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Home My WebLink About0973 . _ 1_ LOAN # Fi~41 ' ~ ; PSL-3-1898 . GRADUATED PAYMENT RIDl~~~ ' i~. , (With Intereat Rate Chaagea Every S Yesrs) . THIS GRADUATED PAYMENT RIDER u ma~ chis 13th day of April 19 $4 , and ia iacorporated into and ahal! be doaned to amaid aad supple~nent tbe Mortgage. Deed of Tn~st. or Dad to Socun Debt (the "Sacurity Instrument") of the aame dste givea by the unde~igned (the ••Bomowrer") to aecun Borcower's (3rnduated Payn~t Note w First Federal Savings Bank of Newton, Kansas Its Successors/Assigns (the "I.ender") of the saane date (the "Nae") and oovering the P~P~Y deacribod in the Security Inatrument and bcated at: . 1744 S.W. Cashmere Blvd., Port St. Lucie, Florida 33452 [~vs~? ~~1 Th~ Nof~ conbins provisions ollowing for cha~s in th~ int~nst rot~ ond ~aonthly Pall~nfs. Th~ doROwK's nanthir poynNM wili inu~as~ by 71i~496 ~ach y~a~ du~in~ th~ An! flv~ . y~an of th~ Not~. Th~ nmainln~ monthly poyn~Ms alw could i~cnas~ o~ d~cnase, d~p~nding on chan~ss in th~ iMenst raM. Th~ Bonow~~ eiso moy b~ abl~ to limit monthl~? Paym~nt incnas~s to 7~i496 ~ach y~a~. Th~ p~incipal amouM th~ 9orrowK must npay will b~ Io~K than the amount o~i~inally. - bonow~d, but not ~»or~ Nwn 1Z.S96 of th~ original amounf. ~ AnnmoNnt. OovBtv~xrs. In addition to the oovenants and agreements made in tbe Socurity Instrument, Borrower and I.ender further covenant and agroe as follows: A. INI'EREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 14. SO Soctions 2 through 9 of the~ Note provide for changes in the interest nte and the monthly payments, a4 follows: "2. Wl'ERES'1' (A) Lterat Owed. Interat will be charged on thst part of principsJ which has not boen paid, beginning on the date I roceive principal and continuing until the full amouat of principal has bxn paid. Beginning on the date I rax~ve principal. I will owe interest at a yearly rate of 14.509'0. The iaterest rate 1 will pay will change in aooordance with Sxhon 4(A) of this Note on the first day of May .19 89 and on that aay every 60th month thereafter. Each date on which my interest rate could change is called an "Interest Change Date." B) 1tie Lde: Beginning with the 5rst Interest Change Date. my interest rate will be based on an Index. Trie "Index" is the wakly average yield on United States Treasury secnrities adjnsted to a coastant maturity of S yeazs, as made available by the Foderal Reserve Board.l'he most roccnt Index figure available as of the date 4S days before each Interest Change Date is calkd the "C~rrent Indez." . If the Index is no longer available, the Note Holder will choose a new indea~ which is basod upon comparabk ~ intormatan. T6e Note Holder will give me notice of this choice. ~ (G~ I~tenst Aiter Defialt ~ 'ILe interest mte required by this Soction 2 and Section 4(A) below is the rate I will pay both before and aRtr any = default describod in Sectior?12 (B) below. ~ 3. TDVIE AND PLACE OF PAYMENTS - ~ - ` I will pay principal and inter~st by making payments every month. My monthly payments will be applied to interest ~ befon principai. - ~ I will make my monthly payments on the 5rst day of each month beginning on .1une 1 ,19 84 ~ I will make these payments ev.ery month until I have paid all the principal and intenst and any other charges describod below that I may owe under this Note. If, on May 1 , 20 14 , I still owe amounts under this Note, I ~ ~ P~Y those amounts iw full on that date. which is called th~ "maturiry date." - ~ I will make my montlilY P~Yments at ~ P.O. Box 428, Newton, Kansas 67114-0428 ~ or at a different place if required by the Note Holder. ~ 4. IN~EREST RATE CHANGES AND FULL PAYMENT AMOUNi' - (A) Gkdatlo~ of New Iota~at Rat~ a~i FaU Paymat ~oa~t ~ Each of my 5rst 60 monthlY pay~neats could be lesa than a Fup Payment Amount. A"Full Payment AmounY' is the monthly amount su~cient W repay the amount I originally borroMed, or the unpaid principal balancx of my loan as of an Interest C6ange Date, in fiill on the matwity date at the interest rate I am roquircd w PaY bY Section 2 ubove or this Section 4(A) in substantially oqual payments. H~ginning on tbe date of this Note, my Srst Full Payma~t Amount will be U.S. ~ S 470 . 23 unw the firsc Interest Cbsnge Date. ~ Bdon each Intereat Chsnge Date, the Note Holder will ddermine a ne~v Full Payment Amount for my loan. The ~ Note Holder will 5t~ calculate my new interat rate by adding 2.40 Pe*cxntage Pou?ts ( 2. 40 96) to tbe Curreat Index. T6e Note Holder will then round the reault of thia sdditiou w the neueat one-eighth of one percxatage ~ point (0.1259'0). This roundod amount will be my ne~v interest rate until the next Interest Chaage Date. '1'he Note Nolder i will then determine the amount of the monthlY WY~t thst ~vould be sufficieat to repaY ~~P~ P~P~ balaJx~e of ~ 600K ~ltt~~ GRAOUAT~ ~AYM@IT R~--S Ywr Tnas~ry Ind~x (R~sinol. Fan~~/83-fNMA th~if~w i~s*wwet ~ . eowwuow*~a sustwii~ ~owr~, ~~e. • ~s. CLSMtM~• ri aNSa -~~l/»r~»~ ! z~~ - _ ~ ,,:x - - - - ~