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MJIrD(~ N(yIE
$13,000.00 Port St. Iucie, Florida No~v~ei~er 14, 1980
FO~t VAIN RDCEIVED the undersigped proadses to pay to the
order of Robert C. Cook and Chr3.stine Cods, his wife
the principal sun of 1lZirteen ltiausand and no/100------------------Dollars
at an interest rate and payments as set forth below:
For the first three (3) years, the interest rate is to be
twelve percent (12~) consisting of thirty-six (36) equal monthly paynr~nts
of $134.21 ooamnencing on the 14th day of December 1980 ,and a
like sum on the oorrespondir4g day of each succeeding month for the remainder
of the first three (3) year period. After the first three (3) yeax period,
payments are to be detern~ined as follows:
Tt'e interest rate is to be adjusted at the end of the first ttnee (3) year
period in the following marn~er:
At the end of the first three year period only, the interest
portion of each paym~rit is to be adjusted to the then current
interest lending rate with the local savings and loan
institutions. It is the intention of the parties that all
payments shall include interest and principal; furthernnre, as the adjusted
interest rate is calculated at the end of the three (3) year period, said
rate shall apply only to the remaining principal balance due after giving
effect to the principal reduction. made chasing the preceding three (3) year
period.
It is the fin then intention of the parties that this shall
beaten (10) year mortgage (with monthly payments calculated on a 29 year
payout schedule), and that at the end of the ten (10) year period, the mortgage
will balloon and the entire principal sum renaming tnpaid, together with
accrued interest r~na;ni ~ unpaid, shall became due and payable on the
14th day of November, 1990, which final payment shall be in the amolnt
of $12,165.78 .
his obligation may be pre-paid in whole or in part without
penalty.
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