HomeMy WebLinkAbout0943 INTER~ST RATE: The annual rate of interest shall be equal to Four
and one-half (4.5$) Percent above the rate of interest (Treasury
Bill Rate) established from time to time (Auction average on a
discount basis) for United States Treasury Bills with maturities
of_26 weeks. The interest rate established herein shall be
effective for each six (6) month period (I) commencing on the
first day of the first month for the first six months following
the date of this Agreement, and; (II) commencing on the first day
of each six (6) month period thereafter during the term of this
Agreement. The effertive date of change, if any, in such interest
rate shall be based upon the Treasury Bill Rate last in effect
ir,unediately p~eceding the first day of each six (6) month
readjustment period.
AMORTIZATION PERIOD: From the Effective Date to the Maturity Date
INSTALLMENT PAYMENT: A sum equal to (I) $32.68, which amount
shall be applied to the reduction of the principal amount of
this Note; and, (II) the amount of interest determined by
applying the interest rate to the unpaid principal amount of
this Note. The first such Installment Payment shall be made
on the First Installment Payment Date and subsequent
InstaZlment Payments shall be due on the same day of each
month thereafter until the Maturity Date whereupon the entire
unpaid balance of principal and interest accrued and unpaid
thereon shall become due and payable; each such Installment .
Payment when paid shall be applied first to the payment of
interest on the unpaid balance at the Interest Rate and the
! remainder thereof to payment on account of principal.
If any Installment Payment shall not be paid when due, then the
entire principal sum and accrued interest hereunder shall become
' due and payable at once or thereafter, at the option of the holder
of this Note. The Payee may, at its option, collect a late charge
not to exceed five cents for each one dollar of each Installment
Payment not paid when due to reimburse the Payee for expenses of
servicing delinquent Installment Payments. Failure to exercise
~ these options shall not constitute a waiver of the right to
exercise the same in the event of any subsequent default.
FIRST INSTALLMENT PAYMENT DATE: March l, 1985
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~ NOW, THEREFORE, in consideration of the premises, it is hereby
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agreed that the terms of the said Note and Mortgage are hereby
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~ modified as above set forrh, and except as herein modified, all other
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E terms and conditions of said Note and Mortgage shall remain unchanged
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~ and in full forc~ and effect.
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' IN ~4ITNESS WHEREOF, we have hereunto set our hands and seals as
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of tne date first above written.
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THIS IS A BALLOOI~I MORTGAGE AND THE FINAL PAYMENT OR THE BALANCE DUE
UPON MATURITY IS $29,H26.07, TOGETNER P7ITH ACCRUED INTEREST, IF
ANY, AND ALL kDVANCEMEN^1S MADE BY THE MORiGAGEE UNDER THE TERMS OF
THIS MORTGAGE.
Witnesses: ~
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/ G~~ L~ '-L. WFIITLEY AVIS, JR.
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L. i / r
s to ortgagors ~f << C~ <<
RONALD YOUNG,
"Mortgagors"
~ ~:';K 45 ~ r ~43
NCILI QRIFFIN JCr~RIlS L ILOYD
c~..wrcACo
P O. BUX ~270, fQq- PIERCE. ~LOR:DA ];t5~ - TELEPMONE ~305) 464-8200
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