HomeMy WebLinkAbout0929 GRADUATED PAYMENT RIDER
(With lnterest Rate Changes Every• S Years)
THIS GRADUATED PAYMENT RtDER is made this ....2.~...... day of .....QC~.Qb~x
19......8 3and is incorporated into and shall be deemed to amend and supplement the Morigage, Deed of Trust, or Deed to
Secure Deb1(the "Security Instrument") oithe sa~nc date iven b the undersi ned (the. "Borrower") to secure Borrower's ~
.F. RST UNION SAVI~1 S 0 ;
GraduatcYf Payment Nate to I
..........................................G..... ....Q...~... ...AS~4G.~AT~4N....................................
(the "Lender") of the same date (the "Note") and c~vering the
property des~bc~r~ t~
urity Instrument and located at:
~J
.........XXX..Mantua ..St........Port.. St..... Lu~.1e.....F~...~.~..4.~.~
(Property Address)
The Note confains provisions allowing for changes in the interest rote and monthly
payments.
The Borrowe~'s monthly payme~t will inc~ease by 71h% each ysar during fhe first Ave
years of the Note. The Borrower also may be abie to limit monthly payment increases
to 71/2°i6 each year during fhe second Rve years of the Note. The remaining n~onthly
payments also could increase or decrease, depending on changes in the interest rate.
The principol amount the Borrower must repay will be larger fhan the amount originally
bor~owed, but not more than 12S% of the origina! amount.
AUDITION~11_ CO~'EtiAN"I:s. In addition to the covenants and agreements made in the Security Instrument,
Borrower and Lender further covenant and agree as follows:
A. INTEREST RATE AND MONTHLrefeTY to Nnote Tiide"rs
The Note provides for an Initial Rate of Interest of Sections 2 through 9 of the Note provide for 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 vvhich has not been paid. Interest will be charged beginning on the
date of this Note and continuing until the full amount of principal has been paid. -
refer ~o ~1ot .ri e
Beginning on the date of this Note, I will owe interest at a yearly rate of rc. Th~s ra~e ~s ca~~the "Initial
~te of ~terest." The rat of interest I will pay will change in accordance with Section 4(A) of this Note on the first day of
re er o note rider
19......_.. and on that day every 60th month thereafter_ Each date on which my rate of
interest could change is called an "Interest Change Date."
(B) The Index ~
j Any changes in my rate ofinterest will 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 5 years, as made available by the Federal Reserve
~ Board. The most recendy available Index figure as of the date 45 days before each Interest Change Date is called the
~ "Current Index."
If the Index is no longer available, the Note Holder w~ill choose a new index which is based upon comparable
information. The Note Holder will give me notice of this choice.
~ (C~ Interest After Default
; The rate of interest required by this Section 2:~nd Section 4(A) below is the rate I will pay both before and after any
i default described in Section 12 (9) below_
€ 3. TIME AND PLACE OF PAYA1Ei\'TS
's I wil) pay principal and interest by making payments every month. My monthly payments w~ill be applied to interest
p before principal.
E I will make my monthly payments on the first day of each month beginning on x'~.~ex...xO...II.P.t~...1'~.5~4'~X.........
5 I will make these payments every month until I have paid al! the principal and interest and any other charges described
~ below that 1 may owe under this Note. If, on ..T.e f~T....tQ...I1Q~~....x].t~@~••.,•-••. 1 still owe amour~ts under this Note, I
~ will pay those amounts in tull on that date, which is called the "maturity date."
` I will make my monthly paymentsat FIRST_._UNION SAVINGS AND LOAN ASSOCIATION
.
610,. Delaware Ave . Ft . Pierce FL 33450
.
= or at a different place if required by the No[e Holder. ;
x
= 4. FULL PAYMENT AMOUNT
- (A) Calculation of Full Payment Amount
Each of my first 120 monthly payments could be less than a Fuli Payment Amount. A"Ful) Payment Amount" is
the monthly amount sufficient to repay the amount I originally borrowed, or the unpaid principal balance of my loan as of
. an Interest Change Date, in full on the maturity date at the rate of interest I am required to pay by Section 2 above or this
Section ~,~~r~,su~arxial~yeeq~d~ents. Beginning on the date of this Note, my first Full Payment Amount will be
; U.S. 5 unti) the first Interest Change Date. My first F~II Payment Amount could be larger ~
than each of my first 60 monthly payments. '
; Before each Interest Change Date, the Note Holder will d termine a pew F ll Payment Amount for my loan. The
~ Note Holder a~ill first calculate my new rate of interest by addi~~~...~?...40.~~entage points (....2.,.40....°10) to the
~ Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage
` point (0.125%). This rounded amount will be my new rate ot interest until thr next Interest Change Date. The Note
Holder will then calculate the new amount of a monthly payment that would be sufTicient to repay my unpaid principal
800 ~1S PAGE
GRADUATED PAYMENT RIDER - Plae 6 GPARM-S~ngie Fomily-5/82-FNMA Unifon~ In~trvm~nl
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