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~'o ~ue and to ~totd the sstne, logethei rwij~? fhe tenemenfa, herec~itamenl~ and appurfe-
nances fhereto belonging, an~ the renls. ~ssues anc~ pro~ifa thereo~, unlo i~e morfgoga~. in ~ee slmp~s.
~ the mortgaao~ cooenanfs with the mortgagee tl~at !he mortgagor ti tnde~ecui6ly seized o/ satd
land ln fee simp~e; that fhe mortgagor has good rtgi~t aRa ~nwf
u~ aut~orJty to con~ey satd ~und as of
oro-
said: that the mo~tgago~ wIll mnke suc1~ Jurther assurances to per/ect the ~ee stmple titl~ to sai~I Iand in the
mortgagee as may reasonn6ly be required; that the mortgagor he~e6y fully warranta the title !o aatd la.~d
and will deJend the same agninst the law~ul claims o( all penons whomaoever nnd lhnt said land ti /ree
and clear o/ all encumbrances
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~~V~ ~~s~ that if sald mortgagor ahall pay unto saic~ mortgngee t{~e certain promts-
sory note ~ereinajler ~su6atantiallq copied or id~ntt~iscl, to-wit:
31, 800. 00 Vero Beach, Fiorida J~e 1 , 19~ No..
For value reteived, the unde~signed jointly and severally promise to pay to the orde~ of "
~JOfIN F. NIXON and BILLZE M. NIXON, his wife, _
at 117? Bayahore Drive, Apt. 103, gort Pierce, Florida 33449
the sum of Thirty-One Thousand, Eight Hundred snd no/100------- Dollars
with interest after da~= at the rate of Eight (8~ per cent per annum.
Principal and interest shall be ~payable in the following manner:
Intereet, only, ehall be due and payable on July l, 1984, and on
the sam~e day of each succeeding month next thereafter until this
; note shall be paid in full. _
~ The entire~principal sum, plus-accrued interest, shall be due and
~ payable on June 1, 1994.
T'he Payees reserve the right to adjust the intereat on thia note .
upward on the anniversary date of this note each year by no more
than one (1) percent per year aad no more than five (5) percent
over the life of the mortqage securing this note. .
Prepayments may be made at any times and in any amounts without penalty. All payments
shall be applied first to accrued interest and then Yo principal. .
If any payment is noY made in full when due, the entire unpaid principal and accrued interesi,
less any unearned interest and any interest in excess of the maximum allowed by law and any re-
bates required by law, shall ai the option of the holder become immediately due and payable with-
` out notice. Failure to exercise the option shall not constitute a waiver of the subsequent right to
exercise it.
Each of us, whether maker, surety, guarantor or indorser, severally waives presentmeni, demand
~ for payment, protest, notice of protest and notice of dishonor; ccnsents that this note or any part of
a it may, from time to time, be extended or renewed without notice for any period (whether or not
~ longer than the original period of this note); agrees that the exchange, release, surre~der or sale of
all or any real or personal property or collateral that may be given to secure the repayment of this note
~ shall not release or discharge any party obligated on this note; agrees that the release of any party
~ liable upon. or in respect of this noie shall not release any other such party; and agrees to pay, in.
~ the event of a default, all costs and expenses incurred in the collection of this note including attomeys'
~ fees equal to 10 per cent of the principal sum or such larger amounY as may be reasonable and just
and also those costs, expenses and attomeys' fees incurred in appellate proceedings.
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~ , ADDRESS: • ~ _ ~~m P . Nixon (SEAL)
900K P~GE ~
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