HomeMy WebLinkAbout0936 balanre a. of th~ lnter~~t Ch:~n~r Datr in full on thr maturity date at my new rate of interest in substantially eyuul
~a~mrn~.. The rr,ult ~~t thi.~alrul:t~i~m i, m~~ ne~~ f~uli Pa~~ment Amount. ~
Earh i~~~~ rat~ ~~f inter~.t will he~~mir etTr~ti~e on carh lnterest Change Date. and`each new Full Payment Amuunt
~rill hctiumt cfl~r~i~r on the hr~t mun~hl~~ ~a~ mrn~ ~iate aRer thr lnter~~t Change Date.
(!31 Required Full Yayment Amount
I w~ill ~a~ the Full Payment Am~~unt a, m~ monthly payment brginning H~ith my 61st monthl~~ payment if my new
rate of inter~st is eyual to or less th,~n the Initial Rate of Interest or if l do not chcx~se t~~ limit the amouM uf my monthfy
pa~ment as ~nnit~e~i hy Sc~tiun 6(A) bcluw. E~•~n if 1 ~ha~se to limit m}• munthl}~ pa~~ment. 1 will pa~~ the Full Yayment
Amuunt t~ginn~ng ~ith m~• 121s1 monthly pa~~ment.
S. GRADUATED ~fONTH1.Y PAY11E'VTS 1-60
My first 12 monthly payments will e:ich br in the amount of
U.S. 5...........~6.4.,.7.6 On each
uf the first four anni~ersarics uf the date my first munthly payment is due, 1 H~ill t~gin paying a ne~~• monthly payment
which will be equal to the amount I ha.e txen naying multiplied by the number 1.0~5. I w~ill pay the new amount of my
monthly payment until it changes in arcordance w•ith this Sertion 5 or Sertions 6 or 7 below~.
6. BORROVI'FR'S R1GHT TO LI:~11T A110UNT OF ?~tONTHLY PAY1~fENTS 61-120 ~
tA) Calculation of Graduated 1lonthly Payment Amount
If my new rate of interest at the first Interest Change Date is greater than the lnitial R~te of Interest, 1 may chcwse to
limit the amount of my new monthly payment. If 1 do so, on each of the Sth through 9th anniver,aric~ of the date my first
monthly paym~nt is due, I will begin paying a new monthly payment which will be eyual to the amount I have been paying ~
multiplied by the number 1.075. Even ii I hu~~e rhosen to limit my monthly pa}•ment, Sections 6(B) or 6(C) below may
reyuire me to pay a difTerent amount. I will give the Note Holder notice that I ha~~e chosen lo limit m}• monthly payments
at least 15 days before my 61st monthly payment is due. ~
(B) Reduced i~lonthly Payment Amount
My 73rd, 85th, 97th or 109th graduated monthly paymem calculated under Section 6(A) atwve could be greater
than the amount of a monthly pay~ment w~hich then w~ould be sufficient to repay m}• unpaid prinripal balanre in full on thc
maturit~• date at my current rate of interc~t in substantially equal payments. lf so, I w~ill inst~ad then begin pa}~ing a new
monthly payment, which will be equal to the low~er amount, until m}~ 121st monthly pa~•ment ~~~hen I~~~ill begin paying my
new Full Payment Amount.
(C) Incressed Aionthly Payment Amount
My pa}~ing a monthly payment calculated under Section 6(A) abcne couid rause my unpaid principal balance tu
exceed the limit stated in Section 8(B) below. If so, on the date that mp pa}~ing a monthl~• payment «~ould rause me to
exceed that limit, I will instead begin paying a new monthly payment until my 121st monthl}~ payment ~~hen I~~~ill begin
paying my new Full Payment Amount. This new monthly payment w~ill be in an amount w~hich K~ould be sufficient to repay
my~ then unpaid principal balance in full on the maturity date at m}• rurrent rate uf interc~t in substantiall}~ equal pa~~ments.
