EXHIBIT 10.4
It is expressly understood that any reference herein to "I" or "We" is to
Pinecrest Investment Group, Inc.
(This is a purchase money first mortgage)
This Mortgage ("Security Instrument") is given on this 9th day of April
1999. The Mortgagor is Pinecrest Investment Group, Inc. ("Borrower"). This
Security Instrument is given to HOPEWELL LAND PARTNERS, LTD., a Florida Limited
Partnership, whose address is Post Office Xxx 000, Xxxxxx Xxxxx, Xxxxxxx
00000("Lender"). Borrower owes Lender the principal sum of Two Hundred Eighty
Eight Thousand and No/l00's Dollars. This debt is evidenced by Xxxxxxxx's
Promissory Note ("Note"), dated same date as this Security Instrument, which
provides for monthly payments, with the full debt, if not paid earlier, due and
payable on April 9, 2000. This Security Instrument secures to Lender:
(A) The repayment of the debt evidenced by the Note, with interest,
and all renewals, extensions and modifications;
(B) The payment of all other sums, with interest, advanced under
Paragraph 7 to protect the security of this Security Instrument;
and
(C) The performance of Borrower's covenants, and agreements under
this Security Instrument and the Note. For this purpose, Xxxxxxxx
does hereby mortgage, grant and convey to Lender the following
described property located in Hillsborough County, Florida.
The SE 1/4 of the SE 1/4 of Section 20, Township 30 South, Range 22 East,
Hillsborough County, Florida, less right of way for State Road 640 which
has the address of vacant land on Lithia-Pinecrest Road, Lithia, FL ("Property
Address")
Together with all improvements now or hereafter erected on the property and
all easements, rights, appurtenances rents, royalties, mineral, oil and gas
rights and profits, water rights and stock, and all fixtures now or hereafter a
part of the property. All replacements and additions shall also be covered by
this Security Instrument. All of the foregoing is referred to in this Security
Instrument as the "Property".
Borrower covenants that Xxxxxxxx is lawfully seized of the estate hereby
conveyed and has the right to mortgage, grant and convey the Property that the
Property is unencumbered, except for encumbrances of record. Borrower warrants
and will defend generally the title to the Property against claims and demands,
subject to any encumbrances of record.
Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest: Pre-payment and Late Charges.
Borrower shall promptly pay when due the principal of and interest on
the debt evidenced by the Note and any prepayment and late charges due
under the Note.
2. Funds for Taxes and Insurance. Upon demand by Xxxxxx, Borrower shall,
subject to applicable law, pay to Lender on the day monthly payments
are due under the Note, until the Note is paid in full, a sum
("Funds") equal to one-twelfth (1/12) of: (a) Yearly taxes and
assessments which may attain priority over this Security Instrument;
(b) Yearly leasehold payments or ground rents on the Property, if any;
(c) Yearly hazard insurance premiums, and; (d) Yearly mortgage
insurance premiums, if any. These are called "Escrow Items". Lender
may estimate the funds due on the basis of current data and reasonable
estimates for future escrow items. At the inception of this loan
Lender is not requiring payment of escrow items.
The funds shall be held in an institution the deposits or accounts of
which are insured or guaranteed by a federal or state agency, if
available. Lender shall apply the funds to pay the escrow items.
Lender may not charge for holding and applying the funds, analyzing
the account or verifying the escrow items, unless Xxxxxx pays Borrower
interest on the funds and applicable law permits the Lender to make
such a charge. Xxxxxxxx and Xxxxxx may agree in writing that interest
shall be paid on the funds. Unless an agreement is made or applicable
law requires interest to be Paid, Lender shall not be required to pay
Borrower any interest or earnings on the funds. Lender shall give to
Borrower without charge, an annual accounting of the funds showing
credits and debits to the funds and the purpose for which each debit
to the funds was made.
The funds are pledged as additional security for the sums secured by
this Security Instrument.
