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4N~9;~ ~ 3
File Number. 12 4 -4 2 3/PB This instrument was .prepared by:
W. H. Walker. Jr. Esquire
Blackwell, Walker. Gray, Powers. Flick & Hcehl
Rf~F1Y~D S -~1._.=----~ l~f ~ .'."..-t? Ff 1 flf~S,
One Southeast Third Avenue
t is _ `i ~ t" . " ' ' ~ ` ^ t9?t, Miami, Florida 33131
• 1 • -
• " RETURN TO:
CL ':•K . U3 ,.:.u:.I, Si. i1i..{E CO. fLA~~
E3LACKWELL, WALKER, GRAY, POWERS.
FLICK & HOEHL
- - - . - - _ J ~ FORUM I l l
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~ ~.~~1F' . ~ ~ ~ ` i MORTGAGE 1655 PALIA BEACH LAKES QOULEVARD
' ~ ; (SHORT FORM WEST PALM BEACH, FLORIDA 33401
~ ~ ~ between the Mo a or,
THIS MORTGAGE is made this ~ day of ,19 rtg g
IAN H. LAGO AND KAREN K. LAGO, his wife,
(herein "Borrower"),
and the Mortgagee, AMERIFIR.ST FEDERAL SAVINGS AND LOAN ASSOCIATION, a corporation organized and eziating
under the laws of the United States of America, whose address is One Southeast Third Avenue. Miami, Florida 33131 (herein
"Lender').
WHEREAS, Borrower is indebted to Lender in the principal sum of FIFTY NINE THOUSAND SEVEN
HUNDRED FIFTY AND NO/100-- ($59, 750.00) ,which indebtedness is evidenced by
Borrower's note dated of even date (herein "Note'), providing for monthly installments of principal and .
interest, with the >ialance of the indebtedness, if not sooner paid, due and payable on 1St M8y 2 010 .
THE MORTGAGE CONTAINS VARIABLE INTEREST RATE PROVISIONS. THE INTEREST RATE, MONTHLY PAY
MENTS AND MATURITY ARE SUBJECT TO ADJUSTMENT. The Promissory Note bearing the same date as this Mortgage
provides that-
The initial intereatrateof ELEVEN AND NO/100------ percent (11.00`11) shall not be adjusted leas than
one year after the date of the first regular monthly payment. Thereafter, the interest rate is subject to adjustment once a year.
Lender shall review the interest rate for possible adjustment during the month of Apr' i 1 ,each year during the
term of this Note. Lender shall- notify Borrower in writing of any adjustment in the interest rate by the 1St day
of May each year during the term of this Note. Adjustments in the interest rate shall take effect on
the 1St day of JUne~ each year during the term of this Note. The said review month, notification
month, and effective month are subject to change at the time of an assumption of this Note.
i
I
j 1b adjust the interest rate of this Note, Lender shall use the latest national cost of funds index as computed by the Federal
Home Loan Bank Board and published in the Federal Home Loan Bank Board Journal under the designation "Average Cost of
I
I Funds to FSLIC Insured Savings and Loan Associations -All Districts."
f The minimum ac~juatment, up or down, shall beone-tenth of one percent (0.1096) a year. The maximum adjustment, up or
j down, shall beone-half of one percent (0.5096) a year. In no event shall the interest rate of the Note exceed two and one-half
percent (2.5096) over the initial interest rate of the Note. Downward adjustments are mandatory, but upward adjustments may be
made at Lender's option.
f When Borrower receives notification of an interest rate increase, he/she may:
~ 1. not respond, and the monthly payment shall be adjusted upward; or
i 2. request that the loan maturity be eztended up to a mazimum of one-third (U3) of the original loan term, but such an
eztenaion may not reduce the amount of Borrower's original monthly mortgage payment and might not be sufficient to
offset all increases in Borrower's monthly mortgage payment caused by an increase in his interest rate; or
3. prepay the loan, either in whole or in part, without penalty.
a
Rate decreases shall be applied first to the reduction of the eztended loan maturity (but not below the original maturity) and
then to the reduction of monthly payments. The loan term shall not be reduced to such an extent that monthly payments would be
~ increased.
Lender shall have waived his option to accelerate under paragraph 17 of this note if, prior to a sale or transfer of the Property,
Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender. If Borrower's successor in interest then ezecutes a written assumption agreement aotepted in writing by
Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note and shall allow assumption at the
interest rate then being charged upon the indebtedness evidenced by the Note. Lender shall be entitled to receive a processing fee
for effecting the assumption.
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FLORIDA-Short Form-1 to 4Family-9/76-FHLMC UMFORMINSTRUMENT-Revised for VARIABLE RATE Mtges. by
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