HomeMy WebLinkAbout0955 balance as of the Interest Change Date in i'ull on the maturity date at my new rate ot interest in substantially equal
payments. The result of this calculation is my new Full Payment Amount.
Each new rate of interest will become eft~ctive on cach Interest Change Date, and each new Full Payment Amount
will became effective on the first monthly payment date after the lnterest Change Date.
(8) Required Full Payment Amount
1 will pay the Full Payment Amount as my monthly payment beginning with my 61st monthly payment if my new
rate of interest is equal to or less than the Initial Rate of Interest or if I do not choose to limit the amount of my monthly
payment as permitted by Section 6(A) below. Even if I chuose to limit my monthly payment, I will pay the Full Payment
Amount beginning with my 121st monthly payment.
S. GRADUATED MONTHLY PAYh1FNTS 1-60
My first 12 monthly payments will each be in the amount of U.S. S.. 474...G4 p~ ~ch
of the first four anniversaries of the date my fi~~st monthly payment is due, I will begin paying a new monthly payment
which will be equal to the amount ! have been paying multiplied by the number 1.075. I will pay the new amount of my
monthly payment until it changes in accordance with this Section S or Sections 6 or 7 below.
6. BORROWER'S RIGNT TO LIMIT AM1tOUNT OF MONTHLY PAYMENI'S 61-120 ~ ~
(A) Calculation of Graduated ?~fonthly Payment Amount
If my new rate of interest at the first Interest Change Date is greater than the Initial Rate of Intercst, I may choose to
limit the amount of my new mont~ly payment. If 1 do so, on each of the Sth through 9th anniversaries of the date my first
monthly payment is due, I will begin paying a new monthly payment which will be equal to the amount I have been paying
multiplied by the number 1.075. Even if I have chosen to limit my monthly payment, Sections 6(B) or 6(C) below may
require me to pay a difi'erent amount. I will give the Note Holder notice that I fiave chosen to limit my monthly paymCnts
at least 1 S days before my 61 st monthly payment is due.
(B) Reduced Monthly Payment Amount
My 73rd, 85th, 97th or 109th graduated monthly pa~~ment calculated under Section 6(A) above could be greater
than the amount of a monthly payment which then would be sufficient to repay my unpaid principal balance in tull on the
maturity date at my current rate of interest in substantially' equal payments. If so, I will instead then begin paying a new
monthly payment, which will br. equal to the low~er amount, until my 121st monthly payment when I will txgin paying my
new Full Payment Amount.
(G~ Increased Monthly Psyment Amount
My paying a monthly payment calc~lated under Section 6(A) above could cause my unpaid principal balance to
exceed the limit stated in Section 8(B) below. lf so, on the date that my paying a monthly payment would cause me to
exceed that limit, I will instead begin paying a new monthly payment until my 121st monthly payment when I will begin
paying my new Full Payment Amount. This new monthiy payment will be in an amount which would be sufficient to repay
my then unpaid principai balance in full on the maturity date at my current rate of interest in substantially equal payments. a
7. MONTHLY PAYMENT 121 AriD REMAINING PAYMENTS ~
Beginning with my i21st monthly payment, I will pay the Full Payment Amount as my monthly payment. ~
8. INCREASES IN THE PRINCIPAG AMOUNT TO BE PAID i
(A) Additioas to My Unpaid Printipal Balance ~
Each of my first 120 monthly payments could be less than the amount of the interest portion of a monthly payment '
which then would be sufticient to repay my unpaid principal balance in full on the maturity date at my current rate of ;
interest in substantially equal payments. If so, each month that the amount of my monthly payment is less than the interest
portion. the Note Holder will subtract the amount of my monthly payment from the amount of the interest portion and
will add the difference to my unpaid principal balance. The Note Holder will also add interest on the amount of this
difference to my unpaid principal balance each month. The rate of intere5t on the interest added to principal will be the rate
~ roquirod by Sections 2 or 4(A) above.
; (B) I3mit on Unpaid Principal Balance
i My unpaid principal balance can never exceed a maximum amount equal to one hundred twenty-five percent (125%)
of the principal amount 1 originalty borrowed.
9. NOTICE OF CHANGFS
The Note Holder will mail or deliver to me a notice of any changes in the amount of my monthly payment before the
~ effective date of any change. The notice will include information required by law to be given me and also the title and
~ telephone number of a person who will answer any question I may have regarding the notice."
B. CHARGFS; LIENS
Uniform Covenant 4 of the Security Instrument is amended to read as follows:
4. Charges; Liens. Borrower shall pay ali taxes, assessments, and other charges, fines and impositions attributable to the
~ Property which may attain a priority o~er this Security Instrument, and leasehold payments or ground rcnts, ifany, in the
~ manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due,
~ directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph,
and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing
such payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument; provided,
~ that Borrower shall not be required to discharge any such lien so long as Borrower: {a) shall agree in writing to the
payment ot the obligation secvred by such lien in a manner acceptable to Lender, (b) shall in good faith contest such lien
~ by, or defend against eni'orcement of such li:n in, legal proceedings which in the opinion of Lender operate to prevent the
~ enforcement of the lien or forfeiture of the Property or any part thereof; or (c) shall secure from the holder of such lien an
# agreement in a form satisfactory to Lender subordinating such lien to this Security Instrument.
~ If L,ender determines that all or any part of the Property is subject to a lien which may a~tain a priority over this Security
Instrument, Lendtr shall send Borrower notice identifying such lien. Borrower shall satisfy such lien or take one or more of
the actions set forth above within ten days of the giving of notice.
~ C. NOTICE
Uniform Covenant 14 of the Security Instrumcnt is amen~cd to rcad as follows:
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14. Notice. Except for any notice requirtd under applicable law to be given in another manner, (a) any notice to
~ Borrower provided for in this Security Instrument shall be given by delivenng it or by mailing it by first class mail
~ _ , ~~R Pt.~F ~.7~.~
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