HomeMy WebLinkAbout0056
S31,900.00
Port St Lucie, Florida
March ~~h , 1981
FOR VALUE RECEIVED, the undersigned, jointly and severally, promise to
pay to (*), or order, in the manner hereafter specified the principal sum of Thirty-
seven thousand, nine hundred dollars and no/cents (~37,900) with interest from date
at the rate of 11.75 per cent per ann~m on the balance from time to time remaining
unpaid. The said principal and interest shall be payable in lawful money of the United
Statesof America as shown below or at such place as may hereafter be designated by
written notice from the holder to the maker hereof, on the date an~ in the manner ~
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following: in equal monthly installments of $385.71 combined principal and inter~st,
said monthly installments to commence on or before the 20th day of March 1981 and continue
on or before each 2och'ay of each subsequent month unti~ paid in full. Final payment
of the outstanding combined principal and interest shall be due and payable on or before
twenty-eight (28) years from the date of execution of this promissory note. All said
payments shall first be applied to accrued interest; the balance to the principal.
This note may be prepaid in full or in part without penalty. (*) Payment to the Ewings
shall be made as follows: A savings account shall be opened and mainted by Loren E
Ewing and Linda l Ewing at Citizens Federal Savings and Loan Association of St Lucie
County, Florida, for the remaining life of the mortgage dated 18 April 1979 from
Loren E Ewing and Linda L Ewing, His lJife, to Citizens Federal Savings and Loan Associa- ~
tion of St Lucie County. William C Fox and Deborah K Fox, His Wife, shall make each
mortgage payment on the wraparound mortgage payable to said savings account at
Citizens Federal at least five (5) days before the due date of each payment due
Citizens Federal Savir,gs and Loan Association of St Lucie County, Florida. The Ewings
shall provide that the mortgage payments due Citizens Federal Savings and Loan Assoc
shall be automat~ically withdrawn from said savings account as and when due. When
the Citizens Federal mortgage note and mortgage are fully paid and satisfied, any
further payments due Loren E Ewing and Linda. L Ewing shall be paid directly to Loren E
Ewing and Linda L Ewing, one-half to each, at such place as the Ewings shall from time
to time reasonably direct. The Ewings shall p~ovide the Foxes with written notice of
the establishment of said savings account and its automatic withdrawal provisions for
the purposes of making the Citizens Federal mortgage payments.
This note with interest is secured by a mortgage on real estate, of even
date herewith, ~r,ade by the rr~aker hereof in favor of the said payee and shall be construed
and enforced according to the laws of the State of Florida.
If default be made of more than fifteen days the payment of any of the
sums or interest mentioned herein or in said mortgage, or in the performance of any
of the agreements contained herein or in said mortgage, then the entire principal
sum and accrued interest shall at the option of the holder hereof become at once due
and collectible without notice, time being of the essence; and said principal sum and
accrued interest shall both bear interest from such time until paid at the highest
rate allowable under the laws of the State of Florida. Failure to exercise this
option shall not constitute a waiver of the right to exercise the same in the event
of any subsequent default.
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