HomeMy WebLinkAbout0915 . ~
.
AMC 836133
GRADUATED PAYMEI~T RIDER ;
~ (With Interest Rate Chenges Every 6 Hontha) '
THIS GRADUATED PAYME[sl' RIDER is mede this 7th day of JLme .
19_g,g~. and is incorporated into and shall be deemed to asead and suppleioent
the lfortgage, Deed of Trust, or Deed to Secura Debt (the "Security ~
Instrument") of the seme date given bq the undersigned (the "Borrower") to
sncure Borrowar's Graduated Payment Note to AS~SAI~KE NrJJI~1C'~_~~ANY, a ~
Flnricla mrt~nra~o~ (the "Lender") of the seme date (the Nota ) and
coveriAg the property described in the Security Instrument and located at:
2414 Atlantic Beach ~ailevard, Fbrt Pierve. Florida 33449
(Property Address) ~
TNE NOT6 CONTAINS PROVISIONS ALL01~'ING FOR CHANGES IN THE INTEREST RATE AND
MONfHLY PAYHE[VTS .
~ THE NOTE ALSO PROVIDES FOR CALCULATION OF 'IU10 SEPARAIE MONPHLY PAYNE[~T
AlIOUMfS. ONE WILL BE THE AMOUI~1' THE BORROw'ER MUST e1C'IZIALLY PAY EACH HONTH.
THE OTHER WILL BE AN AMOUNT THAT THE BORROM'ER VOULD PAY EACH MONTH 1'0 FULLY ~
REPAY THE LOAN .ON THE MA'IURITY DATE. AT TIMES, Tl~ 1Y0 HONT~[LY PAYNEATf
ANOUNTS MAY BE IDENTICAL.
THE PRINCIPAL AMOUNT THE BORROWER MUST REPAY WILL BE LARGER THAN T!~ AMOUNT
ORIGINALLY BORROYED, BUT NOT HORE T}{A[V 125r OF Tl~ ORIGINAL AMOUt~f.
ADDITIONAL COVENANTS. In addition to the covenents and agreements made ~
in the Securitq Instrument, Borrower and Lender further covenant end agree ~
as follows:
A. INTEREST RATE AND HO?V'THLY PAYMEAT CHAKGES
" The Note provides for an Initial Rate of Interest of 13.625 Sections 2
through 7 of the Note provide for changes in the interest rate and the .
montbly payments, as follows:
"2. INTEREST
~ ~
(A) Interest Owed
Interest will be charged on that part of principal which has
~ not been paid. Interest will be charged beginning.on the date of
i this \ote and continuing until the full a~iount of principal has
~ been paid.
~
i
Beginning on the date of this Note, I will owe interest at e
~ yearl? rate of ~•625:. The rate of interest I will owe will
change on the first day of Ta~~ , 19 $5, and on that
day every 6th month thereafter. Each date on ~.Tiich my r8te of ~
interest could change is called an "Interest Change Date." Hy
new rate of interest will becaoe effective on each Interest
Change Date.
(B) The Index
i Any changes in my rate of interest will be based on changes
~ in the Index. The "Index" is the weekly auction average rate on
~ United States Treasury bills c;ith a maturity of 6 months, as made
available by, the Federal Reserve Board. The most recently
~ available Index figure as of the date 45 days before each
s Interest Change Date is called the "Current ipd~~0'~ The Index
F used to determine my initial inLerest rate is ~
` If the Index is no longer available, the Note Holder will '
choose a new index which is based upon comparable information.
; The ~ote Holder will give me notice of this choice.
i
~
~
~
~
~ .
(FL1 RIDER - FT.E~IBLE `fORTGAGE LOA~ PROGRA`1
1017 kevised 11/83 . P~ Q' ~
~~i
~ .
` ,r....•
~
_ ' - ~ ~
- - - ~ ~ - F..a. q.. . ~.l-,~;,.,:.-- aX~„-~r.f~k ~ .;.~s~.y ~ ~ .t
~ " . . _ . . . .
'