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Home My WebLink About0954 . ~ ~ GRADUATED PAYMENT RIDER , ~ (With Interest Rate Changes Every 5 Years) - THIS GRADUATED PAYI~IENT RIDER is madr this ...1f3t.ti~~~ da)' of ._..-.J~.tnta~~~~~~~~~ 19..83.., and is incorporated into and shail be deemcd to amcnd and supplement ~he Mortgage, Deed of Tru+t, or Deed to Secure Debt (the "Security Instrument") utthe same date given by ~he undersigned (the "Barmwer") to secure Borrow•er's Graduated Payment Note to .....~Q~...F!.~.d.~4.!.d~...~.V.~'POC~d.t.! o~ (the "Lender") of !he same date (the "N.~te") and covering the property described in the Security lnstrument and located at: 1G1U.Si:..Lorraine Street, Port St...Lucie~ Florida 334~2 . . . . . . . . . . (Property Address) Tha Note contains provi:ions ailowing for chonges in fhe interesf rate and monthly poyments. Th~ Borrower's monthly payment will inc~eass by 71/z°~o eath year during th~ Arst Ave yla~s of th• Nole. Ths Borrnwer also may be able to limit rnonthly payment increases to 71/z°y6 each year duri~~ the :~cond five yea~s of the Note. The remaining monthly payments olso could increa:e or decreo:e, depending on changes in fhe interest rot~. The principal omount the Borrower must ?epoy will be larger than the amount originolly borrowed, but not mo~~ than 125°k of fhe originol amount. ADDITIONAL CO~'ENANTS. In addition to the covenants and agreements rnade in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an Initial Rate of Interest of ...13..750._...c~~. Sections 2 through 9 of the Note provide for changa in the interest rate and the monthly payments, as follows: "2, INTERES'T (A) Interest Owed Interest will be charged on that part of principa) which has not been paid. Interest will be charged beginning on the date of this Note and continuing until the full amount of principal has been paid. Beginning on the date of this Note, 1 will owe interest at a yearly rate of .1.3..7~Q °lc. This rate is called the "Initial Rate of Interest." The rate of interest I will pay will change in accordance with Section 4(A) of this Note on the first day ot .......Tul.y...1 19....8F~ and on that day every 60th month thereafter. Each dat~ on which my rate of interest could change is called an "Interest Change Date." (B) The Index Any changes in my rate of interest will be based on changes in the Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of 5 years, as made available by the Federal Reserve Board. The most recently available Index figure as of the date 45 days before each Interest Change Date is called the i "Current Index." ~ If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable ~ information. The Note Nolder will give me notice of this choice. ~ (C~ Interest After Default ~ The rate of interest required by this Section 2 and Section 4(A) below is the rate I will pay both before and after any ~ default described in Section 12 (B) below. ~ 3. TIME AND PLACE OF PAYMENTS I will pay principal and interest by making pa~•ments every~ month. My monthly payments wil) be applied to interest before principal. I will make my monthly payments on the first day of each month beginning on j~c~s~•.1•.•.••••••••••-•••••. 19••t3~-•- I will make these payments e~~ery month until I have paid all the principal and interest and an~~ other charges described below that I may owe under this Note. lf, on ...............J~,1.1}r.•-~•.••••••••••••••••-•, 20...~.3.., I still owe amounts under this Note, I ~ wil! pay thase amounts in full on that date, which is called the "maturity date." I will make my monthly payments at South..Bayshore.. Dr i ve,.. M i.ami.,.. Fl.or i_da,.,~3_~_~1...,........ . . . ~ . . . ~ or at a different place if required by the Note Holder. ~ 4. FULL PAYMEI~iT AMOUNT s, (A) Calculation of Ful! Payment Amount = Each of my first 120 monthly pay~ments could be less than a Full Payment Amount. A"Full Payment Amount" is ~ the monthly amount sufficient to repay the amaunt I originaliy borrow•ed, or the unpaid principal balance of my loan as of ~ an Interest Change Date, in full on the maturity date at the rate of interest I am required to pay by Section 2 above or this ~ Section 4(A) in substantially equal payments. Beginning on the date of this Note, my first Full Payment Amount will be : E U.S. 5....G1~...52 until the first Interest Change Date. My first Full Payment Amount could be larger ~ than each of my first 60 monthly pa}•ments. ~ Before each Interest Change Date, the Note Hol~er w~ill determine a new• Full Payment Amount for mv loan. The ~ Note Holder will first calculate my new rate of interest by adding ..~,.24.Q...... percentage points 2`~~......%) to the ~ Current Index. The Note Holder w~ill then round tFe result of this addition to the nearest one-eighth of one percentage ~ point (0.125%). This rounded amount will be m}~ new rate of interest until the next Interest Change Date. The Note Holder w~ill then cal~ulate the new amount of a monthly payment that would be sufficient to repay my unpaid principal ~ ao~K 4n~ PacE ~52 ~ GRADUATED PAYMENT RIDER - Plan 6 GPARM-Sing~e Fam~ly-5/82-FNMA Uniform Instrun+~nt _ ~ ~ _ ~ ~