HomeMy WebLinkAbout0847 MORTGAGE tiOTE
$40,000,00 Port St, Lucie, Florida November 13, 1980
FOR VALUE RECEIVED the undersigned promises to pay to the
Order of BURGESS A. HONCHAR and JULIA F. HONCHAR, his wife
the principal sum of Forty Thousand and no/100 Dollars
at an interest rate and payments as set forth below: _
For the first five (5) years, the interest rate is to be
twelve percent (12%) consisting of sixty (GO) equal monthly
payments of $ 411.45 commencing on the 13th day of
December , 1980, and a like sum on the corresponding
day of each succeeding month for the remainder of the first
five (5) year period. After the first five (5) year period,
payments are to be determined as follows:
the interest rate is to be adjusted at the end of each five
(5) ~~ears in the following, manner:
At the end of each five (5) year period, the interest
portion of each payment is to be adjusted in the
direction of the "prime interest lending, rate" as it
relates to this obligation, by a maximum of three-
quarters (3/4's) of one percent (1%). In no event
v
~ shall the total adjustments to the interest portion of
k
ttie payments over the life of this obligation exceed
five percent (5°;) either above or below the twelve
5
percent (127,) initial interest rate for the first five
~ (5) year period of this obligation.
It is the intention of the parties that all payyments shall
include interest and principal; furthermore, as the adjusted interest
rate is calculated at the end of each five (5) year period, said rate
shall apply onl;~ to the remaining principal balance due after giving
effect to the principal reduction made during the preceding five (5)
year period.
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