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HomeMy WebLinkAbout0932 • . balance as of th~ lnterest Change Date in full o~ the maturity date at my new rate of interest in substantially oqual payments. The result of this calculation is my new Full Payment Amount. ' , ~ ~ Each new rate of interest will become effective on each lnterest Change Date, and each nea Full Payment Amount will become eRective on the first monthly payment date aiter the tnterest Change Date. . ~ (B) Required Ftiq Payme~t Amount 1 will pay the Full Payment Amount as my monthly payment beginning with my 61st ~onthly payment if my new rate of interest 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 iP I choose to limit my monthly payment.l wiU pay the Full Paymmt 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...... 3b8 .88 p~ ~h oP the first four anniversaries oP the date my first monthly payment is due. I will begin paying a new monthly payment which will be equal to the amount I have been paying multiplied by the number 1.075. I wiU pay the new amount of my monthly payment until it changes in accordance with this Section S or Sections 6 or 7 below. . 6. BORROWER'S RIGHT TO L1MIT AMOUNT OF MONTHLY PAYMEMS 61-120 (A) Calculatioa ot Gradus~ted Monthly Paymeat Amouat If my new rate of interest at the first interest Change Date is greater than the initial Rate of Interest.l may choose to limit the amount of my new monthly payment. If 1 do so. on each of the Sth through 9th anniversaries of the date my first monthly payment is due. I will begip paying a new monthly payment which will be equal to the amount I have been paying multiplied by the number 1.075. Even if I have chosen to limit my monthl~r payment. Sections 6(B) or 6(C) below may require me to pay a different amount. I will give the Note Holder notice that I have chosen to limit my monthly payments at least 1 S days before my 61 st monthly payment is due. ~ (B) Reduced Moathly Payment Amount - My 73rd. 85th. 97th or 109th graduated monthly payment calculated under Section 6(A) above could be greater than the amount of a monthly payment which then would be suft'icient to repay my unpaid principal balance in full on the_ maturity date at my current rate of interest in substantialty equal payments. If so, I will instead then begin paying a new monthly payment. which will be equal to the lower amount, until my 121st monthly payment when I will begin paying my new Full Payment Amount. ~ ~ (G~ Iacreased Mont6ly Payment Amount , My paying a monthly payment calculated under Section 6(A) above could cause my unpaid principal balance to exceed the limit stated in Section 8(B) below. If so. on the date that my paying a monthly payment would cause rrie to eaceed 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 substantially equal paymrnts. 7. - MONTHLY PAYMENT 121 AND REMAININC PAYMEM'S Beginning with my 121st monthly payment, l will pay the Full Payment Amount as my monthly payment. 8. INCREASES IN THE PRINCIPAL AMOUNT TO BE PAID (A) Additions to My Uapaid Principa! Balance Each of my first 120 monthly }~ayments could be less than the amount of the interest portion of a monthly payment which then would be sufficient to repay my unpaid principal balance in full on the maturity date at my current rate of interest in substantially equaf payments. If so. each month that the amount of my monthly payment is less than the interest portion, the Note Holder will subtract the amount of my monthly payment from the amount of the interest portion and will add the difFerence to my unpaid principal balance. The Note Holder will also add interest on the amount of this difference to my unpaid principal balance each month. The rate of interest on the interest added to principal will be the rate r required by Sections 2 or 4(A) above. ~ (B) Limit oa Unpaid Principa! Balance ! My unpaid Principal balance can never exceed a maximum amount equal to one hundred twenty-five percent (125%) of the principal amount 1 originally borrowed. 9. NOTICE OF CHANGES The Note Holder will mai) 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 also the title and telephone number of a person who will answer any question I may have regarding the notice." B. CHARGES; LIENS Uniform Covenant 4 of the Security Instrument is amended to read as follows: 4. C6arges; Liens. Borrower.shall pay all taxes, 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. if any, in the ; manner providod under paragraph 2 heroof or. if not paid in such manner, by Borrower making payment. when due, ~ directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrapti. ~ and in the event Borcower shall make payment directly. 8orrower shall promptly furnish to Lender receipts evidencing ~ such payments. Borrower shall promptly discharge any lien which has priority over this Socurity Instrument; providod. ~ that Borrower shall not be roquired to discharge any such lien so long as Borcower: (a) shall agree in writing to the ~ payment of the obligation securcd by such lien in a manner.acceptable to Lender; (b) shall in good faith contest such lien s by, or defend against enforcement of such lien in, legal proceedings which in the opinion of I.ender operate to prcvent the ` enforcement of the lien or forfeiture of the Property or any part therooF, or (c) shaQ socure from the holder of such lien an agreement in a form satisfactory to Lender subordinating such lien to this Socurity Instrument. If Lender determines that all or any part of the Property is subjoct to a lien which may attain a priority over this Security Instrument, Lender shall send 8orrower notice identifying such lien. Bonower shall satisfy such lien or take one or more of the actions set forth above within ten days of the giving of notice. ~ C. NOTICE ` , Uniform Covenant 14 of the Socurity Instrument is amended to read as tollows: ~ ' 14.. Notjce. Except for any notice roquirod under applicable Iaw to be given in another manner. (a) any notice to ~ 8onower provided for in this Security Instrument shall be given by delivering it Dr g it by ~~ass msil BO~K~cJ~ P"6f 1 - - . _ ~