ADJUSTABLE RATE NOTE
(One-Year LIBOR Index (As Published In The Wa// Street Journal) - Rate Cops)
AUIS NOTE CONTAINS PROVISIONS ALLOWING FOR A CHANGE IN MY FIXED INTEREST
BATE TO AN ADJUSTABLE INTEREST RATE AND FOR CHANGES IN MY NONTHLY
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JUNE 12, 2007 MIAMI BEACH,
Darel (cis)
300 S POINTE DRIVE UNIT 1001, MIAMI BEACH, FL 33199
{Property Arent)
1, BORROWER'S PROMISE TO PAY
Jn return for loan that have received, promise to pay US.$ 4 347,000.00 _(thisamount is called
"Principal", plus interest to the order of Lender Lenders WASHINGTON AMTUAL” BANK te,
{ will make all payments under this Note in the form of cash, check or money order.
foanarrtand that Lender mey transfer this Note. Lender or anyone who fakes the Note by trnsfer and who is
entitled to receive payments under this Notes called the "Note Holden”
2. INTEREST
sisret wll be charged on unpsid principal until the fll amount of Principal has ben paid. wil pay interest
atayearly rateol 525 %. The interest rateT will pay may change in accordance vith Section 4.of
this Note,
rarest rate required by this Section 2 and Section 4 ofthis Note isthe rate wll py both before and atee
‘ny default described in Section 7(B) of this Note.
3. PAYMENTS
Twill make a pxyment on the first day of every month, beginning on AUGUST 01, 2007 .
Before the First Principal and Interest Payment Due Date as deserited in Seotion 4 ut YS" Note, my payment will,
Spasist only of the interest due on the unpaid principal balance of this Note, Therelies Tons AY principal and
interest by making a payment every month as provided below.
1 till make my monthly payments of principal and interest beginning on the First Principal and Interest
Hispent Due Dates described in Section 4 ofthis Note. 1 will make these peymnente oma ren Thhave paid
sayen te incpal end iteret and any other charges described below that may ove nde: ret ota monthly
reapplied taint eter ts Soheduled due date, and ifthe peyment includes both principal and mean
be applied to interest before Principal. Lon uty 91, zoey « [still owe amounts
‘de tis Note | wil pay those amounts nfll on that date, which is called the "Maturity Date
Twill make my monthly paymentsst p.0,80X 78148 PHOENIX. Ag 85082-8148
ora aditfernt placeit required by the Note Holder
(B) Amovat of My Initial Monthly Payments
My monthly payment will he in the amount of U. S$
Interest Payment Due Dito and theres wl fos Seon
fate determined ar date in Saston fol ha Note nen
Note Holder will notty me prior tothe date of change in monthly fojrene ca
Our m 7
‘AD. 20
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r BLE RATE NOTE ~ ONE~ = Single Femi
FLORIDA ADJUSTABLE RATE NOTE ~ ONE-YEAR HAE R= tt co
WI7ONL xen Vir Morgtge Solaons, ie, wet-7281 = ais SRE
eC 7(C) Monthly Peyment Changes
{hunges in my monthly payment wll lest changes inthe unpaid pinipl oP Ioan andi the interest ate
that | must pay. The Note Holder will determine my new interest rate and the changed aroun or ‘my monthly
payment in accordance with Section 4 or 5 of this Note.
4 ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
‘The inital ned interest rate 1 will pay will change to an adjustable interest rate on the firt dy of
JULY 01, 2014 + and the adjustable interest rate I will pay may change on that day every 12th menth
Ligier, The dete on which my inital fixed interest rate changes to a adjustable interst see wed og
which my adjustase interest rate could chang, icalled ¢ "Change Dates
(B) The Index
Retinniog with the frst Change Date, my adjustable interest rate will be based on an Index. The “Inder* isthe
seri ged tink olfered rates for one-year US, dolla-denominated deposits in the London snerket CLIBG RT )
Crenpe Daten Tie Wal! Street Journal. The most recent Index figure available aso! the date 45 dope helo voce
Change Date is called the “Current Index.”
ithe Index is no longer availabe, the Note Holder will choose a new index tat is bsed upon ‘comparable
information. The Nate Holder will give me notice of this choice
{C) Cateviation of Changes
Before each Change Dat, the Note Holder wll alelate my new interest ate by adding quo AND 15/100
percentage points ( 2.10%) to the Current Indes. The Note Holder will
‘uban atdcata payments, The result of thiscalelation will bo the new amount of my sonihty Fayment,
{D) Limits oa Interest Rate Changes
The interest ate] am required to pay at thefirst Change Date will not be grester then 11,525 %
orlessthan 2. 159 %. Thereafter, my adjustable interest rate will never be increased or decresoed
proany Single Change Date by more than two percentage points from the rat of interest I han tae paying for the
Proveding 12 months My interest ate will never be greter than 17. goe %.
