~owledges that
t'1e amta~t of such escraa pa}+me~t may be increased or decreased by ~.'an
I~vensteyn ~d maker stiall pay to pa_yee the amant of such escraa oaymen[
as may be set by V~ i~vestevn fran time to time.
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~iar~es i~ouis Engel `
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~ g~~x 345 P~GE 2642
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