If the amount of the funds held by Xxxxxx, together with the future
monthly payments of funds payable prior to the due dates of the escrow
items, shall exceed the amount required to pay the escrow items when
due, the excess shall be at Borrower's option, either promptly repaid
to Borrower or credit to Borrower on monthly payments of funds. If the
amount of the funds held by Xxxxxx is not sufficient to pay the escrow
items when due, Borrower shall pay to Lender any amount necessary to
make up the deficiency in one or more payments as required by Lender.
Upon payment in full of all sums secured by this Security Instrument,
Xxxxxx shall promptly refund to Borrower any funds held by Xxxxxx. If
under Paragraph 19 the property is sold or acquired by Lender, Lender
shall apply, no later than immediately prior to the sale of the
property or its acquisition by Lender, any funds held by Xxxxxx at the
time of application as a credit against the sums secured by this
Security Instrument.
Lender may require or waive the requirement of payment of escrow for
any given year.
3. Application of Payment. Unless applicable law provides otherwise, all
payments received by Lender under Paragraph 1 and 2 shall be applied;
First to late charges due under the Note Second, to pre-payment
charges due under the Note; Third, to amounts payable under Paragraph
2; Fourth, to interest due; and last, to principal due.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges,
fines and impositions attributable to the Property, which may attain
priority over this Security Instrument, and leasehold payments or
grounds rents, if any. Borrower shall pay these obligations in the
manner provided in Paragraph 2, or if not paid in that manner, shall
pay them on time directly to the person owed payment. Borrower shall
promptly furnish to Lender all notice of amounts to be paid under this
paragraph. If Borrower makes these payments directly, Borrower shall
promptly furnish to the Lender receipts evidencing the payments.
Borrower shall promptly discharge any lien, including, but not limited
to, superior mortgages, which has priority over this Security
Instrument unless Borrower: (A) Agrees in writing to the payment of
the obligation secured by the lien in a manner acceptable to Lender;
(B) Contest in good faith the lien by, or defends against enforcement
of the lien in, legal proceedings which in the Lender's opinion
operates or prevents the enforcement of the lien or forfeiture of any
part of the Property; or (C) secures from the holder of the lien an
agreement satisfactory to Lender subordinating the lien to this
Security Instrument. If Lender determines that any part of the
Property is subject to a lien, which may attain priority over this
Security Instrument, Lender may give Borrower a notice identifying the
lien. Borrower shall satisfy the lien or take one or more of the
actions set forth above within ten (10) days of the giving f the
notice.
5. Hazard Insurance. Borrower shall keep the improvements now existing or
hereafter erected on the Property insured against loss by fire,
hazards included within the term "extended coverage" and any other
hazards for which Lender requires insurance. This insurance shall be
maintained in the amounts and for the periods that Lender requires.
The insurance carrier providing the insurance shall be chosen by
Borrower subject to Lender's approval, which shall not be unreasonably
withheld.
All insurance policies and renewals shall be acceptable to Lender and
shall include a standard mortgage clause. Lender shall have the right
to hold the policies and renewals. If Lender requires, Borrower shall
promptly give to Lender all receipts of paid premiums and renewal
notices. In the event of loss, Borrower shall give prompt notice to
the insurance carrier and Lender. The Lender .may make proof of loss
if not made promptly by Xxxxxxxx.
Unless Lender and Borrower otherwise agree in writing, insurance
proceeds shall be applied to restoration or repair of the Property
damage the restoration or repair is economically feasible and Lender's
security not lessened. If the restoration or repair is not
economically feasible Lender's security would be lessened, the
insurance proceeds shall be applied to the sums secured by this
Security Instrument, whether or not then due, any excess paid to
Borrower. If Xxxxxxxx abandons the Property, but does not answer
within thirty (30) days a notice from Lender that the insurance
carrier has offered to settle a claim, then Xxxxxx may collect the
insurance proceeds. Lender may use the proceeds to repair or restore
the Property or to pay sums secured by this Security Instrument,
whether or not then due. The thirty (30) day period will begin at the
time the notice is given.
