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~ . ADJUSTABLE RATE NiO'i`E ~
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NOTICE Tn F30RROQVER TH1S NOTE CONTAINSA PROVISIONALLOW- .i
; ING FOR CHANGFS IIV THE INTEREST RA`T'E, II~ICREASES I1V 'T'HE ;
; INTEREST RATE WILL RESUI.T IN HI~HER YAYMENTS. DECREASES }
~ IN THE INTEREST RATE WILL _.RESULT IN LOR/ER PAYMENTS ~ ~
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.................~Y..?$~h.............,i~.. $2 ..............STUART........, .......FIARIDA.............. ~
. City Srurr ~
. . . , GUSTADOR AVENUE.. . PORT ST. LUCIE . . . . . . . FIARIDA . . . . . . . . . . . . . . . . ..33452. . .
Proptrty Addrtit ' Ci~j~ . . . . . S1a~r . . . Zip Codi
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j 1. BORROWER'S PR01191SE TO PAY ~
± In rewrn for a loan that I have received, I promise~ to pay U.S. s• ~RTY ..T.HREE ,TEIOJI.,S~NQ ,~;~~I~~` ,HUNpR~I~. F~~`X'Y DOLLAR' -
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(this amount wil) be called "princiRal"), plus interest, to the order of the Lender. The Lender is FIRST FEDERAL SAVINGS AND ~
LOAN ASSOCIATION OF MART!N COUN'I'X. -
~ I understand that the I.ender may tr~rsfer Shis Note. The I.ender or ;~nyone who takes this Note by transler and who is entitled
ta receive payments under this Note.will be called thr "IVote Holder". "
2. INTEREST ~ ~
Interest will be charged on that part of uutstanding pcinripal which has not been paid lnterest a•il! he charged beginning on that
~ date 1 re~eite principal and ~ontinuing until the full amc~unt of principal ! teteive has beer. paid~
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~ Beginning on the date of this Notc. I will pay intcrest at a yearly cate oE „16.500$ „qo (the °Initial lnterest Rate'). '
~ The interest tate that I will pay will chan~e in accordance with Section 4 of this Note until my loan is paid Interest Rate changes may
' occur on the ls t, day of the montli beginning on . . SEPTF.I!'g3ER , ls , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 19. . and on
' that day of the month every ..`~'~ELVE ~
' months thereafter. Eaeh date on which the rate of interest may change wiU
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be calied a "Ch~nge Date".
' 3. PAYMENTS
~ (A) Time and Pl~ce of Yaymrnts • ~
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I~ _ I will pa}• principal and interest by ~naking payments e~°ery months 1 will make my monthly payments on the lst , day vf
each month beginning on. . JULY _ ,7,St , , , , , , , , , , , , , , , , , , , , , , , , , , , ~ . $2 _ I a•ill make these payments unti! I have paid a!!
I~ o; the principal and interest and any othe char es, Jescribed elow, that I,may owe under this I\'ote. 1 cvil! pav all sums that I owe
~ under this Note no later than... . : _ . _ . ~u.~~. . . . . . ~ ~
. . . . . . . . . . . . . . . . (the "final paym~nt date"). ;
1 will make my rnonthl} payments at 98y SOUTH FEDERAL f{IGHQ AY, SIUART, FLORIDA 33494 i
( ~ ' - • • • • . . . . . . . . . . . . . . . . . . . . . • • • - - . . . . . . . . . . . . . . . . . . . . o~ at a di(ferent place if reyuired bv the Note Holder. - ;
(I3) Borrower's Payments f3efore They Are I~ut `
I have the right to make payments oC principal at any time he(ore they are due. A payment a( principai_only is known as a
"prepayment"/ When 1 make a prepayment, I will tell the l~fote fiotdet in writing that I.am doing so. I may make a full prepayment
~ or a partial prepayment without paying any ~~nalty. The 1Vote HoldPr w~i!t use all of my prepayments to reduce the amount of principal c
that I owe undrr this Note. If I make a artial re a ment, ther~ will bc no dela s in the dates of rn monthl a ments unless the Note ~
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i Holders agrees in weiting to those delays. 111y partiai prepayment will.reduce the amount of my monthly payments a(ter the first '
~ Change Date fo!lowing my pastiai prepayments. However, a~y reducuon due to my partial prepa}•ment may be offset by an interest ~
~ rate increase. ~
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i Amount of Monthly Payments
~ hty initial monthly payments will be in the amount of U.S. _...'..~6Q.7.c If the interest rate that I pay
_ chanRes, the amount of my monthly payments wil) change. Increases in the interest rate will result in higher payments (unless my
~ prepayments since the last Change Date offse[ the increases in mv monthly paymes~ts). Decreases in the interest rate ~vill result in
~ lower payments. The amount of my monthly payments wi~l always be sufficient ta repay my loan in full in substantially equat payments ;
i by ihe final payment date_ In setting the monthly payment amo~nt un each Change Date, the ~vote Nolcier will assume that the Note ?
interest r:.te will not change aRaio prior to the final payment date
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! 4. INTEREST R1S'I'E CH~INGES ; '
(A) The index ~ . `
~ Any changes in the inter~st ~ate wil( ~e based on changes in a~: ~.nterest rate index which will be calted the "[ndex". The '
Index is the: /CJxck ~ne /~ox ro rndicvtr ladra: J ~ ' ~
~ (l) "Contract Interest Rate, Purchase oi Previczusly Occupied Homew Nati~nal Average for ail 111aj~r Types ot . ~
[.endrrs' published by the Federal Home Loa~ Hank Bcaard. .
(a) O•
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If the [ndex ceases to be rnade available by the publishes, o~ by an.y successor to the publisher the Note Holder will set ~
the Natr interest rate by u~ing a camparable indcx. _ .
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BQOK J( 1 P~Gf e~5 .
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