DEFERRED PAYMENT MORTGAGE NOTEBorrower(s):
Address:
PINELLAS COUNTY FLA.
OFF . REC ,BK 1 1810 PG 1773
DEFERRED PAYMENT MORTGAGE NOTE
WILLIE B. HOLMES, an unmarried person
509 North Greenwood Avenue, Clearwater, Florida 33755
FOR VALUE RECEIVED, the undersigned, jointly and severally, promise to pay to the order of the CITY OF CLEARWATER,
FLORIDA (hereinafter called the "Lender"), its successors and assigns, the sum of EIGHTY THOUSAND and NO/100-
DOLLARS ($80,000.00) Payment of the principal amount of this NOTE is deferred while the undersigned remains the fee simple
owner and resides at the noted property, and no default of the terms of the mortgage securing this NOTE has occurred. Default will
cause this NOTE to become immediately due and payable.
Upon default, the City, at its option, may prepare an alternative promissory note requiring monthly payments of principal and interest.
All payments on the alternative note shall be applied first to interest to date of receipt, then to principal, thento late charges due.
The undersigned shall reserve the right to reject the alternative note by paying the principal amount of this NOTE within 30 days of
default. Failure of the undersigned to pay the principal amount of this NOTE or execute an altemaive note within 30 days of default of
the deferment will constitute failure on the part of the undersigned. Such failure will be subject to suit by the City to recover on this
NOTE. If suit is instituted by the City to recover on this NOTE, the undersignedagree(s) to pay all costs of such collection including
reasonable attorney's fees and court costs. Failure of the City to exercise any option to which it may be legally entitled to enforce the
terms of this NOTE shall not constitute a waiver of such defadt.
During the deferred term this NOTE will not accrue interest. Upon default, this NOTE will accrue interest at a rate of 7% per annum
until the principal amount of this NOTE is paid.
The undersigned reserve (s) the right to prepay the principal in who or in part at any time without payment of premiums or penalties.
Any payment of this NOTE prior to default of the deferment shall be applied to the principal due on the NOTE.
The undersigned does agree to pay TWO HUNDRED and NO/100- DOLLARS ($200.00) monthly to cover real estate taxes
and insurance. Amounts collected in excess of the billed real estate taxes and insurance will be used to reduce the principal balance,
less a reserve of Two Hundred and NO/00- Dollars ($200.00) for potential increases in real estate taxes and or insurance.
This NOTE is secured by a mortgage duly filed for record in Pinellas County, Florida.
DEMAND, protest and notice of demand and protest are hereby waived and the undersigned hereby waives, to the extent athorized by
law, any and all homestead and other exemption rights which otherwise would apply to the debt evidenced by this NOTE.
IN WITNESS WHEREOF, this NOTE has been duly executed by the undersigned, as of its date.
JANUARY 7, 2002
Date
A9/01442.0 -e- 7( 40 3
Date
\- 0
Zeno.-Ccf 'Po , ama qac