HomeMy WebLinkAbout0941 ~ GRADUA"T~D P~1'~T~N"I' RiD~R
(«'ith tntcrest Rale Changcs E~~cry 5~'cars)
- EXHIBIT A
T}~IS GRADUATED PAl'M~NT RIDER is rr~adc this ..2$t}~.... da~~ of ~t'ril
1`1t??....., and is incorroratcd into and sha)! bc dccincd to amcnd and suT~fcmcnl thc J+Sor~Eage, I~ccd of Trust, or Decd to ~
t;-~ urc Dcbt (thc "Sccurity lnstrumcnt") of thc samc date gi~cn by thc undcrsiEncd (thc "I3orrowcr") to sccurc Rorrowcr's ~
~;:.,,~uatcd Paymcnt Notc to ...P.I~2.ST..Li'~lICX~l.S11VI:~:C'S..N~ID..ILLLiN..li.S..SC~C~1A`L'IOI~1,..~..F1.o~i'c.a..Car~c~ratian....
(thc "Lrndcr") of tttc carne dalc (thc "h'olc") and covcring the ~
r~ty dcccribrd in 1he Sccurity Instrumcnt and )c?catcd at: `
~
2928 Sylvan Tc~rrace, ~'t. Pierce, Florida 33950 , ~
,
- (Fro;,eny tidd~ess) •
The Note contains provisions altowing far chonges in fhe interest rafe and monthly !
payments.
The Borrower's monthly poyment wilt increase by 7~/z% each yeor during the first five
yeors of ihe Nofe. The Borrower also may be able to limit monthly payment increoses
to 7~/2% each year during ihe second fve years of the Nate. The remaining monthty
pdymenfs also could increase or decrease, depending on chonges in !he interest rate.
7he principal amount fhe Borrower must repay wilt be targer than the amount originalty
borrowed, buf not more fhan 125°/a of fhe original omount.
ADDITIOh~L COvE~~!~TS. 1n addition to thc covcnants and agrrcmcnts made in thc Sc:urity lnstrumcnt, '
:~r ro•.?cr and L,cndtr furthcr co.~cnant and agrcc as toltows:
.a, I;~"I'ERFST RATE A'.~D 1~sONTHLY PAYI~~FtiT C}~A1~'GES
i~~~ '~otc providcs for an Initial Ra1c ot Inlcrest ot.....12. 50 rc. Scctions 2 through 9 of thc T~'o;c providc for changcs
intcrest ratc and thc monthly paymcnts, as toJiows:
' [ti-TEREST
(A) Inferest Owed
Sntcrest will bc charg~d on that part otprincipal ~hich has not bccn paid. lntcrrst w•ilt bc chargcd hcginning on the
c'.:.': of .his Nolc and continuing until thc tut) amaunt of principal has bcrn raid. ~
Bcginning on thc dat~ of this h'otc, 1 w•ili ow~c intcrest at a~~carly ratc of .1.2_SU.. `:'o. This rate is cal)cd ihe "Initial
;c of Interest." 77~e rate ofinterest I~•it) pay wi11 changc in accordance W~ith Section 4(A) of this Note on the firs! day oT
...,_....__1.A~ril ~9$.8.... and on that day rvcry 60th month thcrcaftcr. Each datc on K•hich my ratc of
i:: t c; cst could changc is called an "Intcresi Changc Date."
(B) 7?~e Inde: .
Any changrs in m~~ raic of intcrat K•i!1 bc bascd on changcs in thc Indcx. Thc "lndcx" is thc xcckly avctagc yicld on
'_'~.~:cci States Treasury sccuritics adjustcd to a constant maturity of 5}~ears, as mdde a~•ailablc by the Fcdcral Rescrve
:rd. Thc most rcccntly ati~ailablc Indcx fig~rc as of tF~c ~iatc 45 da~•s bcforc cach Intcrest Changt Dalc is catlcd thc .
'~,.r; cnt Indcx "
If thc Indcx is no longcr a.•ailable, thc Notc Holdcr w~ift choos~ a ncK• indcx u•hich is bascd upon comparab~~
;:.~::;;nation. Thc T~'otcNoldcr u~ill givt;nc noticcofthischoict.
(C~ Interest After Default
7ht ratc of intcrat rcquircd by this Scction 2 and Scction 4(A) bcloa• is thc ratc I w~ill pay both bcforc and afccr any
-'::uit dr_.cribcd i~ Scction )2 (B) bclow. " ~
"1I'~1E AND PLACE OF PAY~`1EtiTS
I u~ill pay prin~ipal and intcrest by~ makin~ ~ a}~mcnts c~cry mon~h. My monthiy paymcnts µ~i1! bc applicd to intctcst
- ~ ~c principal. ~
I will rnakc cny montniy ~a}'mcnts on t?~c firsi day of cach rnonth bcEinning on .....................1.. i'~3y.........,._., 1g, 83_...
.•.-;11 rnal.c thc_u pa~mcnts cvcry menth until I ha~c paid all t}~c princi~ a1 and intc~cst and any othu ch~r~cs dcscribed
'r:; that 1 may owc undcr this Notc. )f, on ........1...~?ril_________________________ 20._13..,, I still oN•c amounts undcr this :`'otc, I
T:ay thc,sc amounts in fu11 on fhat datc, ~.~hich is callcd thc "maturity date."
- 610 D~7~3~.:~3re Av~~rn~, f~'t. Pic~roe, Florida 33450
I w~l) rn~kc my rnonthly pa}rncnls at
t a dif~crcnt plncc if rcqui~cd by lhc T`btc Ho1dc~.
rULI. PA~C'MEhI' a'~iOUNT
U) C~1culation of Ful~ Payment Amount "
Each of my first 120 monihly pa}•rr,cnts tould bc Icss than a Fu11 Pa~•rr~cnt Amount. A"Fuli Pa~~mcnl Amount" is
,•c rt~onshly emoun( sufficicnl to trpay thc arnount I originatl~~ borroucd, or lhc un~aid j~rincipal balancc of my loan as of
r.-, Intucst Char,gc Datc, in full on thc maturity datc at thc ra~c of intcrest ] am rcquircd ~o pay by- Scction 2 aboyc or this
`:-ction 4 A) in substantially cqual pa~~mcnts. Bcginning on thc da~c of this ?ti'otc, my first Fu!) Paymcnt Amounf wi)) tx
t iS S..__~~~-72........ until thc fint In~crest Changc Datc. My firsi Full Paymcnt Arnount could bc largu ~
~'.~n c.ach of my first fi0 monthty paymcnts. ' '
Bcforc cach Inlucst Chanbc Datc, thc Not~ Holdcr wil) dttcrminc a ncv~• Futl Paymcnt Amount for my 1oan. 7?~c
':c~tc }~o1du ~.•ill first calculatc my ncu• ratc of inlcrest b~• adding ...z...~Q..._... pcrccniagc points (......:2-4Q..~o) to thc
C~urrcnt Tndcx. Thc Notc Holdcr K•iN ihcn round thc result of this addition to thc ncarest onc•cighth of onc pcrctntagc
;-:;int (0.125;'0). This roundcd amount wili bc my ncw ratc af in~crest untif Ihc ncxl lntcrest Changc Datc. Thc Notc
f{~.;dct •+~iil thcn c.-~lculalc thc ncw• amount of a monthl~• ~aymcnt that w•ould bt sufficicnt Io rc a~~ my t principa)
B(lQK ~W P~GF
'~rAbU~tEO PAYI~',ENt RtDER P1on b GPARM-S~~~tc ?om~~r-Si82-FNMA U~,~lo~m I~~~.~.~,.nt
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