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PROMISSORY NOTE
$15,000.00 U.S.
~ pT. 1 3 1982
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I D t nd i a d if more than one
FOR VALUE RECE VE , he u ers gned, ( n
~ each of them jointly and severally) the "Maker" promises to
I pay to the order of GOLD COAST LAND CONSULTANTS, INC., a Florida
i corporation ("Payee"), at 618 U. S. Highway ~1, North Palm
{ Beach, Florida 33408 (or at such other place or places as Payee
or the holder hereof may designate in writing~ from time to
time), or order, the principal sum of FIFTEEN THOUSAND and
00/100------U.S. DOLLARS ($15,000.00 in-
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1 lawful money of the Unite States o America, together with
interest accruing thereon from the date hereof at the rates and
if times hereinafter provided, at the rate of tweive percent
~(128) per annum. payable as follows:
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Beginning January 1, 1983, and on the first day of
1 each and every month thereafter the sum of 5150.00.
interest only, until December 1, 1984, when the
~i entire principal balance, plus accrued interest, if
j~ any, shall be due and payab~e in full.
This Note may be prepaid, in whole or in part at any time,
y) 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
i shall be applied first to accrued ~nterest, and the~? to
y principal.
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~ In the event of any def ault, interest at the rate herein-
iti above specified, shall be computed and be required to be paid on
' the unpaid aggregate principal, and on any monies advanced by
Payee until the default is cured and all monies advanced by
Payee hac~e been paid.
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~ All payments hereunder will be made in such coin or
I currency of the United States of America as at the time of
~ ~ ` payment shall be legal tender for the payment of public and
I private debts, upon presentation hereof for notation of each
k ! payment or upon surrender hereof on payment in full.
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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
k such case to contract for, or to make any payment, or to do any
~i act contrary to applicable law. Should any interest or other
charges paid by the Maker, or parties liable for the payment of
~ I this Note, in connection with the loan evidenced by this Note, ;
; or the Mortgage securing the payment of this Note, or any other
document delivered in connection with said loan, result in the
~ li computation or earning of interest in excess of the maximum
~ legal rate of interest which is legally permitted under
' applicable law, then any and all such excess shall be and the
i same is hereby waived by Payee and holder thereof, and any and
i E' all such excess shall be automatically crediCed against and in
; ~ reduction of the balance due under this indebtedness, and the
portion of said excess which exceeds the balance due under this
' indebtedness shall be paid by Payee to the Maker and parties
liable for the payment of this Note.
~ Upon the happening of any of the following events, circum-
~ I' 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
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~ BOOK391 PAGE 942 4 ' i
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