(E) Effective Date of Changes
My new intrest rate will become elfective on esch Change Date. wil pay the amount of my new monthly
saree eins on the first monthly payment date after the Change Date antl the eecst my monthly
payment changes again
(F) Notice of Changes
Before the effective date of any chen; ly payment, the Note Holder will
deliver or mail tome a notice of such change, The notice wll include infarnote. required by law te be given to me
And ae the ttleand telephone numberof « person who will answer any question rc, hace regarding the notice,
{G) Date of First Principal and Interest Payment
ie date of my first payment consisting of both principe! and interest on this Note (the "First Principal and
Interest Payment Due Date") shall be the first monthly payment date ater tre foe ‘Change Date,
5. BORROWER'S RIGHT TO PREPAY
snag the right io make payments of principal at any time before they are due. A payment of Principal only is
sa otc emREN” When | make a Prepayment, {wl tell th Now Holder ip Seve ne fee doing so, I
ener nena’, fapment a PrepaymentifTbave not made all the monthly payment dx recat oe
{Dey makes tll Prepayment or partial Prepayments witha sayings Propoymece chee Shen older
will use my Prepayments to reduce the amount
be no changes ia
Pregl date of my monthly payment unless the Note Holder agrees in write te thee changes. If the parts
Prepayment is made during the period when my monthly payments one only of interest, the emount of the
——————_6: ‘LOAN CHARGES
a lam, which applies to this toan and which seis matimum loan charg is finally interpreted so thatthe
thew (a) con nszyaan charges colleted or to be collected in concection with this loan exceed the permitted limite,
tre Ifa ohend anes rtd by reducing the Principal Lowe under this Note or by making adrest ravers
‘me If relund reduces Principal, the reduction wil be treated as a partial Prepayment
7. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Late Charges for Overdue Payments
If the Note Holder has nut rece
{i}do aot pay the fll amount ofeach monthly payment onthe date it is dv, [wil be in default,
(C) Notice of Default
int fn i elt, the Note Holder may send me a writen notice ting me that if I do not pay the overdve
tot bran pad eit dat, the Note Holder may requice me to pay immediatly the full amount of Priscpal eager
trem Paid and al the interest that owe on that amount. That date must be a least 30 daysatter the dae oe shone
‘the notice is mailed to me or delivered by other means.
(D) No Waiver By Note Holder
Fen il ata time when 1am in default the Note Holder does not require me to pay immedistely in full as,
‘escribed above, the Note Holder will still have the ight todo co itl am in default ata lace
(E) Payment of Note Holder's Costs and Expenses
fat Nts Helder has required me to pay immediately in fll a described above, the Note Holder wil have the
{att tobe paid back by me forall ofits cosis and expense in enforcing this Note o he acres prohibited by
‘pplicable law. These expences include, for example, reasonable attorncye feos
8. GIVING OF NOTICES
ese aPplcabe law require a different method, any notice that must be given to me under this Note will be
Biven by delivering it or by mailing it by fi
‘address it give the Note Holder a notice of my
wcaltss the Note Holder reqires a different method, ny notice that must be given to the Note Holder under
Sis Nota mill be given by meilingit by first class mail othe Note Holder at the addi ios Sestion 3(A) above
OF ata different address if lam given a notice of thet ditferentaddrese,
9. OBLIGATIONS OF PERSONS UNDER THIS NOTE
z{ more than ote person signs this Note each person i flly and personaly obligated to ‘keep all of the promises
sajeeain this Note, including the promice to pay the full amount owed. Any pores che ‘uarantor, surety or
endorser of this Not is also including the
obligations of a guarantor, Note, i ted to Keep all of the promises made in this
Note. The Note Holder m: its i is inst each pereon individually or against all of us
‘ogether. This means that any one of us may be required to pay allot th i
10, WAIVERS
sand any other person who bas obligations under this Note waive the rights of Presentment and Notice of
Dishonor. "Presentment” means the right ta require the: "Notice
of Dishonor” means the right to requice the Nove Holder have not
been paid,11. "UNIFORM SECURED NOTE
‘This Notes a wiform instrument with limited variations in some jrisitions, In adtion to the protections
Bored the ne Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the "Security Instroment”),
dated the same date as this Note, protects the Note Holder from possible losses tae ‘might result iI do not keep the
Feed ia peaks inthis Note. That Security Instrument describes how and under what eto I may be
ferred 19 makeimmediate payment in full of all amounts owe under this Note. Sorreah ere
4) Until my inital tized interest ate changes to an adjustable intrest rate under the terms stated in Section 4
above, Uniform Covenant 18 of the Security Instrument aball seed sa foltoes
ial Interest in Borrower. As used in this Section 18,
ial interest in the Property, including, but not
bond for deed, contract for deed, installment
his the transfer of title by Borrower a: a future
Ital or any part of the Property or any Int
Borrower's not s natural person and a benaficiel
‘s prior written consent, Lender may requit
by this Security Instrument, However, this option shall not be exercised by Lend
prohibited by Applicable Law.
