HomeMy WebLinkAbout0970 _ ~.r -
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GRADUATSD PAYl~N7 RIDBR
(~lith Intcrest Rate Changes Bvery 6 Nonths)
THIS GRADUATBD PAYl~I~IT RIDBIt is ~ade tbis day of I?f~rch ,
19~, sad ia iacorporated into and shall be deesed to a~ead sc?d supple~ent ~
the Ilortgage, Deed of Trust, or Deed to Secure Debt (the "Security
Instru~eut") of the ssa~e date given by the uadersigaed (the "Borrover") to
secure Borrower'8 Gradusted Payneat Note to Al13Ane Mo 9e Oonpa~tY•
(the "Lender") of the sa~e date_ (ttie "Note" and covering ttie property
described ia the Securiiy Iastru~ent and located st:
HmPxson Avenue, Iioube 8, Hooc 93QA Ap~ts. C& D, P+oart Pi,ero~, Fla~f~}a 33450
• Property Address ~ _
T~ NOTB COI~ITAINS PROVISIONS ALLONING FOR CHANGB3 IN 1'~ II~iTSRS3T RATB AIiD
MOH?NLY PAYMSI~ITS . _
T~ NOTE ALSO PROVIDBS FOR CALCULATIOI~iS OF Ti~O SBPAItATB MONTRLY PAYl~IiT
AHOUNTS. ONS WILL B8 THB AHOUNT THB BORROwBR MUST ACTUALLY PAY BACH l101~'18.
T~ OT~R 1~lILL BB AN AlIOIA~IT TBAT THB BORROwBR ii~0U7.D PAY BACH MOI~'!8 TO FULLY
" RBPAY THB LOAN ON TllB HATURIIR DATB. -
1'~ PRINCIPAL AMOUNT T~ BORR0~IB,R NUST REPAY WYLL BE I.ARGBR THAN_ T~ AIlOUNT
ORIGINALLY BORROt~1BD, BUT NOT MORS THAN 125'x OF ORIGINAL AMOUIi?.
ADDITIONAL COVBI~iANTS. In addition to the covenaats and agreeoeats ~ade
in the Security Instrwoent, 8orrower and Lender further coveaant.and sgree
as folloWS:
A. II~TERS§T RATS AND NONTHLY PAYHENT CHANGBS
The Note provides for an Iaitial Rate of Interest of 12.25 x, Sections 2
through 7 of the Note provide for changes in the interest rate aad the
•onthly pay~ents, as follows: _
"2. INTBRSST
_ (A) Interest Owed~
Interest will be charged on that part of priricipal ~ahicb has
~ not been paid. Interest will be charged beginaing oa-the date of
; this Note and continuing until the full aaauat of principal has
'I been paid.
f
~ Beginaing oa the date of this Note, I will owe iaterest at a.
yearly rate of 12.25 x. The rate of i~nterest I vill owe vill
chaage oa the first day of Oetober 19 83 ¦ and oa that
day every 6th aoath thereafter. Bach date on which ~oy rate of ~
interest could change is called aa "Interest Change Date." tiy new
rate of interest will beco~e effective on each Interest Change .
Date. ~
(B) The Index
Aay changes in my rate' of iaterest will be based oa changes
in the Indea. The "Index", is the weekly auction average rate on
Uaited States Treasurq bills with a~aturity of 6 soaths, as sade
available by the Federal Reserve Board. The most receatly
available Indeu figure as of the date 45 days before each Interest
Change Date is called the "Current Index." As of the date hereof,
the Curreat Iadex is 7•948x. ~
~ If the Index is ao loager available, the Note Holder will ~
choose a new index Which is based upoa co~parsble inforsation.
~ The Hote Holder will give ~e aotice of thfs choice.
(G) Calculation of Interest Rate Changes ~
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Before each Interest Change Date, the Note Holder Will
calculate my new rate of iaterest by addiag 4.3Q2 percentage -
~ poiats ( 4.302 x) to the Current Index. The Note Holder Will then
~ _ . x!.
(FL) RIDER - FLEXIBLE IiORTGAGE LOAN PROGRAM 9/82 .
' 1017 Revised 12/82. c~
~ ~ BODKc~75 PAGE e~U~
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