HomeMy WebLinkAbout0920 _ _
~
i
~ (C? Calculation of Chan~es ~
Bef~~re each Change Date, the \ote Holder will calculate m~• new rate of i~terest b~• adding ....J...:9.... percentage
point~ .~...9.....~?'~) to the Current Index. The Note Holder v?•ill then round the res~lt of this addition to the nearest one-
eightn of one percentage ~int (0.12~r'c This rounded amount w•ill be m~ new~ rate of interest unti) the next Change Date.
The ?~ote Holder w•ill then determine the amount of the monthl~• pa~ment that w•ould be sufficient to repay the
unP:~id ~+nncipal balance ot m~~ loan as of a Change Dnte in full on the matunty date at my new• rate of interest in
substant~ali~~ equal pa~•ments. The result of this calculation a•iU be the neW~ amount otmy monthly payment_
(D1 Eifective Date of Changes
`i~~ new• rate of interest K•ill become effective on each Change Date. I~•ill pa~- the new• amount of my monthly
pa}~ment each month beginning on the first monthly payment date after the Change Date until the amount of my monthly
pa~~ment changes again.
(E) '~otice of Changes ~ '
The Note Hold~r will mail or dcliver to me a notice of any changes in the amount of my monthly payment before the
eflecti~ e date of any change. The notice will include information required by law• to be given me and also the title and
telcphone number of a person w•ho w•ill answer any question I may have regarding the notice. _ _
I
5. HORROV~'ER'S RIGHT TO PREPAY
I havc the right to make ~ayments of principal at any time before the~- are due. A payment of principal only is known
as a"prepayment." When 1 make a prepayment, I will tell the Note Holder in a letter that 1 am daing so.
I may make a full prepayment or a partial prepayment without paying any penalty. 'The Note Holder will use all of
my prepayments to reduce the amount of principal that I owe under this Note. If I make a partial prepayment. there will be
no dela.~s in the due data of my monthly payments unless the Note Holder agrees in writing to those delays. My partial
prepa}•ment wiU reduce the amount of my monthly payments only atter the 6rst Change Date follovving my partial
prepa~~ment. How•ever, an~• reduction due to my partial prepayment may be oft'set by an interat rate increase.
6. LOA:` CHARGES '
If a law•, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interat or
other loan charga collected or to be collected in connection w~ith this loan exceed the permitted limits, then: (i) any such
loan charge shall bc reduced by th~ amount necessary to reduce the charge to the permitted limit; and (ii) any sums
alread~- collected from me which exceeded permitted limits will be refunded to me. 7'he Note Holder may choose to make
' this refund by reducing the princiual I owe under this Note or by making a direct payment to me. If a refund roduces
I
~ principal. the reduction will be treated as a partial prepayment.
i 7. BORROR'ER'S FAILURE TO PAY AS REQUIRED
~ (A) I.ate Charge for Overdue Payments ~
` If the Notc Holder has not received the full amount of any of my monthly payments by thc end of
~ Fifteen (15) calendar days after the date it is due, I w•ill pa~• a late charge to the Note Holder. The amount
~ .
! of the charge w~ill be .five_...oya of my overdue payment of principal and interest. I will pay this late charge only once on
E
~ any late payment.
~ B) Default
i If I do not pay the full amount of each monthly payment on the date it is due, I will be in dcfault.
~ (C~ tiotice of Defauk
` If I am in default, the Notc Holder may send me a written notice telling me that ~if I do not pay the overdue amount
~ by a certain date,. the Note Holder may require me to pay immediately the full amount of principal which has not been paid
` and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed
~
to me or if it is not mailed, 30 days after the date on which it is delivered to me. '
(D) ;:o V1'~iver By Note Holder
Even if, at a time whcn I am in default, the Note Holder~oes not require me to pay immediately in full as described
above, the 1`ote Holder will still have the right to do so if. at a later time, I am in default again. ~
(E) Payment of Note Holder's Costs and Expenses
If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right
to be paid back tor all ot its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those
expensa include, for example, reasonable attorneys' fees.
8. GIVI:`G OF NOTICES
; Unlas applicable law requires a diRerent method of giving notice, any notice that must be given to me under this
Note will be given by delivering it or by mailing it byfirst class mail addressed to me at the Propcrty Address above or at a
different address if I give the Note Holder a notict of my different address. '
s An~~ notice that must be given to the Note Holder under this Note will be given by mailing it by first class mail to the
4 ?vote Hoider at the address stated in Se:.tion 3(A) above or at a difi'erent address if I am given a notice ot that ditferent
address.
Ea-feccc~,,,;K ~14 PAGE ~Q ~c~~413 Pacfi914