HomeMy WebLinkAbout0980 . GRADUATE~ YAY11E:~'T RIDER
(~'ith Inirrr~i Rat~ Ch:ingr. E~rr~ 5 l'rur~l
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~r.~~cr1~ ~Ir.rnh~•.l in thc S~rurit~ ;n.trumcnt :~n~l I~xatrd at:
xxx DeGouvea Terr., Port St. Lucie, Florida 33452
(Froperty Ad~ress)
The Note conta~ns provisions allowing for changes in the interest rate and monthly
payments.
The Borrower's monthly payment will increase by 7~-z% each year during the first five
years of fhe Nofe. The Borrower also may be able to limit monthly payment increases
to 71/2°,'o each year during the second five years of the Note. The remaining monthly
payments also could increose or decrease, depending on changes in the int~rest rate.
The principal amount 1he Borrower musf repay will be larger than the amount originally
borrowed, but not more fhan 125% of the original omount.
Auuti7c~~:~1. Cc~~ t'~.atiTS. In addition to the crn'enants an.l agrecment~ m,icle in the S~~urit~ ln~trument,
$~,rro~?•rr a~~d Len~ier further co~~enant and agree as folluw s:
A. ItiTEREST RATE A\D 1tOtiTHLY PAY1iE;\T CHA\GES
The 1Vote ~ro~~idrs for an Initial Rate of lnterest of .13.~25........r'~. S~~tions 2 thr~~ugh <~f tfir tic~tr rnn ~de fi~r nc~ulges
in the interc~t rate and the monthl~~ pa~•ments, as follow s:
"2. 1;~TEREST
(A) Interest Owed
Interesl will be cna~ged on that p~rt of principal H~hich has no~ heen ~.ud. Interetit ~~ill br ~fiarge~ hreinning ~n the ,
date of this Note and c~•ntinuing until the full amount of principal h;~s heen ~,aid.
Beginning c~n the da~e of this Note, 1 N'III Owe interest at a}•earl~• rate of .1.3-..25 ~i~. Thi~ rate i. c~lle~l the "Initial
Rate of Interest."'fhe rate of interest I w~ill pay w~ill change in accordance ~~•ith Se~tion 4 ~A? of thiti ~~te ~~n the firtit d;i~ of
__..........E'.pbru3r.y....1......... 19...$.9. and on that d~~~ e~er~~ 60th mnnth therrafter. Each date on ~~~hi~h m}' rate of
interrst could change is called an "Interest Change Date."
(B) The Index -
Any changes in my rate of interest will be b.ised on changeti in the Ind~r. ~The "Index" is the ~ce~kl~~ a~cra~;e ~•ield on
United States Trea;ury securities adjustrd to a constant maturity of 5~cari, a~ made a~ailable b~~ thr Federal Retien•e
Board. The most rccently a~ailable Index figure as uf the ciate 45 da~s hcfure ea~h Interest Change Date ?ti rallyd the
"Current Index."
E
~ (f the Indes is no longer a~~ilabie, thr tiote Holdrr w•ill rh~~osr ~i nrH~ inclex which is ba~ed u~on rnm~arable
s information. The ;~ote Holder w~ill give me notice of this choire.
~ (C) Interest After Default
The rate of interest required b}~ this Section 2 and Sect~on 4(A) helc~w iti the rate 1 w~ill ~a~~ hoth be(~~re and after an}~
~ default described in Section 12 (B) below~.
3. TI~tE AND YLACE OF PA1'~tI~:\TS
1 w•ill pa}~ pr~nripal and interest b} making payrnentti e~~er~~ month. '~f~ m~mthl~~ ~a~~mrnts w~ll hc n~~~lir~ to interest
before principal.
I will make m}~ monthly pa~~ments on the first da~~ uf earh month brg~nning on FebruaZ'y 1 19 8 4
I will make these pa}~ments c~•ery~ month until [ ha~•e paid all the ~n?iri~al and interest and an~ ~~Iher rharge, drs~ribed
' beluw• that I ma}• owr under this Note. If, on .....,~.~nuary_,1 ~p.14 , I~titl ~~~~r am~t~nt~ un.ler thi~ ;ti'ote, 1
w ill pay thosr amounts in full cm that date, w~hich is calted the "maturilt• da[e."
~ I will make my mont~ly pa~~ments at ..3bD.0...N_...F~deza.].. .H~7~.gk~W~?y..,... For.t...Lauderdale ,
F ~o-r i-da... 3.3.~ 0 ~ .
~ '
~ or at a dit3'erent place if reyuired by the Ni~te Holder.
~ 4. FULI. PAY~iEN1' A:llUUNT
~ tA) Catculation of Full Yaf•ment Amount
e,_; _
~ Each e~f my first 120 monthly ~,ayments could he less than a Full Na}ment Am~unt. A"FuU Y.i~mrnl .•1mi~unl" is
~ -
- thr monthly anwunt sufiieient to repe~• the amount I orig~nall~• tx~rro«ed, c~r the un~aid ~n»riral h~lan« ~~f rny luan a~ c~f
~ an Interest Change Date, in full on the maturity date at thc rate ~~f interc~t I am rryuired t~ ~a}• b}• Serti~~n ~ ~h~~~r or this
Secuon 4(A) in substantiall}' eyual pay~mentti. Brginning c~n the date c~f thi. Ni~tr. m~ fir~t Full !'a3~mrnt Amuunt w~II be
~
~ U.S. 5....5Qp.,,.~g unul thr firs~ {nterest Change [).~te. tit~~ first Full Pa}•ment Amount ce~uld be larger
~ th~n eanc ~~f my first fib m~nthly pa}'ments. '
~ f3cfore each Interest Changc Date, thc tiote Fi~ldcr will determine a nc« Fu)I t'~i~mrnt Anu~unt ft~r m~~ Ic~an. The
$ Nc~te Holder will ~ir~t calrulate m~• new~ ra~e of intrre;t h~~ adding 2..9.3........ ~errrntage ~c~intti (....z...~.~....~'~ ) to ihe
Current index. The ti~itc Nolder w•ill thrn r~und the retiult of'thiti a~fdin~~n t~~ the nrarest ~me-r~~hth uf une ~xrcent~gr
~c~int (0.125r"c "I his re~unded amuunt ~~II he m}~ new ratr ~~f interr.i until the ne~t lnteretit Changr Datr. The \~itr
~ He~lder Hill thrn ral~ulatr the nrw~ am~~unt <~f a m~,nthl~ ~a}nient th:~t uuuW h~ ~uflirunt tc~ rr~:i} m} un~,:ud rnnriral
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~ DG,M~ P'~iF ~
GRADUATED PAYMENT RIDER Plon 6 GPARM-S~~yle Fomily-5 82-FNMA Unifotm . strumenf
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