HomeMy WebLinkAbout0961 A ~ '
• ~ ~
(D) I~terest A~ter Oetault
The rate o! interest required by this Section 2 is the rate i will vwe
~ both De~ore ard a~tta~r ary detault deacribed in Section 10(B) below.
3. C?~[~WiATTON OF Al~JI~PS d1~D BA~A !~!4! ' -
~ 'j (
The Note Holder will calculate ~ny ltill payment lUaoun~ ~ruwally as set lorth ~
~ i~ Seetion 5. The "Full Payaent Ana~mt" ia the sro~t aE the nanthly pnyment .
that would be sufticient to repay the ~mount• I originally borra~r.W, or the.
unpeid pYincipal balancae ot aiy loan as of evecy other interast Change Date, - -
in full at the rate o! tnterest I.am required to pay by 8ections 2(A~ ar~d
2(C) above in substantially equal payments on , 20,~ which is
called the "saturity date". Begituiing ori the a e o a Note, tuy first
Full Paymen~ Amo?unt will be n. S. $ until the tirst Interet Change
Date. ~ Be~ore every ott~er Znterest Change Da e, the Note Holder will . calcvla~te
the new Full Payment Amount nhich I will aw~e each awntti beginning on the
firat moc~thly pay~t date after eu~h interest Cha~ge Date.
The "Full Payment _Amo~a?t I owe, ~y be more ar less tt~an the ama~nt I am requiYed
to pay eaeh month. Sectivn.5 LSelaw etatea the amamt o~ my monthly payiaent and
ha~r it will chanqe. Section 6 describes ho~w my u~i,d principal balanoe- will
change if the amount of my ~ronthly payment ancl the Full Payment l+nr~mt Are
difieren~ .
4. . Ti!!B Ai~D PI~C'8 OF PAYtr@Tl"3
I. will pay principel and interest 6y m~lcing payment ev~ery month. My nnnth2.y
p~aymenta will be a~pliea ~ interest before principal.
i will malce my ~monthly paymenta on the first day of~ ench nnnth beginninq on
~ 1 . 19,,~. I will malce the~e payments eaeYy montb until I hav~e paid
f a the- pr~n`cipal and intereat and ang other charges described bela+ that I
may owe tmcler this Note. I f I still cx~e anaunts u~n8er this Note en tt~e maturity
date, I will pay those anounts in full on that c]ate. Tta~e amo~mts oould be
greater than the amount of my last monthly p~ayment before~the ma~turity date.
I Nill malce my mo~thly payments at 2 -
oc at a diffes-ent plaae if required by the Note Ho der. '
, i
5. QiAD[IATE~ ~Y PAYl~@TI'S ~
(A) Regular Increase ~ . I
' My first twelve (12) monthly pnyments will be in the amount of U. S.
$523.95 . On each annfversaxy of tt~e date my ficst monthly payment
is due, I will begin paying 'a. new month2y pay~nent which_ will be equal to
the amount~I have been paying multfplied by the number 1.075, unless I
exercise the "!lor~thly Payment Freeze Option" or "Full PaSmnent Option" as
described in Sectfon 5(B)'. I will pay the new anaunt of my monthly .
payment until it cfianges in acaordanoe ~rith this Section 5 or Section or
7 below. ~
(B) Nb~thly Pa~yment L~ree~e Opticn ~
Instead of havinq niy raonthly payments increase during the second and
~ third years that nty loan is outstanding, I may elect b~ hav~e my monthly
payment_,frozen for the sec~ond and/'or t.hird years that the loan is out .
standirg at the ~mnthly p~ay,nent amount due during ead~ respectiv~e preeedirg .
year. Alternatively, I may elect bo ha~ve the Note Holder recalculate-ny
Full Payment Amount as set forth in Section 3, and I Mill then make -
payments of the Full Payment Amount beginning with the first monthly
payment.due after my election. On the thitd and on each subsequent
annivereary of the date ny first monthly payment is due, tntil the t~renty~-.
ninth anniversary date, I may only ct~oo~ b~ have my payment adjusted in '
acc~ordanc*e wf th Section 5(A) or niake the F~11 Pay~aent Annunt. Tfie Note~ ~
Holder will notify me~as provided in Seetion 6 below, thirty (30) to
forty-five (45) days prior to eacb of the anniversaries of the date my
firat monthly p~yment is due and will infona ma that I have the aptions
set fortb in this Sec~ion 5, subject; tawever, t~o the limitations imp~sed
by Section 6(I). I muat notffy the Note Holder of my election priar tu
the time that the first nnnthly payiaent is due after the respective ~
anniversary date. I f I do not ct~oo.s~ fraa the optfons I hav~e ~ w~der this
~ ' .
( FL) FI.F.X
NCII[E 1016 Pav!~ T nf ~ . ~ ~ r~
~ B~ e~5 PA6F e~ -
, -