HomeMy WebLinkAbout0935 L
, tC~ Calculation of Changes
I3efore earh Change Date, the Note Nolder wil! calculale my new rate of interest by adding .j.94.._.. percentage
points (.....~...~0._°!0) to the Current Index. The Notr Holder will then round the r~ult of this addition to the nearest one-
eighth of one percentage pc»nt (0.125~'c This rounded amount will be my new rate of interest until the next Change Date.
The Note Holder witl then determine the amouni of the monthly payment that would be sufficient to repay the
unpaid principal balance of my loan as of a Change Date in full on the matunty date at m~~ new rate of interest in
substantially equal payments. The resuit of this ralculation will be the new amount of my monthly payment.
(D) Effective Date of Changes
My new rate of intrrest will herome efTctiti~~e cm each Change Date. 1 will pay the new amount of my monthly
payment each month beginning on the first monthly payment date afrer the Change Date unUl the amount of my monthly
payment changes again.
(E) Notice of Changes
The Nc~te Holder will mail ur deGver to me a notice o~an}• changt~ in the amount of my~ munthly payment before the
ef~ective date of any change. The n~tice will inriude infi~rmation reyuirre! b}• law to be gitien me and also th~ title and
telephone number of a penon w~ho w~itt ansa~er any~ yuestion I ma}• ha~•e regarding the natice.
5. BORROLti'ER'S RIGHT TO PRE:PAY
1 have the right to make paymentti of pnnripal at any time before they are due. A pay~ment of ~nncipal only is knuw n
as a"prepa}•ment." When 1 make a prepay ment, 1 w~i!! tell the Nate Holdrr in ~ letter that I am doing so.
I may make a fuit ~repay~ment or a partial prepa}~mrnt without paying any prnalty. The Note Holder will use all of
my prepayments to rreiure the amount of principal that I ow~e ur.der this Note. If I make a partial prepayment, there will be
no delays in the due datc~ uf my mc~nthly papment, unlc~ti the Note Holder agrees in writing to those delays. My partial
prepayment w~ill redure the am~~unt of m~ m~~nthlV payment~ ~~nly after the first Change Date follow•ing my~ partial
prepayment. Hnw~e~er, an~• reduction due to my rsnial prepayment ma}~ be ~~fTset b}~ an interc~t rate increase.
6. I.OAti CHARGFS
If a taw•, w•hich applic~ to thiti luan and w hirh ~rtti m.itimum I~~sn chargc~, is finall}' interpreted so that the interest or
other loan rh3rges collerted c~r to he collected in r~»nrrnun ~~~th thi, luan rxrerd the permitted hmits, then: (i) any such
loan charge shall be reduced b} the am~wnt ne~c~~r}~ ti~ redure the charge to the permitted limit; and (ii) any sums
alrrady cc~llected frum me w•hirh rtrredrd permitted limit~ w~i(I he refunded ti~ me. Thr Note Holder may ch~~se t~ make
this refu~d by reduring the principal 1 c~we undrr thiti Ne~te «r h~ making a dirrrt pa~~ment t~~ me. If a refund reducc~
principal, the rrduction ~~~t1 tx treatrd at.s partial rre~a}mrrit.
7. BORRO~~'ER'S FAII.URF: TU PA~' AS REQUiRED
(A) [,ate Charge for Overdue Payments
If the N<~te N~lder hati noi rceeived lhr fii!! amuunt n~ an} e~f m~ munthl} payments by the end of
.....~a.~~7~..j~..5) ralendar day~s after the date it is due, 1 w iU pa} a late charge t~~ the Note Holder. The amount
of the charge will be 5, d0......~", uf my c~~erdue psyment ~~f ~,rinripal and interetit. 1 will pa}~ this late charge only once on
any iate pa}•ment.
(B) Defgult
If I do n~~t ~a}~ the f~ull am~~unt ~~f each m~mthl}• ~a} ment un thr datr it iti due, I will he in default.
(C) tiotice of Default
If 1 am ~n default, the N~~~~ Hc~l~irr ma} ti<nd mr a~ ntten ncuirr tclling me that if I d~~ n~~t pa} the ~~verdue amount
by a rertain date, the Note H~~Ider ma}• reyuire mr tc~ ~a} immediately~ the futi am<~unt of princfpal w~hich has not been paid
and all the interc.~t that I e~w•r on ihat amc~unt. That date must bc at iea~t 30 da~~ aft~r the date ~n a hirh the notice is mailed
t~ me or if it i~ not maifed, 30 dsyti a(ter the date c~n w~hirh it is deliti cred tc, m~• y
(D) tio ~ti"aiver By~ tiote Hoider
Even if, at a time when t sm in default, the Ni~te H<~lder dck~ n~~t reyuire me tc~ ~a} immediate]}' in full as dc~cnbed
atxive, the Ne~tc Hc~lder w~~!! st~ll have the r~ght tc~ d,~ ~o ~f, at a later time, 1 am ir. drf~ult again.
(E1 Pay~ment of tiote ~iolder's Costs and F xpenses
Iithe Nc~te N~~Ider has reyuired me tc~ fiay immrdiatel} in full ati de~crihed atxi~e, the Niite Holdcr w•ill ha~e the right
to be paid ha~k f~r all e~f its rcxt~ and ex~nu> in enfe~rcing th~s tic~te t<j the extent n~~t ~rohihited b} ap~licable law. Those
expc:nses include, f~,r example, rcaumable atteirney~s' fres.
8. Glti'ItiC Oi~ tiOTICES
Unlc~s applirable law reyuireti a differem methe~d c~f gi~ing n~,tire, an} n~~t~ce ihat mutit be gi~en t~ me under this
tiote will be gi~en by~ delivering it ~~r hy maiting it b}• fir~t rlass mail addreti~ed to me at the Propcrty Address abo~~e or at a
different addrest if 1 give the Nc~te Fic~lder a noucr <~f my differenl addrt~s.
An} ne~tice th:~t mutit hr gi~rn to the tic~te He~lder under this tiote w•i11~ gi~en b}• ma~ling it b}• first class mail to the
N~~te Holder a! thc addre~~,t~ted in Srrti~m 3(A) atx~~e <~r at a different address if t am Riven a notice of that different
addre~~.
8n{N( 4~ ps~E ~3
PLAN 6 MOTE - t-a Fam~~Y-9 82 - FlIMA U~it~r~n leslry~e~t -
~ ~ . . , , _ ~