HomeMy WebLinkAbout0958 . .
. , . -
_ _ _ , .
F.,~fi new intuat ritawill becom~-~tf'ective on esch Interat Chao$e Date. and e~.,iinrw Ful) Payment Amount wi11 ;
bccome eQ'ective on the bnt monthly payment date after the Interest Change Data
(H) Reqnt~ea F~11 Payment Amouat
I will pay the Fuq Psyment Amount as my mo~thly payment beginning with my 61st monthl~ payment unless 1
choose to limit tbe amount otmy monthly payment as permittcd by Section 6(A) below. -
S. GRADUATED MONTHLY PAYMEIV7'S 1-60
My first 12 montblY paYments will each be in the amount of U.S. S.. g 19,. 02 On each
of tbe first lour anniversaria of the datc my Brst monthly payment is duc. 1 will begin paying a nev? monthly payment
which will be equa) to the amount 1 have been paying multiplied by the number 1.O7S. I will pay the ncw amount of my
monthly payment until it cbangts in acoordance with this Section S or Sections 6 or 7 below.
6. BORROWERS RIGHT TO LIMIT AMOUNT OF RE,tiiAINING A10NTHLY PAYMENTS
(~U Glcnlatioa of Graduated 111onthly Payment Amount _
I may choose to limit the amount of my new monthly payment tollowing an Interest Change Date if my new interest ~
j
rate would cause th~ monthly payment I have been paying to increase by more than seven and one-half percent (7.59'0). If I -
c6oose to limit tbe amouat ot my moathly ps~yment, I must gire the Note Holder notice thst I am doing so st lesst 15 days ~
before my Srat neN montWy payment is due. When I do so. on the first monthly payment date aRer the Interat Change
Date I will begin paying a new monthly payment which will be oqual to the amount I ha~~e been paying each month tor the
preceding iwelve months muitiplied by the number 1.07S. ThereaRer, on each ot the first four anniversaries of the new '
monthly payment date, my monthly payment will again increase by an amount equal to the amount I have bten paying
each month tor the preceding twelve months multiplied by the number 1.075.
Evee if I lw~e chosen to limit my moathly payment, Sections 6(B), 6(G~ sind 7 below may require me to p~y s
ditferent a~aoun~
(B) Reduced Montbly Payment Amount
My graduated monthly payment calculated under Section 6(A) above could be greater than the amount of a monthly
payment which then wouW be sutf'icient to repay my unpaid principal balance in tul) on the maturity date at my current
interat rate in substantially equal payments. Itso. on the date my paying a graduated monthly.payment w•ould cause me to ~
pay more than the lower amount. I will instead then begin payin~ the lov?er amount as my monthly pa~ ment until the next
lnterest Change Date. - -
(C~ Increased Moathly Payment Amount _
My paying a graduated monthly payment calculated under Section 6(A) above could cause my unpaid principa)
balance to eaceed fhe 3imit stated in Section 8(B) below. lf so, on the date that my paying a monthly pa~•ment Would cause
me to exceed that limit. I wil) instead begin payirig a new monthly pa~ ment until the neat Interest Change Date. The new
monthly payment will be in an amount w~hich would be sufficieM to repay my then unpaid principal balance in tull on the
maturity date at my current interest rate in subsiantially equal payments. ~
7. FINAL 1~10NTHLY PAYAIEI~TS -
Beginning with the 6rst monthly payment atter the last Interest. Change Date, I w•ill pa~ the Full Payment Amount
as my monthly paymenl.
8. INCREASES IN THE PRI1`CIPAL AAiOUNT TO BE PAID ~
(A) Additions to My Unpaid Principal Balance
ItI choose to pay a graduated monthly pa~°ment calculated under Section 6(A) abo~~e. my monthl~ pa~•ment could be
less than the amount of the interest portion of a monthly payment which then w~ould be sufficient to repay my unpaid
principal balance in ful) on the maturity date at my current interest rate in substantially eyual payments. If so, each month -
that the amount of my monthly payment is less than the interest portion. the Note Holder will subtract the amount otmy
monthly payment from the amount otihe interest portion and will add the diflerence to m~~ unpaid principa) balance. The
Note Holder whll also add interest on the amount of this diflerence to my unpaid principal balance each month. The
interest rate on the interest added lo principal w•ill be the rate~required b~• Sections 2 or 4(A) above. -
(B) Limit on :~iy Unpaid Principal Balance
My unpaid principal balance can ne~~er excerd a maximum amount equal to one hundred tK~enty-fi~ e percent (125r1o) -
af the principal amount I originally borrowed. -
9. `07'ICE OF CHANGFS :
The Note Holder wi11 mail or deli.er to me a notice of any changes in the amount otmy monthl~• pa~~ment before the
~i rffective date of any change. The notice w•ill include information required by law• to be given me and also the title and
~ telephone number of a person who a•ill answer any qucstion I may hare regarding the notice." _
i ~
i
! CHARGES; LIE1\S =
j Uniform Covenant 4 of the Security lnstrument is amended to read as follows: _
' 4. Charges; Liens. BorroKer shal) pa~~ all tazes. assessments, and other charges, fines and impositions auributable to Ihe
; Property Hhich may attain a priority o~~er this Securit} Instrument, and leasehold payments or ground rents. if any, in the
~ manner pro~ided under paragraph 2 hereot or. if not paid in such manner, b)• Borrow•er making pa~•ment~ w•hen due.
directly to ihe payee thereoL Borroa~er shall promptl~• turnish to Lender all notices otamounts due under this paragraph.
and in the e~~ent Borrow-er shall make payment directly. Borro~~-et shall promptly turnish to Lender receipts e.~idencing
` such pa~ments. Borrow•er shall promptl~• discharge an~ lien w•hich has priority o~°er this Security ]nstrument; pro~ided.
; that Borrower shal) not be required to discharge any such licn w iong as Borrow•er: (a) shall agree in writing to the
~a}~ment ot Ihe obligalion secured by such lien in a manner acceptable to Lender; (b) shall in good taith contest such lien
i bS~, or defend against enforcement of such lien in, legal proceedings w•hich in Ihe opinion ot Lender operate to pre~•en1 the
~ entorcement otthe lien or torfeiture of the Propeny or any part thereof; or (e) shall secure from the holder otsuch lien an
; agrremen~ in a torm satisfactory to Lender subordinating such lien Io this Security Instrument.
' lf Lender determines that all or an~- pan ot the Property is subject to a lien w•hich may atlain a priorit~• o~•er this Security
~ In.trumcnt. Lcndcr shall srnd Borrow~cr nolice idcntifj-ing such lien. Borroa•er shall satisfy such lien or take one or marc of
~ i hr actiom sct fonh abo~t w ithin tcn day~ otthc gi~•ing otnotice. - .
;
~ .
; l~ ~
B00 ~F4J ~Jlt~ ~
~ ,~1_ . . ~ -
.
! ~ ~ . . . . . .
~ - . . _ . _ . ' . ~ ^ - . .-d,?..?~.~.. . - +e. a..~ ~cs
~