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HomeMy WebLinkAbout0938 - _ i ~ . . . ~ ~ ~ ADjUSTABLE RATE 1tIDER • ~ , (D~~~FB~RRBD PAYM8N1' PROVISIONS) ~ 'Thb Docv~t Co~si~ - provisioni tor ia the Iatecest Rate snd the Moo~hly Psyauat and for Increasa ia the ptincipal Amount to be Rapaid. 'I~IIS ADJUSTABLB RATB RIDBR ;s made chis 4th. dsy oi March.. 19 83....., aad b mcor- porated into and shsll be damcd to acnead and suppkcnent the Mon~e. Deed oE Truu, or Daed to Secure Dabt (tbe "Security Instrument") of the sa~ne ciate ~ivea by the uadeni~aed (tha "Borrower") to s~cura Borrower't Adju~table Rate Note to 'The Loaaas dt Nettletoa Company (tha "Lenda") oE the ame dste (the "Note") sad oovecio= the propecty described io the Security Iast~umeat aad located st: 917 S.W. Macedo B1vd.,,...Port..St.,...Lucie.,,.,Flo;~,ic~a,..~3?}5~ (Prope~ty Addreas) The Note Contain3 Provisions .Allowing for Chsn~es in the Interest Rate and the Monchly Fayment and for Increaxs in the Frincipal M~ouat to be Repaid. A. ADDITION~IL COVBNANTS. In addicion to t6e coveoaats and igreemenu mada in the Security Inswment. Borrower and I,~nder furthec coywant and aaree ss followa: . "2. IN'IE'REST Inteceat will be charged on thit put of principa! which has not been paid. Interest aill be charged beginaing on che date of thia Note and continuing until the full amount of principat has beea paid. Btginnin~ on the date of this Note. I will pay interest at a yearly rate of ..11.25U~',. 'ILif rate is cslled the "Initiil Rate of Interat". 'Ibe rate of interat I will pay aill change in aceordance with Section 4 of this Note. 'Ibe rate of inte.~pt required by tbis Section and Section 4 of this Nae is the nte I will pay both befora aad after any default dascribed in Sectioa S(B) of t6is Note. 3. PAYMBNTS (A) 'Time aad P1ice of Psymeub ~ I wlll P~Y P~P~ and interest by malcin6 P~Y~eaW every month. I will a~ke my monthlY PaYments on the Fi.~~t. dsy of each monch beginning on ..May---1.~t 19..83...... I w~l mika these paymeat~ every awnth unW I 6ave paid aU of the principal and interest and any other charges described below that I may owe under this Note. If. on ...A~.ri-1-.-Ist.-.-. 20....13...., I st~l owe smounts aadet this Noca I will pay chwe amounu in full on chat dace. which ~s cxlled the °maturity dato''. . I will make my mont6ly paqanenb at 'Ibe Lomu dt Nettleton Company. P. O. Box 225644, Dallas. 'Texas. or at a diftereat place if required by the Note Holdu. (H) Intetdt PaYments " My monthly payments will be appGed Srst to interest due and thea to principal. Any part of Interest due thst is grater than the current amount of my monthly payment will be capitaliud. "Capicaliud" means that part of the interat due which is greater than my monthly payment arill be advanced by Note Holder on my account and added to t6e out- standiag priacipal balance under t6is Nota If I do not aant intuat to be capitalized. I may r~nit the full amount of interest. which is due and payable each month. 'Ihe Nae Holder w~l tell me the full amouat of intaest I owe each month if I ask the Note Holder W do so 30 days befon the date payment is due. (C) Amount of Monthly Paynxnb My monthly priacipal and iaterest~ payments on this loan w~l ~change from time to time. (1) Initial Five Yeu Monthly Principal and Interat Payment Sc6edule My montWp principal and interest payments for the &st ~1) thmugh thitty-sixt6 (36) principal aad interat payments w~71 be US. S..37.1.Q~...__._.. My monthly principal and interat paymenu for the thirty-seventh (37) through fortq-eighth (48) principal aad interdt paymenb a?ill be US. S 40i3..72 . My monthly principal aad interest paymenu for the forty-ninth (49) through siatiet6 (60) monthly paymenu wiU be U.S. S 44~.94 . Before my new monthly paymeat becomes eHective. the Note Holder will remind me of the chaage. (2) Scheduled Monthly Principal and. Interat Payments aher First F'~ve Years On ..:..Ma.y...1.st. . . 14 fl8. . and on that day in that month each yea~ thereafter (the "Payaient Adjustment 'i Date") my monthlY payment also will be reset. Ia raating my monthly principal and interest paymeats on each Payment ' Adjuat~ment Date, the Note Holder will determine the amount of my monthly payment on the basis of the following , factots: I (a) the oatatanding principal b~lance. and C (b) the curreat interat rate I am paying, and ~ ~(c) the remaining cam of my.loan. The Note Holder will set my monthly paymeat at an amount, which would be suHicient to pay my loan in full over its remaining term. 'lhe Note Holder will advise me of the amount of my new moathly payment before each Payment Adjustment Data - ~ . (3) Unscheduled Monthlq Payment Amounu Notwichstanding any limits that may be imposed on paymeat rate or total payment amount increases during the loan term, negicive amortizat~on will not be permitted to rault in an outstanding principal balance in eacess of 1259F of the original principal balance of the loan. Accordingly. on each change date as de6ned below the amouat of negative amortiza- tion that will occur during the following period if the bonower elects to limit the payment increase will be determined bv Leader. If the unpaid principal balance of the loan on the change date, plus the amount of negative amortiz~tion that ~ will occur during the subsequent interest period exceeds 1259'0 of the onginal loan balance, the borroaer will be per- mitted to limit the payment only to the extent that it'does not result in mcreasu~g the principal batance to mare than 125% of the original arincipal loan balance. (D) Borrower's Right to Prepay I 6ave the right to mafce payments of principal at anytime before they are due. A payment of principal only is known as a"pnpayment". Whea I make a prepayment. I will tell the Note Holdet in a letter that I am doing so thiRy (30) days before I make the prepayment. ~ A partial pnpaymeat shall be made on the first day of a month thirty (30) days after t6e I.ender has been not;fied by lettec. I may malce a full prcpayment or a partial prepaymeat without paying any penalty. The Note Holder will use all ~ of my prepayments to reduce the amount of principal that I owe under this Note. If I make a partial prepayment, ~ then will be no delays in the due data of my monthly paymenu unless the Note Holder agrees in writing to those delays. My paRial prepayment witl reduce the amount of my monthly paymenu only after the Sru Change Date ~ following my partial prepayment. However, any reduction due to my partial prepayment may be offset by an interest E rate increase. ~ 4. INTEREST RATE CHANGES ~ (A) 'Ihe Index ~ Changes in the interest rate will be based on changes in a measure of the cost of money called the "Index". 'Ibe Index a~ll be stated as a percentage figure. 'il~e Indeu will be the monthly average yield on U.S Treasury securities adjusted to a constant n~aturity of one year as made available by t6e Federal Rcurve Board. The Vote Holder will make an Index substitution if at any time the Indea being used ceasa to be publicly announced bjr its source. The substituted Index will be used co determine the changos in my interest rate beginning with the first interest rate change after the substitution. My substituted Index will be beyond the controi of the Note Holder and generally available to the public. If t:~e Indes is changed. the Note Holder will advise me of the new Index in the nocice of chaeges sent as provided in Section 4(D) below. ~ - ~395 P,~ 937~ 2579(R~,r. 3/8!~ ~ . . ' _ _ _ _ . ,~~y . _ _ _ ~ . - - - - .