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$663,000.00
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PROMISSORY NOTE
February 16, 1981
FOR VAI.UE RECF.IVED, the undersigned INTER-ISLAND
DEVELOPMENTS, INC., a Florida corporation, (hereinafter
referred to as "Borrower") promises to pay to the order of
B. W. CROSSWELI., a resident of Cobb County, Ge~rgia,
(hereinafter referred to as nPayee"), at 1149 Woodlawn
Drive, I-farietta, Georgia 30067, or at such other place as
the holder hereof may designate, the principal sum of SZX
HUNDRED SIXTY-THFEE THOUSAND AND NO/100 DOLLARS
($663,000.00) with interest on the unpai~ principal balance
at the rate of ten percent (10$) per annum, as £ollows:
Interest shall be pai~ quartPrly, commencin~ an ~,af
16, 1981 and continuing.on August 16, 1981, Nover,;b~r 16, ,
1981, February 16, 1982, anc3 on the same dates in each
subsequent year until all principal dnd interest ha:~
beeri paid in full.
Principal shall be paid in three (3) egual, con-
secutive annual installments of '"wa Hundred Twentv-One
Thousand and No/100' Dollars ($221,000.00) each, with the
first installment being due and payable on February 16,
i~..r,~~ iliC ocC~Tia ii~~~u~~iilCilZ ~iCli"lt~ tiUe dt1U' YaVaJ1C' OR
February 16, 1983, and the third and final installment
being due and payable on February 16, 1984.
All payments, when received~, shall be applied first
to accrued but unpaid interest and the balance thereof, if
any, shall be applied to principal. All past due install-
ments of principal or interest on this Note shall bear
interest at the rate of twelve percent (12~) per annum until
paid.
It is hereb}~ expressly agreed that if from any cir-
cumstances whatsoever f.ulfillment of any provision of this
Note at the time pecformance of such provision shall be due
shall involve transcending the limit of validity presently
prescribed b~~ any applicable usurv statute or any other
law, with regarci to obligations oF like character and
amount,, then ~so facto the obligation to be fulfilled shall
be reduced to the limit of such validity, so that in no
event shall any exaction be possible under this Note that is
in excess of the limit of such validi.ty, but such obligation
shall be fulfilled to the limit of such valic~ity.
This Note may be prepaid in whole or in part at any
time without fee, premium or penalty. All prepayments of
principal shall be applied to the installments of principal
due hereunder in the inverse order of their ~aturity, and
shall be accompanied by the payment of all interest on the
outstanding principal balance hereof accrued but unpaid on
the date of such prepayment.
To secur~e the payment of this Note and any and all
renewal or renewals, extension or extensions, or modi~fica=
tion or modifications hereof, and any and all substitution
or substitutions herefor (all of such indebtedness being
hereinafter referred to as the "Liahilities"), Borrower
has.conveyed to Payee a security title and interest in
ao`~ 349 ra~~ $25