HomeMy WebLinkAbout2674EXHIBIT "C"
PROMISSORY NOTfi
52.000~000.00
January .~ ~ , 1881
FOR VALUB RBCBNED , the undersigned ~ jointly and severaUy promises
to pay to the order of ERSIQNB CONTRACTING CORPOATION. an OMo corporation.
at 815 Pittsburgh Road~ Box 5187. Poland. Ohio. 44514. in lawful money of the
UniLed States of America the sum of TWO MILLION and No/100 DOLLAAS (~2.000.000.00)
without interest until December 31. 1982.
This Note shall not be in default until January 1~ 1983 and may . at the option of
the obligee upon request of the obligor . be extended from month to month until paid in
full. provided, however . that the obligee shall have no obligation to extend t~e time for
payment of this Note b.eyond January l. 1883. In the event any extension is granted by
the obligee. the then remaining principal balance shall bear interest at the monthly average
of Chase Manhattan Bank. N.A. prime rate or at such greater rate as may be agreed upon
by and between the obligee and the obligor .
The makers. sureties, endorsers and guarantors of this Note hereby severally
waive presentment for payment. notice of non-payment; protest and notice of protest
and diligence of bringing suit against any party hereto and consent the time of payment
may be extended without notice thereof to any of the sureties of this Note.
Should it become necessary to collect this Note through an attorney. each of us.
whether maker . surety , or endorser . hereby agree La pay all costs of said collection
including a reasonable attorney's fee and cost of appeal whether suit be brought or
not .
The holder hereof is hereby expressly authorized to retain any general or
special deposit, collateral. real or personal security or the proceeds thereof belonging
to any of us now or hereafter in the possession of the holder during the time this note
remains unpaid and before or after maturity hereof may apply the same to this Note or
any other debt or liabilities of any of us. to holder due or tn become dus.
OCEAN HARBOUR OF NORTH BEACH
DEVELOPMF~NT CORPORA N.
a Florida corporation
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