HomeMy WebLinkAbout0986 i. • .
~
' GRADUATBD PAYl~Ii? RIDBR
_ (Witb~Iaterest Rate Chaagas 8ve..ry 6 Nonths)
TUIS GRADUATBD PAYt~I~IT RIDBR is ~sode th~is Z_ day of ~h , ~
19,,,~, and is incorporated iato and shall~be deeeed to s~end and supple~ent
the liortgage, Deed of ?ruat, or Deed to Secure Debt (the "8ecurity
Instru~ent") of the sa~e date giveo by the uadersigned (the "Borro~rer") to
securt BorroWer's Gradwted Papveat Note to
(the "Lender") of the sase dste (Lhe "Hote" and covering the property.
descriDed in the Security Inat~at aad located at: .
. g~rson Avenue, Raube 8, Boac 930A, ~its. S& F, Faact Pieroe, Fla~ida 33450
~ Property Address
THB NOrt'B CONTAINS PROVISIONS ALIAWING FOR CHANGBS IN TS8 Il~l'lB~R83? RATB AI~iD
MONTHI.Y PAYMBIiTS . '
T8B NOTB AL50 PROVIDBS FOR CALCULATIONS OF 1~10 SBPAItATB liONTIdY PAYl~IiT
AlIOUNTS. ONB F1ILL B8 THB A!lOl~iT T~IH BORROWSR MOST ACT'UALLY PAY BACS IiOHTfl.
. THS OTHBR WILL BB AN AMOIIl~T TBAT ?8B BORROfiBR f~OULD PAY 8AC8 bONTS TO FULLY
REPAY THS LOAH ON T8B MATURITY DATS. - -
' T8B PRYNCIPAL AliOUNT T~ BORROf~iBR IiUST REPAY WII.L BS LARGBR THAN AMOUNT
ORIGINALL~T BORROWBD, BUT NOT tlORS TNA1~I 125x OF ?HS ORIGINAL A!lOIAiY.
ADDITIONAL COVBNAIiTS. Ia addition to the covenants snd agreesents ~ade ~
in~the Security Instruoeat, Borrower and Lender further covenant and egree
as follows: ~
A. II~TSREST RATB AND lIONTHLY PAYl1BNT CHANGBS
The Note provides for an Iaitial Rate of Iaterest of 12•25 ~ X. Sectioas 2
through 7 of the Note provide for changes in the interest rate aad the
~oathly payaeats, as follows:
"2 . II~TSREST - '
(A) Interest Owed '
; .
; Interest will be charged oa that part of principal which has
! not beea paid. Iaterest will be charged beginning on the date of
' this Note and contiauing until the full amouat of principal has
f been paid. -
j
~ Begianing oa the date of this Note, I vill owe interest at a
~ yearly rate of 12.25 x• The rate of interest I will owe Will
~ change on the first day of p~-,~~ , 19~s aad oa that
day every 6th ~onth thereafter. Each date on vhich ry rate of
interest could change is called an "Iaterest Chaage Date." tiy aew
rate of interest will become effective oa each Interest Change
Dste.
~ (B) The Index ~
~ Any chaages in my rate of iaterest will be based oa changes
in the Index. The "Index" is the weekly auction average rate oa
' Uaited States Treasury bills with a maturity of 6 aoaths, as ~sde _
available by the Federal Reserve Board. ~ The most recently
available Index figure as of the date 45 days before each Interest
~ Change Date is called the "Curreat Index." As of the date hereof,
~ the Current Index is 7.948'x.
~
~ If the Index is no longer available, the Note Holder vill
~ choose a neW index which is based upon comparable infor~atioa.
p The Note Holder will give me aotice of this choice.
f
~ .
~ (C) Calculatioa of Interest Rate Changes
Before each Interest Ghange Date, the Note Holder Wil
. calculate ~y aew rate of interes~ by adding 4~~ perceatage .~J''
points (4_3~2 x) to the Current Index. 1he Note Holder vill then
;
(FL) RIDER - FLSXIBLE NORT6AGE LOAN PROGRAl1 9/82 ORc~~ ~'~p
; 1017 Revised 12/82 BOOKJ~v PABE t~p~
~ .
.
- - - - - -
- - - -