HomeMy WebLinkAbout0930 balan~r a~ ut the Intrre~t Ch:~nge Dale Pull ~m the matunty date at my new rate uf ~ntrrr,t ~n wbstantiaN}~ equal
~apmrnt+. Thr r~~xult ofth~~ral~ulat~un i~ my ntw Full Pa~mrnt Amuunt.
FaFh nrw• ratr ~~f inter~~t ~~•ill brrome rtTcYti~•c on rarh li~tcrcwt Changr Datr. and rsch nru~ Fu1f f'a~~ment Am~~uot
~~111 tk-~umr rfTrct~ve o~ the hrst monthl~• paym~nt ~atr altcr the Interest Changr Date.
(B1 Required i~uH P~y~ment Amount
!~ciil pa~~ ihr Fu!! Papmrnt Amount as my monthh• pa~ment b~ginn~ng ~~~ith my dlst munthly payment if my new
ratr uP interest is eyual to cir Ic~s th~n the Initial Rate uf Interest or if ! do not choose to limit the amount uf my monthly
payme~u a+ permittecl b~• Sc-~tion 6(A) belu~~•. E~•en if 1 ch~i~e ~o Iimit m~• manthl~~ payment, t~vill pay the Full Payment
Amuunt brginning w~ith my 1? Ist manthly pa}~ment.
5. GRAUUATEU ~10NTHt.1' PAY~IE\"TS 1-60
M~• hrst 12 monthly paymcnts K•ill earh be in the amuunt of U.S. 5..........3~.8,..1.1 On each
of the htyt fuu~ anniversaric~ uf the date my hrst monthh• rayment is due. I~vill t~g~n pa~•ing a n~~~• mo~thly payment
w~hirh w~ll he rqual to the am~~unt l have been paying multiplied by the number 1.075. l~vill pay the new amount of my
m~~nthl}• paymen~ until it changcw in accordance ~~•~th this Secuon 5 or Sections 6 or 7 belo~v.
6. BORRO~~'ER'S RICNT TO I.I~I1T A~tOUNT UF ~IO~iTHI.Y PAl'~lE1~TS 61-120 -
(Al Calculation of Graduated ~ionthly Pa~•ment Amount •
If
my new rate of interest at the first Interest Change Date is greater than ~he initial Rate aF Interrst, I ma~~ choose to
limit the amount of my new monthly pa}•ment. If I do so, on each of the Sth through 9th annirerca~ies of the date my hrst
monthly payment is due, I w•ill begin paying a new monthly payment which w•ill be equal ta thc amount 1 have been pay~ng
multiplied by the number 1.075. Even if I have chosen to limit my monthlv pa}•ment, Sctit~ons 6(B) or 6(C) below m~}•
requirc me to pay a ditTerent amount. I~~~ill gi~~e the Note Noldrr notire that ( ha~~r rhoscn to limit my monthl}~ pa}•ments
at least 15 ~ays before m~• 61st monthly payment is due.
(B) Reduced ~Ionthly Payment Amount
My 73rd, 85th, 97th or 109th graduated monthl~~ pa~-ment calculatcd under Sc.tiuon 6(A) abo~e could be greater
than the amount of a monthly payment which then w•ould be sufficient to rcpay my unpaid principal balance in full on the
matarity date at my rurrent r~te of intzrest in substantially ryuai payments. If so, i will instrad thrn begm pay~ng a new
monthl~• payment, which will be equal to thr to~ver amount, until my~ 1~ lst monthl~• pay~ment ~~~hen !~~•ill begin paying my
ne«• Fuil Payment Amount.
