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HomeMy WebLinkAbout0974 . _ ~ 1 _ _ - - _ - - _ _ , ~ ~ my Ioan that I am expcctod to owe on t!u lnterat Change Date i~ full on the maturity date at my new interest rate in substantially oqwl p~ymrn~s. The result of this cakulation is my new Full Payment Amount. . Each new interat rat~ will bocome efFoctive on e~h lnterest Change Ljat~,.~d each r~iv Fu11 Pay ment Amount will become eQoctive on the first monthly payment date aRer the Interest Change Date. . (8) Requlr~d F~U Psyaent A~at I will pay the Full Payment Amount ss my monthly paymrnt begi~ning with my 61st monthly p~yment unless I , choose to limit the amount of my montWy payment as permitted by Soction 6(A) below. S. GRADUATED MONTHLY PAYMENTS 1-60 My first 12 montbly paymenta will each be in the nmount of U.S. S 367 .19 ' On each of the first four annivec~aries of the date my first monthly payment is due, 1 will beg~n paying a new monthly payment which will be oqual to the amount I have bopr paying multiplied by the number 1.075. 1 will pay the new amouat ot my monthly payment until it changes in acoordance with this Soction S or Sections 6 or 7 below. b. BORROWERS RIGHT TO LIM1T AMOUNT OF REMAINING MONTHLY PAYMENI'S (A) Gicolsdos ot Grndn.ced Montbly Pa~eac Amonnc 1 may choose to limit the amount of my new monthly psymrnt following an Interest Changc Date if my new interest rate would cause the monihly payment I have ban paying to incrcase by morc than seven and onahaUpercent (7.S9o)._ If I chooae to limit t6e aawunt of mr mont6ly psyment, I must gi~e t6e Note Nolder notice t6at I am doing so at least 1S days betore my lirst aew moat6ly p~naeat is dae. When I do so, on the first monthly payment date atter the Interest Change Date I will begin pa;hng a new monthly payment which will be equal to the amount 1 have been paying each month for the prcceding twelve months multiplied by the number 1.075. Thereaf'ter, on each of the first four anniversaries of the new monthly paymrnt date, my monthly payment will again increase by an amount equal to the amount I have been p~aying each month for the preo~ding twelve months multiplied by the number 1.075. . E•en if I la.e chosen to limjt my nwn~ly p•ymeet, Sections 6B). 6(C1 and ~ bclow may require me to pay a differeat amoun~ . (B) Redaced Moothly Paymeac M~ouat My graduated monthly payment cakulatod under Section 6(A) above could be greater than the amount of s monthly payment which then would be su6icient to repay my unpaid principal balance in full on the maturity date at my current interest rate in substantially equal payments. If so. on the date my paying a graduatod monthlypayment would cause me to pay more than the lower amount. I will instead then begin paying the lower amount as my monthly paymrnt until the next Interest Change Date. ~ (C~ Increaaed MoetWy Payment Amount My paying a graduated monthly payment calculated under Section 6(A) above could cause my unpaid princiRal balance to eaceed the limit statod in Soction 8(B) below. If so, on the date thai my paying a monthly payment would cause me to eaceed that limit. I will instead begin paying a new monthly payment until the next Interest Change Date. The new - monthly payment will be in an amount which would be sufficient to repay my then unpaid principal balance in full on the maturity date at my current interest rate in substantially equal payments. 7. FINAL MONTHLY PAYMENfS _ ' ~ Beginning with the first monthly payment after the last Interest Change Date, I will pay the Full Payment Amount as my monthly payment. R 8. INCREASES IN THE PRINCIPAL AMOUNT TO BE PAID ' .(A) Additions to My Unpaid Prieripal Balance ~ My monthly p~yment could be kss than the amount of the interest portion of a monthly payment which then would ~ be su6cient to repay my unpaid principal balance in full on the maturity date at my current interest rate in substantially ~ equal payments. If so, each month that the amount of my monthly payment is less than the interest portion, the Note i 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 balanoe. The Note Holder will aLso add interest on the amount of tbis dig'erence to my f unpaid principai balance each month. The interest rate on the intaest addod to principal will tx the rate required by ` Sections 2 or 4(A) above. (B) Limii oo My Unpaid Principal Balance My unpaid principal balance can never exceed a maximum amount equal to one hundred twenty-6ve percent (125%) of the principal amount I originaUy borrowed. 9. NOTICE OF CHANGES The Note Holder will mail or deliver to me a notice of any changes in the amount of my monthly payment before the effective date of any change. The notice will include information roquired by law to be given me and also the title and telephone number of a person who will answer any question I may have regarding the notice." B. CHARGFS; LIENS ~ Uniform Covenant 4 of the Security Instrument is amendod to read as follows: . 4. C6arge~ Liera~. Borrower shall pay all taxes, assessments. and other charges, fines and impositions attributable to the Property which may attain a prioritp ovec this Socurity Instrtiment. and leasehold paymrnts or ground rrnts, if any. in the x manner provided unda paragraph 2 hereof ot, if not paid in such manner, by Borrowtr ma{cing payment. whtn due, ~ directly to the payee theroof. Bonower shall promptly furnish to Lender all notices of amounts due under this paragraph, ~ and in the event Bonowa shaU make payment diroctly. Bornower shall prompUy fumish to Lender receipts evidencing r such payments. Borrower shall promptly discharge any lien wtuch has priority over this Security Instrument; provided, ~ that Borrower shaU 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 lirn in a manner aoctptable to I.ender; (b) shall in good faith contest such lien ~ by, or defend against enforcement of such lien in. legal procxedings which in the opinion of Lender operate to prevent the ~ enforcement of the lien or forfature of the Property or any part thereof; or (c) shall secun from the hoWer of such lien an agreanent in a form satisfactory to Lender subordinating snch lien w this Secwity Iastnunent. If t.ender determines that all or any part of the Property is subject to a lirn which may attain a priority over this Security Inatrument, I,~ader shall send Borrowa notioe ideutifying snch lien. Borrower shall aatufy such lien or talce one or mon of ~ the sctions set forth above within ten daya of the giving of notice. , ~0 429 r~ g73 ~ ' . - -