Unless Lender and Borrower otherwise agree in writing, any application
of proceeds to principal shall not extend or postpone the due date of
the monthly payments referred to in paragraphs 1 and 2 or change the
amount of the payment. If under paragraph 19 the Property is acquired
by Xxxxxx, Xxxxxxxx's right to any insurance policies and proceeds
resulting from damage to the property prior to the acquisition shall
pass to Lender to the extent of the sums secured by this Security
Instrument immediately prior to the acquisition.
6. Preservation and Maintenance of Property; Leaseholds. Borrower shall
not destroy, damage or substantially change the Property, allow the
Property to deteriorate or commit waste. If this Security Instrument
is; on a leasehold, Borrower shall comply with the provisions of the
lease, and if Xxxxxxxx acquires fee title to the Property, the
leasehold and fee title shall not merge unless Xxxxxx agrees to the
merger in writing.
No building or other structure or improvement, fixture or personal
property mortgaged hereby shall be removed or demolished without the
prior written consent of Lender. Borrower will not make, permit, or
suffer any alteration of or addition to any building or other
structure or improvement now or which may hereafter be erected or
installed upon the Property, C any part thereof, nor will the Borrower
use, or permit or suffer the use of any of the Property for any
purpose other than the purpose or purposes for which the same is now
intended to be used, without the prior written consent of Lender.
Borrower will maintain Property in good condition and state of repair
and will not suffer or permit any waste to any part thereof, and will
promptly comply with all the requirements of federal, state, and local
governments, or of any departments, divisions or bureaus thereof,
pertaining to such Property or any part thereof.
7. Protection of Lender's Rights in Property; Mortgage Insurance. If
Xxxxxxxx fails to perform the covenants and agreements contained in
this. Security Instrument, or there is a legal proceeding that may
significantly affect Xxxxxx's rights in Property (such as a proceeding
in bankruptcy, probate or condemnation or to enforce laws or
regulations), then Lender may do and pay for whatever is necessary to
protect the value of the Property and Xxxxxx's rights in the Property.
Xxxxxx's actions may include paying any sums secured by a lien, which
has priority over this Security Instrument, appearing in court, paying
reasonable attorney's fees and entering on Property to make repairs.
Although Lender may take action under this paragraph 7, Xxxxxx does
not have to do so.
Any amounts disbursed by Xxxxxx under this paragraph 7 shall become
additional debt of Borrower secured by this Security Instrument.
Unless Borrower and Lender agree to other terms of payment, these
amounts shall bear interest from the date of disbursement at the Note
rate and shall be payable, with interest, upon notice from Lender to
Borrower requesting payment.
If Lender required mortgage insurance as a condition of making the
loan secured by this Security Instrument, Borrower shall pay the
premiums required to maintain the insurance in effect until such tie
as the requirement for the insurance terminates in accordance with
Borrower's and Xxxxxx's written agreement or applicable law.
8. Inspection. Lender or its agent may make reasonable entries upon and
inspections of Property. Lender shall give Borrower notice at the tie
of or prior to an inspection specifying reasonable cause of the
inspection.
9. Condemnation. The proceeds of any award or claim for damages, direct
or consequential, in connection with any condemnation or other taking
or any part of the Property, or for conveyance in lieu of
condemnation, are hereby assigned and shall be paid to Lender.
In the event of a total or partial taking of the Property, unless
Borrower and Lender otherwise agree, the proceeds shall be applied to
the sums secured by this Security Instrument, whether or not then due,
with any excess paid to Borrower.
