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Home My WebLink About0924 GRADUATED PAYMENT RIDER (With Interest Rate Changes Every 5 Years) TNIS GRADUA"I'E:D PAYMENT RIDER is made this ...2S.~I'1... day ~~f ..........ApL7~~ 19...$3., and is inrurEwratrd ~nto and shall br deemed to amrnd and supplemrnt the Mortgage, Deed of Trust, e~r Urrd tu Serure Debt (the "Srcunty Instrument") uf the samr date given by the undersignrd (the "Borrowrr") to tic~urr Horruwrr's Graduatrd4'~~mrntNutetu .....FIRST..UNIC~I...ti~.Y~~`K~?~..~P..~~1..AS~QGIA~~ON,...d..k'.~.QX'a,G~..QUJCpC?Xs~l~xt7n ' (the "Lender") of the +amr date (the "N~~te") and r~~vrnng thr pruprrty desrrit~ed in the Securit~• Instrumrnt and located at: X}~C Monsoon Street, Part St. Lucie, Florida (Property Address) The Note contains provisions allowing for changes in fhe inte~est rate and monthly poyments. ~ The Borrower's monthly poyment will increose by 7'/s% each year during the flrsf five yaars of the Nofe. The Borrower also may be oble to limit monthly paymsnt increases to 7'/z% each year during 1he seco~d Ave yea~s of the Note. Th• r~~naining r~o~fhly payments al:o could increase or decrease, depending on changes in the infe~esf rate. The principal omounf the Borrower mutt repay will be larger fhan fhe amount originally borrowed, buf not more fhan 12S% of the original amount. AUDITIOtiAI_ CO~"E~A`ri. In addition to the covenants and agreements made in the Secur~ty Instrument. Borrower and Lender further co~~enant and agree as follows: A. INTEREST RATE AND !~iOtiTHLY PAYMENT CHANGES The Note provides for an Initial Rate ot Interest of .......**...........rlc. Sections 2 through 9 of the Note provide for changes in the interest rate and the monthly payments, as foilow•s: "2. I:~iTERES'p IA) Interest Owed Interest will be charged on that part of principal which has not been paid. Interest w•ill be charged beginning on the date of this'~'ote and continuing until the full amount of principal has l~een pa~d. Beginning on the date of this Note. 1 w•ill owe interest at a yearly rate of rlc. This rate is called the "Initial Rate of Interest." The rate of interest I w ill pa}~ ~•ill change in accordance w~ith Section 4(A) of this Note on the first day of 19......... and on that da}~ every 60th month thereaRer. Each date on w~hich m}• rate of , interest could change is called an "Interest Change Date." iB) The Index Any changes in my rate of ~nterest w ill be based on changes in the Index. The "Index" is the ~eekly~ average yield on United States Treasury securities adjusted to a constant maturitp of S years, as made available by the Federa) Reserve ; Board. The most recently a~ailable Index figure as of the ~iate 45 da~s before each Interest Change Date is called the i "Current Index." If the Index ~s no longer a~ailable, the Note Holder w~ill ~~hoote a new index w~hich is based u~n comparable ~ in(ormation. The Note Nolder w~il) gi~e me notice of this choice. (Cl Interest After Detault ~ The rate of interest required b~ th~s Section 2 and Section 4(A) below is the rate 1 will pa}~ both before and after anp ~ default described in Secuon 12 ~ B) beloa•. ~ 3. TI~1E AtiD PLACE OF PAY~tE\TS ~ I will pay principal and interest by making pay~ments ever~~ month. My monthl~~ pa~•ments w~ill be applied to interest before principal. ! will make m~~ monthly payments on the first da}~ of each month beginning on 19.......... I wiU make these pa~~ments e~~ery month unhl I ha~e ~aid atl the principal and interest and an}~ other charges described ~ beluK~ that 1 ma}~ ow~e under this Note. If, on 20.......... I sttll owe amounts under this I`Tote. I ~ µ~~ll pay those amounts in full on that date, which is called the "maturity date." ~ . ~ ~ ! will make my~ monthly payments at First..Un1.On..Sa~yings..ar?ci..Loan.. ASSOCiation~..610 ~ .D~law~are..Ay,enue.... Ft.... Pierce,...Floricla.....334.50 . ~ or at a difTerent place if reyuired by the Note Nc~lder. ~ 4. FULL PAY`1~:NT 4:~10U`T ~ (A) Calculation of F'ull Payment Amount R Each of my first 120 m~nthly pa}•ments could be less than a Full Payment Amount. A"Full Pa}ment Amount" is ~ ~ the monthl} amciunt tiuffirient to repay the amount I ~nginally borrowed, or the unpa~d ~rincipal balance of m}' luan as of r an Intrrest Change Date, in full on the matunty date at the rate of interest 1 am reyuired to pa} b}• Secticm 2 abcne or this ~ Secnon 4(A) in subtitanhally eyua) payments. Beginning on the date of this Note. my first Full Payment Amount w~ll be ~ U.S. 5............ until the first Interest Change Date. My first Full Pay~ment Amc~unt could be larger r ~ than each c~f m} first 60 m<~nthly pa}'ments. Bef~~rc rach Intrre~t Change Date, the Note Nolder will determine a new• Full Payment Amount for my ioan. The : ~ N~~te He~lder w~ii first calculate m}• new rate of interest by adding percentage ~ints to the ~ Currcnt Index. The Note Nolder will then round the result of this addition ro the nearest one-eighth of one percentage ~ po~nt (0.1~5r'~). Th~s r~~unded amount w~ll be my~ new rate of interest unti! the next Interest Change Date. The Note ~ Nc~Wer w~ll then calculate the new amc~unt of a monthly ~ayment that w•ould Rsuffici nt to repa ~ unpaid pnncipal ~ 80~1( `t~ ?AGf _ ~ 6RADUATED PAYMENT RIDER - Pian 6 GPARM-S~r,qle Fom~ly-5-82-FNMA Uniform Instru~n~nt ~ _ . ~;h