HomeMy WebLinkAbout0938 ADDENDUM N0, 1 TO GRADUATED PAYMENT RATE RIDER pSI.-2-2000
, (WITH INTEREST RATE CttANGES EVERY S YEARS)
The following provision is hereby incorporated and otherwise made
a part of that certain Graduated Payment Rider (with interest rate
changes every 5 years) of the same date given by the undersigned
(the "Borrower") to secure Borrower's Graduated Payment Note
(with interest rate changes every S years):
(C) INCREASES IN UNPAID PRINCIPAL BALA,vCE TU BE SECURED.
Borrower and Lender recognize that because of the operation and
effect of the provisions of Sections 4, 6 and 8 of the Note as
set forth in Sectians 4, 5, 6 and 8 of this Rider (the "Interest '
Capitalization Provisions"), the unpaid principal t?alance of the
loan evidenced by the Note may exceed the original indebtedness
of $ 41.800.00 referred ta on page one of the Security In-
strument. Borrower and Lender agree that this Security Instrument
is given not only to secure the payment of the original indebtedness ;
evidenced by the ~Iote and the other matters referred to on page one of ~
the Security Instrument, but also to secure any increases in snch
principal balance arisi.ng by the effect of the Interest Capitalization
Provisions. Borrower and Lender agree that the sums which become outstanding
unpaid and owing because of the effect of the Interest Capitalization Pro-
visions and become a part of the unpaid principal balance are in effect and
are deemed to be future advances of principal from Lender to Borrower and
as such are secured by the lien of the Security Instrument as if such sums
were advanced from Lender to Borrower on the date of the execution hereof.
At na time shall the total outstanding unpaid principal balance o£ the loan
exceed 125~ of the original principal amount of the Note. It is the in-
tent of the Borrower and Lender that the sums which become outstanding, unpaid
and owing because of the effect o£ the Interest Capitalization Provisions
are deemed to be "future advances" as provided in Section 697.04, Flarida
Statutes (1981) and be and are secured by the lien of the Security Instru-
ment as of the date of the execution hereof as set forth in such statute.
612'7~76 ~
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~ ~~t~ 2~ C~` WILLIAAI R. 9~iITfi Borrower
=~~E C ; ' , ,~~d C~- b~~ar.~'~ (SEAL)
5•. "UC~~ ~}C~ L~ IAIS C. S~fI'I~-I Borrower
f;~c3:.~. = t:~,
GtEF.K C~^CL't~
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~QO~ 404 PAGE s~s
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