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Home My WebLink About0989 PSL-2-1932 GRADUATED PAYMENT RIDER (With Interc~st Rate Changc~ Every 5 Yrars) THIS GRADUATED PAYMENT RlDER is made this ........1..... day of ....J.une 19...83.., and is incorporated into and shall be deemed to amend and supplrment the Murtgage, Deed ~~f Trutit, or Derd to Secure Debt (the "Security Instrument") of the same date~given by the undersignecl (thr "Borrower") to srrure B~~rruwer's Graduated Paymrnt Note to ...................................LOGAN ..I,NTtRNA.T.~QKAI....I.NV~STMENT.....IN.G. (the "Lender") of the same d~te (the "Nutr") and ~o~ering the property described in the Security lnstrument and locatrd at: ........1449.. S~.W.~...Sudder Avenue.~...Port.. St Luci e.~.. F.~.Qr.l.dd.....~~.4.~2 (Property Address) Tha Note confains p~ovisions allowing for changes in the interest rate and monthly payments. The Borrower's monthly payment will increase by 71h% each year during t~he first fivs years of the Nofe. The Borrower also may be able to limif monthly payment increases to 7'/z% each year during the second Rve years of the Note. The remaining monthly payments also could increase or decrease, depending on changes in the interest ~ate. The principal amount the Borrower must repay will be larger than the amount originally bor~owed, but not more than 125% of the original amount. ADDITIONAL CO~'EtiAN'I'S. In addition to the covenants and agreements made in thr Securit~~ lmtrument. Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an lnitia) Rate of Interest o~.......~.~ ~..~~.Q.....~'l~. Scctions 2 through 9 of thr i~ute pra~ide for changes in the interest rate and the monthly payments, as follows: `•2. INTERE.ST ' (A) Interest Owed ' Interest will be charged on that part of principal which has not been ~aid. Interest will be chargrd beginning on the date of this i~fote and contiauing until the full amount of principal has bren paid. Beginning on the date of this Note, I will owe interest at a yearly rate of ...~2~.5Q This r.ite is ralled the "Initial Rate of Interc~st." The rate of interest I wil) pay will change in accordance with Section 4(A) of this Nc~te un the first day of ......a11~.J[..1 19...$8.. and on that day every 60th monih therrafter. Each date on w•hich m}• rate of interest could change is called an "Interest Change Date." (B) The Index Any changes in r.:y rate of interest witl be based on changes in the Index. The "Index" iti the weekly a~?rage yield ~,n United States Treasury securities adjusted to a constant maturity of 5 years, as made a~ailable by the Federal Reserve ; Board. The most recently available Index figure as of the ~iate 45 days before e:~rh lnterest Change Date is called the ~ "Current Index." ~ If the Index is no longer available, the Note Holder wiU choose a new index which is batied upon c~~mparable ~ information. The Note Holder will give me nutice of this choice. (C~ Interest After Default The rate of interest required by this Section 2 and Section 4(A) below the rate I will p~} ~~th hefore and aRer any ~ deiault described in Sectian 12 (B) below. a 3. TIhiE AND PLACE OF PAYh1ENT5 I will pay principal and interest by making pay~ments every month. My month!} ~a~ments aill be a~plied tc~ interest before principal. 1 will make my monthly payments on the first day ofeach R~onth beginning nn ......................~~9~St ~-1~~•~~• 19~••83-- I will make Ihese payments every month until I have paid all the prtncipal and interest and an}~ other charges described below that I may owe under this Note. If, on .........+1u.ly..l......-.-~~--~-.--------. z0...1~.., I sUll owe amuunts under this Note, 1 ~ ~ will pay those amounts in full on that date, which is called the "maturity date." 1 will make my monthly payments at ............~zz.2..~~.R~Q.C..SA1d~I1...U,.S.....#1...F.t....P.i.er,ce,..F.].or..i.da.....33a50 ~ ~ or.at a different place if required by the Note Holder. ~ 4. FULL PAYMENT AMOUNT (A) Calculation of Full Payment Amo~nt ~ Each of my first 120 monthly payments could br fess than a Pull Payment Amc~unt. A"Full Ya}~ment Amount" is ~ the monthly amount sufficient repay the amount I originally borrowed, or the un~aid principal balanre of my loan as of a an Interest ChangeY~ate, tn ~on the maturity date at the rate of interest I am required to pa}~ b~~ Section 2 abo~e or this ~ Section 4(A) in su ~ ar~tla~ly equal payments. Beginning on the date of this Note, m}~ first F=ull Pa}•ment Amount w~ill be ~ U.S. 5....39Q..08 until the first Ir~terest Change Date. My first Fu11 Pay~ment Amc~unt rnuld be larger ~ than each of my first 60 monthly payments. Before each Interest Change Date, the Note Holder will determine a new ' I Payment Amount for my loan. The ~ Note Holder wilt first calculate my new rate of interest by addingtWA...&..4.Q/. ~centage ~ints (..2...40.......~~ ) ro the Current Index. The Note Holder will then round the result of this addition to the nearrst one-eighth of one percentage ~ ~int (0.125%). This rounded amount wiil be my new rate of interest until the next Interest Change Date. The Note Nolder will then calculate the new amount of a monthly payment that would be sufficient to repay my unpaid principal ~ nx t~ - PaGE c~~ dfi,~1( ¢ GRA~UATED PAYMENT RIDER - P1an b C~PARM-Singk Fom~ly-5%82--FNMA Uniform instrument S. ~ ~i. . _ _ . . . . . . . ~ . " f _ y;.e*.`N~'~"e'~s~~ ~=:r,.r~~,"-`?~ ~`~.~~a,'"~" . ~ y ~