HomeMy WebLinkAbout0994 _ _ _ _ . _ ,
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~ Sactian 5(B) prior bo~ay tirst b~a a~nniversary dst~ea, I~rill maJce the pay-
we~ts provided fcc in 5(A). I! I cb not ctwoee ~ither the p~t ~djust- ~
ment provided !or in S(A) or the lull Payment 11mou~t prioc bo tt~e third
an~ each subaequent anniversary date until tt~e tx~ty~ninth ~rnivarsatiy
date, I r?ill ~~aloe p~msnts c~ the Full Pa4Yme~t Amount.
6. Q~ II~I MY t~iPAID PRINCIPAL 8~1I~d~1CS' ~
c~?) ~,daitions bo !!y vr~p~ia Principal e~aanoe
~ Sach of my na~thly pay~aenta ooul,d be lesa than the aiaamt oE tt~e interest
por~ion of a m~nthly payment rrhich then ~uld b~ eufficier?t bo s~epay ny
unpaid principal balance in tull an the maturity date at ay Nrrent rate
of interest in substantially equa~l pa~me~ts. I! so, esach ~aor?th that tt~e
anaunt of wy aanth2y payment is l~s than the intereat portion, the l+bte
eolder will subtract the amount of ay ~oonthly p~ayment from the interest
portion ancl Nill adc~ the ditferenoe bo my urqxtid prineipal balanoe. T'he
Note Holder will also add i~terest on the am~unt of thi~s differert~e t~o
my unpaid principal balance each month.~ The rate of intereat on the
interest aaded to Prir~tpal will be the rate required by Section 2 abo~ve. -
- ~(8) R~eductio~ns in My Ur~id Principnl Balance .
My monthly p~ayment oould be greater ttsan the amamt of a~mnthly payment
which then w~ould be sufficient to repay ~ay. unpaid p~rincipal balanae in .
full on the maturity date at my cvrr~ent rate of interest in sub~tantially
equal payments. If so, the Note~Holder Mill eubtract the difference
from the unpaid balance of my lonn each ~nth until the r~ext Interest
Change Date as if I had made a partial p~enayraent under Sect~ior~ 8 below.
tc) L~tmit a~ My vr~paia Principal Balan~e: R~equirea Full Payment Amount
My unpa id principal b~alanae can never exeeec] a mauim~a a~aount equal bo one
hundred twenty~-five percent-(125$) of the principal aaow~t I ariginally •
borrowed. If my paying the amount of my nbnthly payment calculated ~
under Section 5 above after any Interest Change Date would cause my
unpaid prfncipal balance to exceed that maximum anaunt at any.time, I
will instead pay the Full Pa[yment Anbunt as ny monthly palnnent •until the
~ next.Payment Change Date. ~ '
7. I~?12(E Og ~ . .
The NQte Holder will mail ar de2fver t~o me a notioe of an~r changes in the Ft~ll
Payment Amount anc~ my monthly payment, before tt~e effective date of any chanqe.
The notice will include infornatian required by law bo be giv~en me and also the
E title ancl telephone rxrmber of a pereon wtn wfll ans~ec any questions Z may havoe
~ regarding the rotioe. ~
j 8. HO~tI~~FE[t' S RI(~ 10 P1tEPAY
E
~ I have the right to make payments of prfncipal at any time before the~y are
due. A payment of principal only is knawn as a"p~r~epayment". ~When I malae a
prepa~yment, I will tell-the Note Holder fn a letter that I am c3oinq so. -
I may malae a full prepaymerit ar ~a partial pre~payment Nithout PaYin9 ~Y L~~~tY• .
T'he Note Holder will u~e all of my prept~yments to recluoe the arount of principal
that I ow~e under this Note. If I malae a partial prepa~noent, there wfll be no
delays in the due dates of ny monthly payments ullesa the Note Bolder agrees in ~
writing to those delays. My partial prepayment will reduae the a~rount of my
. nanthly payment only after the first Payment Chaix~e Date ~llawing ny partial
prepayment. eowever, ary reauctian a~e t4 ny partial prepayment may be offset
by an interest rate increase.
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~ 9. I~Qtlt~l ~ ~ -
q -If a,law, which appliea to this loan and which ~eta maxim~m loan d~arges, is
! finally interpreted so that the interest or other loan charges aollected or
; to be oollected in oonnection with this loan exceed the permitted limites,
~ then (1) any such loan charge shall be rec]uced-by the anaunt necessaYy to
reduce the charqe to the peraaitEed limitf and (2) any sum~s already a~llected
fraa me which exceedec3 perniitter.~ limits will be refunded t~o nie. The Note
(FL) FtEX NDIL
f 1016 PAGL 3 of 6 . '
; soo 395 t~ 9~3
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