HomeMy WebLinkAbout1153WRAPAR4UND NOTE
Fort Pierce, Florida
Februarv lOth • 1981
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$39,900.00
For value received, I, jointly and severally promise to
pay to the order of STEPHEN H. KOOB and CAROL S. KOOB, his wife;
Macon, Georgia 31210, THIRTY-NINE THOUSAND NINE HUNDRED AND NO/100
DOI,LARS at 461 Forest Hill Road, Apt. 15-A, Macon, Georgia 31210,
or as designated by payee; in monthly installments of $426.36. The
first installment to become due and payable on or before the lOth
day of March A.D.. 1981~ and~one installment to become due~and payable
on or before the lOth day of each succeeding month for 275 consecutive
months, which payments include interest from date at the rate of twelve
percent (12$) per annum.
If any installment of this note is not paid at the time and
place~specified, and such default continues for fifteen (15) days, the
entire amount unpaid shall be'due and payable at the election of the
holder hereof. All parties hereto, whether makers, endorsers, sureties,
guarantors, or o~herwise, hereby waive demand, noti~e and protest. If
placed in the hands of an attorney for collection, I jointly and severally
agree to pay reasonable attorney's fees, including appellate proceedfngs.
Each installment shall first be applied in payment of the interest
and then on the unpaid balance of the principal sum.
This note may be prepaid in whole or in part at any time without
penalty.
(a) This is a"Wraparound" note, i.e.,.a portion of the principal
amount of this note is represented by the unpaid balance of principal
of that certain first lien promissory note~dated February 17,•1978,
executed by Stephen H. Koob and Carol S. Koob, his wife, and payable
to Community Federa2 Savings and Loan, in the original pfincipal amount
of 532,991.37-----.
(b) Maker shall make payment direct to payee. Payee agrees to pay
all of the installments of principal and interest payable under the first
no~e before the same becomes due and payable. In the event that any
installment of principal and/or interest payable under the first and_
second notes are not paid when the same becomes due and payable, maker
shall have the right (but shall not be obligated) to pay such install-
ment payable under the first and second notes as they becoine due and
payable and to apply any such payment so made (plus an amount equal
to interest at the highest lawful rate on the amount of such payment
from the date of payment by maker to the date the next maturing install-
ment in interest is due under this note), as a credit against the next
maturing installment of interest due hereunder in the direct order of
their maturity.
(c? Payor shall pay in addition to principal and interest, the sum
of $41.92, per month-into escrow for taxes and insurance. Payee shall Yemit
said funds to the first mortgagee. The escrowed amount per month may
be increased or decreased, as the case may be, but shall be determined
by the first mortgage holder.
/s/ Patricia L. Pyle (SEAL)
Patricia L. Pyle -
BDOK ~~~ PAGf~153
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