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HomeMy WebLinkAbout0957 1r y . EXNIBIT 8 ~ ~ ~ ' GRA ATED PAY1V~iFNT RI (With ntc~est Ratc Changes Bvery S Years THIS GRADUATED PAYMENT RIDER ia made this „3rd,,,.,, day ~„_._,..F~b~~x~,,,,,,,,,,,;,,,,,,,~ ~ 19.$1~.... and ia incorponted into and ahall be damod to amend and supplement the M~rtgage, Dad of Trust. or Dced to Sccure Debt (the "Socurity Instrument'- of the sume te ~ven by ~t~hc undersi ned (th •'Borrower") tos~c re Borrower's Graduated Payrnent Note to FI~T..UNION, ~~GS AND LOAN ~SOCI~TION; a Floric~a : Cor~oration . . . . . (the -"L.ender") of the same date (the "Note") and covering ~the property descn'bod ia the Security Instrum~nt and locatod at: ~ ~ 2044 Idabo Lane, Port St. Lucie, Florida 33452 . [Property Address] _ ~ The Note contains provisions allowing for changet in the interesi ~ate and monthly payments. • Th~ Bor~ower's monthly payn~ent wiil fnc~ease by 71/496 each yea~ during the flrst flve years of the Note. The ~emafning monthiy poyments'also could inc~ease or dec~ease, depending on changes in the interest rate. The Borrowe~ afso may be able to limit monfhly payment inc~eoses to 71fs96 each yea~. The p~i~cips~l amount the Bo~rower must repay will be Inrger than fhe amounf originolly borrowed, but not more tkon 1Z596 of the ortginal amounf. ~ ADD1710NAL COVENAM'S. Irt addition to the covenants and agrcements made in the Security Instrument, Bonowec and Gender furihcr oovenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHA~GES The Note pmvides for an initial interest rate ot .13. 750 go. ~tions 2 through 7 of the Note provide for changa in the interest rate and the monthly payments. as follows: `•2. INTEREST " - - I tA) Interest Owed . ~ Intuest aill be charged on that part of principal which has not been paid. beginning on the date I receive principal and continuing until the full amount of principal has been paid. ' Beginning on the date I receiv~ principal, I will owe interest at a yearly rate of ...13. 750~0. The interest rate I will pay will change in accordance with Soction 4(A) of this Nott on the first dag of...... ~reh ~989.... and on that day every 60th month thereatler. Each datc on which my interest rate could change is called an "Interat Change Date." ' B) 1Le Inde: ~ . Beginning with the first Interest Change Date, my interest rate will be based on an Index. 7'he "Indea" is the weekly avuage yield on~ United States Treasury securities adjusted to a constant maturity ot S years. as made a~•ailable by the ; Federal Raerve Board. The most recent Indea figure avaitable as of the date 4S day s before each Interest Change Date is ~ called the "C~rrent Index." ~ ~ If the Tndex is no longer available, the Note Holder will choose a new index Hhich is baud upon comparable C information. The Note Holder will give me notice otthis choice. ~ Interest ARer Default . The interest rate required by this Section 2 and Section 4(A) below is the rate I wiil pay both before and after any ~ defaWt described in Section 12 (8) below. ~ 3. TI1~iE AND PLACE OF PAYAlEI`'TS ~ I v?~ill pay principal and interest by making pay~lnents every month. My monthly pa}~ments w•il) be applied to interest 6 betore principal. I will make my monthly pay~ments on the first day of each month beginning on Aj~ril ~~g84 I w~ill make thae pa~ments every month unti) I havepa id all the principal and interest and any other charges described ~ below ihat I may owe under this Note. If. on March 1 ~ 24 14 st,jll owe amounts under this Note, I ` w~ill pay thox amounts in tull on that date. w•hich is called the "maturity date." ~ FIRST UNION SAVINGS AND LOAN ASSOCIATION 610 Delakare E I will make my monthly payments at ~ Avenue,,. Ft.., Piercex..Florida 33450 ~ or at a difterent place if required by ihe Note Holder. ~ 4. I:`TEREST RATE CNAI~GFS A'~D FULL PAYI~IEY1' A~tOUNT (A) Calculation ot 1~ew Interest. Rate and Full Pay-ment Amount E , Each otmy first 60 monthly payments could be less than a Full Payment Amount. A"Full Pa~ ment Amount" is the ' monthly amount sufficient to repay the amount I originally tiorrowed. or the unpaid principal balance of my loan as otan Interat Change Date, in tul{ on ihe maturity date at the interest rate ~ am required to pa~ by Section 2 aboce or ihis Section ' 4(A) in substantially equal payments. Beginning on the dale ot this Note, my first Ful) Pa~•ment Amount w-ill be U.S_ s..,667. 61 „ until the first Interest Change Date. Bcfore each Interat Change Date. the Note Holder a~ill determine a new• Full Payment Amount tor my loan. The : Note Holder will first calculate my new interest rate by adding ...2.- 40...... pereentage points 40..... ;'c) l0 1he Current Index. The sum will be my new interest rate until the next Interat Change Date. The Note Holder w•ill then ~ determine-Ihe amount of the monthly paymcnt that w•ould be suft'icicnt to repa~ the unpaid principal balance of my Ir3n that I am eapectcd to ov?•e on the Interest Change Date in tull on the maturit~ date at my new• inlerest ra~c in subitantiall~ ; cqual pay ments. The result otthis calculation is my new Full Pay ment Amount. ~ ' ~ ~ GRADUATED PAYMENT RIDER-S Year Treosury Index-S~~flle Fomilp-5/83-FNMA Unilorm Ip~lrument w ~ .