HomeMy WebLinkAbout0969 Facb ae~? iata+at rate ~viU becoa~ ~ive ca aicb Interat (~an~e Data and ach ne~v Ft~U Payana~t Amount will
beoome e~'ective oa tbe Mt n~oathl~? Paymmt dste aRer the Iater+at Cbange Date.
B) Rewie+ei I~II Py~at A~o~st . . . - , t ;
1 ~rill p~y tbe F~uU P~yax~t Amount ss my a~oathl,y WYmeat beginning mith my 61tt ~ly P~rma~ 1
cboos~ W limit tbe amouot of aq? moathlY P~Y~t aa permittod by Section 6(A) beloM.
S. 4RADUATED MOM'HLY PAYM8N1~ I-6~ .
My Bra 12 monthlY P~Y~a wiU a~ch !+e in tbe amounc of U.S. 5 .....................4.~~.4~................................ OA ach
of tbe 8nt four snaivenaria of the date my 8rst aAOathly p~ymeat a du~ 1 will begia P~Yir~ s new moathlY P~Y~eat
which will be eqwd to tbe amouat I 6ave bea~ payina muldplied by tbc number 1.075. I~viU psy tbe ne~v u~t of my
awathly payment onW it cbanga iu aa~ordana with thia Section S or Sectiona 6 or 7 below.
6. HORROWSR'S WGHT 1~0 LIMI? AMOIJNI' OF R~MAINING MONPHLY PAYMBNTS
t~ ~ ot Cra~abi Mo~tWy Fa~~at A~or~t
~ I msy cboose to lunit tbe amouat d my ae~v monthly payment following an Interest Change Date if my ae~w interest
rate would cause the monthlY paymeat 1 have beai pe~yina to increase by more thau sevea and ono-liaUpercxat (7.596). If I
c6oae to Wdt tre aaioat ot a~y ~or~tily My~t, I a~~t ~e tre 1Vote HoWer aodee that I~ doiag ~o ~t la~t iS days
betor+e a~ 8rR vew a~oathtf ~t is dre. Whea 1 do sor oa the 6rst monthly peyment date aRer the Interest Change
Date 1 will begin paying a new monthly payme~t which will be equal to the amount 1 have been paying a~ch month for the
praxding twelve months multiplied by the number 1.075. ThereaRer, on each of the first four aaniversaries of the new
montbly payma~t date, my monthly psyment will again increase by aa aawunt oquai to the amount 1 bave been paying
each month for tbe prece~ling twelve months multipliod by the number 1.075.
E•ea it i 6a.~ ~a to umtt my monthly ~mear, Sectlom 6(H). 6(G~ and ~ below may roqaire me to pa~ a
dili~t aeoon~ .
(B) Redaoed Mont6ly Pa,ymeet Amonn~
My gradoated monthly payment calculated under Soction 6(A) above could be greater than the amount of a monthly
payment which thm would be suflicient to repay my unpaid principal balana in fuli on the maturity date at my current
interest rate in substantially eqoal paymrnts. If so. on the date my paying a gaduatod monthly payment would cause me to
pay mon than the bwer amount. I will instead then bcgin paying the lower amount as my monthly payment until the nea~t
Interost Change Date. ~
(G9 Incraned Moathly Payment Amount .
My paying a graduated monthly payment calculatod under Section 6(A) above could cause my unpaid principal
balance to cxoeed the limit statod in Section 8(B) below. If so, on the date that my paying a monthly payment would cause
me to exceed that limit~ I wiU instead begin paying a new monthly payment until the ne~ct Interest Change Date. The new
manthly payment will be in an amount which would be sutFicirnt to repay my then unpaid principal balance in full on the
maturity date at my current intrtest rate in substantially oqual payments.
7. FINAL MONT}ILY PAYMEN!'S
Beginning with the first monthly payment aRer the last Interest Change Date, I will pay the Full Payment Amount
as my monthly payment.
8. INCREASES IN THE PRINCIPAL AMOUNT TO BE PAID
(A) Addidons to My Unpaid Prtncipal Balance
If I choose to pay a graduatod monthly payment calculated under Section 6(A) above, my monthly payment oould be
less than the amount of the interest portion of a monthly payment which thrn would be sut6cierit ~to repay my unpaid
principal balance in ful) on the maturity date at my current interest rate in substantislly oqual payments. If so, each month
that the amount of my monthly paymmt is less than the interest portion, the Note Holder will subtract the amount of my
monthly payment from the amount of the interest portion and will add the difference to my unpaid principal balance. The .
Note Holder will also add interest on the amount of this difference to my unpaid principal balance each month. The
R interest rate on the interest added to principal will be the rate requirod by Sections 2 or 4(A) above. .
B) Limit on My Unpaid Priaclpal Balance
~ My unp~id principal balance can never excced a ma~cimum amount equal to one hundrod twenty-five percent (125%)
~ of the principal amount I originally borrowed.
~ 9. NOTICE OF CHANGES
~ The Note Holder will mail or deliver to me a notice of any changes in the amount of my monthlypayment before the
f effective date of any change. The notice will include information roquired by lavir to be given me and also the title and
~ telephone number of a person who will answer any question 1 may have regarding the notice."
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~ B. CHARGFS; LIENS
Uniform Covenant 4 of the Security Instrument is amendod to read as tollows:
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S 4. Cl~arge~ Liens. Bonower shal) pay all taxes, assessments, and other charges, fines and impositions attributabte to the
Property which may attain a priority over this Security Instrument, and leasehold payments or ground rents. if any~ in the
manner provided under paragraph 2 hereof or, if not paid in such manner, by Bonower making paymer~t, when due.
~ directly to the payee theroof. Borrower shall promptiy furnish to Lender all notices of amounts due under this paragraph,
and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing
` such payments. Bonower shail promptly discharge any lien which has priority over this Security Instrument; provided,
that Borrower shall not be required to discharge any such lien so long as Borrower: (a) shall agree in writing to the
payment of the obligation secured by such lien in a manner acceptable to I.ender, (b) shall in good faith contest such lien
by, or defend ag,ainst enforcement of such lien in, legal procoedings which in the opinion of Lender operate to prevent the
enforcement of the litn or forfeiture of the Property or any part thereof; or (c) shall sccure from the holder of such lien an
~ agreement in a form satisfactoryKo Lender subordinating such lien to this Security Instrument.
~ lf Lender determines that all or any part of the Property is subjoct to a lien which may attain a priority over this Socurity
Instrument, Lender sball send Borrower notice idrntifying such lien. Bonower shall satisfy such lien or take one or more of
the actions set forth above within trn days of the giving of notice. ~
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, , • BOOK `t~5 PAGE ~
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