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Home My WebLink About0934 ~ ADDENDUN N0. 1 TO GRADUATBD PAYltENT RATS RIDfiR (WITH INTBRSST RAT6 CHANGBS EVSRY S YEARS) psL-2-1571 The following provision is hereby incorporated and otherwise made a part of that certain Graduated Pay~aent Rider (with inteYeat rate changea every S years) of the same date given by the undersigned ~-(the "Borrawer~ to secure Borro~er's Graduated Payment Note (with intereat rate changes every 5 years): ~ (C) INGRBASES IN UNPAID PRINCIPAL BALANCS TO BE SECURED. Borrover 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 k, 5, 6.and 8 of this Rider (the "Interest Capitalization Provisioas"), the unpaid principal balance of the loan evidenced by the Note ~aay exceed the original indebtednesa of $ 43,500.00 referred to on page one of the Security In- strument. Borrower and Lender agree that this Security Instrwnent is given not only to secure 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 inereases in such principal balance arising by the effect of the Interest Capitalization Provisions. Borro~er and Lender agree that 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 principal balanc~ are in effect and are deemed to be future advances of principal from Lender to Borrover and . ; as such are secured by the lien of the Security Instrument as if such sums I~I were advanced from Lender to Borrower on the date of the execution hereof. i ~ j At no time shall the total outstanding unpaid principal balance of the loaa ~ - exceed 125~L of the original principal amount of the Note. It is the in- ~ tent of the Borrower and Lender that the sums Which become outstanding, 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 Instru- ment as of the date of the execution hereof as set forth in such statute. . 5~~ ~~3 ~ '7 ~ ~ 2 t ~ -a ~ ts~~ - ~ ~ W A. BOEHM orroWer ~ FH.EO FhL v,:; a. ~tCU~; ~ SR 6«RfGl.~,'.ti_ ' ~ ~ SEAL) . CLfFK C~p~''n` ~ • Borrower ,t,,,N. , C~ . ~ ..t . ~ t ~ " . ~ k b00 c7~7J P~6E ~Jc) f E! ~i - _ . : ~.~,~.r~ ~ _ . _ - - . . _ = .