If the Property is abandoned by Xxxxxxxx, or is, after notice by
Xxxxxx to Borrower that the condemnor offers to make an award or
settle a claim for damages, Xxxxxxxx fails to respond to Lender within
30 days after the date the notice is given, Lender is authorized to
collect and apply the proceeds, at its option, either to restoration
or repair of the Property or to the suns secured by this Security
Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writing, any application
of proceeds to principal shall not extend or postpone the due date of
the monthly payments referred to in paragraphs 1 and 2 or change the
amount of such payments.
10. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension
of the time for payment or modification of amortization of the sums
secured by this Security Instrument granted by Xxxxxx to any successor
in interest of Xxxxxxxx shall not operate to release the liability f
the original Borrower or Borrowers successors in interest. Xxxxxx
shall not be required to commence proceedings against any successor in
interest or refuse to extend time for payment or otherwise modify
amortization of the sums secured by this Security Instrument by reason
of any demand made by the original Borrower or Xxxxxxxx's successors n
interest. Any forbearance by Xxxxxx in exercising any right or remedy
shall not be a waiver of or preclude the exercise of any right or
remedy.
11. Successors and Assigns Bound; Joint and Several Liability Cosignors.
The covenants and agreements of this Security Instrument shall bind
and benefit the successors and assigns of Lender and Borrower subject
to the provisions of Paragraph 17. Borrower's covenants and agreements
shall be joint and several. Any Borrower who co-signs this Security
Instrument but does not execute the Note; (a) is co-signing this
Security Instrument only to mortgage, grant and convey the Borrower's
interest in the Property under the terms of this Security Instrument
(b) is not personally obligated to pay the sums secured by this
Security Instrument; and (c) agrees that Xxxxxx and ay other Borrower
may agree to extend, modify, forbear or make any accommodations with
regard to the terms of this Security Instrument or the Note without
that Borrower's consent.
12. Loan Charges. If the loan secured by this Security Instrument is
subject to a law which sets maximum loan charges, and that law is
finally interpreted so that the interest or other loan charges
collected or to be any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitted limits and (b) any
sums already collected from Borrower which exceeded permitted limits
will be refunded to Borrower, Lender my choose to make this refund by
reducing the principal owed under the Note, if permitted by law. Or by
making a direct payment to Borrower. If a refund reduces principal,
the reduction will be treated as a partial prepayment without any
prepayment charge under the Note.
13. Legislation Affecting Lender's Rights. If enactment or expiration of
applicable laws has the effect of rendering any provision of the Note
or this Security Instrument unenforceable according to its terms,
Lender, at its option, may require immediate payment in full of all
sums secured by this Security Instrument and may invoke any remedies
permitted by paragraph 19. If Lender exercises this option, Lender
shall take the steps specified in the second paragraph of paragraph
17.
14. Notices. Any notice to Borrower provided for in this Security
Instrument shall be given by mailing it by first class mail unless
applicable Law request use of another method. The notice shall be
directed to the Property Address or any other address Borrower
designates by notice to lender. Any notice to Lender shall be given by
first class mail to Xxxxxx's address stated herein or any other
address Lender designates by notice to Borrower. Any notice provided
for in this Security Instrument shall be deemed to have been given to
Borrower or Lender when given as provided in this paragraph.
15. Governing Law; Severability. This Security Instrument shall be
governed by federal law and the law of the jurisdiction in which the
Property is located. In the event that any provision or clause of this
Security Instrument or the Note conflicts with applicable law, such
conflict shall not affect other provisions of this Security Instrument
or the Note which can be given effect without the conflict provision.
To this end the provisions of this Security Instrument and the Note
are declared to be severable.
16. Xxxxxxxx's Copy. Xxxxxxxx does hereby acknowledge receipt of one
conformed copy of the Note and of this Security Instrument.
17. Transfer of the property or a Beneficial Interest in Borrower. If all
or any part of the Property or any interest in it is sold or
transferred (or if a beneficial interest in Borrower is sold or
transferred an Borrower is not a natural person) without Xxxxxx's
prior written consent, lender may, at its option, require immediate
payment if full of all sums secured by this Security Instrument.
