Promissory Note
On this date of
August 15, 2008, in return for valuable consideration received, the
undersigned borrower promises to pay to JEC Family LP, the
"Lender", the sum of Twenty Thousand Dollars ($20,000) plus any
amounts added as an amendment to this note, together with interest
thereon at the rate of eight percent (8%) per annum.
Collateral: 13511
Granville Ave, Clermont FL 34711
LAKE HIGHLANDS
26-22-26 BEG AT SW COR OF TRACT 25, RUN N 00-56-04 W 220 FT, N
89-36-38 E 465.87 FT, S 00-53-49 E 220 FT, S 89-14-45 W 466.01 FT
TO POB, BEING PART OF TRACT 25 PB 3 PG 52 ORB 3663 PG 1854 ORB 3667
PG 894
Terms of
Repayment (Balloon): Starting on 5/15/2009 and continuing thereafter
from month to month until the date of 4/15/2011, the borrowers
shall make payments of the previous month's interest only. On
4/15/2011, final payment is due for the balance of the note plus
any accrued unpaid interest. Lender has the option to receive fifty
percent (50%) of any net proceeds received by the Borrower from
investment transactions, in payment of the remaining note
balance.
Late
Fees: In the event that a
payment due under this Note is not made within ten (10) days of the
time set forth herein, the Borrower shall pay an additional late
fee in the amount of $250.
Place of
Payment - all payments
due under this note shall be made at [6138 S Hampshire Ct.,
Windermere, FL 34786], or at such other place as the holder of this
Note may designate in writing.
Prepayment - This Note may be prepaid in whole or in part
at any time without premium or penalty. All prepayments shall first
be applied to unpaid penalties, interest, and then to
Principle.
Default - In the event of default, the borrower agrees
to pay all costs and expenses incurred by the Lender, including all
reasonable attorney fees (including both hourly and contingent
attorney fees as permitted by law) for the collection of this Note
upon default, and including reasonable