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~1 ~o ~laue and to ~totd t~i~ snm~. bt~~•f~ie•~ u~il~~ f~i~ le•r~~netenfs. ~~e-.•~rilu~nrnls iuui npp~~rir
~~ ~~p~~i•~•s f~~~ndu ~-~~~o-u~i-~ry. nn~~ f~~i• rnnfs. issu~s nn~~ p~alifs f~u~rnu~. unfo I~~P morlgugi~e. in ,~•~• semp~~•.
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~nd f~~r mwtqagor c-or~~nanfs with lfi.^ ~...^.::,;: ;~:•; 1~~<et I~~e neo~l~~n~~or is imj~~easi~•~y seiz~~~~ o~ sai~~
' ~~~n~~ in ji•~ simp~~•: I~~~f 1~~~ morlgn,yor ~as gooc~ ri~~l nn~~ ~au~~u~ aul{iurilv lo ~•on~~ey sai~~ ~un~~ as ajorp '
sui~l: 11~~t 11~~• rno-I~~u~~or ~oi11 mn~r such ~urll~~r ussurRnc~•s fo p~~rjPCl 11~~ fr~ simple lille to ~uid jnnd in tlie
morl~~u~~~~~~ as may rrusonn~-~y ~,p r~qui~c~~~: t~~af 1~i~ morf~~ac~or ~~ere{>y lu~~y u~arranls !he fif~v fu sai~ ~anc~ ,
ueui u~it~ ~~~•f~•-~c{ i~~r ,~uni~ a~~nirisf flie ~au~Ju~ c~aims o~ a~~ p~rsons u~~~omsoei~rr, un~~ fhaf suic~ ~an~ is ~ree
` ~u~~~ c~~~c~r o( u~~ ~~nc•um~-runi-~s j
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;~ PROVIDED ALWAYS, that i,f said mortgagor shall pay unto said .
;i m~rtgagee the certain promissory note hereinafter substantially
i~ copied or identified, to-wit:
~' -~ A NOI E COPY
~', ~nupal S~m: $560 ~ 000 . 00
~~~tt•rest Rntr tlntil M~t~r~ty: lO$
i:~icre:t Rc~te AFter Moturi~y: 10$
P~~~«~ Palm Beach, Florida
~u'~': February 20, 1981
P~.,ycc- Clarence E. Fde~waard
~..~ Volue Rece~ved, the unders~gned jointly and severo~ly promise ~o ~~oy to the obove payce, or order, ot the above
•,~~Jress or o~ such othe~ place os ~he holder hereof n~oy desiynale in writing, ~he above principal s~n,, togethe~ w~~h
~~t~•r~s~ ~hereon from dalc ot Ihe above interest rate pe~ annum until mu~urily. 1~~ the event of ony defcy~lt in :he payment
!:~ny sum or any obl~galion required by Ihe terms hereof or ony securing mor~gage or other colioterol secur~ty
,yreement sewr~ng ~his no~e tor o period of 30 da~s ~he enlire sum of principol ond interesl remo~niny unpo~d shoil, a~ the
u~~on of the holder hereof, become immedialely due and poyable. This no~s, including ony ,nstollrnen~ poyment of
~,~ ~nu~~al cnd/or in~erest, shall bear iMerest o! the above inleresl rate afler moturily from the respect~ve ::iot~rily do~e
~~~~~eot un~~l poid. Eoch moker ond endorser hereof jointly ond severolly waive demand, presen-ment, no~~ce of
~„~ri-poyntem, dishonor and protest, and ogree lo poy attorneys' fees of I 5% of ~he unpoid bolance ~•~d oll costs inwrred
•: +I,e co!lectie:~ i:: cose this nole is g+ven to on a~~or~ey for collection, ond reosonable otrorneys' fees and costs on
~;~peals, cerlic~r~ri and.~or post triol ~ronsactions.
; r~e prinupal sum hereof, together wi~h in~eresl, shnll be payabie as follows:
Tt~e principal sum of this mortgage-shall be due and payable in five egual annual installments
~ommencing on February 23, 1983, and continuing on February 23rd of each and every year there-
:~fter until said principal sum shall be paid in full. Interest shall accrue at the interest
rate of 10$ per annum on the unpaid balance remaining from time to time, and shall be due
.~~id payable semi-annually with the first sucl~ payment commencing on the 23rd day of August,
l~til, and the s~cond such payment being due on the 23rd day of February, 1982. Semi-annual
~i~terest payments shall continue thereafter res~x:ctively on the 23rd day of August, and the
~3rd day of February for each and every year until all outstandinq sums of principal and
~nterest due hereunder arc paid in full. AlI payments shall be applied first to accrued
.~~terest and the remainder to principal. Notwithstandinq any grace period s~t forth in this
:~.~te, the m3ker of the note shall pay to the holder of said note a charge of 5$ of any prin-
•ipal or ii~terest i»stallment not received by the holder within 15 days lfter the due date
~r such ~~ayment. Tl~is note may be prepaid any time before February 23, 1983, only if thc
:~~ker shall ~ay a preF~~yment penalty equal to 5~ of the amount prepaid. The note may be pre-
~~id in whole or in part without penalty any ti~:e after February 23, 1983. Provided, ho.~ever,
tnat in lieu of accepting the prepayment, the holder of this not~ shall have the riqht, in
~ts sole e~iscretion, to subordiiiate the purchase mor,ey mortgage securinq this note to the lien
;~c-d effect of a mortga~e sPCUring advance of funds from a construction lender which funds are
_~dvanced to finance the construction of improvements on the property encumbered by the
:.urchase money mortgage; or, in the sole discretion of the holder of this note, the holder
~~::~y accept s;sbst_tu~e securitf offered by t1~.e maker of this note and, upon creatinq a good
~-nd valid lien on sai~i substitute secarity securing the payment of this indebtedness, will
~atisfy or ottierwise discharge the lien and effect o° the purchase money mortgage securing
t-:is debt.
/s/ J. Richard Harris, Trustee
J. RZCHARD }iARRIS, as Trustee under
-. Trust Agreement dated February 20, 1981.
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`~ ; ~ ~K .349 P,r,F 1 ~
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