HomeMy WebLinkAbout0954 _ _ ~ _ ~ 4 ...1 ' . . . .
EXHIBIT A
~ ' , ~ G UATED PAYhSENT ~ . E .
(~tb Interest Rate Changes Erc~~ S Ye
This Nots contains provisions allowing for changes in my intere:t ~cte and monthly
; pay~nenta
My monthiy payment will inuease by 7~496 each yea~ during the A~st flve years of thi:
. Nofe. My remaintng ~+onthly payme~ts also could inc~ease o~ deuease, depending on
changes in my inte~est rate. If the p~ovisions of this Note pe?mit me to do so, l will be
able to limit my monthly paymeni inc~eases to 71h96 each yeor. .
The p~incipol amount i rnust ~epay wiil be large~ than the omovnt 1 o~i9inally borrowed,
but nof more than 1Z596 of the origi~ol amovnt. ~
Ft. Pierce Florida
.
.
. l~~rl ~ [s~sa~
: ~ February 3 19.84
2044 S.W. Idaho Lane~,. Port„St....~u~i~.~...~~t.....3~.4~~.............................. ~
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(Prope?ty ~wdressl -
l. BORROWER'S PROMISE TO PAY
~ In return for a loan that I have received~ I promisc to pay U.S. S 57~ 300. 00 p~us any _ amounts
addod in accordance with Section 8 A) of this Note (the tota) amount is called "principal"). plus interest, to ihe ordtr of
the Lender. The Lender is ~~.T...~`?ION,_SAVINGS,.AND, LOAN,.ASSO~IA~ION,,,.a, Florida„Cor~ora~iop
. I understand
that the Lender may transf~r this Note. The I.ender or anyone who takes this Note by transfer and who is entitled to
receive payments under this Note is callod the "Note Holder."
2. IN1'ERFS1'
(A) Interest Owed "
Intercst will be chargod on that part of principal which has not been paid, beginning on the date I receive principal
j and continuing until the full amount of principal_ has been paid.
Beginning on the date I receive principal. I wiU owe interat at a yearly rate of .1.3..7.S.Q9'o. The interest rate I wiU
pay will change in accordance with Section 4(A) of this Note on the 6rst day of r~h 19.89... and
on that day every 60th month thereafter. Each date on which my interat rate could change is callcd an "Interest Change
Date." ~ .
(B) 'Ibe Indez
Beginning with the first lnterest Change Date. my interest rate ~ill be based on an Index. The "Index" is the weekly
average yield on United States Treasury securities adjusted to a constant maturity of S years, as made available by the
; Federal Reserve Board. The most recent Index figure available as of the date 45 days betore each Interest Change Date is
i called the "Current tndex." . .
If the Index is no longer available, the Note Holder w•ill choosc a new index Khich is based upon comparable ~
information. The Note Holder wili give me notice otthis choice. _
(C7 Interest Atter Detault ~
~ The interest rate required by this Seciion 2 and Section 4(A) below is the rate I v?il1 pay both before and atter any
i
` detault described in Section 12 (B) below. ~
, 3. TIME AND PLACE OF PAY~1EN15
~ I wiU pay principal and interest by making pa}ments every month. My monthly payments will b~applied to interest
before principal. ~
! 1 wil] make my monthly payments an the first day of each month beginning on April ~q_,84_,. -
~ I w~ll make these payments every month until I have paid al) the principal and interest and any other charges described
below that4 may ov~e under this Note. If, on I'.'ia!rch_,1,,,,,,,,,,,,,,,,,;,,,,,,, 2014....~ I still owe amounts under this Note, I ~
~ will pa~~ those amounts in full on that date. w hich is called ihe "maturity date."
` p FIRST UNION SAVINGS AND LOAN ASSOCIATION, 610 Delaware
Avenue, Ft. Pierce, Florida 3345U~
~ I v?i11 make my monihly.... ayments at
~ or at a ditferent place itrequired by the Note Holder. ~
~ 4. I1~'TEREST RATE CHAI~GES A1D FULL PAY111E~'T A1110UNT
~ (A) Calculation of New interest Rate and Full Payment Amount
Each of my first 60 monthly payments could be less than a Full Pa~ ment Amount. A"Full Pa~ ment AmounY' is the
~ monthly amount sufficient to repay the amount I originally borrowed, or the unpaid principal balance of my loan as of an
Interat Change Date, in full on the maturity date at the interat rate t am required to pay b~• Section 2 abo~~e or this Section
4(A) ~n substantially equal pa}•ments. Beginning on the date o! this Note, my fint Full Pa}'ment Amount K•ill be U.S.
667.61
5 unti) the 6rst tnterest Change Date.
Before each Interest Change Date, the Note Holder will determine a new Full Payment Amount for my loan. The
Note Holder will first calculate my neK interest rate by adding ...,~...4U....... percentage points (....2., 4Q.....~'o) to ihe
Current ~Index. The sum K•ill be my new. interest rate unti) ihe next Intercst Change Date. The Note Holder w•ill then
determine the amount of the monthly pa}ment that would be sufticient to repay the unpaid principal balance ot my loan .
~ that 1 am expccted to ov~•e on the Interat Change Date in tul) on the maturity date at my new interest rate in substantially
~ equal pa}ments. The result otthis calculation is my new Full Pa~meni Amount.
~ Each new• interat rate will become effecti~•e on each Interat Change Date. and each new• Full Payment Amount wiU
become efTective on the 5rsi monthly pay ment date atter the Interat Change Date.
BOOK ~t~.J t~6f ~
6RADUATFD PAYMENT NOTE-~S Yeo? Tteosury Index-1=4 Fomil~-Si83-fNMA Uniform In~tnrment
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