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GRADUATED PAYMENT RIDER
(With Interest Rate Changes Every 6"Sonths)
THIS GRADUATED PAYMENT RIDER is made this 27th day of May ~
19 83, and is incorporated into and shall be deemed to amend and supplement
the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security
Instrument") of the same date given by the undersigned (the "Borrower") to
secure Borrower's Graduated Payment Note to ALLIANCE MORTGI~GE COMPANY
(the "Lender") of the same date (the "Note") and covering the property
described in the Security Instrument and located at:
9429 South AlA #97, Jensen Beach, Florida 33457
(Property Address)
'THE YOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN TI~ INTEREST RATE AND
MONTHI.Y PAYMENTS .
'I'HE NOTE ALSO PROVIDES FOR CALCULATIONS OF TWO SEPARATE HONT'~iLY PAYMENT
AMOUNTS. ONE WILL BE THE AMOUNT THE BORROWER MUST ACTUALLY PAY EACH MONTH.
THE 0'I'HER WILL BE AN AMOUNT THAT THE BORROWER WOULD PAY EACH MONTH TO FULLY
REPAY THE LOAN ON TI~ MATURITY DATE.
TI~ PRINCIPAL AMOUNT THE BORROWER MUST REPAY WILL BE LARGER THAN THE AMOUNT
ORIGINAT.LY BORROWED, BUT NOT MORE TfiAN 125~ OF T}~ ORIGINAL AMOUNT.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made
in the Security Instrumeat, Borrower and Lender further covenant and agree
as follows:
A. INTEREST RATE AND HONTHLY PAYI~SENT CHANGES
The Note provides for an Initial Rate of Interest of 13.~G Sections 2
through 7 of the Note provide for chaages in the interest rate and the
monthly payments, as follows:
"2. INTEREST
(A) Iaterest Owed
Interest will be charged on that part of principal which has
not been paid. Interest will be charged beginning on the date of
this Note and continuing until the full amount of principal has
been paid.
:
I
~ Beginning on the date of this Note, I will owe interest at a
~ yearly rate of 13.00 X. The rate of interest I will owe will
~ change on the first day of December 1, , 19 83 m and on that
~ day every 6th month thereafter. Each date on which my rate of
~ interest could change is called an "Interest Change Date." Pfy new
g rate of interest will become effective on each Interest Change
Date.
~ (B) The Index ~
~ Any changes in my rate of iaterest will be based on changes
~ in the Index. The "Index" is the weekly auction average rate on
United Stazes Treasury bills with a maturity af 6 months, as made
~ available by the Federal Reserve Board. The most recently
~ available Index figure as of the date 45 days before each Interest
~ Change Datp is called the "Current Index." As of the date hereof,
the Current Index is 8.470~,
If the Index is no longer available, the Note Holder will
- choose a new index whi~h is based upon comparable information.
The Note Holder will give me notice of this choice.
f (C) Calculation of Interest Rate Changes
Before each Interest Change Date, the Note Holder will
calculate my new rate of interest by adding 4.530 percentage
~ points ( 4.530 to the Current Index. The :~ote Holder will then
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~ (FLj RIDER - FLEXIBLE MORTGAGE LOAN PROGRAM 9/82 ~c~
1017 Revised 12/82 g~~K4oz PAGE i7~?~
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