(G~ Increased ~ionthly Payment Amourtt
My paying a monthly payment calculated under Sei-tian 6(A) abo~e could cause m~ unpaid principal balance to
exceed the Iimit slated in Section 3(B) below. If so, on the date.that my pa~~ing a monthly pa~~ment ~vould cause me to
etceed that limit, I will instead begin paying a ne~~~ monthh• pa}•ment until m~• 121st monthh• payment w•hen I will begin
paying my new Full Payment Amount_ This new monthly payment w•ill be in an amount ~~•hich w•ould be sufficient to repay
my then unpaid principal balance in full on the maturit~~ date at m~ current rate of interest in substant~ally equal payments.
7. ~IO\THLY PAY11EtiT 121 AND RE~IAI:VItiG PAY~tE1~TS
Beginning ~~•ith my 121st monthl}• payment, I~~~ill pap the Full Payment Amount as m~• monthl}~ pacment.
8. I~iCREASES IN THE PRINCIPAL A1IOL3~iT TO I3E PAID
(A) Additions to 11y Unpaid Principal Qalancc
Each of my first 120 monlhly payments could be l~s than the amount of the interest port~an ot a monthl~ payment
K•hich then would be sutFicient to repay m~• unpa~d pnncipal balanre in iull un the maturity date at my current rate of
interest in substantially equal payments. [f so, each month that the amount of m}• monthly pa}~ment is less than ttte interest
portiun, the Note Holder will subtract the amc~unt ot' m~• ntonthh~ payment from the amou~t of the interest portion and
w~ilt add the difference to my~ unpaid ~rinripa! bal~nre. The Nute Holder u•ill ~Iso add interest on the amount of this
difTerence to my unpaid pnncipal balance each month. The rate oiinterrst on the interest added to prine~pal will be the rate
required b}• Sections 2 or 4(A) above.
(B) Limit on [~'npaid Principal Qal•rnce
My unpaid principal balance can never exceed a masimum amount equal to onr hundred hventy-hve percent (125~''c)
of the principal amount I originally borr~~~•ed.
9. NOTICE OF CHANGES
The Note Holder will mail or deli~~er to me a notice of any changes in the amount o~m~~ monthly payment before the
effecti~~e date ot any change. The notice w•il) include information required by law~ to be given me and aiso the title and
tele~hone number of a person who witl answer any quc~stion I may ha~~e regarding the notice."
B. CHARGES; LIENS
Unifi~rm Covenant 4 of the Security Instrument is amended to read as Follows:
4. Charges; Liens. Borrow~er shall pay all taxes, assessments, and other charges, fines and imFwsitions attributable to the
Propert~ which may attain a priority over this Security~ Instrument, and teasehold payments or ground rents, if any, in the
manner provided under paragraph 2 hereof or, if not paid in such manner, by $orrower making payment, when due,
directly to the payee thereof. Borrower shail promptty furnish to Lender all notices of amvunts due under this paragraph,
and in the event Borrower shaN make payment directly, Borrower shal! promptly furnish to Lender receipts evidencing
such payments_ Borrower shal! promptly discharge any lien which has pri~rity 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 of the obligation secured by such lien in a manner acceptable to Lender; fb) shall in good laith contest such lien
by, or defend against enforcement of such lien in. legal proceedings which in the opinion of Lender operate to prevent the
enforcement of the lien or forfeiture of the Yroperty or any part thereof; or (c) shaU secure from the holder of such lien an
agreement in a form satisfactory to Lender subordinating such lien to this Security [nstrument.
If Lender determines that all or any part of the Property is subject to a lien which may attain a priority over this Security
Instrument, Lender shall send Borrower notice identifying such iien. Borrower sha11 satisfy such lien or take one or more of
the actions set forth above within ten days of the giving otnotice.
NOTICE - 8001( 413 P~~E 9z7
Uniform Covenant ~of the Security (nstrument is amended to read as foUows:
14. Notice. ~xcept ~1''or any notice ~equired under applicable law to be given in another manner. (a) any notice to
Borrower prov~ded for in this Security Instrument shall be given by deiivering it or by mailing it by frrst class mail
_ ;>r-c r .~;d ~-~-a-~-.'~~.
i