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GRADUATSD PAYl~1~lT RIDBit
' (With Interest Rate Changes Bvery 6 Nonths)
TNIS GRADUATRD PAY!lSNT RIDBR is ~sde this ~ day of I~+~arch ,
198,~, and is incorporated into and shall be dee~ed to a~end and s~ple~ent
the t~ortgage, Deed of Trust, or Deed to Secure Debt (Lhe "$ecurity
Instru~ent") of the sane date givea by the undersigned (the "Horrover") to
secure Borrower's Gradwted Payweat Hote to
(the "Leader") of the ssaie date (the "Note and caverin~ t6?e property
described in the Security Instru~eat sad located at:
. Bneraon Avenue, Aoute 8, Baa 930A Ap~ts. A& B, Foct P3eroe, Flatida 33450
Propertq Address
THS NOTB CONTAINS PROVISIONS ALIAWING FOR CUANtBB IH 1'~ Il~l'tSRBST RATB A~ID
IiONTfILY .PAY!lEIdTS . .
?HS HOTB ALSO PROVIDBS FOR CALCULATIONS OF TWO SBPARATS liOH'PIiLY PAY1~IiT
AMOUHTS. ONB WILL 88 THS AlIDUHT THB BORROWSR MU5T ACTUALLY PAY BACH IlOIi'1~. .
T~ 'Orl'HBR WILL BB Et~i l,IiOUNT TBAT THS BORROWSR fi~OULD PAY BACB MOl~ITB TO FULLY ~
RBPAY 1'HS LOAId ON T~ lfATURIIR DATB .
TRB PRINCIPAL AMOUNT THS BORROi~1SR tNST RBPAY WILL BB ?.ARGSR THAN T~ AMOIA~IT
ORIGINALLY BORRO~TBD, BUT NOT MORS THAH 125'~ OF 1'8E ORIGINAL AMOUl1?. . ~
ADDITIONAL COYSNANTS. In additioa to the covenants and agreeaeats ~ade
in the Security Instruoent, Borrower aad T.ender further covensnt aad agree ~
as folloWS: ~ . .
A. II~ITBREST RATS AND lIONTHLY PAYl~l~1T CHANGES .
The Note provides for aa Iaitial Rate of Interest of 1 2.25 x• Sectioas 2
through 7 of the Note provide for chaages ia the interest rate aad the
aonthly payoents, as follows:
~"2. INTBREST .
(A) Iaterest Owed _ .
Interest will be charged oa that part of priacipal whic6 Das
not beea paid. Interest will be charged b~ginning on the date of
this Note and contiauing until the full aaaunt of priacipal has
~ been paid.
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E Beginaing oa the date of this Note, I will owe interest at a ~
yearly rate of 12.2 5 x. The rate of interest I will owe will
k change on the first day of October , 19 83v aad .oa that
day every 6th eonth thereafter. Each date on which g? rate of
interest could change is called an "Interest Change Date." !!y new
rate of interest will become effective on each Interest Change
Date . ~
(B) The Iades
Aay changes in uy rate of interest will be based oa chaages
in the Inden. The "Index'• is the weekly auction average rate oa
United States Treasurq bills with a aaturity of 6 soaths, as tiade
available by the Federal Reserve Board. The ~ost recently
~ available Indeg~figure as of the date 45 days before each Iaterest
~ Change Date is called the "Current Indeu." As of the date hereof,
~ the Current Index is 7.948x.
~ If the IQdea is ao longer available, the Note Holder will
~ choose a new index Which is based upon comparable iaforoatioa.
' The Note Holder will give me aotice of this choice.
~ (C) Calculation of Iaterest Rate Changes
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Before each Interest Change Date, the Note Holder Will
calculate mq neW rate of iaterest by addiag 4_~2 perceatage w!
poiats (4.302 x) to the Curreat Index. ?he Note Holder Will then
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(FL) RIDER - FLEXIBLE MORTGAGE IAAN PROGRAN 9/82 -
1017 Revised 12/82 ~~5 e~ ~3
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