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Home My WebLink About0981 ' . PSL-2-1911 ~ • GRADiJATED PAYMENT RIDER ~ (With Interest Rate Changes Every S Years) ~,;Q ~ ; . ~ THIS GRADUATED PAYMENT R1DER is,~nsde this day of ..'.'.:.'......s~Utl~ 19...$~.. and is incorporatod into and shsll be decmed to amend and supplement the Mongage. Deed of Trust, or Dced to Secure Debt (thr "Security Instrumeret") of the same date given b the undersigned (the "Borrower") to se~:ure I3orrower's Graduatod Payment Note to Gt~~AT...f..~~1NlG~A~...FfAk~RAI (the "Lender") of the same date (the "Note") and covering the property describod ir, the Security Instrument and locattd at: ~258 S,.W.....Q~.t^nx~..Axe~u~~...P.Qr~..~t,...1~.u~~~,...F1 or. ida.....~3452 f~ ~ ~ (Property Address) • Not~ contoins provisions ollowtn~ ~o~ changes in fhe intere:f rate ond ~nonthly pOrlll~ll~=. Th~ Borrowa~'s monthiy paym~nt will incr~ose by 71/296 ~ach year during th~ flrst Aw~. Y~ars of th~ Nof~. Th~ Borrow~r also mar be obl~ to IimH monthly poyn~eni incr~ost~ fo 7'h% ~ach year during the s~cand Ave years of the Note. The remoinin~ nwni~i~r:s ; paym~nts alsa could incr~ase or d*c~ease, dep~ndiog on chan~es in the inferest rort~~ The p~incipal amount th~ Borrowe~ must r~pay will b~ la~ger fhdn fhe amount originoliy borrowed, but not more than 1ZS% of the o~iginal amount. ADDITIONAL COVEI`AM'S. In addition to the covenants and agreements made in the Security Instrument. Bonower and Lender further covenant and agree as follows: A. INTERFSI' RATE AND MONTHLY PAYMENT CHANGES The Note provides for an Initial Rate of Intertst of .....~?2...7~......%. Sections 2 through 9 of the Note provide for changes i in the interest rate and the monthly payments, as follows: j "2. INTERF,.ST ~ r (A) Interest Owed ~ Interest will be charged on that part of principal which has not been paid. Interest will be charged beginning on the date of tF~is Note and continuing until the full amount of principal has bcen paid. Beginning on the date of this Note, I will owe interest at a yearly rate of ..12...7.5. 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 of ~ •••••••••••1U~y••1•,•••••••••.•••••••.•., 19.$$... and on that day every 60th month thereafter. Each date on which my rate of . ; interest could char.ge is called an "Interest Change Date." ~ (B) T6e Index E ~ Any changes in my rate of enterest wil) 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 S years, as made available by the Federa) Reserve ~ Board. The most recently available Index figure as of the date 45 days betore each Interest Change Date is called the ' "Current Indez." E If the Index is no longer available, the Note Holder wiU choose a new index which is based upon comparable ~ information. 'The Note Holder will give me notice of this choice. (G~ Interest After Default The rate of interest required by this Section 2 and Secti~n 4(A) below is the rate 1 wil) pay both before and after any default described in Section 12 (B) below. 3. TIME AND PLACE OF PAYbiENTS I will pay principal and interest by making payments every monih. My monthly payments will be applied to interest befare principal. I will make my monthly payments on the first day of each month beginning on ........../~UgUS.t..l. 19...83... ~ I will make these payments every month until I have paid a!1 the principal and interest and any other charges described below that I may owe under this Note. If, on ..................~LLl~t..l.............., 20....13., I still owe amounts under ihis Note, I ~ will pay those amounts in fu11 on that date, which is cal:ed the "maturit date." Y I will make my monthly payments at ...........1_~00„Wdl ~Ut„Stre2t~.. P.0.,...Box..989 , ` Owensboro, Kentuck,y. 42302 g . ~ ~ or at a different plact if roquired by the Note Holder. ~ 4. FULL PAYMENT AMOUNT ~ ` (A) Calculation of Full Payment Amount Each of my first 120 monthly payments could be less than a Full Payment Amount. A"Full Payment AmounY' is the monthly amount sufficient to rePay the amount I originally borrowed. or the unpaid principa) balance of my loan as of an Interest Change Date, in full on the maturity date at the rate of inierest I am required to pay by Section 2 above or this Section 4(A) in subsiantially equal payments. Beginning on the date of this Note, my first Full Payment Amount will be U.S. ~ ..................36.1..8T•...•-............. until the first Interest Change Date. My first Full Payment Amount couid be larger than each of my first 60 monthly payments. Before each Interest Changc Date, the Note Holder will determine a new Ft Payment Amount for my loan. The ; Note Holder will first calculate my new rate of interest by adding .xW~Q..$..9$/pt~~ntage points (..2...~8.......%) to the ~ Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one pcrcentage ~ point (0.125%). This rounded amount wiil be my new rate of interest until the next Interest Change Date. The Note ~ Holder wifl then calculate the new amount of a monthly payment that would be sufficient to repay my unpaid principal 6(h~!( ~ PlIG~~~I/ ~ ~r GRADUATED PAYMENT RIDER - Plan f 6PARM-Sir?~ie Fomiy-S/82-fNMA Unifwm instrvmtnt s£W fib°I' ~`n'±7 i P!!~E ~ ! ~ , . . - n . _ . s . > - Y ~ : ~ - - ~s? f =