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MQRTGAGE NOTE
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$ 8y 800.00 ~ rin¢~iel , VA ~itsrtda
nr~ 1 17 ~ 19~6 , 19
FOR YALUE RECEIVED~ the undersigned jointly and seve~aliy promtse~to p~~ to the order of TIiRTLE REEF
ASSOCIATES. INC., a Florida co~poration, (hereinafter. together with any~sut~epuent haider hereof, referred
to as "Holder~, whose principat address i$ P.~. Box 1588. Jensen B~ach, Florida 33457, without g~ace, the
p~incipal sum of ~i ht Thousand Niae Hundred t 00/100 ' DOLLARS
~8 900 00 een ne ~nt e~ -
~ • together witti interest thereon at the rate of percent (~5 • g 96)
per ~nnum, in monthly installments of One Hundred 8eventy SiA~ i~ ~`6/100 ppLLARS
~
17~ . 26 payable monthiy on the first of each morrtti;: b~inning on such date as may b~
directed by Holder, but in no event later than 120 days from the date ll~reof, and each consecutive month
thereafter until paid in full. No interest shail accrue hereunder prior to the recqt~ltng of the Mortgage of even
date herewith or90 days hom the date hereof, whichever shall first occur. Ali installments or payments shali be
first applied to interest accrued and the balance thereof to principal. The entir~ remaining principat balance
; outstanding he~eunder. if ~ot sooner paid, shall be due and payable infull 84 '~.months from the date of the
` first payment called for hereunder in accordance with the terms~nd conditions hereof.
This Note may be prepaid in whole or in part at any time without penalty. ,
If any payment of principal interest called for hereunder is noC paid~thin ten (10) days of its due date,
: Borrower agrees to pay a late charge equal to either five percent (5 4~o~ any such installment or Fve Dollars
($5.00). whichever is greater. ~
,
;
In no event shall the amount of interest due or payments in the nature of interest payable hereunder or under `
any mortgage security agreement securing this Note, exceed the maximum rate of interest allowed to be ~
contracted for by applicable law, as changed from time to time, and in the event any such payment is paid by the
undersigned or received by Holder, then, such excess sum shall be credited as a payment of principal, unless
the undersigned shall notify Holder, in writing, that the undersigned elects to have such excess sum returned to
; it forthwith
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~ Time is of the essence of this Note and, in case this Note is collected by law or through an attorney at law, or
4 under advice theref~om, the undersigned agree to pay all costs af collection, including reasonable attome~s
~ fees. which fees are deemed to include. but not limited to, a!I fees incurred in all matters of collection, and
enforcement, construction and interpretation, be~ore, during and afte~ suit, trial, proceedings and appeals,
bankruptcy proceedings or creditors' reorganization or similar proceedirgs.
All persons orcorporations now or at any time liable, whether primarily or secondarily, for th~ payment of the
indebtedness hereby evidenced, for themselves, their heirs, legal r~presentatives, successors and assigns,
respectively hereby expressly waive any pr~sentment, demand for payment, notice of dishonor, protest. notice
of nonpayment or protest, diliger.ce in collection, and do ~onsent that the time for all payments or any part
thereof may be extended, rearranged, renewed or postponed, and further consent that the col{ateral security or ~
any part thereof may be released, exchanged, added to or substituted for vwthout in anywise modifying,
altering, releasing, effecting or limiting their respective liability hereunder or the lien of any securiry instrument.
~ If more than one party shall execute this Note, the term"undersigned", as used herein, shall mean all parties
~ signing this Note and each of them, who shall be jointly and severally obligated hereunder. This Note is secured
by a Mortgage of even date herewith upon real property in the State of Florida
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'7~(?~s0 ~s~ Mh,~ ~ 5 a 9:a8 ~ ~
~ ! (SEAL)
: J.e6nard J. Krol
ROGER r~. . ~ . ?~i .
~ ST. LV~~C ;i~i f~!. L~_. ~ .
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