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NOTE NC' . 4
$299,625
Stuart, Florida
January 34, 1981
FOR VALUE RECEIVED, VAUCLUSE HUTCHINSON, N.V., a Netherlands
Antilles corporation, promises to pay to the order of GRANADA
CAPITAL, S.A., a Panamanian corporation,
TWO IiUNDRED NINETY-NINE THOUSAND
SIX HUNDRED TWENTY-FIVE DOLLARS
($299,625)
c/o S~riss Bank Corporation (Overseas), SA. Edificio Interseco,
able E ir Me z d~ 0 P. 0, Box 61
at anama ~~~ ~'epu$~~c o~ P , or at
suc~ other ~ace as t~e ~i~o~e`r~'~ereof may des~gnate in writing,
together wi~h simple interest from the date hereof at the rate of
twelve per centum (12$) per annum on the unpaid balance until
maturity. The said principal shall` be due and payable on January
30, 1985. Interest will be payable annually beginning January
30, 1982. This note may be prepaid in whole or in part, at any
time and from time to time, without any penalty or any other
charge. This is one of four notes, however, so any partial
prepayment shall be applied to the notes in the order of
mat.urity. •
If default be made for thirty (30) days in the payment of
any installment of principal or interest or any part thereof, the
whole sum then remaining unpaid with interest shall at holder's
option become due and payable without notice. Failure to
exercise such option shall not constitute a waiver of the right
to exercise the same in the event of subsequent default. After
.maturity both principal and accrued ir.terest shall bear interest
at 14 per centum (14$) per annum until paid. The makers and
endorsers of this note further waive demand, notice of non-
payment and protest. If this note is not paid at maturity an~
the same is placed with an attorney for collection, the makers
and endorsers hereof agree to pay all costs of collection,
including all court costs and reasonable attorney fees. If any
payment is paid more~than 10 days af ter due then, in eddition to
said payment, the maker shall pay a late charge of 5$ of the
payment due or $5.00, whichever is less. This provision shall
not be construed to modify the default provisions herein or the
interest due af ter default.
V
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