If Lender exercises this option. Lender shall give Borrower notice of
acceleration. The notice shall provide a period of not less than 10
days from the date the notice is delivered or mailed within which
Borrower must pay all sums secured by this Security Instrument. If
Xxxxxxxxx fails to pay these sums prior to the expiration of this
period, Lender may invoke any remedies permitted by this Security
instrument without further notice or demand on Borrower.
18. Xxxxxxxx's Right to Reinstate. If Borrower meets certain conditions,
Borrower shall have the right to have enforcement of this Security
Instrument discontinued at any time prior to the earlier of: (a) 5
days (or such other period as applicable law may specify for
reinstatement) before sale of the Property pursuant to any power of
sale contained in this Security Instrument. Those conditions are that
Borrower: (a) pays lender all sums which then would be due under this
Security Instrument and the Note had no acceleration occurred' (b)
cures any default of any other covenants or agreements; (c) pays all
expenses incurred in enforcing this Security instrument, including,
but not limited to, reasonable attorney's fees; and (d) takes such
action as Lender may reasonably require to assure that the lien of
this Security Instrument shall continue unchanged. Upon reinstatement
by Xxxxxxxx, this Security Instrument and the obligation secured
hereby shall remain fully effective as if no acceleration had
occurred. However, this right to reinstate shall not apply in the case
of acceleration under paragraphs 13 or 17.
NON-UNIFORM COVENANTS. Xxxxxxxx and Xxxxxx further covenant and agree
as follows:
19. Acceleration; Remedies. Lender shall give notice to Borrower prior to
acceleration following Borrower's breach of any covenant or agreement
in this Security Instrument (but not prior to acceleration under
paragraphs 13 and 17 unless applicable law provides otherwise). The
notice shall specify" (a) the default: (b) the action required to cure
the default; (c) a date, not less than 10 days from the date the
notice is given to Borrower, by which the default must be cured; and
(d) that failure to cure the default on or before the date specified
in the notice may result in acceleration of the sums secured by this
Security Instrument, foreclosure by judicial proceedings and sale of
the Property. The notice shall further inform Xxxxxxxx of the right to
reinstate after acceleration and the right to assert n the foreclosure
to reinstate after acceleration and the right to assert in the
foreclosure proceeding the non-existence of a default or any other
defense of Borrower to acceleration and foreclosure. If the default is
not cured on or before the date specified in the notice, or is not
capable of being cured, Lender at its option may require immediate
payment in full of all sums secured by this Security Instrument
without further demand any may foreclose this Security Instrument by
judicial proceeding. Lender shall be entitled to collect all expenses
incurred in pursing the remedies provided in this paragraph 19,
including, but not limited, reasonable attorney's fees and costs of
title evidence.
20. Lender in Possession. Lender in any action to foreclose this mortgage
shall be entitled to the appointment of a receiver, without notice, as
a matter or right and without regard to the value of Property, or the
solvency or insolvency of Borrower or other party liable of the
payment of the Note and other indebtedness secured by this mortgage.
Upon acceleration, under paragraph 19 or abandonment of the property.
Lender, in accordance with law, shall be entitled to enter upon, take
possession of and mange the Property and to collect the rents of the
Property including those past due. Any rents collected by lender or
the receiver shall be applied first to payments of the cost of
management of the property and collection of tents, including, but not
limited to, receiver's fees, premiums on receiver's bonds and
reasonable attorney's fees, and then to the sums secured by this
Security Instrument.
21. Release. Upon payment of all sums secured by this Security Instrument,
Lender shall release this Security instrument without charge to
Borrower. Borrower shall pay any recordation costs.
22. Attorney's Fees. As used in this Security Instrument and the Note,
"attorney's fees" shall include, but not be limited to, attorney's
fees award by an appellate court.
BY SIGNING XXXXX, Xxxxxxxx accepts and agrees to the terms and covenants
contained in this Security Instrument executed by Xxxxxxxx and any rider (s)
executed by Xxxxxxxx.
