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WRAPAROUI~D ti0 i C
Fort Pierce, I'lorida
February 9, 19a1
$45,1II8,92
For value received, we ~ointl~ and severall;~ pror~ise to pay
to the order of lU1P.OLD V. VAt70ALL and S~'IsLLA F, UAt~DALL, his wife. of
Port St. Lucie, Florida ~ FORTY-FIVC '"HOUSAi~D ONE 1~Ui1DRCD I:IC~TY-EIC~T and
92/100 DOLLAF,S, in 328 monthly installments of $465.00, ihis month~y
installment figure consists of $3~4,95 towards principal and interest
on the sub3ect note and 570.05 as escrow for~taxes and insurance.
The first installment shall become due and navable on or before the
25th day of February , 19a1, and one insCallment to becan~e due and
payable on or~Fief_ore tl e?~th day of each succeedin~ month for 328 (three
hundred twenty-ei~~cconsecutive months, which payments include interest
from date at the rate of nine and three/fourth percent (9-3/4°0)
per annum,
IC is the intention of the parties hereto that the rnonthl~
payment under this [Jraparound t~ote shall be in the same ar~ount as ~
the monthly payment due the firsL- r~orC~;age holder, FIRST FFDER~IL
SAVIt7GS At1D LOAtl ASSOCIA~ IO21 OF FOP.T YIF.RCE , FLORIDA. It is the .
further intention of the parties that cvhen the first mortgage is
paid in full, Chat this t~raparound I~oCe shall also be considered
paid in full.
If any installMent of Chis note is not paid at the tir.le
and place specified, and such default continues for 30 days~ the
entire ar.zount unpaid shall be due and payable at the election of
the holder hereof. All parties hereto, whether r.-akers, endorsers,
sureties, guarantors, or otherwise, hereby waive demand, notice and
protest, If placed in the hands of an attorney for collection~ I
jointly and severally agree to pay reasonable attorne~'s fees, includin~
appellate proceedings.
Each installr~ent 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 ~
wiChout penalty.
(a) ~his is a"Wraparound" note, i.e.~ the nrincipal ar~ount _
of this note is represented by the unPaid balance of principal of ~~
that certain first lien proriissor~ note dated t4arch S, 1979, executed
by HAROLD V. VAidDALL and S;ELLA F. VAt1nALL, his wif_e, and pa;-able
to FIRS: FEDEItAL SAVIIdGS At~D LOAN ASSOCIATIOI~ OF FOR~ PIEFC~, FLORIDA.
in the original principal ar.iount of $45~700.00.
(b) t4aker shall make pa;ment directly into a savin~s
account with FIRS'~ FCDERAL SA~IIt~GS At~ID LOAtd ASSOCIATIOIJ OF FOP."' PIrRCE,
FLORIDA, rIRSt rEDERAL shall have the instructions and authority to
withdraw the payment made into the savings account and apply it as
the monthly mort age paynent due under the first mortgage; or at such oth~
~lace and in suc~ other manner as the Payee may so designate in writing.
(c) Payee agrees to pa;~ all of the installments of nY-'incipal
atid interest payable under the first note before the sane become~ due
and payaUle under the first note. In the event that anv insCallment
of principal and/or interest nayable under the first and second notes
are not paid c~lien the sar.~e becomes due and nayable, ma~:er shall hav~
the ri~;ht (but ~hall not be obligated) to pay such install~,lent payable
under Che first and second note's as thev become due and nayable and
to apply any such payment so made ~(nliis~ an ar•tount equal to interest
at the highest lawful ,rate on the anount of such payrnent f.rom the date
of pa~ment bv rnaker to the date the next~ m,aturin~ installment in
interest is due under tliis note), as a c'redit against the next maturin~;
installment of interest due hereunder in the direct oider of their
r.iaturity .
~~)
and interest
insurance.
The escroc~ed
case r.iay be,
As sCaCed above, Payor
, the sum of.570.05, rer
Payee shall reriit said f
ar~ount per month may be
but shall be determined
shall pay in addition to ~rincipal
month into escrow for taxes and
unds to the first r~~ort~;a~;e holder.
increa~ed or decreased~ a~ the
bv the first mort~age holder.
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