HomeMy WebLinkAbout0989 ;
. . . + • .
' ' ~ ~ ~ ~ ~c~i.~
GRADUATBD PAYI~I~? RIDER
(With Interest Rate Changes Everq 6 Nonths)
T8I3 GRADUATSD PAYt~NT RIDBR is Nde tl~is 22nd day of t~arch ,
19 e3, and ia incorporated into and slu11 De deeaed to saead and suppleseat
the Mortgags, Deed of Trust, or Deed to Secure Debt (the "Security
Instru~ent") of the saae date given by the uadersigned (the "Borrwrer") to
secure Borro~+er's Gradusted Pay~eat Note to Alliance tyortqaqe Company
(the "Leader") of the sa~e date (the "Note" and coveria~ the property
described ia Yhe Security Instrw~eat sad located at:
10044 South AlA ~203, Jensen Beach, Florida 33457
~ Property Address
T~ NOTS CONTAINS PROVISIONS ALLOWING FOR CHANGES IN T~ INTBREST RATB AND
liOH'1'~Y PAYl~RS . ' ~I
T~ NO?E ALSO PROVIDBS FOR CALCULATIONS OF TW~O SBPARATB lIONT~Y PAYI~NT
AMOI~ITS . ONS WILL BS T!~ AliOtTNT 1'~ BORROWER NDST AC?UALLY PAY BACB MOH18. '
T~ OTHER WII.L BB Ald AtlOUNT ?HAT T~ BORROWBR WiOULD PAY BACH MONTS TO FITLLY
REPAY T~ LOAN ON T~ H!?T[AtITY DATB .
T~ PRINCIPAL Ali0U1~T T~ BORItOWBR MUST REPAY WILL BE LARGBR THAN THE AMOUHT
ORIGINALLY BORROS~iSD, BUT NOT MORB THAN ~125x OF T~ ORIGINAL AMO~i'T.
ADDITIOIIAL COVSNANTS. Ia addition to the coveaaats aad agreeseats sade
in the Security Instrwoeat, Borrower and Lender further covenaat aad agree
as follows:
A. IHTER83T RATE AIiD !lpi~1THLY PAYt~IiT CHANGBS
The Note provides for aa Initial Rate of Interest of 12.625_X• Sections 2
through 7 of the Note provide for chaages ia-the interest rate aad the
iaoathly payaents, as folloas:
"2 . IN18R8,ST
(A) Iaterest Owed
Iaterest will be charged oa that part of principal which has
not been paid. Interest will be charged beginniag on the date of
' this Note aad coatiauing uatil the full avouat of priacipal has
j been paid.
~
~ Begin~ng oa the date of this Note, I will owe iaterest at a
' yearly rate of 12.625 x. The rate of iaterest I will ove ~+ill
~ change on the first day of october 1 , 19 83 o aad oa that
~ day every 6th ~onth thereafter. Each date oa which ry rate of
~ interest could change is called aa "Iaterest CAange Date." Hy new
~ rate of interest Will becooe effective on each Iaterest Change
Date. _
(B) The Index
Aay,chaages ia aiy rate of iaterest will be based on chaages
in the Iadex. The "Index" is the weekly auction average rate oa
United States Treasury bills with a n~aturity of 6~onths, as ~ade
available by the Federal Reserve Board. The vost recently
~ available Iadez figure as of the date 45 days before each Iaterest
Chaage Date is called the "Current Iadez." As of the date hereof,
~ the Curreat Indea is 8.264;~.
~ If the Iadex is ao longer available, the Note Holder will
~
u ~.~hoose a nev iadex Which is based upoa comparable inforaation.
~ The Note Holder will give me notice of this choice.
~
~
~ (C) Calculatioa of Interest Rate Chaages
~
~ Before each Intereat Change Date, the Note Holder will
~ calculate my aev rate of iaterest by adding 4.361 percentage
~ points ( 4.361 Xi to the Curreat Iadex. The Note Holder Will thea
~
~
; (FL) RIDER - FI.EXIBLE liORTGAGE LOAN PROGRA!! 9/82 IIR~~r ~p
x 1017 Revised 12/82 BOOK I PAGE t_7Q8
~ .
~
.s