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r MAR 16 1983 <br />The County Attorney stated that it is now appropriate <br />for the County to assign this Note to the bondholder. <br />ON MOTION by Commissioner Scurlock, SECONDED <br />by Commissioner Lyons, the Board unanimously <br />authorized the Chairman to execute the assign- <br />ment of the Promissory Note to the bondholder, <br />as follows: <br />PROMISSORY NOTE <br />1/1 <br />Date: Dec mber 29, 1982 <br />For value received, ROBERT H. DAVIS and WILLIAM A. DAVIS <br />(collectively, the "Proprietor") jointly and severally promise to <br />pay to the order of INDIAN RIVER COUNTY, a political subdivision of <br />the State of Florida (the "County"), the principal sum of $850,000, <br />together with interest and other amounts from the date hereof as <br />specified in the Loan Agreement, Mortgage and Security'Agreement <br />(the "Loan.Agreement") herein incorporated by reference, to which <br />this Note is annexed as Exhibit C. <br />This Note is secured by the Loan Agreement of even date <br />between the Proprietor and the County, including the Security <br />Interest and Mortgage described and defined therein, all of which <br />is set forth in the Loan Agreement. It is expressly agreed that <br />all covenants, conditions and agreements contained in the Loan <br />Agreement executed in connection herewith are hereby incorporated <br />by reference in this instrument as though fully set forth at length <br />herein. In the event of conflict between this Note and the Loan <br />Agreement, the terms and conditions of the Loan Agreement shall <br />control. This Note shall be deemed to be in default upon the <br />occurrence of any event of default under the terms•of the Loan Agree- <br />ment. Upon the occurrence of an event of default, the holder of <br />this Note may, at its option, declare all unpaid indebtedness evi- <br />denced by this Note, immediately due and payable, without notice, <br />regardless of the date of maturity. Failure at any time to exer- <br />cise this option shall not constitute a waiver of the right to <br />exercise the same at any other time. <br />This Note is assignable to the bondholder as provided in th <br />Loan Agreement. <br />This Note shall be governed by the laws of t" <br />State of 'loridzf, <br />which laws shall be applicable in the interpret i `', co tructiozi <br />and enforcement hereof. <br />'" s CV <br />ROBERT H. DAVIS <br />r •, l( <br />('WILLIAM A. DAVIS <br />59 <br />