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Home My WebLink About0935 , . . PSL-2-2000 GRADUATED PAYMENT RIDER ' (With Interest Rate Changc~s Every S Years) THIS GRADUATED PAYMENT RIDER is niade this .....v.~.~.. day of .....,J~g 19.83..., and is incor~rated into and shall be deemed to amend and ~upplement the Mortgage, Deed of Trust, or Dred ro Sc~ure Debt (~he "Security Instrument") of Ihe same date gi~•en by thr undersigned (the "E3orroK~er") ta sc~cure l3orrower's Graduated Payment Note to .........G~FAT..EINANCZAL..~~DER~. hhe "Lender") uf !he same date (the "Note") and covering the pro~xrty dc~srribecf in the Serurity Instrumen~ and located at: ~,481..5_1~...T1c~111is.ter.. Lane,.. P:o~.. St.,...Lucie.,...F1or. •ida~ ~-~-3~453.......................................... (Property Address) ' The Note contains provisions allowing for change: in the interest rate ond monfhly payments. The Borrower's mont~ly payment wiN intreaae by 71/~% et~ch year during fhe firsf five yeors of ihe Note. The Borrower also may be able to lirt~it monthly payment increoses to 71/z% each year during the seco~d five yeQrs of the Note. The remaining monthly payments also could increa:e or decreose, depencling on chonges in the interest rafe. The principa! amount !he Borrower musf repay will be I~~ ger thon fhe amount originally borrowed, buf not more than 125% of fhe original omount. ADDITIO~AI, CO~'E~a~TS. In addition to the covenants and agreements made in the Security lnsirument, Borrow~er and Lender furiher rovenant and agree as follows: A. INTEREST RATE AND MONTHI.Y PA~MENT CHA;\'GES The Note provides for an Initial Rate of Interest of ...13.~25~•-~-~~~`'1c. Sections 2 through 9 ~f the Note pro~~ide for changes in the interest rate and the monthly payments, as fol[oH~s: "2. INTEREST' ' (Af Interest Owed Interest will be charged on that part of principal which has not been paid. Interest w~il1 be charged beginning on the date of this Nate and continuing unti! the full amount of principal has been paid. Beginning on the date ot this Nate, 1 wiU ow~e interest at a yearly rate of ...13..25 %i. This rate is called the "Initial Rate of Interest." The rate of inlerest 1 w~ill pay w~ill change in accordance w~ith Section 4(A) of this Note on the first day of •._......-.••.•...-.,1li~.Y...~ 19..$$... and on that day every~ 60th month thereafter. Each date on w~hirh my rate of interest could change is called an "Interest Change Date." (B) The Index Any changes in my rate of interest H~ill be based on changes in the Index. The "Index" is the w~eel:ly average yield on United States Treasury securities adjusted to a constant maturity of 5~~ears, as made available by the Federat Reserve Board. The most recently a~~ailable Index figure as of the date 45 days before each interest Change Date is ralled the "Current Index." If the Index is no longer a~~ailable, the Note Holder wiR choose a new index u~hirh is based upc~n comparabte information. The Note Holder w~ill give me notice of this choice. (C? Interest After Default The rate of interest required by this Section 2 and Seciion 4(A ) below is Ihe rate I w•ill pay~ both before and after any default described in Section 12 (B) below~. 3. TI~1E AND PLACE OF PAYi~fENTS I wi11 pa}~ principa! and inierest b~~ making pa~~ments e~er}~ month. M~~ monthl~~ payments w~ill be applied to interest b~fore principal. I will make my monthly payments on the firtit day of each month beginning on ..................Au$t1st~.1•r~...~-. 19..83..- I will make these payments every month until I ha~~e paid all the principal and interest and any other charges described below• that I may owe under this Note. If, on .........July...l 20..13.., I stil) ow•e amounts under this Note, I will pa}• thos~ amounts in full on that date, which is called the "maturity date." I a~ill make my monthly payments at ...........1100,.1h'alnut...$tr~et.,...P..4,,..~4??~..~~.9, ...............................................................................Owenst~9ro ~..~e?1:Gtt~ky......4.~~9.2-~.9~~........................................... or at a different place if required by the Note Holder. 4. FUI,L PAYME:VT AMOUNT (A) Calculation of Full Payment Amount Each of my first 120 monthly payments cou~d be less than a Full Payment Amount. A"Full Payment Amount" is the monthly amount sufficient to repay the amount I originally borrow•ed, or the unpaid principal balartce of rr~y loan as of an Interest Change Date, in full on the maturity date at the rate ot' ioterest I am required to pa~• by Section 2 above or this Section 4(A) in substantially equal payments. Beginning on the date of this Note, my first Full Pa}~ment Amount will be U.S. 5...........47.Q_5.7 until the first Interest Change Date. My first Full Pa~ment Amount could be larger than each of my first 60 monthiy payments. Before each Interest Change Date, the Note Holder will determine a new Fuli Payment Amount for my loan. The Note Holder will first calculate my new rate of interest by addingt~x~e..~...4$,C~Itage points (...3.;4g......%) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eaghth of one percentage point (0.125%). This rounded amount will be my new rate of interest unti) the next Interest Change Date. The Note Holder will then calculate the new amount o( a monthly payment that would be u cient to repa • my unpaid principat aooK ~~4 PaGE ~3 GitADUATED PAYMENT RIDER - Plan 6 GPARM-2-~ Fam~ly-5/82-FNMA Uniform Inst?ument - - _ _ , ~ " . _ _ ' . v'.:k . ~ ~ p~ S . r,l,r".. a~Y~- i.jm,L. ~:..c"~ .~'4 ~~.~_4'.~;~ w,,.