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BA11A~1 WRAPAPoOI~iD PR~tISSORY NUIE
$170~000,00 Ft. Pierce~ Flarida~ December 30, 1980
FUR VAI~E RECEIVED the ta~ders~ed pranises to pay to th~ order
of WII~.IAM E, TFS(~IER, as to ~ und vided 1/2 interest and JAr+ES ~.
REVEIlE, as to an ~aidivided 1/2 interest, One H~dred Seventy Ztausand
and No/100 Ibllars ($170,000,04) together with interest therean from
date at the rate of ten percent (1~/,) per armun until maturity pavable
as follaas :
Cannencirag an Jazuary 30, 1981, and an the sane day
of each succeeding manth thereafter the sun of $1,491.89,
which shall i.nclude principal and interest~ ~mtil three
(3) years fran the date hereof at which time the entire
~mpaid balance heret~nder including ar~y accn~ed and unpaid
interest shall be due and payable in full,
Privileg:e is reserved to prepay this obligatian in whole or in part
without peslalty. ~ ~
Each n~aker and emdorser severally waives detnand, protest and notice
of maturity, nvn-pa~m~ent or protest and all requirements necessary to
hold each of then liable as makers and endorsers.
Each maker and e~dorser fisther agrees, jointly and severally,
to pay all costs of collectivn. including a reasanable attorney's fee
in case the principal of this~note ar any paymetlt vn the princioal or
any interest thereon is rot paid at the respective maturity thereof~
or in case it becares necessary to protest the security hereof~ whether
suit be brwght or not .
This note a~d deferred interest payments shall bear interest at
the rate of 1~1', per anrnm fram maturity until paid.
This-note is secured by a second mort~age of everi date herewith and
is to be constn~ed and enforced according to the l~as of the State of rlorida;
upon default in the payment of principal aond/or interest due on any note
sec~ed by said *brtgage aand which shall canti.nu~e for 15 aays, all notes
so sec~red ~d renaining unpaid stiall forthwith become due and payable
notwithstanding their tenor.
'Ihis is a"Wraparamd" Pranissory ~Iote, p~suamt to which a portion
of the principal a¢m~mt of this Note constitutes the unpaid principal ...
balance of that certain Pranissory Note dated the ~ day of j~_ ;~,„, •,~ ,= -~
19 ~: , given by the payees heretmder to 'Kariorie M. an pavesteyn ix-
the original principal amamt of $56,179.42 and which has a c~rent
impaid principal balance of $29,f~09.19 . •
Fran the payments maker makes to pavee herelaider, navee a~rees to
pay all of the installments of principai and interest payable i.a~der the
aforesaid Prcmissory ~Iote cxauig to Van Ravestevn before the sane oecc~nes
ciu~ and payable. In the event any installments of principal and/or
interest payable imder said Promissory Note to Van Ravestevn are not paid
when the s~ne become due and payable, maker shall have t'~e right (but
not the obligation) to pay such installment due to Van Favesteyn as
it becanes du~e and payable and to apply any such payme~tt so made (plus
~~cxmt ec~~al to interest at the rate of 1~/~ per aranm on the ana~mt
of such pay~re~t fran the date of pa}m~ent by maker to the date the next
maturing installment of inte~rest is due i~der this Note), as a credit
against the next mat~ing installment ~ue hereuonder.
In the eve~nt the aforesaid obligatian due to Van Ravensteyn calls
for pay~~t thereunder in addition to principal and interest for "escrc~'
for taxes and insvrance or if payee desires in the future to have such
taxes azxi insur~ce escrow~ed thereimder, die maker he~eof shall in additian
to payments otherwise ~ue tmcier this Note and the I~brtgage secured herebt•,
renit to payee the amo~t of such escrow payrnent in accardance with the
instalLne~nt basis required by Van Ravestevn. liaker ac1Q~o~wledges that
t'~e amimt of such escraw payment may be increased or decreased bv `~an
f~vensteyn and maker s~all pay to payee the anaa~t of such escrow vaymer-t
as may be set by Van l~vestevn fran time to time. ~
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! ~iar~es l.cxiis ~ ~:ngel ~ ~
BnoK346 Pa~E2824 '~ '~ ~~k
~ ao~K 345 PacE 2642
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