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round the result of this aadition to the nearest one-eighth of one
percentage point (0.125~)• This rounded amount will be my new rate of I
interest until the next Interest Change Date. '
(D) Interest After Default
The rate of interest required by this Section 2 is the rate I will
owe both before and after any default described in Section 10(B) of Lhe
Note.
3. CALCULATION OF Al10UNTS OWED EACH MONTH
The Note Holder will calculate my Full Payment Amount annually as
set forth in Section 5. The "Full Payment Amount" is the amount of the
monthly payment that would be sufficient to repay the amouat I
originally borrowed, or the unpaid principal balance of my loan as of
every other Interest Change Date, in full at the rate of interest I am
required to pay by Sections 2(A) and 2(C) above in substaatially equal
payments on June 1, , 2013, which is called the "maturity
date." Beginning on the date of this Note, my fir~t Full Payment
Amount will be U.S. ~ 596.24 until the first Interest Change
Date. Before every other Inttrest Change Date, the Note Holder will
calculate the new Full Payment Amount which I will owe each month
beginning on the first monthly payment date after such Interest Change
Date.
The Full Payment Amount I owe may be more or less than the amount
I am required to pay each month. Section 5 below states the amount of
my monthly payment and how it will change. Section 6 describes how my
unpaid principal balance will change if the amount of ~y monthly
payment and the Full Payment Amount are different.
4. TIME AND PLACE OF PAYHENTS
I will pay principal and interest by making payments every month.
Piy monthly payments will be applied to interest before principal.
I will make my monthly payments on the first day of each month
beginning on July 1, , 19 8~ I will make these payments
every month until I have paid all the principal and interest and any
other charges described below that I may owe under this Note. If I
still owe amounts under this Note on the maturity date, I will pay
those amouats in full on that date. -Those amounts could be greater
~ than the amount of my last monthly payment before the maturity date.
~
; I will make my monthly payments at Alliance Mortgage Company, P.O. Box 4130
' Jacksonville, FL 32231 or at a different place if required by the
~ Note Holder.
~
~ S. GRADUATED MONTHLY PAYMENTS.
~
~ (A) Regular Increase. Hy first twelve {12) monthly paym~nts will
~ be in the amount of U.S. $468.04 . On each anniversary of the
~ date my first monthly payment is due, I will begin paying a new monthly
~ payment which will be equal to the amount I have been paying multiplied
~ by the number 1.075, unless I exercise the "hlonthly Payment Freeze
~ Option" or "Full Payment Option" as described in 5ection S(B). I will
~ pay the new amount of my monthly paym~nt until it changes in accordance
~ with this Section 5 or Section 6 or 7 below.
~
(B) Monthly Payment Freeze Option. Instead of having my monthly
> payments increase during the second and third years that my loan is
x outstanding, I may elect to have my monthly payment frozen for the
second and/or third years that the loan is outstaading at the monthly
payment amount due during each respective preceding year.
Alternatively, I may elect to have the Note Holder recalculate my Full
Payment Amount as set forth in Section 3, and I will then make payments
of the Full Payment
fi
~ Amount beginning with the first monthly payment due after my el,r~ction.
~ On the third and on each subsequent anniversary of the date my first
3 monthly payment is due, until the twenty-ninth anniversary date, I may
~
~
(Page 2~of 6IDER 3~~~~ ~02 Pa~E
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