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HomeMy WebLinkAbout0955 . ` ~ t8) ~ Requlced Full Pai•ment 4 punt ~ ) ~.1 a~ill pay the Full Payment Amounl as my moothly paymenl beginning W ih.-thy 6lst monthly paymcnt unlcss 1 ' choose to limit the amount of my monthly ps?yment aa permittc+d by Section 6(A) bclow. ~ S. CRADUATED 11fONTNLY PAY11fENTS 1-60 ' My first 12 month!Y paYments v?i11 each be in the amount of U.S. 5..519. 02 p~ e~ch ~ of the first tour ~utniversaria of the date my first monthly payment is due. I W~11 begin paying s ncw monthly payment which will be equal to the amount I have been paying multipliod by the number 1.075. I wiq pay the new amount of my monthly payment.until it changes in accordance with this Seclion S or Sections 6 or 7 below. _ 6. BORROWER'S RIGH1' 1~0 I.IrlIT M10UNT OF RE111AIN1NG AlO~ITHLY PAYINENTS (A) Calculatioe ot Craduated Aionthly Payment Amouat . - I may choose to fimit the amount of my new monthly payment following an inierest Change Date if my new interest - rate would cause the monthly payment 1 have been paying to increase by more than seven and one-haltpercent (7.39"0).1[ 1 ~ choose to limit t6e aaaunt o! my monthly payment, I must give tbe Note Holder aotice that I am doing so at lesst iS da~~s betore my flrst new monthly payment is due. When 1 do so. on che first monthly payment date aRer the interest Change Date I will begin paying a new monthly payment which will be equal to the amount I have been paying each month tor the preceding twelve months multiplied by the number 1.075. ThereaRer. on each of ih~ first tour anniversaries ot the new morithly payment date, my monthly payment will again incr~ase by an amount equal to the amount I have been paying each month tor ihe preceding twelve months multiplied by the number 1.075. ~ _ Eren it I bare chosen to limlt my monthly payment, Sections 6(B), 6(C~ and 7 betow may require me to pay a diBerent amou~~ _ (B) Reduced rtonthly Payment Amount My graduated monthly payment calculated under Section 6(A) above could be greater than the amount ota monthly payment which th~n would be sufficient to repay my unpaid principal balance in full on the maturity dat~ at my cunent interest rate in substantially oqual payments. If so. on the date my paying a graduated monthly payment would cause ~ne to pay more than the lower amount. I will instead then begin paying the lower amount as my monthly paymenc ~~ntil the aext Interest Change Date. (G7 Increased 11~Ionthly Payment Amount - My paying a graduated monthly payment calculated under Section 6(A) above could cause my unpaid principal balance to exceed the limit stated in Section 8(B) below. lf so, on the date that my paying a monihly payment would cause mc to ea~ceed that limit. I will instead begin paying a new monthly pay ment until the next lnterest Change Date. The new monthly payment w~iU be in an amount which would be sufficient to repay my then unpaid principal balance in ful) on the maturity date at my current interest rate in substantially eqaal pa} ments. - ~ 7. FINAL 1110NTHLY PAYhiENTS _ Beginning with the first monthly payment atter the last Interest Change Date. I wiU pay the Ful! Payment Amount as my monthly payment. 8. INCREASES IN THE PRINCIPAL AbiOUNT TO BE PAID (A) Additions to My Unpaid Principal Balance - - If I choose to pay a graduated monthly payment calculated under Seciion 6(A) above, my monthly payment could be less than the amount of the interest portion ot a monthly payment which ihen v?~ould be sufficient to repay my unpaid principal balance in full on the maturity date at my current interest rate in substantially equal payments. lf so. each month that the amount of my monthly payment is less than the interest portion. the Note Holder will subtract the amount ot my monihly payment from the amount of the interest portion and will add the difTerence to my unpaid principal balance. The Note Holder w~ill also add interest_ on the amount of this difference to my unpaid princiRal balance each month. The ~I interat rate on the interest added to principal will be ihe rate required by Sections 2 or 4(A) above. i (B) Limit on My Unpaid Principal Balance ~ F My un~aid principal balance can ne~•er exceed a maximum amount equal to one hundred twent~-five percent (1255'c) ' of the principal amount I originally borrowed. . i 9. NOTICE OF CHANGES ~ i The Note Holdcr will mail or deli~~er to me a noticeotany changes in the amount of my monthly payment betore the - ~ efleclive date of any change. 'The notice will include intormation required by law to be gi~•en me and also .the title and ~ telephone number ofa person who will answer any question I may hare regarding the notice. 10. BORROWER'S RICNT TO PREPAY I have the right to make payments otprincipal at any tim~ betore they are due. A pa~~ment otprincipal only is know•n E as a"prepayment." When I make a prepayment, I H•ill tell the Note Holder in w~riting that I am doing so. ~ I may make a tull prepayment .or a partiai prepaymcnt without pa~ ing any penalty. The Note Holder will use all ot ~ my prepayments to reduce the amount otprincipal that I ov?e under this Note.1CI make a partial prcpayment. there ~ill be no delays in the due dates of my monthly payments unless the Note Holder agrees in w•riting to those delays. M} partial ~ prepayment w~ill reduce ihe amount otm} monthly payments after the first Change Date following my partia) prepayment. ~ How-ever, any reduction due to my partial prepa~•ment may be oRset by an interest rate increase. - € ll. LOAN CHARGES If a law. W hich applies to this loan and which sets maximum loan charga, is finally interpreted w that lhe interest or ~ other loan charges collected or to be collected in connection w•ith this loan eaceed the permiUed limils. then: (i) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (ii) any sums ~ already collected from me v?~hich exceeded permitted limits a~ill be retunded to me. The Note Nolder may choose to make this retund by reducing the principal I owe under this Note or by making a direct payment to me. If a rcfund rrduca principal, the reduction will be treated as a partial prepayment. 12. BORROWER'S FAILURE TO PAY AS REQUIRED ~ ~ (A) I.ate Charge !or Orerdue Pay ments i If the Note Holder has not receivec~ the tull amount ot any of my monthly pay~ments by the end ot i .f ~.~x~~A...~~5~ calendar da~•s after the date it is due.1 a•ill pay a la~e charge to the Note_Holder. The amount ~ otthe charge w ill be.....5........°!o ot my overdue pa~ ment of principa) and interest. I w~ilt pay this late charge promptly but ~ only once on any late paymeni. BO K ~t~J PAGE eC~ » ~ _ ~ - ~