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~ ~ PROMISSORY NOTE ~
~ 580,000.00 U.S. ~
December 28, 1982
4 ~
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FOR VALUE RECEIVED, the undersigned, (and if more than one,
each of them jointly and~severally), (the "Maker"), promises to
'I pay to the order of WESTON-E'LORIDA DEVELOPM~NT CORPORATI~DN, a
~ Florida corporation ("Payee"), at 618 U. S. Highway ~l, North
Palm Beach, Florida 33408 (or at such other place or places a's
Payee or the holder hereof may designate in writing, from time
to time), or order, the principal swa of Ei~ht Thousand and ;
OOj100---------U.S. DOLLARS (580,000.00 . n
lawful money of the United States of America, together with
interest accruing thereon from the date hereof at the rates and
times hereinafter provided, at the rate of twelve and one-half
(12 1/28) per annum, payable as follows: ~
;
~ eeginning F'ebruary l, 1983, and on tbe first day of
~ each and every month thereafter the sum of 5833.33
~ representing interest only, and the entire principal
balance and accrued interest, if any; due and
payable in full on January 1, 1985.
~ This Note may be prepaid, in whole or in part at any time,
~ without penalty provided that any partial payment shall be
applied against the principal amount outstanding and shall not
+ postpone the due date of any subsequent payment or change the
~ amount of any payment unless Payee shall otherwise agree in
writing upon determination .in its sole discretion. All payments ~
shall be applied first to accrued interest, and then to
principal.
In the event of any default, interest at the rate herein- S
above specified, shall be computed and be required to be paid on (
~j the unpaid aggregate principal, and on any monies advanced by
i Payee until the default is cured and all monies advanced by
# Payee have been paid. ~
i
I ~ All payments hereunder will be made in such coin or I
f currency of the United Stat~s of America as at the time of ~
~ payment shall be legal tender for the payment of public and
' private debts, upon presentation hereof for notation of each ;
payment or upon surrender hereof on payment in full. ~
~ . Nothing herein contained, nor any transaction related
thereto, shall be construed or so operate as to require the
Maker to pay interest at a greater rate than is now lawful in
such case to contract for, or to make any payment, or to do any
act contrary to applicable`law. Should any interesC or other ~
charges paid by the Maker, or parties liable for the payment of ~
this Note, in connection with the loan evidenced by this Note, s
or the Mortgage securing the payment of this Note, or any ~ther
document delivered in connection with said loan, result in the
computation or earning of interest in excess of the maximum 3
legal rate of interest which is legally permitted under ~
= applicable law, then any and all such excess shall be and the s
~ same is hereby waived by Payee and holder thereof, and any and `
~ I all such excess shall be automatically credited against and in
E reduction of the balance due under this indebtedness, and the
~ portion of said excess which exceeds the balance due under this ,s
~ ~ indebtedness shall be paid by Payee to the Maker and parties `
liable for the payment of this Note. ~
'i {
I
`f ' Upon the happening of any of the following events, circum-
stances or conditions, each of which shall constitute a default
hereunder, all liabilities of each Maker to Payee shall there-
upon or thereafter, at the option of Payee, without notice or ~ ;
f I
~ i - n~c~
~ aoo~ J~7~ PAGf 924
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