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(C) Calc~:::3tion of Interest Rate Changes
, Before each Interest Change Date, the Note Holder will
calculate my ne~? rate of interest by adding percentage
points ( 3_110 to the Current Index. The Note Holder will
then round the result of this addition to the nearest one-eighth
of one percentage point (0.1?S:). This rounded amount will be my
T.~w Tutc v~ lliLBi~S~ ili?tl~ ~ite CirX~ IRt~Pest ~~lai?~~ ~dte.
(D) Interest After Default
The rate of interest required b} this Section 2 is tl~e rate ~
I will owe both before and after any default described in Section
10(B) (of the \ote~.
3. CALCl:L:1TI0\ OF A`10U\TS OI~ED EAC}i :fO~Tti
The :~ote Holder c;ill calculate my Full PaS~men[ Amount
annuallr as sec forth in Section Tlie "Full P3yment ~lmounc" is
the amount of the monthly payment that t;ould be sufficient to
repay the amount I originall~ borrowed, or the unnaici principal
balance of m~• loan as of e~~er~ other Interest Change Date, in
full at the rate of incerest I am required to pa~ by Sections
2(A) and 2(C) above in_substantiall_y eq_ual payments on
August 1 , 2p~4~ c;hich is called the "maturit} date."
$eginning on the date of this ?~ote. my iirst Full PaymenL Amounc
will be L'.S. S 810.34 until the first Interest Change
Date. Before ever} other Interest Change Date, the \ote Holder
c.ill calculate the net~ Full Payment Amount which I will owe each .
month beginning on the first monthl} payment date after such
Interest Change Date.
The Full Payment Amount I owe may be more or less Lhan the
amount I am required to pay each month. Section ~ below states
tt~e amount of m~ monthly payment and hot~ it will change. Section
ci describes how m5 unpaid principal balance kill change if the
amount of m~ monthly payment and the Full Payment Amount are
different.
4. TI `lE A\D PL9CE OF PAT'1E\TS
;I
k I will pa~ principal and interesc b~ makinb pa}~ments every
;
; month. `!y monthly pa}ments will be applied to interest before
; principal.
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~ I kill make m~• monctilS paym~nts an the first da}• of each
month beginnin~ on Septgnber , 19 84 I will make these
q pa~~ments e~•er}~ montn until 1 ha~~e paid all the principal ard
~ interest and any other charges described Delow that I may owe '
~ us?der tl~is \ote. If I still owe amounts under this \ote on the
~ maturit~ date. I kill pay those amounts in full on thaL date.
~ Those amounts could be greater than the amount of m} last monthly
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~ . . r Alliance Mortgage Ca~anY
~ I will make my monthly paymenLS aL P. O. B[>x 4130, Jack.sortville,
~ Flnrir3a ~2231 or at a different place if required
~ by the Ivote Holder.
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~ 5. GRADUATED MO\'THLY PAYMEhTS
~ (A) Regular Increase. P1y first twelve (1?) monthly '
payments c?i11 be in the amount of U.S. $ 572.17 On the j
_ first and second anniversarS of the date my first monthly payment ~
is due~ I will begin paying a new monthly pa~•ment which will be '
equal to the amount I have baen paying multiplied by the number
1.075 ~ unless I exercise the ",tonthl3 Payment Freeze Option~~ or
'~Full Payment Option" as described in Section S(B). On the third ~
anniversar~ of the d3te my first monthly payment is due an~ on
each subsequenL anniversar~ daLe until. but not inc:uding, the
~ Lc:ent:~-ninth anni~ersary date. I t,ill begin paying the Full
> Yayment Amount uniess I instead elecL to pay a nec~~ monthly
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(FL? FLE\ RIDER - _ ~~440 Cf
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