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C O PROMISSORY NOTE
PY
$130,000.00
Fort Pierce, Florida
January 16,1981
FOR Ve1I~ RDCEIV~ the urxlersiyned pronuses to pay to the oider of Cti11RLES
B. GATES, JR.~ and PHILIP C. GAZ~S, as Trustees u~der Last Will of C. Bernard
Gates, Deoeased, as to an u~divided one-half (1/2) interest, and PHILIP C.
GATES, as to an undivid~ed ane-quarter (1/4) interest, and: CH~RIT~S B. GATES, JR. ,
as to an uondivided one-quarter (1/4 ) interest, the principal sUm of Or~e Hwldred
Thirty Thousand and no/100 D~llars ($130,000.00), toyether with interest thereon
fran date at the rate of Ten percent (10$) per annun until maturity, said interest
bein9 FaYable annually an the 16th day of January each year; both
principal and interest being payable in lawful m~ney of the United States or its
equivalent at 208 Gates Build.i~, 108'~ Ca~itol St. ,(~iarleston, W. Vir~inia 25301
, said principal sun bo be p~ayable on the dates and in the
acrounts specified belav, to wit:
THIS NO-I~ is made payable in three ( 3) ec~l annual principal
payme~ts plus simple interest on the t.mpaid principal balanoe
at~ten peroent (10$) per annun. The first principal payment
plus interest is due on or before the 16th day of January
A.D., 1982.
Each maker and endorser severally waives c3e~nand, protest and notice of
maturity, non-pa}~t or protest ancl all reyuir~ents neoessary to h~ld each of
th~n liable as makers and endorsers.
Each maker and endorser further ayrees, jointly and sev~erally, to pay all
aosts of oollection, i.ncludiny a reasonable attorney's fee in case the principal
of this note or any paym~nt on the principal or any interest thereon is not paid
at th~e res~ective maturity there~f, or in case it beoomes neoessary to protect
the sccurity hereof, whether suit be brought or not.
This not~e and deferred interest payments shall bear interest at the rate of
ten pervent (10$) per annun from maturity until paid. This note may be pre-paid
in full or in pai-t with4ut penalty. _
This n~te is secured by a first m~rtgage of ev~en date herewith and is to be
ooazstrued and enforoed acoorciing to the laws of the State of Florida.
If deefault be m~ and oantinues for 30 ciays in the payment of any of the st.ans
or interest mentioned herein or in said rrortgage, or in the p~xfornti3noe of any of
the agreements ~nt~iined herein or in said m~rtgage, then the entire principal sun
and aocrued interest shall at the option of the hold~er hereof beoome at onoe due
and o~llectible withput notice, time being of the essenoe; and said principal s~.an
and aocrued interest shall both bear interest from such t~me imtil paid at the
hiyhest rate allowable under the laws of the State of Florida. Failure to exercise
this option shall not oonstitute a aaiver of the riqht to exercise the sam~ in t:ie
ev~ent of an, subse~,~it default.
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Ma eleine L. Gaynon /
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