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PROMISSORY NOTE i
$ 100 000. 00 U. S. I
MARq-I 8 A. D., 19 8 8 I~
FOR VALUE RECEIVED, the undersigned, (and if more than one,
each of them jointly and severally), (the "Maker"), promises to
pay to the order of WESTON-FLORIDA DEVELOPMENT CORPORATI~N_- FT. .
PIFRCE ~I, a Florida carporation ("Payee") at 801 South Ocean
Drive, Suite 1209, Ft. Pierce, FL 33449 (or.at such other place or '
places as Payee or the holder hereoF inay designate in writing, ~
from time to time), or order, the principal sum of ?
D~E i~iJNDRED 'IHOUSAND AND NO/100------------------------------ U. S. DOLLARS '
($~~pQQ,pp_________ in lawful money of the United States of
America, together with intereGt accrui~g thereon from the date
hereof at the rates and times hereinafter provided, at the rate of
~ perc~~nt, ( 10.0 per annum p~a~ ~t~ile as fol lows :
Beginning April ~•-,~~1988, and on the dq;~'"d'ay ~of each month there- i
after the suu~ ut CIGHT HUNDRED THIRTY-THREE AND 33/lOQ DOLLARS ~
($833.33) representing interest only, until htarch 1993 at which
time the entire remaining principal balance and al accrued interest
shall be due and payable in full.
This Note may -bz 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 oE 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 hereinabove =
~
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 have ~
been paid. ~
Al1 payments hereunder will be made in such coin or currency
of the United States of America as at the time of payment shall be
tegal tender for the payment of public and private debts, upon
~resentation 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 iaw. Should any interest or other charges paid by
the Maker, or parties liable for the payment of this Note, in
connection with said loan, result in the computation or earning o~
interest in excess of ~he maximum legal rate of interest which is
legally permitted under applicable law, then any and all such
excess shall be and the same is hereby waived by Payee and holder
~ thereof, and any and all such excess~ shall be automatically
credited 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,
circumstances or conditions, each of which shall constitute a
default hereunder, all liabiliti.es of each Maker to Payee shall
' thereupon or thereafter, at the option of Payee, without notice or
demand, be accelerated and become immediately due and payable: (a)
~ Failure of any Maker to pay any interest or principal under this
Note or other obligation herein when demanded or within fifteen
(15) days of when same becomes due; (b) Any warranty,
rePresentation or statement made or furnished to Payee or on
behalf of any Maker in connection with this Note to induce Payee
to make a loan to Maker proving to have been false in any material
respect when made or furnished; (c) The death, dissolution,
termination of existence, insolvency, business failure,
apnointment of a Receiver for any part of the property oE,
Assignment Eor the benefit oE creditors by, or ttie commencement of
,?ny ~~roc~~~3iny ~~n~~r~r ~i~t~ E3ankru~~t~.y or Insolven~y Laws by or
against, any Maker; (d) Failure of t~[~y corporate Maker to
~ 1'~ ~ sooK 579 ~acr 9'!3
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