7. ~lONTHLY PAYI~IENT 121 AND RE1iAINING PAY1lEtiTS
Beginning with my 121st monthly payment, I will pay the Full Pa~~ment Am~~unt as my monthly pa} ment.
8. ItiCREASES iN THE PRINCIPAL Ai~lOUNT 1'O BE PAIU
(A) Additions to ~iy Unpaid Principal Balance
Each of my first 120 monthly payments could be less than the amount of the interest ~oriion of a monthly payment
; ahich then w•ould be sufficient to repay my unpaid principal balance in full on the maturity date at m~~ current rate of
' interest in substantially equal payments. If so, each month that the amount of my monthly payment is less than the interest
! ~ortion, the Note Holder w~ill subtract the amount of m}• monthly payment from the amount of the interes~ ~rtion and
E will add the difference to m}• unpaid principal balance. The Notz Holder wil) also add interest on the amount of this
t d~fferenre to my unpaid principal balance each month. The rate of interest on the interest addrd to principal w~ill be the rate
{
ti required by Sections 2 or 4(A) above.
~ (B) Limit on Unpaid Principa! Balance
My unpaid principal balan~e can never exceed a maximum amount equa) to one hundred tw~ent}~-five perrent (125°l~ )
af the principal amount I originaUy borrowed.
9, tiOTICE OF CHAtiGES
The Note Holder w~ill mail or deliver to me a notice of an}• changc~ in the amount of m}~ me~nthl}• pa} ment t~fore the
effective date of an~• change. The notic~ w~ill include information required by law~ to be gi~~en me and also the title and
telephone number of a~rson ~•ho will ans«•er any quc.~tion 1 may have regarding the notirc."
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORRO~i'ER
Uniti~rm Covenant l~ of the Security [nstrument is amended ta read as follows:
19. Transfer of the Propert}• or a Beneficial Interest in Borrower. If all or any part ~~f the Propert}~ or an interest therein
iti suld or transferred by Borrow•er (or if a beneficia3 interest in Borrower is sold or tran,ferred and Borrow•er is not a natural
prr~on or persons but i~ a corJ~c~ration, partnership, trust or other legai entity) without Lender's pri~r ~~•ritten consem.
~ excluding {a) the creation of a lien or encumbrance subordinate ro this Seeurity Instrument ~~hich does not relate to a ,
~ transfer of rights ~~f a~cu{~anc~~ in the property, (b) the creation of a purchase mone}° ~ecurit}~ interest ~or household
~ applianees. (c) a tran~fer b~~ de~ise, de5cent cir by operation of law~ upon the death of a joint tenant or (d) the grant of any
~ leasehold interest of three y~ears or letis not c~ntaining an option to purchase, Lender may, at Lender's ~~~tion, declare all
~ the sums secured by this Serurity Instrument to be immediately due and payable.
~ If Lender exercises such option to arceleratc. Lender shall mail Borrower notice of acceleration in acrordancc with
g paragraph 20 hereof. Such notice shall pro~ ide a period of noi less than 30 days from the date the n~tice is mailed within
~ w~hich Borrower may pay the sums declared due. tf Borrower fails to pay such sums prior to the expiration of such period.
L,ender may, without further not~ce c~r demand on E3urro«er, invoke any remedies permitted by paragraph 27 hereof.
~ Lender may consent to a sale or transfer if: (1) BorroN~er causes to be submitted to Lender information required b~~ Lender
to e~~aluate the transferee as if a new loan w•ere being made to the transferee; (2) Lender reasonabl}• determines that
~ Lender's security wi11 not be impaired and that the risk of a breach of any covenant or agreement in this Security
Instrument is acceptable; (3) interest is p~}~able on the sums securrd by this Security Instrument at a rate acceptable to
Lender, (4) changes in the terms of the Note and this Security Instrument required by Lendee are made, including, for
' example, periodic adjustment in the interest rate, a difTerent final ~ayment date for the loan, and addition of unpaid interest
g to principal; and (5) the transferee signs an assumption agreem~nt that is acceptable to Lender and that obligates the
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