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round the result of this addition to the nearest one•eighth rof onc
percentage poiat (0.125x). This rouaded a~wuat will be ~y aeMr rate of
intertst uatil the next Iaterest Chsnge Date.
(D) Iaterest After Default
Tde rate of interest required by this Sectioa 2 is the rate I will
owe both before snd after say default described ia Section 10(B) of the
Note.
3. CALCULATION OF A!l01A~lTS OYED EACH MONTH
The Note Holder will calculate sy Full Pay~ent A~ouat aaaually as
set forth in Section S. The "~L11 Pay~eat A~ount" ia the a~ouat of the
~onthly pay~ent that vould be ~ufficient to repay the a~ouat I
originally borrowed, or the uap:id priacipal balaace of ay loaa as of
every other Iaterest Ch~age Date, ia--full at the rate of interest I aa
required to pay by Sectfons 2(A) and 2(C) above ia substaatially equal
paq~ents on April 1, , 2013, which is called the "~aturity
date." Begiaaing oa the date of this Note, ry first Full Payaeat
Amouat vill be U.S. $646.18 until the first Interest Chaage
Date. Before every other Interest Change Date, the Note Holder will
calculate ~the aew Full Payreat A~ouat which I will oWe each ooath
begiaaiag on the first doathly pay~ent date after such Interest Chaage
Date.
The Full Pay~eat A~ount I owe ray be ~ore or less than the aaount
I a~ required to pay each sonth. Sectioa S below states the aaouat of
¦y soathly pay~eat aad how it vill change. Section 6 describes how ~y
uapaid priacipal balaace will change if the aaount of ~y voathly
pay~eat aad the Full Pay~eat A~ouat are different. -
4. TII~ AND PLACE OF PAY?~I~iTS ~ ~ ;
I will pay priacipal aad iaterest by ~akiag payrents every soath.
!!y ~oathly pay~eats vill be applied to iaterest before priacipal.
I ~+ill ~ake vy ~oeathly 'payoeats oa the first day of each voath
beginaing oa t~fay l, , 19 83 I vill sake these pay~ents
every aoath uatil I hsve paid all the principal and iaterest and aay
otDer chargea described below that I~ay owe uader this Note. If I
! still owe a~ouats uader this Note on the saturity date, I vill pay
i those a~ounts ia full on thst date. Those a~ouats could be greater ;
! tb,aa the aaouat of oy last soathly pay~ent before the saturity dste.
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! I~till vake ay sonthly paymeats at Alliance Nbrtgage Company, P.O. Box
~ 4130, Jacksonville, Florida 32231or at a different place if required by the
f Note Holder.
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$ S . GRADUATED liONT~ILY PAYIQ:NTS .
~ (A) Regular Iacrease. !iy-first twelve (12) monthly pay~ents will
A be in the aaouat of U.S. $ 477.39 . On each anaiversarq of the
~ date mq first moathly pay~ent is due, I will begin payiag a aew nonthly
~ payment which will be equal to the asouat I have been paying ~ultiplied
~ by the aunber 1.075, ualess I exercise the "donthly Payseat Freeze
~ Option" or "Full Payvent Optioa" as described ia Section S(B). I vill
~ pay the new aaownt of my moathly payoeat uatil it chaages in accordaace
~ with ttiis Sectioa S or Section 6 or 7 below.
(B) Noathly Paymeat Freeze Option. Instead of having Qy soathly
~ paqmeats iacrease during the second aad third years that my loan is
~ outstaading, I may elect to have my moathly payoeat frozen for the
~ secoad and/or third years that the loaa is outstaading at the ~oathlq
paymeat amouat due during each respective preceding year.
` Alteraatively, I may elect to havt the Note Holder recalculate ~q Full
; Payoent Amouat as set forth in Section 3, aad I will then make pay~eats
~ of the Full Payseat
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~ Amount beginniag with the first moathly paqneat due after ay election.
~ Oa the third and oa each subsequeat anniversarq of the date mq first
~ monthly payment is due, uatil the twenty-ainth anaiversarq date, I vay
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(FL) FLEX RIDER BOJK~~ PAGE t~0e~ '
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