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HomeMy WebLinkAbout0964 • s C1YY CITY "EARLY OWNERSHIP" MQRTGAGE PIAN ay, ,;Z~ GRADUATED PAYMENT LOAN RIDER NOTICE: The security i~strument secures a Note which contains provisions lhet (t ) Cause the Borrowers monthly payme~ts to be reduced for the first Five years o( the loan. Noweve~, that re~j}ct~~n will be eliminated as the Borrowers scheduled monthly payment inc~eases 'in the second through _ years o( the loan. (2? Allow the outstanding principal balance of the loan to increase during the graduation ;n,~?^d because the scheduled monthly payment is not large enough to pay all of the interest due and the Lender lends the Borrower the difterence under the terms of the Note. ' This Rider is made this 28th day of October , 19 83 , and is~ incorporated intq and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Uebt (the "Security InstrumenYq oT the same date given by the undersigned (the "Borrower') to secure Borrowers Note to City Federal Savings a~d Loan Association (the"Lende~ of the same date(the"Note'7 and covering the propertydescribed in the Security Instrument and located at 1702 South 28th Street Fort Pierce Florida 33450 . MODIFICATIONS: In additson to the covenants and agreements made in the Security Instrumen~ Borrower and Lender further covenant and agree as follows: A. INTEREST RATE The Note has an Interest Rate oi 2S0 B. MONTHLY PAYMENT/CAPITALIZED INTEREST The secured indebtedness is payable in monthly insta{Iments. Monthly payments will be applied first to the interest due and then to principal The interest due may be greater than the current amount of Borrowers scheduled monthly payment In that case. the interest due which is greater than the Borrowers scheduled monthly payment will be advanced on Borrowers account by Lender and added to the outstanding principal balance under the Note, untess othervvise paid by Bonower. Such capitalized interest is part of the indebtedness for which the Security Instrument secures repayment ; Borrowers monthly payment for the first year will be in the amount of U.S. $ 346. 86 Borrowers monthly payment will be reset on the lst day of December - for the first f if teen years so that Second year monthly payment amount will be U.S. g 357. 26 Third year monthly payment amount will be U.S. ~ 367. 98 Founh year monthly payment amount will be U.S. $ 379. 02 Fifth year monthly payment amount will be U.S. $ 390. 39 - Sixth year monthly payment amount will be U.S. a 402. 10 i Seventh year monthly payment amount will be U.S. ~ 414. 16 4 426.59 ~ Eighth year manthly payment amount will be U.S. $ ` tJinth year monthty payment amount will be U.S. a 439. 39 15th year-524 . b5 " lOth year-452.57, llth year-466.15, 12th year-480.13, 13th year-494.54, 14th year-509.37, - in the ~~a through the _nf a years Borrowers monthly payment amount will be U.S. $ n/a . - F s C. LOAN CHARGES ; It could be that the loan secured by the Security Instrument is subject to a law which sets maximum loan charges and 4 that law is interpreted so that the interest or other loan charges collected orto be collected in connection with the loan, ~ would exceed permitted limits. If this is the case, then: (/y any such loan charge shall be reduced by the amount ~ necessary to reduce the charge to the permitted limi~ and (B) any sums already collected from Borrower which s exceeded permitted limits will be refunded to Borrower. Lender may choose to make this re(und by reducing the principal owed under the Note, or by making a direct payment to Borrower. ~ D. PRIOR LIENS If Lender determines that all or any part of the sums secured by this Security Instrument are subject to a lien which has - prioriry ever this Security Instrument, Lender may send Borrower a notice identifying that lien. Borrower shall promptly a act with regard to that lien as provided in paragraph4 of the Security Instrument, orshall promptfy secure an agreement > in a form satisfactory to Lender subordinating that tien to this Security Instrument ~ By signing this Rider, SorroHer agrees to all of the above. WtTNESS: ' , ' - ~c.~~:~;~ ~ ~ ' - ~ a~e ~ (Seaq ~ Jame C. Hartley, J Borrower . ~ (Sea~ aster . art ey Borrower : a„~e~b~: ~~s9 x z Orp,na+ - Atucn to ~~+e orp~na~ Secunty Instrurtrnt IBelors r~cpd~rp ; Govy ~-~tucn to eooy d tne Seeunty insnumsnt Ilee+osA 1983 OCt 3 I Rt Gopy Y- AtqCh to CoDy of tne Setur~4y Instrumenl (Mpip~pp^ ~ . ~ a ~?z~oasoo-,oe2 ~ I~ ~ C tl:f c - ~ r • : - fOHM-1f~ Sl.tLwl( ' ' . • . nR (]~Z rr:~: ~ : ?~~x415 P~GE CCEF~, ;~r"! _ . ~ " ~ . i _ _ _ . _ .