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. GRADUATED PAYMENT RIDER
(With lnterest Rate Changrs Every S Ycars) ~
THIS GRADUATED PAYMENT RIDER ~s madt thi. _2~~1.._ day af .t~tQ~......................, ~
19..~3.., and ~s ~ncorporated into and shall be dermed to amend and wpplemrnt the Mortgage, Dted of Trus~, or Drcd to ~
Secure Debt (the "Securiry instrumenl") of the same date g~~en by the under~iened I~he "Horrower"? lo secure Bcxrower's ;
GraduatedPaymentNoteto .....GQv...f.l.t~d~4.!.d~...G.O~AO!'d.t.l.Q~ ~
(the "Lender") of the ~ame d3te Ithe "Note") and cover~ng the ~
property described in the Securiry Instrument and located i
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a
1994 SE 1~est Dunbrooke Circle P~rt Ct L i A ~
..................................................1..............Tl... ! ~ R .....~Q~.~,~f.~ ~.37t
(Property Address) ~
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Th~ Not~ contains provi~ions allowing fo~ chonges i~ the interest ~ate and monfhly ~
pe~ym~nfs. ~
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Th~ Borrow~r's monthiy payment will inc~eose by 71h% each year during th~ Ant Av 5
r~an of th~ Not~. Th~ Bo~~owe~ ol:o may be able to limit monthly poyment incr~o:es ~
to 71/t96 ~ach y~a~ during fhe second Ave years of the Note. The remai~ing monthly '
payme~ts aiso could increase or dec~ease, depending on changes in the inter~st rofe. g
The principal omou~t the Borrower musf repay will be larger fhon fhe omount originally
borrowed, but not more than 14S% of the originol amount.
ADDITtONAL COVENAN7'S. In addition to the covenants and agreements made in the Security Instrument.
8orrower and Lcnder further covenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYA'iENT CHANGES
The Note provides for an Initial Rate of Interest ot......1.~...~.7.~...%. Sections 2 through 9 of the Note provide tor changes
in the interest rate and the monthly payments, as follows:
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"2. IIVTERESI' ~ `
(A) lnterest Owed
Interest will be charged on that part otprincipal which has not been paid. Interest will be charged bcginning on the 3
date of this Note and continuing until the full amount of principal has been paid.
Beginning on the date of this Note, I will owe interest at a yearly rate of 14.,.375 qo. This rate is called the "Initial
Rate of Interest." The rate of interest I will pay will change in accordance with Section 4(A) of this Note on the first day of
j __...~lOVember...l ~q___88_ and on thaf day every 60th month thereafter. Each date on which my rate of
interest could change is called an "Interest Change Date."
(B)-1Le Index ~
` Any changes in my rate otinterest 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
~3oard. The most recently available lndex figure as of the ~iate 45 days before each Interest Change Date is called the
"Current Index_"
If the lndex is no longer available, the Note Holder will choose a new index which is based upon comparable
inFormation. The Note Nolder will give me notice of this choice. ~
` (C~ Interest After Default ~
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The rate of interest required by this Section 2 and Section 4(A) below• is the rate I will pay both before and after any ;
default described in Section 12 (B) below. ?
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~ 3. TIME AND PLACE OF PAYMENTS
~ I will pay principal and interest by making payments e~•ery month. My monthly~ payments will be applied to interest
before principal. ~
~ I will make my monthly payments on the first day of each m~nth beginning on ~e??~r...~......., 19..~~._.. ?
I will make these payments every month until I have paid all the principal and interest and any other charges described
~ below that I may owe under this Note. If, on ......__...i~~!~?~r...1 201~.._.., I still owe amounts under this Note, I
wiil pay those amounts in fu11 on that date, which is called the "maturity date."
' I will make my monthly payments at South Ba.yshore_. Dr i ve,~.. M i.am i.,_. Fl.or i.da.,,~3,1.~1..,.._,.,_,. :
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or at a difierent place itrequired by the Note Holder.
- 4. FULL PAYMENT AMOUNT
(A) Calculation of Full Payment Amount
Each of my first 120 monthly payments could be less than a Full Payment Amount. A"Full Payment Amount" is
the monthly amount sufi'icient to repay the amount I originally borrowed, or the unpaid principal balance ot my loan as of
an Interest Change Date, in fuU on the maturity date at the rate of interest I am reyuired to pay by Section 2 above or this
Section 4(A) in substantially equal payments. Beginning on the date of this Note, my first Full Payment Amount wil) be
U.S. S...fi32.fl2 until the first Interest Change Date. My first Full Payment Amount could be larger
than each of my first 60 monthly payments. #
Before each Interest Change Date, the Note Holder will determine a new Full Payment Amount for mv loan. The ~
= Note Holder will first calculate my new rate of interest by adding 3..155 .~rcentage points (...3.155 qo) to the :
Current Indez. 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 of interest until the next Interest Change Date. The Note
Holder will then calculate the new amount ot a monthly ~ayment that would be sufi'icient to repay my unpaid principa)
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GRADUATED PAYMENT RIDER - Plan 6 GPARM-Singk fomilr•5~82-FNMA Uniforn~ Inttrum~M ~ ~~i~ ~15 P!~
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