HomeMy WebLinkAbout0944 - . - :~i..~:.~.~«;s':.....E. _
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GRADUATED PAYMENT RIDER
~ (Wtth lntawt ltat~ ClraMt Bwqr s Yanf .
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TNI3 aRADUATBD PAY1rtBNT RIDBR ia o~de ~L ~ dy? ct ~sbruarY
t9...~4.., and i iaoorporated inw ~ad ~11 bo dee~ed eo w~epd snd wppi~wa~t t1M l~oei~. D~ed of T~w. or D~ed a
se~.w~+e Dcbt (ebe "securicY in~trua~at~~
~~d~.s..pv~.~.~rtl~e uada~ipwd (tbe "BoRO.r~r•~ a.rc~uu eo~ow.r's
Or~dwued l~pa~aat Note a .
(tbe ~ "Leadet'~ d tl~e aaoe .dau (the~ "Nols'~ aad oovetins tM -
a~r a~bea ~~,e s~~r t~~.pa io~ea u:
....................1.~~..N.t~i~.. ~ut?~h~v~~. ~x~x~.~...R4~~.. ~...~~4~c~~~!.....~~4~~...........................................
[P?co«+r ~dd~.)
Th~ N~t~ aMoin~ ~vision~ eli~wiip for d~M~s M Ih~ iM~st tih o~+r ~en~hl~/
P~1?~+ls. ~
Th~ ~eRew~r's ~enfhfp per~M wiM ina~es~ by 7~% ~ech Y~e~ du~l~g Ih~ Ant llv~
~ y~ors ef 1h~ Noh. Th~ ~raMinY ~h~ Pey~Ms olse ceuld iner~oa~ er d~cnes~,
d~p~ndin' on d~on~ tn th~ inl~nst rot~. Th~ dorrowK olse n~ay b~ abl~ te li~M
~o~~~r ~Y~.~~ ~«.es.s to r.or. _ ~
Th~ ~tncipal aa~ouM th~ ~arow~? ewst npoy wil! la le~r N~an th~ o~ouM oti~inoll~r.
b~rrew~d. bu~ nof a~or~ fhon f4S96 of 1h~ ori~inoi ainouM. .
Aoomont~~ (76V~t~tr'rs. In sdditior? to th+e covenants and agroements made. in t1~e Sacurity it~atrument. Horrower
and Lender further oovenant and agra ss follows:
A. IN1TsREST RATE AND MONTHLY PAYMENT CHANGES
7'he Note provida for an initia! interest nte of ~~ka~~S~......96. Sections 2 through 9 af the Note provide for chan~a in
tl~e inte~+est rate and the manthlY paymenta, ss followa: -
"2. IIV7'BRL4'1' . .
~ (A) lsterat Owed
Interat will be chargod on that pa~rt of princip~at w~hich has not ban paid, beginning on the date I receive principal
: and continuing until the fuil amount dQrincipal has ban paid. ~
; 14.250
< 8eginning on the date 1 raxive principal; I will rnwe interest at a yearly rate of ...............90. The interrst nte I will
' p~y ~vill change in socordanoe with Soction ~1(A) ot this Note on the first day of ...........t;Iarch .........................19.$9.... and
on thst day every 60th month thcresfter. Each siate on which my intere~t nte could change is cailod sn "Interat Chsnge
f Date."
k; (8) 1'~ I~des •
~ Heginning with the 6rst Interat Change Date, my interest rate ~rili be bascd on An Index. The "Indeu" is the woekly
avenge yield on United Stata Tressury securities sdjusted to a constsnt maturity of S years. as made availabk by the
Foderal Raerve 8oard. The mat reccent Index ligur~e availabk ~ of the date 4S dayf befon each Interat Change Date is
callad the "Ctirnnt Indeu." .
lf the Indes is no longer availabk. the Note Holder will choose a new index which ia b~s~tl upon comp~rable
information. The Note Holder will give me notioe of this choice. ~
iC~ l~tuat Atrer De~adlt
The interest rate raquired by this Section 2 and Section 4(A) bebw~ is thc rste I will psy both before and aRer any '
default described in Sectior 12 (B) bebw?. -
3. TIME ANO PLACE OF PAYMENI'S ~
1 wiU pay princip~l and intereat by making payments every month. My monthly psymrnts will be applied to interat
bef'orc principal.
1 rrill malce my monthly paYments on the first day of each month beginning on ......Apx~ ............................198Ia.....
1 will make thae payments every month until I bave ' all the principal and intcrest and sny other charges deacribed
. ~
below! tha: l may owe under thia Note. If, on ......~~F~..~a 20..14 ..,1 still owe amounts under this Note. I
will pay those amounts in full on thai date, which is callod the "matunty date."
~ 1 will make my monthly paymrnta atLINCALN,. 3ERVICE t70RPOjtATIOp. 1100 Walnut.,Street,.. P.O. .Box _
; !989T,~Owensboro, ..ICentuc~Cx....~i~302-b989
~ .
or at a diBercnt place if roquired by the Note Holder. ~
~ ~
~ 4. IN1'ERFST RA7E CHANGffi AND FULL PAYMENT AMOUt~TI'
; (A) CalcalaHo~ of New Iotaest Rite a~d ~ Frli Pa~t A~aa~t
' Each of my 6rst 60 monthly p~yrnenu couW be las ttun a Full Payment Amount. A••Full P~yment Amount" is the
monthly amount suRuient to repay tbe amonnt I originally borrowed, or tba unpaid princip~l b~lsnc~e ot my losn as of an
Interest Change Date, in fup on ibe maturity date at the interat nte 1 am tequiad to psy by Section 2 sbove or thu Section
. 4(A) in suMtantiatlY equal paYrnents. Beginnin~ oa tbe date oi this Nate, my ~rt FuU Payaxnt Amount wil1 be U.S.
5........l~S.,?9f1 until tbe 6nt lntaeat C,fian~e Dste: *65~ 1pp
Before each Interat Chan~e Dste. the Note Nolder rvill determine s ne~v Fu11-Psyr»ent Amount for my iosn. Tfie ~
Note Holdet will Rat cakwLte my ne~v intaat rate by addin~..IF.. percenta~e Points (.~~b5........9'0) w. the
Currmt lnckx. Tbe Note Holder wrill t1Kn round the rault d this addition w tbe narat o~ei`hth of one percersta~ee
point (0.12596~ Tha round~ed amuuat wrill be my new interat nte uatil tbe oact Iataat C'hanye Date. Tbe Nut~ Hofda
will then determine tbe amount of ~6e monthlY p~yma~t that Moufd be wfCfcicnt w repay tbe unpaid princip~l balsncs of
ORAONATW lAYM~R ~!R-S Y«r tr~wy M~c (R}-sinol. ia~.~-e~a3--~NMI? Y~a+. MMt+w..M
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