HomeMy WebLinkAbout0929 GRADUATED PAYMENT RIDER .
(With lnterest Rate Changes E~•er}~ 5 Years)
THIS GRADUATED PAl'MENT RIDER is made ~his ....4.th.:... da~• of ..QGkAb.~X
19.. 83.., and is incorporated into and shall be d~emed to amrnd and supplement the Mortbage, Drc~ci of Trust, or Dred to
Secure Debt (the "Security Instrument") of the same date gi.~en bv the under~igned (the "Rurrow•rr") to sc~:ure Borrrn~•cr's
Graduat~i Payment Noteco .....California. Federal.,Savin,g,s..and Loan. Association
. . . .
(the "Lender") of the tiame date (thr "Note") and co.•ering the
pro~rty~ describeci in the Securit~st utnent and I~xated at:
1093 S.W. Cairo Ave. ' Port St. Lucie, Florida 33452
.
(Property Address)
The Note contains provisions allowing for changes in the inte~est rafe and monthly
paymenfs.
The Borrower's monthly payment will increose by 71h°/a each yea~ du~ing the first five
years of the Note. The Borrowe~ also may be able fo limit monthly payment increoses
to 71h% each year during the second five years of the Note. The remaining monthly
payments also could increase or decrease, depending on changes in the interest rate.
The principal amount the Borrower must ~epay will be larger fhan fhe omount originally
borrowed, but not mo~e than 125% of the original amount.
AUDITIOti~L r:.1~TS. In addition to the covenants and agreements made in the Security Instrument,
Borrower and Lender further covenant and agree as tollows:
A. INTERFST RATE AND 1~~10NTHLY PAYAIENT CHANGES
The Note provides for an Initial Rate of Interest of .....13 .25 q~. Sections 2 through 9 of the Note provide tor changes
in the interest rate and the monthly payments, as follows:
"2. INTEREST
(A) Interest Owed
Interest will be charged on that part of principal which has not been paid. Interest ~cill be charged beginning on the
date of this Note and continuing unti) the full amount of principal has been paid.
Beginning on the date of this I~iote, I will owe interest at a yearly rate of ..1.~ ~ 2~. This rate is called the "Initial
Rate of Interest." The rate of interest 1~vill pay will change in accordance ~vith Section 4(A) of this Note on the first day of
, May ~q_89.., and on that da~ every 60th month thereafter_ Each date 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 w•eekly aver~ge yield on
~ United States Treasur • securities ad~usted to a constant maturity of 5 years, as made available by the Federal Reserve
y ~
F
Board. The most recently available Inde~ figure as of the date 45 days before each [nterest Change Date is called the
"Current Index."
I
IC the Index is no longer available, the Note Holder will choose a ne~~~ index which is based upon comparable
' information. The Note Holder w•ill give me notice of this choice.
; (C~ Interest After Default
€ The rate of interest required by this Section 2 and Section 4(A) belo~~~ is the rate I µ•ill pa}~ both before and after any
~ default describeci in Srction 12 (B) below. "
~
3. TI~tE AND PLACE OF PAY?~1EN"I'S
~ I will pay principal and interest by making payments every month. My monthly paymentc ~~-ill be applied to interest
~ before principal.
~ I will make m}• monthly payments on the fir~t day of each month beginning on ..June ~9.84....
~ I will make these payments every month untii I have paid all the principal and interest and any other charges described
~ below that I may owe under this Note. If, on ......_.....1"~Y_ •1•'••••-••••••-, 20..14..., I still o~~•e amounts under this Note. I
~ will pay those amounts in full on that date, which is called the "maturity date."
E~ OO,.NS?7C~h..~~deral„HighwaY
I will make my monthly payments at _......~~T
ti Fort Lauderdale~ Florida 33308
~ or at a different place if required by the Note Holder.
- 4. FULL PAYhtENT A1~10UNT
(A) Calculation of Full Payment Amount
Each of my first 120 monthly payments could be less than a Full Payment Amount. A"Full Payment Amount" is
5, the monthly amount sufficient to repay the amount I originally borrowed, or the unpaid principal balance of my loan as of
an Interest Change Daie, in full on the maturity date at the rate ot interest I am required to pay by Section 2 above or this
t Section 4(A) in substantially rqual payments. Beginning on the date of this Note, my first Full Payment Amount ~~~ill be
; 423.30
~ U.S. 5 unti) the first Interest Change Date. My first Full Payment Amount could be larger
sm than each of my first 60 monthly payments.
' Before each Interest Change Date, the Note Holder wil) determine a new Full Paymept Amour~t fQ~ my loan. The
~ Note Holder will first calculate my new rate of interest by adding .1.'88......... percentage points (.....'ts.........%) to the
~ Currert,~ndex. The Not older will then round the result of this addition to the nearest one-eighth of one percentage
~ point (O.lu°!c). This~ro~ir~fed amount will be my new rate of interest until the next Interest Change Date. The Note
~ Nolder will then calculate the new amount of a monthly payment that would be sufficient to repay my unpaid principal
~n~~w ~~J PAGE ~V
GRADUATED PAYMENT RIDER - Plan 6 6PARM-Singk Fomilr-S/82-FNMA Unifo?m Ins+?ument
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