HomeMy WebLinkAbout0924 ADDANDtM N0. 1 TO CRADUATBD PAYNENT RATB RIDER •
. (WITH INTBREST RATB CNANCES BVERY 5 YEAltS)
The following provision is hereby incorporated and otherwise made ~
a part of that certain Graduated Payment Rider (WiCh interest rate
changes every S years) of the same date given-by the undersigned
(the "Borrower~) to secure Borrower's Graduated Payment Note
(with interest rate changes every S years):
(C) INCREASES IN UNPAID PRINCIPAL BALANCE TO BE SECURED.
Borrower and Lender recognize that because of the:operation and
effect of the provisions of Sections 4, 6 and 8 of the Note as
set forth in Sections 4, S, 6 and 8 of this Rider (the "Interest
Capitalization Provisions"), the unpaid principal balance of the.
loan evidenced by the Note may exceed the original indebtedness
of $ 41,800.00 referred to on page one of the Security In-
strument. Borrover and Lender agree that this Security Instrument
is given not only to s~cure the payment of the original indebtedness
evidenced by the Note and the other matters referred to on page one of
the Security Instrument, but also to secure any increases in such
principal balance arisfng by the effect-of the Interest Capitalization
Provisions. Borrower and Lender agree thaC the sums which become outstanding
unpaid and owing because of the effect of the Interest Capitalization Pro-
visions and become a part of the unpaid princfpal balance are in effect and
are deemed to be future advances of principal from Lender to BorroWer and
as such are secured by the lien of the Security Instrument as if such sums
~ were advanced from Lender to BorroWer om the date of the execution hereof.
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i At no time shall the total outstanding unpaid principal balance of the loan I
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- exceed 125X.of the original principal-amount of the Note. It is the in- '
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tent of the Borrower and Lender that the sums which become outatanding, unpaid
and owing because of the effect of the Interest Capitalization Provisions
are deemed to be "future advances" as provided in Section 697.04, Florida
Statutes (1981) and be and are secured by the lien of the Security Znstru-
ment as of the date of the execution hereof as set forth in such statute. ~
~598424 - -
{~63 MAR -7 PII ~ 17 ~ (s~.>
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