Signed, sealed and delivered Pinecrest Investment Group, Inc.
in the presence of:
s/ Xxxxx X. Xxxx
By: Xxxxx X. Xxxx
Its: Chairman
State of Florida
County of Hillsborough
I hereby certify that on this day, before me, an officer duly authorized n
the state aforesaid and in the county aforesaid to take acknowledgments,
personally appeared Xxxxx X. Xxxx, Chairman* to me know to be the person(s)
described in or produced a driver's license as identification, and who executed
the foregoing instrument and acknowledged before that executed the same for the
purpose therein expressed.
* of Pinecrest Investment group, Inc.
Witness my hand and official seal in the count and state aforesaid this 9th day
of April, 1999.
s/ X. Xxxxxxxx Xxxxxxx
Notary Public, State of Florida
X. Xxxxxxxx Xxxxxxx
Printed Name of Notary
My commission expires: 8/26/01
PROMISSORY NOTE
---------------
DATED this 9th day of April, 1999, Plant City, Florida.
1. Borrowers Promise to Pay. In return for the loan that I have received, I
promise to pay. Two Hundred, Eighty-Eight Thousand & No/100's U.S. Dollars.
(This amount is called "principal"), plus interest, to the order of the Lender.
The Lender is HOPEWELL LAND PARTNERS, LTD., a Florida Limited Partnership. I
understand that Xxxxxx may transfer this Promissory Note ("Note"). Lender or
anyone who takes this Note by transfer and who is entitled to receive payments
under this Note is called the "Note Holder".
2. Interest will be charged on unpaid principal until the full amount of
principal has been paid in accordance with the terms of this Note. I will pay
interest at a yearly rate of 12 percent. simple interest. The interest rate
required by this section is the rate I will pay before any default described in
Section 6 of this Note. After default, I will pay the highest interest rate
allowable by law.
3. Payments
(A) Time and Place of Payments. I will pay interest only payments
every month. I will make my monthly payments on the 9th day of each month
beginning on May 9, 1999 and a balloon and final payment on the 9th day of
April, 2000. My monthly payments will be applied to interest before principal.
If, on April 9, 2000, I still owe amounts under this Note, I will pay those
amounts in full on that date, which is called the "maturity date". I will make
my monthly payments at Post Office Xxx 000, Xxxxxx Xxxxx, Xxxxxxx 00000, or at a
different place if required by the Note Holder. In the event I make all payments
timely in the amount indicated, then, my final payment of April 9, 2000, will be
$288,000.60 plus interest.
(B) Amount of my Initial Monthly Payments. Each of my monthly payments
will be in the amount of U.S. Dollars $32,880.00 This amount represents interest
only and does not include escrows, late fees, or such other obligations which
may be required under the terms of the security instrument.
4. Borrowers Right to Pre-Pay. I have the right to make payments of
principal at any time before they are due. A payment of principal only is known
as a "pre-payment". When I make a pre-payment. I will tell the Note Holder, in
writing, that I am doing so. I may make a full pre-payment or partial
pre-payments without paying any pre-payment charge. The Note Holder will use all
of my pre-payments to reduce the amount of principal that. I owe under this
Note. If I make a partial pre-payment there will be no changes in the due dates
of my monthly payments unless the Note Holder agrees in writing to those
changes.
5. Loan Charges. If a law, which applies to this loan and which sets
maximum loan charges, is finally interpreted so that the interest 'or' other
loan charges collected or to be collected in connection with this loan 'exceed
the permitted limits, then:
(i) Any such loan charge shall be reduced by the amount necessary to reduce
the charge to the permitted limit; and
(ii) Any sums already collected from me that exceed permitted limits will
be refunded to me. The Note Holder may choose to make this refund by reducing
the principal I owe under this Note or by making a direct payment to me if a
refund reduces principal. The reduction will be treated as a partial
pre-payment.
