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PROMISSORY NOTE
$100,000.00
January 15, 1981
Ft. Pierce, Florida
FOR VALUE RECEIVED, KIWI MOTEL, INC., a Florida corporation,
hereby promises to pay~to the ~rdQr of:
.
AMGER CORPORATION, a Florida corporation, at 1704 Rio Vista
Drive, ~ort Pierce, Florida, 3345~, or at such other place as
the holder hereof may from ~ime to time designate in writing,
the sum of ONE HGNDRED THOUSAND OQLLARS ($100,000,00), together
with interest at the rate of twelve (12$) percent per annum on
such amounts as shall from time to time remain unpaid as herein-
after provided, until maturity; such principal and.interest being
payable in lawful money of the United States of America which
shall be legal tender in payment of all debts at the time of
-payment as follows:
The principal sum of the within obligation shall
be paid in four (4) installments in amounts and
on dates as follows:
INSTALLMENT ~ ~1MOUNT DATE DUE
1
2
3
4
Accrued interes
the date hereof
installments on
$ 16,666.66
16,666.66
33,333.33
33,333.33
t on the unpa i~
shall be paid
the principal
June 30, 1981
December 31, 1981
June 30, 1982
June 30, 1983
d balance hereof from
on the same dates
sum are due.
During the period of any defaul~ under the terms of this promis-
sory note, the interest rate on the indebtedness then outstanding
shall be at the rate of twelve (12$) percent per annum, computed
from the date of default and continuing until such default be
cured. -
Each and every party to this note, whether as maker, endorser,
surety, guarantor or otherwise, hereby waives presentment for
payment, demand, protest and notice of dishonor and of protest
and assents to the terms hereof and to any extension or post-
ponement of the time for payment or any other indulgence.
This promissory note is-secured by a purchase money mortgage and
security agreement of even date herewith made by the makers to
the payee encumbering real property and other. security situate in
St. Lucie County, Florida, as more particularly described in said
mortgage. The terms and conditions-of said mortgage and security
agreement are made a part hereof.
The principal balance of the within obligation may be prepaid by
the maker wholly or in part at any time after April 1, 1981 with-
out penalty.
In case of default in payment of any amounts due herepnder, or
the performance of any of the covenants or agreements contained
in the aforementioned mortgage security agreement, or any other
instruments securing this note, if such default shall continue
for thirty (30)days, then the legal holder hereof may, without
notice, declare the entire debt then remaining unpaid immediately
due and payable, and in such event the undersigned as maker and
any endoraer, surety, guarantor or otherwise, shall be obligated
a~~K 346 Pac~2777