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HomeMy WebLinkAbout0930 ~ balanre a. uf thr Intcrc~~ Changr Da~r ~n full on ~he maw~~ty da~e at my nev?• ratr of interest in substanually equal paymrnh. I hr r~~ul~ ~?f~~lu.r~lruluuun my nrvv F=u11 Naym~nt Amount. Farh nrw ratr ~~f'~ntrrr.~ will bctiomr rfTc~u~e on rarh Interc~t ChanRe Date, and raeh nrw Full Fayment Amount will hrrame rfTi~ti~e on ~hr hrxt munthl}~ mrnt datr aftrr the Inlerc~t Change Date. IBl Required Mull Payment Amount _ 1 will pa~~ the f~ull Pa~ment Amount a. my munthl~ payment brginn~ng with my 61st monthly payment if my new r~t~ uf intrrc~.t ~s eyual ~u ur Ic~.~ than the In~~ial Rate of Interest or if 1 dii not choose to limit the amount of my monthly p:~yntent a~ permitt~~cl h~• SctiUUn 6(A) beluw•. E~•cn if 1 rhane to limit my monthl~~ ~?pment, 1 w~ill pay the Full Payment Amuunt beginning with my 121~t monthly p:tyment. 5. GRADUATEU ~fUNTHI.l' PAl'1fEtiT5 1-60 My first 12 monthl~~ paymrntti will ca~h be in the amoum of U.S. Sre.f er t0 note T1d6T p~ each ut~ thr hr~t fi~ur anni~•~;sarie+ of the datr m~• first monthly p:~~•ment iti due. I will begin paying a new monthly payment Hhirh w•ill he ryual to the .imaunt 1 have hern r~ying multiplieci by the number l.075_ I w•ill pey the new amount of my manlhl~ ~ayment until it changc~ in arrurdanr~ w~th this Sc~~ion 5 or Se~:ti~~ns 6 or 7 below. 6. BORRO~~'ER'S RlGHT TU 1.1~lIT A;~10U`T OF :~tO1~THLY PAYMENTS 61-120 (A) Calculatiu~ of Graduated ~fonthly- Nay~ment Amount If my new• rate ~~f interest at the fint Interest Change Date is greater than the lnitial Rate of Interest, 1 may choose to limit the amount uf m~ new m~~nthly puy~men.. If 1 do so, on earh oPthe Sth through 9th anniversaries ofthe date my first monthly pa~~ment i~ dur, 1 H~ill begin paying a new monthly payment a•hich will be equal to the amount I have been paying multiplied by thr numt~rr 1.075. E~~en if I ha~~e choxn tc~ limit my monthh~ payment, Sections 6(B) or 6(C) below may require me to pa~~ a d~tTerent :~mount. I w~ill gi~~e thc Note Holder notice that I have chosen to limit my monthly payments ~t least I S days before m~~ blst monthl~• pa}•ment ~s duc. (R) Reduced lfonthly Pa3•ment Amount My 73rd, KSth, 97th or 109th graduated monthlp payment catcul~ted under Section 6(A) above could be greater than the ame~unt ~~f a monthly pa}•ment which then u~ould be sufficient to repa~• m}~ unpaid principa) balance in full on the maturity date at my current rate of interc~t in subst:~ntially equa) payments. If so, 1 will instead then begin paying a new monthl~• pa}•ment, ~rhich w•ill he equal to the lower amount, until m~~ 121st monthl}~ payment when I will begin paying my new• Full Pavment Amount. (C) Increased ifonthl~• Pa~•menf Amount . My pa~~ing a monthl}~ p~~~ment ralculatrd under Section 6(A) abcwe cuuld cause m~~ unpaid principal balance to exceed the limit stateci in Sertion 8(B) beloN-. If so, on the date that my paying a monthly payment would cause me to ' exceecl that limi~, 1~~•ill instead ~iegin paying a new~ monthly payment until my 121st monthly payment when I will begin paying my new• Full Pa}~ment Amount. This new monthly~ payment w~ill be in an amount which would be sufi~icient to repay m~~ then unpaid princiral balance in full on the maturit~• date at my current rate of interest in substantially equal payments. 7. ~iO1~TNLY PAY~tENT 121 AND RE:~fAINi?+iG PAYI~IENTS I3eginning ~~~ith my 121s~ monthly pa~~ment. I a•ill pay the Full Pa}•ment Amount as my monthly payment. 8. INCREASES IN THE PRINCIPAL A~~OUNT TO BE PAID IA1 Additions to 11y~ Unpaid Principal Balance . ~ Each of m}• first 120 monthly payments could be less than the amount of the interest ~rtion ota monthl}- payment w~hich then ~could be sufl`irient to repa~~ m~~ unpaid principal balance in full on the matunty date at my eurrent rate of interc~t in substantially equal pa}•mentti. If so, each month that the amuunt of m~~ monthly payment is less than the interest ; portion, the Note Holder w~ill subtract the an~ount of m}~ monthly payment from the amount of the interest portion and will add the difTerence to my unpaid principal balance. The Note Hoider w~ill also add interest on the amount of this difTerence to my w~paid princiral balanre each month. The rate ~f interest on the interest added to prineipa) will be the rate required b~• Sections 2 or 4(A) abo~~e. (Bl I,imit on Unpaid Principal Balancc : M}• un~aid principal balance ran ne~•er exceed ~ maximum amc~unt equal t~ one hundred twenty-five percent (125r1e) < <~f the principal amount 1 originally ~~rrow~ed. ~ 9. NOTICE OF CNANGES f ~ The l~iote Holder w~ill mail or deliver to me a notice e~f an~• changes in the amount of m~• monthly payment before the = effecti~e date of an}• change. The notice w•ill inrlude information required b~• law~ to be given me and also the title and € E telephone number of a person w~ho w~ill ans~~~er an~~ yuestion I ma~~ have regarding the notice." t S ~ B. CHARGES; LIENS x ~ Uniform Covenant 4 of the Securily~ Instrument is amended to read as foilow~s: s : 4. Charges; Liens. Barrow~er shall pay all taxes, as~sments, and other charges, fines and impositions attributable to the Property which ma}• attain a priority~ o~~er this Serurity Instrument, and leasehold payments or ground rents, if any, in the 5 ~ manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, : E directly to the payee thereoE Borrower shall promptly furnish to Lender all notires of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing _ such payments. Borrower shall promptly discharge any lien w~hich has priority 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, (b) shall in good faith 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 Property or any part thereof or (c) shall secure from the holder of such lien an agreement in a form satisfactory to Lender subordinating sucl~ lien to this Se~:urity Instrument. If Lender determinc-~ that all or any part of the Property is subject to a lien which may attain a prioriry over this Security Instrument, Lender shall send ~3orrower notice identifying such lien. Borrower shall satisfy such lien or take one or more of the actio?~s set forth above within ten days otthe giving of notice. C. NOTICE - Uniform Crnenant 14 ~f the Secunty Ins~rument is amended to read as follows: 14. Notice. Exrept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Securit}~ Instrument shall be given by delivering it or by mailing it b} first class mail ~ 6RADUATED PAYMEMT RIDER - n,.6 ~r~~M - s~nyle Fam~iy-5/82 - FMMA uw~n ~utre~~r~ a~~'~ ~??~F ~ - _ . ~ : : ~ ~ .