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• ANC 688037
GRADUATED PAYl1EA'T RIDER
• (k'ith Interest Rate Changes Every b*lonths)
THIS GRADUATED PAYiIE!vT RIDER is made this 31st day of ~1-y ,
19 84 . and is incorporated into and shall be deemed to amend and supplement
the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security
Instrument") of the same date Riven b~ the undersigned (the "Borrower") to
secure Borrower's Graduated Payment ~ote to I"n~~ OQI"~ANY, a
Florida ~rPo~'ation (the "Lender") of the same date (the Note ) and
covering the ~roperty described in the Security Instrument and located at:
398 SW Ray Avenue, Port St. Iucie, Florida 33452
(Property Address)
THE NOTE CONTAINS PRO~'ISIO~S ALLOM'ING FOR CHANGES IN THE IIVTEREST RATE AND
MO\THLY PAYMEATS.
THE NO'TE ALSO PROVIDES FOR CALCULATION OF TWO SEPARATE MOh'THLY PAYltENT
APIOUMfS. ONE WILL BE THE AlfOUNT THE BORROV?'ER MUST ACTl3ALLY PAY EACH MONTH.
THE OTNER ~'ILL BE AN AMOUIvT THAT THE BORROw'ER WOULD PAY EACH MOIvTH TO FULLY
REPAY THE LOAN ON THE MATUKITY DATE . AT TIMES , THE 11d0 MONTHLY PAYP1EIvT
AHOUNTS !!AY BE IDENTICAL.
iriE YICiIVI.lYAL AilUt3N~ ltlt ~UKttUidt:ft ~iuST RE~e~Y h`ILL BE LAR~ER THAN THE Ati(~U~T
ORTGINALLY BORROWED, B(TT NOT MORE THA.'~ 125b OF THE ORIGINAL AMOUNT.
ADDITIO\AL CO~~E~iANTS. In addition to the covenants and agreements made
in the Security Instrument, Borro~~er and Lender further covenant and agree
as follows:
A. I\TEREST RATE A~D ~IONTHLY PAY`fE\T CHA~GES
The \ote provides for an Initial Rate of Interest of 13.75 e. Sections 2
through 7 of the Note provide for changes in the interest rate and the
monthl~ payments. as folloc:s:
"2. I\TEREST
i
~ (A) Interest Oc.red
~
~ Interest ~;ill be charged on that part of principal ~.hich has
~
~ not been paid. Interest will be charged beginning on the date of
~ this \ote and continuing until the full amount of principal has
~
~ been paid.
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~
~
Beginning on the date of this Note, I will owe interest at a
~ yearlr rate of 13.75 e. The rate of interest I c.ill owe will
change on the first day of FeUruary , 1985 , and on that
~ dal every 6th month thereafter. Each date on ~?hich my rate of
~ interest could change is called an "Interest Change Date." My
~ new~ rate of interest will become effective on each Interest
Chan¢e Date_
~
~ (B) The Index ,
~ Any changes in my rate of interest wiil be based on changes
~ in the Index. The "Index" is the weekly auction average rate on
~ United States Treasury bills t~ith a maturity of 6 months, as made i
~ available by the Federal Reserve Board. The most recently '
~ available Inde?c figu.-e as of the date 45 days before each ~
Interest Change Dace is called the "Current Index." The Index ~
used to determine my initial inLerest rate is 10.640 0. ~
If the Index is no longer available, the tiote Holder will
choose a nec~ index wliich is based upon comparable information.
= Tiie \ote Holder c:ill give me notice of this choice.
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(FLl RIDER - FLF.~:TBLE `fUfiTGAGE LOA\ PROGRA`i
10]~ ke~•ised 11't~~ ~~~~4~ P~~E Q~O
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