1 Lender exercises this option, Lender sall give Borrower notice of acceleration. The notice
Sey Peeve a period of nat less than 30 days from the dat the alice le giece ip wcrrae oe with
Baran tS withia which Borrower must pay all sume eecured by thistSecusty fn roment. If
Borrower tals to pay these ie i ie
‘remedies permitted by this Security Instrument without fort
2) When my iil tite interest rate changes to an adjustable interest ate under the terms stated in Section 4
See ancutGtin Covenant 18 of the Security Inarument desribod in Section Lita abe shall then cease to be in
‘Hfect, and Uniform Covenant 18 ofthe Security lastrument shall instead ed ec hoe
qongawer is nota nator person and a beneficial interest ia Bontoees eon, transferred) without
oy ang Pit writen consent, Lender may require immediate payer fe) secured
ross iby estrument. However, this option shall not be exetgoed br Lac de exer
Ectibied by Applicable Law. Lender lo hall not ese thie option acy oe causes to
dow een tas Lender inlrmaton routed by Lender to onl te eases cere i
suger ene made 10 the tasters; and (6) Lender reasonably eens Leader's
agreement iste Sanat od by the loan assumption and that the isk of s breschct aoe
agreement inthis Security Inotrumeatis avepteole te Leet
so the tent permitted by Appiable Law, Lender may charge a reasonable fee as a condition
12, Lander’s consent to the loan asumption. Lénder alan many gee see transferee to
promttion arcement that is acceptable to Lender and that oigatts the rancho to keep al
Promises and sgreements made in the Note and in i
a a1 Lender exercises the option to require immediate payment in full, Lender shall: give
Borrower notice of accaleration. The notice shall provide a period"@f not less than 30 days from the
{ate the notice is given in accordance with Section 15 within which Borrower must par
secured by this Security Instrument. It Borrower fails to pay these sums prior to the expiration of
this petiod, Lender may invoke any remedies permitied by this Security Instrument witheut further
notice or demand on Borrower.
12, DOCUMENTARY TAX
‘The state documentary tax due on this Note as been paid on the mortgage securing this indebednese,
WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED,
af
/
ut Ren
(Seal) (Seal)
STEVE R PIECZENIK “Borrower “Borrower
(Seat) (Sesi)
“Borrower “Borrower
(Seal) (Seal)
“Borrower “Borrower
(Seal) (Seat)
“Borrower “Borrower
(Sign Original Only)
Pay to the crder of
Without Recourse
Washington Mutual Bank, FA
Oya A
WI7ONFL sor
Cpea —
FIXED/ADJUSTABLE RATE RIDER
(LIBOR One-Year Index (As Published Ia he Wall Street Journal) ~ Rate Caps)
THIS FIXED/ADJUSTABLE RATE HIDER is made this 12TH day of
JUNE, 2007 < and is incorporated into and shall be deemed to amend’ and
supplament the Mortgage, Oved of Trust, or Security Deed (the "Security Instrument) of
the same date given by the undersigned (Borrower') to secure Borrowers
Fixed/Adjstable Rate Note (the ‘Note') to
WASHINGTON MUTUAL BANK, FA
(Lender) of the same date and covering the property described in the Security
Instrument and located at
300 S POINTE ORIVE UNIT 1001
MIAMI BEACH, FL 23739
(Property Address)
THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST
RATE TO AN ADJUSTABLE INTEREST RATE, THE NOTE LIMITS THE
AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE
AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY.
ADDITIONAL COVENANTS. in addition to the covenants and agreements made in
the Security Instrument, Borrower and Lender further covenant and agree as follome
‘A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial fixed interest rate of 6.528 % The
Mae a8? provides for @ change in the intial fixed rate to an adjustable interest rate, no
follows:
4, ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
ri intial Fixed interest rate | will pay will change to an adjustable interest rate on
the first day of suLy 01, 2014 and the adjustable interest rate | will
Pied ahecnen8 on that day every 12th month thereafter. The date on which my intl
Fixed interest rate changes to an adjustable interest rate, and each date cn whch my
‘adjustable interest rate could change, is called a "Change Date.
IN A
Pen Ma GRUKED/ADJUSTABLE RATE RIDER = WSJ One-Year LIBOR ~ Single Family ~
Fannie Mae Uniform Instrument Form 3187 6/01
@,-168R C401) ao
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