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. ~ GRADUATED PAYMENT RIDER ~ ,
(With IMerest Rate Changes Evrry S Ycars)
TNIS GRADUATED PAYMENT RIDER is madr th~. . 31s.C... day uf ..Mdr.Gh
19.... $3, and is incorporaled into and shall be deemed to amend and wpplrmrni ~he Mc~rtgage, Deeci of Truti~, or Deed to
Secure Debt (the "Security Inslrumenl") of the same da~e given by thr undrr~~gned (1hr "H~~rr~?wer") lo ~erure Horrower's
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(Ihe "Lrndrr"1 uf the ~ame datr (thr "Nc~te") and cavenng the
pro~xny described in the Securi~y Instrument and located at:
...............................~.582...$.E..D~wberry...Court.....P4.rt.. S~.t...1,~4.! e,...F1.o.r.~.d?...33.4~z.........................................
(P~operty Address)
Th• Note contoins p~ovisions allowing for changes i~ fhe interesi rat• and monthly
paym~nfs.
Th~ Bor~ower's monthly paymenf wili increote by 71h% each yeo? during fh~ Arst Av
y~ars of th• Nott. Th• Bo~rower olso n+ay be able fo limit monthiy paymenf increos~s
to 7~h% eoch yea~ during the :econd Ave years of the Note. The r~maining monthly '
payments also could increose o~ decrease, depending or~changes in the inter~st rat~. ,
The principai amount the Borrower n~ust repoy will be larger fhon the ornount o~iginally i
borrowed, buf not more than 145°i6 of the o~iginal amou~t.
AUDITIONA4 COVkhANTS. in addition to the covrnants and agreemems madr in the Security Instrument.
Borrower and Lender further covenant and agree as follows:
A. INTERE.ST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an lnitia) Rate o( Interest of ...13•..25A--....r/o• Sec~ions 2 through 9 of the Note provide for changes
in the interest rate and the monthly payments, as follows:
"2. INTEREST
(A) Interest Owed ~
Interest will be charged on that part of pnncipal which has not been paid. Interest will be charged beginning on the
date of this Note and continuing until the full amount of pnncipal h:~s been pa~d.
Beginning on the date of this Note. 1 will owe interest at a yearly rate ot.1.3_2~Q This rate is ealled the "Initial
Rate of lnterest." The rate of interest I will pay will change in arcordanre w•ith Section 4(A) of this Note on the first day of
........Ap.r.i.l 19..~~... and on that day every 60th munth thereaRer. Each date on which my rate of
~nterest could change is called an "Interest Change Date."
(B) The Index
Any changes in my rate of interest will be based on changc~ ~n the Index. "The "Indea" is the vreekly average yield on
Uniteci S~ates Treasury secunUrti ad~u~ted to a constant mawnty of 5 years, as made a~~ailable by the Federa) Reserve
Board. The most recently a~•a~lable Index figure as of the rlate 45 da}~~ before each Interest Change Date is called the
~ "Current Index." ,
If the Index is no longer ~vailablr, the Note Holder w~~ll chix~tir a new index which ts based u~n comparable
informauon. The Note Holder w~ll g~vr me nouce cif th~s chuice.
(C) Interest After Default
The rate of ~nterest requ~red by ~his Ser~iun 2 and Seru~~n 41A 1 txl~~v? is the rate I w ill pay both before and afler any
default deuribed ~n Section 12 (61 below.
3. TIME AND PLACE OF PAYMENTS
1 will pay principal and ~nterest by mak~ng pa}~mentti e~er} month. My munthl}~ payments w~ll be appl~ed Io tnterest
bcfore principal.
I will make my momhly pay~ments on the first day of earh month brg~mm~g ~~n ................Ma.y....l.................., 1~3..•.•.
I will make these payments every month until 1 have paid all the pnnci~al and interrst and any other charges described
below that 1 may owe under th~s Note. If, on .......Apr.i.l-.-l 20.1~.~..... 1 s~~ll ow•e amounts under this Note. I
will pay those amounss in full on that date, which is called the "maturity date."
I will make my monthly pa}~ments at South Bayshore . Dr i, ve,.. Mi ami.,_. Fl.or.i,da,_.33.1.~1,_.__..,.,._
or a1 a d~ti'erer.! plare ~f required by the Note Holder.
4. FULI. PAYhfENT AhfOU1VT
~ (A) Calculation of Full Payment Amount
~ Each of my first 120 monthly payments could be less than a Full Pa}~ment Amount. A"Full Payment Amount" is
; the monthly amount sufficient to repay the amount I onginally Mirrowed, or thr unpaid pnncipal balance of my loan as of
~ an Interest Change Date, in full on the mawrity date at the ratr of interest 1 am required to pay by Section 2 above or this
Sect~on 6(A) in substantially equal payments. Beg~nning on the date of Ihis Note, my- first Ful) Payment Amount will be
~ U.S. 5......41.,.~2 until the first Interest Change Date. M}~ first Full Ya~~ment Amount could be larger
than e:~ch of my first 60 monthly payments.
Be(ore each Interest Change Date, the Note Holder will determine a new Full Payment Amount for mv loan. The
~ Nute Nolder will first calculate m~• new rate of interest by adding ....3-J.~O.... pcrcentage points (.3-.1.7.0......%) to the
~ Current index. The Note Nolder w~ill then round the result of this addition to the nearest one-eighth of one percentage
point (0.125r1~). Th~s rounded amount w~ll be m}' new rate of ~nterest until the neat Interest Change Date. The Note
}{~~~rr will then c~lculate the new amaunt c~f a monthly payment that would be suffic~ent to repay my unpa~d principal
dO~OK ~9~ PAGf `
GRADUATED PAYMENT RIDER - Plan 6 GPARM-S~ngle Fom~ly-S%82-FNMA Uniionn (nslrum~nf
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