6. Borrowers Failure to Pay as Required
(A) Late Charges for Overdue Payments. If the Note Holder has not
received the full amounts of any monthly payment by the end of 15 calendar days
after the date it is due, I will pay a late charge to the Note Holder. The
amount of the charge will be 5% percent of my overdue payment of principal and
interest. I will pay this late charge promptly but only one on each late
payment.
(B) Default. If I do not pay the full amount of each monthly payment
on the date it is due, I will be in default.
(C) Notice of Default. If I am in default, the Note Holder may send me
a written notice telling me if I do not pay the overdue amount by a certain
date, the Note Holder may require me to pay immediately the full amount of
principal that has not been paid and all the interest that I owe on that amount.
That date must be at least Ten (10) days after the date on which the notice is
delivered or mailed to me.
(D) No Waiver by Note Holder. Even if, at a time when I am in default,
the Note Holder does not require me to pay immediately in full and as described
above, the Note Holder will still have the right to do so if I am in default at
a later date.
(E) Payment of Note Holder's Costs and Expenses. If the' Note Holder
has required me to pay immediately in full as described above, the Note Holder
will have the right to be paid back by me for all of its cost, and expenses in
enforcing this Note to the extent not prohibited by applicable law. Those
expenses include, for example, reasonable attorney's fees, including but not
limited to attorney's fees incurred on appeals.
7. Giving of Notices Unless applicable law requires a different method, any
notice that must be given to me under this Note will be given by mailing it by
First Class Mail to me at 0000 Xxxx Xxxx., Xxxxx 000, Xxxxx, XX 00000 or a
different address if I give the Note Holder a notice of my different address.
Unless the Note Holder requires a different method, any notice that must be
given to the Note Holder under this Note will be given by mailing it by First
Class Mail to the Note Holder at the address stated in Section 3(A) above or at
a different address if I am given a notice of that different address.
8. Obligations of Persons Under this Note. If more than one person signs
this Note, each person is fully and personally obligated to keep all of the
promises made in this Note, including the promise to pay the full amount owed.
Any person who is a guarantor, surety or endorser of this Note is also obligated
to do these things. Any person who takes over these obligations, including the
obligations of a guarantor, surety or endorser of this Note, is also obligated
to keep all of the promise made in this Note. The Note Holder may enforce its
rights under this Note against each person individually or against all of us
together. This means that any one of us may be required to pay all of the
amounts owed under this Note.
9. Waivers. I and any other person who has obligations under this Note
waive the rights of presentment and notice of dishonor. "Presentment" means the
right to require the Note Holder to demand payment of amounts due. "Notice of
Dishonor" means the right to require the Note Holder to give notice to other
persons that amounts due have not bee
10. Other provisions Requiring Immediate Payment The Security Instrument
describes how and under what conditions I am to be required to make immediate
payment in full of all amounts I owe under this Note. One of those conditions is
described as follows:
Transfer of the Property or a Beneficial Interest in Borrower. If all
of any part of the property or any interest in it is sold or transferred (or if
a beneficial interest in Borrower is sold or transferred and Borrower is not a
natural person) without Xxxxxx's prior written consent, Lender may, at its
option, require immediate payment in full of all sums secured by this Security
Instrument.
If Lender exercises this option, Lender shall give Borrower notice of
acceleration. The notice shall provide a period of not less than Ten (10) days
from the date the notice is delivered or mailed within which Borrower must pay
all sums secured by this Security Instrument. If Xxxxxxxx fails to pay these
sums prior to the expiration of this period, Lender may invoke any remedies
permitted by the Security Instrument without further notice of demand on
Borrower.
WITNESS the hand(s) and seal(s) of the undersigned.
PINECREST INVESTMENT GROUP, INC.
S/ Xxxxx X. Xxxx (Borrower)
By: Xxxxx X. Xxxx
Its: Chairman
