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HomeMy WebLinkAbout0922 . . i . ~ . 1 S ~ • balance as of the Interesl Changc Date in fuli on th~ msturity date at my new rate of inte~est in subatantislly eqw! paymcnls. The result of this caiculation is my new Full Payment Amount. Each new rate of interest witl bocome effoctive on each Interest Change Date. and each new Full Payment Amount will become eRcctive on the first monthly payment dalc aller the Interest Chsnge Date. (B) Required FuU Payment Araouat 1 wi!! pay the Fu!! Payment Amount as my monthly payment beginning with my 61st monthly payment if my new ' rate oP inte~sst is equal to or less than the Initial Rate of Interest or if 1 do not choose to limit the amount of my monthly payment as permitted by Section 6(A) below. Even if 1 choose to limit my monthly payment. I wiU pay the Full Payme~t Amount beginning with my 121st monthly payment. S, GRADUATED MONTHLY PAYMENTS 1-60 ~ My first 12 monthly paYments will each be in the amount of U.S. 5.........35ft,..4.G On each of the first four anniversaries of the date my first monthly payment is due. 1 will txgin paying a new monthly payment which will be equal to the amount 1 have bcen paying multipliod by the number 1.075. 1 witl pay the new amount otmy monthly payment until it changes in accordance with this Section S or Sections 6 or 7 below. 6. BORROWER'S RIGHT TO I.IMIT AMOUNT OF MONTHLY PAYMENTS 61-lZD . - ~ (A) Calculatioa ot Cnduated . Moathly Paymeat Amouat IPmy new rate of interest at the first lnterest Change Date is greater than the Initial Rate of Intercst, l may:cboose to limit the amount of my new monthly payment. If I do so, on each of the Sth ihrough 9th anniversaries of the date my first monthly payment is due. I will begin paying s new monthly payment which will be equal to the amount I have been payiog multiplied by the number 1.075. Even if 1 have chosen to limit my monthly payme~t. Sections 6(H) or 6(G~ below may require me to pay a dilferent amount. I will give the Note Holder notice that I have chosen to limit my monthly payments at least 1 S days before my 61st monthly payment is due. . (B) Reduced Monthly Paymeat Amount My 73rd, 85th. 97th or 109th graduated monthly payment calculated under Seetion 6(A) above couid be greater than the amount of a monthly payment which then would be suflicient to repay my unpaid principai balancx in full on ihe maturity date at my current rate of interest in substantially equal payments. If so. 1 wil! instead thea begin paying a new monthly payment. which wit! be oqual to the lower amaunt. until my 121st monthly payment when ~ will begin paying my new Full Payment Amount. (G~ Increased Moathly .Payment Amount ~ ~ My paying a monthly payment calculated under Section 6(A) above could cause my unpaid principal balance to eaceed the limit stated in Section 8(B) below. If so. on ihe date th3t my paying a monthly payment would cause me to exceed that limit. I will instead begin paying a new monthly payment until my 121st monthly payment when I will begin paying my new Full Payment Amount. This new monthly payment will be in an amount which would be sufficient to repay ~ my then unpaid principal balance in full on the maturity date at my current rate of interest in substantiaUy equal payments. 7. MONTHGY PAYMENT 121 AND REMAINING PAYMENTS " Beginning with my 121st monthly payment. I wiU pay the Full Payment Amount as my monthly paymrnt. 8. INCREASES IN THE PRINCIPAL AMOUNT TO BE PAID (A) Additions to- My Uapaid Priacipni Balnuce Each of my first 120 monthly payments could be less than the amount of the interest portion of a monthly payment which then would be sufticient to repay my unpaid principal balanc~ in futl on the maturity date at my current rate of interest in substantially equal payments. If so, each month that the amount of my monthly paymer~t is less than the interest portion, the Note Holder wili subtract the amount of my monthly payment from the amount of the interest portion and will add the differrnce to my unpaid principal balance. The Note Holder will also add intercst on the amount of this diff'erence to my unpaid principal balance each month. The rate of interest on the interest added to principal wi11 be the rate required by Sections 2 or 4(A) above. (B) Limit on Unpnjd Princips~l Balaace My unpaid principal balance can never eaceed a maximum amount equal to one hundred twenty-6ve percent (125%) of the principal amount I originally borrowed. 9. NOTICE OF CHANGES The Note Holder will mail or deliver to me a notice of any changes in the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me and atso the title and telephone number of a person who will answer any question I may have regarding the notice." B. G'HARGFS; LIENS . Uniform Covenant 4 ofthe Security Instrument is amended to read as follows: 4. Clwrges; Lieas. Bonower shall pay all taxa, assessments, and other charges. fines and impositions attributable to the Property which may attain a priority over this Security Instrument, and leasehold payments or ground rents, itany, in the ~ manner providod under paragraph 2 hereof or, if not paid in such manner, by 8orrower making payment. when due. directly to the Payoe t6ereof. Borrower shatl promptly furnish to Lender all notices of amounts due under this paragraph. I and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender roceipts evidencing such payments. 8orrower shall promptly discharge any lien which has priority over this Security tnstrument; provided. ' that Borrower shall not be required to diuharge.any such lien so long as Borrower: (a) shall agree in writing to the payment of the obligation securod by such lien in a manner acceptable to Lender; (b) shall in good faith cont~st such lien by, or def~nd against enforcement of such lien in. legal proceedings which in the opinion of I.ender operate to prcvcnt the onforcement of the lien or forfeiture of the Property or any part thereof; or (c) shall securc from the holder of such lien an agreement in a form satisfactory to Lender subordinating such lien to this Security Instrument. If Lender determines that all or any part ot the Property is subject to a lien which may attain a priority over this Security Instrument, Lender shall send Borcower notice identifying such tien. Borrower shali satisty such lien or take one or morc of the actions set forth above wit6in ten days of the giving of notice. C. NOTICE Uniform Covenant 14 of the Security Instrument is amended to read as follows: -14. Notice. Eacept for any notice requir~d under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Socurity Instrument shall be given by delivering it or by maiting it by 6rst ctass mail ~ t1R t~ ~~E . _ . . ~'J~!~t