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~round the result of t4is sddition to the aesrest one•eighth of ooe
percentaae point (0.125x). This rouaded a~ouat vill be ~y new rate of
iotereat until the next Interest Change Date.
(D) Interest After Default
?he rste of interest required by this Section 2 is the rate I vill
ot+e both before aQa after any default described in 8ection 10(B) of the
l~ote .
3. CALCULATION OF AMOUNT8 4WBD BACH IiOtiTH
~ ,?he Note Holder Will calculate ~y F~11 Payrent Aiount anaually as
set fort6 in Sectioa S. The "Full Pay~ent Aiwunt" is the aaount of the
~onthZy paysent that vould be sufficient to repay the a~wuut I
originally borroWed, or the uapaid principal balance of ry loan as of
every otSer Interest Chaage Date, ia full~at the ratt of interest I a~ -
required to pay by Sections 2(A) and 2(C) above in substantially equal
payoeats on Ap~ril 1, 20 l~- Which is cslled the "~aturfty
date." Begianing on the date of this Note, .ny first Fu21 Payieat
~ Aoount ~eill be U.S. $523.95 untfl the first Intereat Change
Date. Befare every other Interest. Change Date, the l~iote Holder vill
calculate the new ~ull Pay~ent Aoount vhich Y will owe each ~oath
beginning on the first ~oathly pay~ent date after such Interest Change
Date.
The Full Paynent Aowunt I oWe pay be ~ore qr less than the aaount
~ I am.required to pay each month. Section 5 below states the a~ount of
sy vonthly paq~ent and hov it will change. Section 6 describes how ay ~
unpeid principal balance wiZl chaage if the avouni of ay ~onthly
payseat and the Full Payioeat A.wuat are different.
~ 4. TIIiB AND PLAGE OF PAYl~l~1TS ~
I will pay principal and iaterest by ~akiag payments everq ~onth.
?Iy ~onthly pay~ents will be applied to iaterest before principal.
I will make ~y wonthly payaients oa the first day of each month
beginaing on May 1, , 19 83. I will ~ake these psyseats
every eoath until I hav~ paid all the principsl and ~interest and aay
other charges described below that I nay owe uader this Note. If I
still oWe amounts uader this Note on the saturity date, I vill psy
those aieounts ia full oa that date. Those a~ouats could be greater
_ than the amount of ary last awnthly pay~:nt before the saturity date.
I will make ~y vonthlq payaents at P.O. Baac 47.30, Jack~anvill,e,
Flo~ida 3223I or at a different place if required by the
Note Holder.
5. GRADUATED NONTHLY PAYlIENTS." .
(A) Regular Iacrease. My first twelve (12) monthly payrents will
be in the asount of U.S. $523.95 On each aaaiversary of the
date my first ~sonthly pay~nent is due, I will begia payiag a new ~oathly
payment which vill be equsl to the aaount I have been paying sultiplied
by the number 1.075, unless I exercise the "hoathly Payment Freeze
Option" or "Full Paysent Option" $s described in Sectioa 5(B). I will
pay the new asount of ary ~onthly payieent until it changes in accordaace
with tLis Section 5 or Sectioa 6 or 7 beloW.
(B) Monthly Payweat Freeze Optioa. Instead of having ~y ~oathly
payments iacrease during the second and third years that ~y loan is
outstanding, I may elect to have eq ~soathly pay~eat frozen for the
second and/or third years that the Zoan is outstanding at the ~oathly
payment aaouat due during each respective preceding year.
Alternatively, I may elect to have the Note Holder recalculate ~y Full
Payroent Amouat as set forth in Section 3, and I will then sake paq4ents ,
of the Full Pay~ent '
Avount beginning with the first ronthly pay~ent due after ~q electioa.
Oa the third and on esch subsequeat anniversary of the date vy first
ooathly payment is due, until the twenty-ninth anniversary date, I~ay
(FL) FI.EX RIDER g OR -
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