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' rouad the result of this additioa to the aearesL one-eighth of oae
percentase poiat (0.125x)• This rouaded uwunt vill be ry nev rate of
3nterest uatil the aext InteresL Chaage Date. ~
(D) Interest After Default
?he r~te of iaterest required by this Sectioa 2 is the rate I Will ~
~ ove both before and sfter any default described in Section 10(B) of the -
~ Note. ' .
3. CALCULATIOH OF A!lOUNT3 OfiSD BACH PlOIiTH
The Note Holder Will calculate ~y F~11 Pay~ent Mouat anaually as
set forth in Sectfon 5. The "liLll Paq~ent A~ouni" is t~e a~ount of the
oonthly payment that would be wfficient to repay the asount I
~ originally borrowed, or the unpaid priacipal balaace of ~q loan as of
. every other Interest Chaage Date, in fu1L at the rate of iaterest I aa
required to pay ~S~cltions 2(A) and 2(C) above in sub:tantially equa~
~ payaents on , 20 1~ Which is called the "saturity _
date." Beginaiag on the date of this Note, ry firat ~11 Pay~nt
•Aoount vill be U.3. $ 523.95 until the first Iaterest Chaage
Date. Before every other Interest Change Date, the~I~ote Holder will .
calculate tihe new Full Paydent Awunt which I will owe each ~oath .
beginning on the~first tonthly pay~ent date after such Iuterest Chaage
Date. ~
The Full Paq~ent AmounL I ove may be ~ore or less thaa the a~ount
I am ~tequired to pay each oonth. Sectioa 5 below states the aaount of
¦y sonthly paysent and tiow it vill change. Sectioa 6 describes how ~y
unpaid principal balaace will cbange if the asount of ~y moathly
paymeat and-the Full PByneat Mount are different.
4. TI!!8 AND PLACE OF PAY!lB1~TS I
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I will pay prin~cipal and interest by aiaking paysents every oonth. i
?!y menthly payments Will be applied to intetest before principal.
I will make my oonthly pay~ents on the first day of each aonth - I
beginning on 1 , 19~ I will isake these payeents -
every ~oath until I have=paid all the principal and interest and any
I' other charges described beloW that I may-owe under this Note. If I
still owe amounts under this Note on the ~aturity date, I vill pay
I; those aawunts ia full on that date. ?hose aaounts could be greater
; than the a~ount of a~y last ~onthlq payeent before the ~aturity date.
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~ I will make ay soathly pay~eats at P.O. Hoat 4130. JacksanvilLe,
Flo~ida 32231 or at a different place if required by the
; Note Holder. ~
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S . GRADUATED IiONTHLY PAY?lEHTS .
(A) Regular Iacrease. ?Iy firat twelve (12) moathly payweats will
be in the asouat of U.S. ~523.95 On each a~iversary of the
_ date ~y first ~aonthly pay~ent is due, I vill begin paying a nev soathly
payment which Will be equal to the awount I have been paying ~ultiplied
by the number 1.075, un~ess I exercise the "Monthly Paqoeat Freeze
Option" or "Full Pay~ent-Option" aa described in Section S(B). I Will
pay tAe nev asount of ey monthly payment until it changes in accordaace
~ With this Sectioa 5 or Section 6 or 7 below.
4 (B) Iiont6ly Pay~ent Freeu Option. Instead of having ry asonthly
~ paymeats increase during the second and.third years that ¦y loan is
outstanding, I say elect to have ~r monthly paysent frozea for the
~ second and/or third years that the loaa is outstanding at the soathly
payeeat a~ouat due during each respective preceding year.
f Alternatively, I may elect to have the Note Holder recalculate ~q Full
~ Pay~eat A~ount as set forth in Sectioa 3, and I will tben ~ake paywents
~ of the Full Paysent .
~ Mouat beginaing rith the first aoathly pay~ent due after ¦q election.
Oa the-third and on each subsequent a~iversarq of the date vy first
~ . y
~oathly'paqment is due, until tbe twenty-ninth anaiversarq date, I say
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(FL) FLEX RIDER
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