HomeMy WebLinkAbout0921 ~ . j . 1+ . . t
•
' ~ ~ GRADUATED PAYMENT RIDER
(With Intuest Rate Chunges Every S Years) ~
83 THIS (3RADUATED PAYMBNT RIDER is made tbis ..~.~.."day of ..~r~h
19.......... and is inoorporated into end shsU be deemed to amend and aupplement the Mortgage. Doed of Trust. or pood to
Secure Debt (the "Security Inatrumeni") of the same date givet~ by the undersignod (the "Borrower") to socurc Horrower's
Gradwtod Paymrnt Note to .........GRBAT..BI~U~TGIAL..88D~BRAI
.(the "Lender") of the same date (the "Note") and covering thc
property describod in the Security Instrument and located st:
A4Y.411482 SW. Sudder Avenue , port St. Luc~e. Florida 33452
.....~(/V . c~r • ~?ddress~...................................................................................
Th~ Not~ contoins provisions allowin~ for chon~~s in th~ inf~r~st rot~ and moethiy
Parm~~K. _ ~
Th~ donow~'s monthly payn~~nt will inu~os~ by 7~i96 ~ach y~a~ du~iny th~ Arst Av~
y~on of tht Not~. Th~ dorrow~r also moy b~ abi~ to iimit monthiy poym~ni incnos~s
to 7~% ~och r~o~ du~in~ fh~ s~cond Av~ y~an of th~ Not~. The hmainin~ monthly
payn~nts also could incnas~ or d~as~, d~p~nding o~ chan~~s in th~ ini~hst rot~.
Th~ p~indpol amounf th~ BorrowK must npor w111 b~ la~r than th~ amount o~i~inolly
bonow~d, but not mon than IZ.S96 of th~ o~i~inol amount. ~
ADDITIONAL COVENANiS. In addition to the covenants and agreements made in ihe Security lnstrument.
Borrower and Lender turther covenant and agree as follows: - ~
A. INTEREST RATE AND MONTE~LY PAYMENT CHANGES .
The Note provides for an Initial Rate of Interest of ..12..8I5~......°Yo. Soctions 2 through 9 of the Note provide for changes
in the interest rate and the monthly payments. as follows:
"2.INTEREST '
(A) Interest Owed
Interest will be charged on that part of principal which has not bcen paid. Interest will be chargod beginning on the
date of this Note and continuing until the tuU amount of principal has bcen paid.
Beginning on the date of this Note, I will owe intercst at a yearly rate of .12.8.7.59'0. This rate is called the "Initial
Rate of Interest" The rate of interest I will pay will change in accordance with Soction 4(A) of this Note on the first day of
.................Apr31..1.............. 19...$$. and on that day every 60th month there~Rer. Each date on which my rate of
interest could change is caliod an "Interest Change Date."
(B) T6e Index
~ Any changes in my rate of interest will be based on changes in the Indea. The "Indea" is the weekly average yield on
f United States Treasury socurities adjustod to a constant maturity of S years, as made available by the Federal Reserve
j Board. The ma6t recxntly available Indea 6gure as of the date 4S days before each Interest Change Date is callod the
~ "Current Indea." '
~ If the Indea is no longer available. the Note Holder will choose a new index which is based upon comparable'
~ information. The Note Holder will give me notice of this choice.
~ (C~ Ietenst Atter Definlt
' The rate of interest roquirod by this Scction 2 and Section 4(A) below is the rate I will pay both before and after any
default describod in Section 12 (H) below. .
3. TIME AND PLACE OF PAYMENTS
I will pay principal and interest by making payments every month. My monthly payments wifl be appliod to intercst
before principal.
I will make my monthly payments on the first day of each month beginning on .....~X...1 n ...........................19.. 83...
I will make these psymcnts every month until I have pxid all the principal and interest and any other charges described
below that I may owe under this Note. If. on ........iAplC~,a...~ 20....~~.. I still owe amounts under this Note, I
will pay those amounts in fuU on that date, which is called the "maturity date."
Iwillmakemymonthly paymentsat ......319.,St.,.Elizabeth Street, Post Office Box 989,
Ah~~~A~k4~o~...~e~tuck.Y..... 42302
or at a different place if requiced by the Note Hoider. ~
4. FULL PAYMENI' AMOUNi' ~
(A) Glculation o! Full Paymeat Amount
Each of my 6rst 120 monthly payments could be less than a Full Paymrnt Amount. A"Full Payment AmounY' is
the monthly amount sufficient to repay the amount I originally borrowod, or the unpaid principal balance of my loan as of
an Interat Change Date, in full on the maturity date at the rate of interest I am roquirod to pay by Soction 2 above or this
Soction 4(A) in substantially equal payments. Beginning on the date of this Note, my first Fuq Payment Amount will be
~ U.S. 5......~+58~31 until the first Interest Change Date. My first Full Payment Amount could be Isrger
than each of my first 60 monthly paymrnts.
Before each Interest Change Date, the Note Holder will determine a ne~~~~ayment Amount for my loan. The
Note Holder will 6rst calculate my new rate of interest by addingthree..&..... percentage points QQ.......9'0) to the
Current In~ex. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage
point (0.1259'0). This roundod amount will be my new rate of interest until the neat Interest Change Date. The Note
Holder will then calculate the ncw amount of a monthly payment that would be sufficient to rep~y my unpaid principal
~ GRADUAT~ ~AYMENT RIDER - Mon 6 CrrARNI-Sinple Fomit~r-S/82-fN11AA Y+~Norw Mskuw~M
t BOOK 395 ~d~E 920
~ - _ _