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SAILBOAT APT. CORP. v. CHASE MAN. MORTG. & RELATY TRUST

No. 78-416.

363 So.2d 564 (1978)

SAILBOAT APARTMENT CORP., a Florida Corporation, et al., Plaintiffs Counterdefendants, v. CHASE MANHATTAN MORTGAGE AND REALTY TRUST, Defendant Counterplaintiff.

District Court of Appeal of Florida, Third District.

Rehearing Denied November 17, 1978.

Attorney(s) appearing for the Case

Arky, Freed, Stearns, Watson & Greer and Bruce W. Greer, Miami, for plaintiffs/counterdefendants.

Smathers & Thompson and Linwood Anderson, Miami, for defendant/counterplaintiff.

Before HAVERFIELD, C.J., and PEARSON, J., and CHARLES CARROLL (Ret.) Associate Judge.

HAVERFIELD, Chief Judge.

This appeal is presented for determination by way of certified question pursuant to Fla.App.R. 4.6 (1962 Revision).

The undisputed facts are as follows:

On March 12, 1974 plaintiff, Sailboat Apartment Corporation (SAC), as borrower executed a loan agreement together with a promissory note in favor of defendant, Chase Manhattan Mortgage and Realty Trust (Chase Manhattan). The note provided for a floating interest rate of 4 1...

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