HomeMy WebLinkAbout0968 ~ M~N
~ ~ ~ • . GRADUATED PAYMENT RID~ ~ ,
. (With Interat Rate Chsn~a Every 3 Years ) - ~ ~ ~ ~ ~ t~
THIS C3RADUA'1'ED PAYMBNT RIDER i~ msde tUn ..~4t~... dsy of ...............~~1~C~................
19....~, aad i~ inoorpocated into aad s~Wl ba deaned to smeod and supplesneAt tl~e Mortgsge. Deed of Truu, or Deed to
Secun Debt (tbe "Secwity ln~trun~eat"j af the ssme date 'vm by ihe undersi~ned (tbe ••8on+oMa") to sec~u+e Borrower's
(3r~d~~tNaeto ....~':~.t~1~L.S~1~.~11~?.~..~rS,91'~~1~a..~.~~~1
(tbe ••I.e~der••) of the eame date (the '•Note'~ and oovering ~the
property dacn'bed in tbe Security Lutrument ~nd~located at:
..................................~~.I..~F~f'~i (..~~iFb~1..,F.1rY1r.b..~w..~1~11~It.iiR~..F~~riihiFl....~M7irflh...........................................
. I~y Add~s1
Th~ Not~ coMaMs provisions oNowin~ for eho~p~s in th~ inhnst rot~ and ~nonM+ly
P~~~ .
Th~ dorrowK's ~thl~? par~nt wili inc~os~ by 7~96 ~od~ y~or du~in~ fh~ flnt Av~
r~on of NN NoN. Th~ nwainie~ n~oMhly Por~nfs also couid i~cnost or dKnos~, .
- d~p~n~n~ on d~an~s in N~ inhnst ~oN. Tlw dorrow~~ also may b~ abl~ to liiait
~!y po~?m~nt incnes~s to 7~96 ~ac~ y~ar.
. Th~ principoi onwunt Na do~ow~ must npay will b~ la~~ thon th~ on~ount originoliy
boROw~d, but not a~on fhan 1~596 of th~ oriyinal aa~ouM. -
ADDmONSi. CbvBNAM'S. Ia additioa to the oovenants and agraments made in the Security Instrwnrnt. Bornowrcr
aad La~der fwthtr oovenat~Cand agree sa folloas:
A. INTSREST RATE AND MONTHLY PAYMENT CHANGES
The Note providea for an initial intenat rate of ...~~..7.~0.....%. Sections 2 through 7 of the Note provide for changes in
the intea+at nte snd the monthlY WY~~s. as follows: ' .
"2. D~ffi'1'
Lterat Owea
Interest w?ill be chuged on that psrt of principal which has not bxn paid, begianing on the date I raxive principal
and continuing until tUe full amount of principal haa boa~ paid.
Beginning on the date 1 rxave principal, I wiU owe interest at a yearly rate of ..~~~.~.r.,?~o. The interest rate I will
P~Y will change in aooordanoe witb Secqon 4(A) of this Note on the firsi day of .............F.eb~ua~~....lst....19..89.. and
on that day every 60th month thereaRer. Each date on which my interest rate could change is callod an "Interest Change
Date."
B) 1~e Isdt: .
Beginnina w?ith the firat Interest Chang~ Date, my interest rate will be based on an Index. The "Index" is thc wakly
average yidd oa• United Statea Traisury socurities adjustod to a constant maturity of S years, as made availabk by the
Fedeca! Reserve Bo~rd. The moat reornt Index 8 n availabk sa of the t 4
~ g
gu ds e S da befon each Interest Chan e Date is
YS
~ called tLe "G~arnent Indea."
~ If t6e Index ia no longer available, the Note Holder wili choose a new indeac which is based upon comparabk
j information. Tbe Note Holder wiU give me notice of this choice. - ~
; (G~ Lte~+eat Alte~ D~fault
' "I'he inter+est rate required by this Soction 2 and Soction 4(A) below is the.rate I will pay both before and after any
~ default dacribed in Soctioo 12 (B) below.
~ 3. TIME AND PLACE_ OF PAYMENTS
- I will pay principal and interest by making payfients every month. My monthly payments will be applied to interest
befon principai. -
I will malce my monthlY payments on the 6rst day of each month beginning on ~~.........~k.....19. 8~....
I will make t6ese paymeats every month until I have paid all the principal and interest and any other charges described
beiow thst I may owe under this Note. If, on ...........k31~]CIk~~ .,....1,8k..... 20..~.~..~ I still owe amounts under this Note, I
will pay thote amounts in fnU on that date, which is callod the "matwity dste."
~ I will malce my m~th1Y P~Y~~ts at .FIR9Z'..~..SAVII~X'~&.AHI~.71~?N..AS90GI~T~(~,,..6~.Q..J~~c~
' .....AveaUe,...Ft«..Pyena~e,..F.lOSida....3345~
~
or at a differa~t plsce if required by tLe Note Holder.
~ 4. nNTERESI' RATL CHANGES AND FULL PAYMENI' AMOUNT
~ GU Cak~latlo~ af New Lter+est Rate a~i F~II Ps~?~eat A~ro~ut
~ Each of my 6zst 60 monthly gaymaits ~ou1d be lesa thaa e Full Paymeat Amoeint. A"Full Payment Amount" is the
monthly amount suBcia~t to tep~y the amount I orisinally borrowed. or the unpaid principal balanoe of my loan as of an
Interest Change Date, in full on the maturity date at the interest rate I am roquired to pay by Soction 2 above or this Soction
` 4(A) in substantially equal peyments. Beginning on the dste of this Note, my 6rat ~ull Payment Amount will be U.S.
S. ......5~..,~~ until the 6rst Intereat Chsnge Date.
~
~ Hd'ore each Interest Change Date. the Note Holder wriQ determine a new Full Paymrnt Amount for my loan. The
~ Note Hokkr wiU fust calc~ilate my new interest rate b addin .....2.4Q..... ants e'nts 2..~Q to the
a . Y 6 P~ 6 Pa )
Curreat L~deu. T6e sum will be my ixw interest rate unW the next Interest Change Date. The Note Holder will then `
determine tbe amount of tLe monthly paymcnt that would be sut6cirnt to repay the unpaid principal balance of my loan
that I am eacpxtod w owe on the Inttreu Change Date in fuA on tbe maturity date at my new~ interest rate in sub'stantially
" oqual payma?ts.1'he res~it of thia calculation is a~y new Fuil Payment Amount.
~ B~K ~:~G.J PAGE ~
GRADtIAT~ ~AYMB~R RDER-d Y~or Tnawn? Ind~x-sp~. Fo~y-si83-fNMA tMii~w watn~w~n~
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