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. ~ . (D) Intereat ~tec Deta~ult .
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The Yate o! interast requtced by this 8ection 2 is the rate x will owe ,
~ both befo~e and aEta~r any detault desc~ribed in Seetion 10(B) below.
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3. U?tiQli.ATZQ~t OF 1~l~DI~1~3 AiD BA~ !~TlH ' ~
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The Note Nolder r?ill calculate iay Fuill P~yment lUaou~t annually as aet torth
in Section 5. The 'Full Paytaent Amo~a~t" is the ~t oE the monthly payn+er?t _
that v~ould be sutticie~t to repay the amount. i originaily borrnMed, or the
unpaid prfncipal belanoe of ~ay lo~r? as ot every other Interest Ch~r~ge Dnte,
in full at the reta of i~terest I am required tro pay by Sections 2(~?) and
2(C) above in substantially equal paymente on ~ 1 , 20~ whid~ is -
called the "maturity date". eeginning on the ate o~i s~' Note, ~ay first
Full . Payment Amount Mill be 0. S. ~ 523.95 until the li~cst interet Chnnge ~
Date. Before every other Ir?trereat Chan~ge , the Nate Holder will calculate ~
the new Full Paiyment Amount which I will owe eacfi ~aonttt beginning o~ the -
first monthly p~nynient c~tte after such Interest Ctsair~ge D~te.
The Full Payment Aniant 2 a~e~ may be mor~e oe less ttsan the an~o~mt ~I an required
to psy each month. Section 5!lelow atates the amount o~ my mo~thly pa~yment ana -
haw it will chanqe. Section 6 describes ho~w my urr~id principal bnlance aill
change if the amount of my m~nthly p~+yment and the Full Pay~aer?t Amount are
dffferent. ~ ~
4. TIlrS AT~D PI~S OF PAYl~Tl'S
I will ~ay principal and interest by makinq payment every month. My m~nthly
p~ay~aents will be a~plied tA interest before principal.
I Mill make my monthly payments on the first day of eacb m4ntli begi~ning a~
, i~53, I will maloe these pnyments e~rery month until I have gaia
al e pr ncipal and f nterest and any other ~charqes c]egc~ribed belaw that I
may owe emder this Note. If I still owe amounts unde~r thia t~iot~e an the maturity
date, I will pay those amounts in full on that date. Tt~o~e aaou~nts oould be
" qreater than the amount of my last monthly paryrnent befare the maturity date.
I will make my nanthly payments at P.O. Booc 4130 Jadceo~wille FL ~32231 _
ar at a different plaoe if requirec] by the Note Ho der. ~
5. t~tADUATED M~Y PAYlFNis •
(A? Regular Increase
My fitst twelve (12) monthly pnymenta will tie in ~tie aaiount of U. S.
$ 523.95 . On each anniversaty of the date my ffrst monthly payment
is due, I will begin paying 'a r~e`+ monthly payment vhid~ aill- be equal to
the amount I have been paying multiplied by the number 1.075, unless I ~
exercise the "l~onthly Payment Freeze Option" ar "F~11 Payment Optfon" as . `
descrfbed in Section 5(e). I will pay the new amount of my monthly f'
pa~nent untfl it changea in acaoraanoe with this Section 5 or Section or ~
- ? belaw. ;
~(e) Monthly Payment Freeze Opticn ~
I nstead of having my nanthly payments incrense during the seeond and
tbird years. that aty loan fs outatandfng, i may elect ba have my nanthly
p~yment ftozen for the seoond and/~r thfrd years that the loan is out •
standing~at tt,e monthiy payment anaunt aue aurinq eact~ respectiv~e preaeding
year. Alternatfvely, I m~?y elect bo have the Note Holder recalcvlate -my
- i~ull Pay~eent Anaunt as set forth in Section 3, and i Mill then make
paymenta of the Full Payment Amount beginr~ing wtth the first uanth2y
payment . due af ter ny election. On the thirc3 and, on eacfi subsequent
anniversary of tt~e date ny first monthly payrtient is due, u~til the b+enty- .
ninth aru~iversary date, i may a~ly choo~e bo hav~e my payment adjusted in. '
accordanee with Sectfon 5(A) or make the Full Payment Amount. The Note"
~ Ho2der will notify me as provfded in Section 6 below, thirty (30) to
forty-ffve (45) days prior to each of the an~iversaries of the date my
first monthly payment is due arxl will infona ne that I have the bptions ~
set forth in this Sectian 5, subjectf t~ow~ever, bo the limitati~ons in~osed
by Section 6(I). I must notify the Note Holder ot my election privr to
the time tbat the first month2y payment is due after the respective
anmiversary date. if I do not ct~oose frvn the options I have under this
t['i.) FLEX • • ,
N(Yt'E 1016 Paae ~ ~f ~
~ aoox395 P,~ 9~
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