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Home My WebLink About0963 ~ GRADUATED PAYMENT RIDER • ~ (1 Year Mdex - Payment Cap) THIS GRADUATED PAl'hiENT RIDER is made this ~~Kh. day of _ AuguS.t.. , 198.4...., and is inrurp~xated inta and shall be deemed to amend and supplement the Mortg:~ge, Deed of Trust, or Security Deed (the "Se~urity Instrumrnt"? of the same date given by the undersigned (the "Borrower") to ~ecure Borrower's Graduated Payment Note tu GDV..Financial l:orporation, a. ..ri~ria.a. i.or.por..acion. _ lthe "lxnder") of the same date (the "Note") and covering the property desrribed in the Security In,wment and I~x~ted at: 1449 SE: North _ Bal~ourt+.Court, Port .S.t, LuC.?~e, F1o~id~. 33452 _ IPrope+ry A;]dressl The Note contains provisions allowing for changes in the interest rate and the monthlY PaY- ment. The Borrower may (imit monthly payment increases to 7'/:X each year if tfie provisians of this Note permit it. The principal amount the Borrower must repay will be larger than the amount originally bor- rowed, but not more than 125% of the original amount. ADDITIOtiAL COVE~a!vri. In addition to the covenants and agreements made in the Securiry Instrument, Borrower and Lender further covenant and agree ~s folluws: A. 1NTEREST RATE AND '~10NTHLY PAY~fF.NT CHANGES The Nute pre~~•ides f~~r an initial intere.t r:~te oi ..14.625- Sections 2 through 7 of the Note provide for changes in the interest r~te and the monthl~~ paymcnts, ~s follow~s: 2. lNTEREST . (A) Interest Owed Interest will be chargeJ on unpaid prinripal until the fuil amount of principal has been paid. ( will owe interest at a ~~earlti~ rate of .~4.625_ The interest rate 1 witl pa~~ will change in accordance with Section 4(A} below on the first ~s~ ~f September 1._ , 19 84 and an that da}~ every 12th month thereafter. Each date on which my intere~t r~te could change is c~lled an "Interest Change Date." IBI The Index Beginning with the first Interest Changc Date, my interest rate will be based on an Index. The "Index" is the w~eekly aver~ge ~ie~~ .,r~ ~a~«~ Scac~, ;~~as~~y ;~c~r.6c, a~~;;s.ed t., ~~~nsc:: :~at~r.cy ~f l year, as made available by the Federal Reser~•e Board. The most recent Index figure availahle as of the date 45 days before each Interest Change Date is called the "Current Index." If the Inder is no longer available, thc N~~te Holdcr wiU ch~wse a new• index which is based upon comparable infarmation. The Note Holder will give me notice of this choice. ~ IC1 Interest After Default ' S The intere~t rate required b~• this Section 2 or Section 4 IA) bc:low i~ the r~te 1 will pay t~oth before and after any ~ default descrihed in Secti~m 10 I B) t~elo~~ . € E 3. TIhiE AND PLACE OF PAYh1EhTS ' 1 will pay principal and interest by making payments e~~er}• month_ • t I H~ill make my monthly p:~yments on the first d~y of each month beginning on October l .~q 84 t 1 w~ill make these pa~•ments e~~ery month until 1 have paid all of the principal and interest and any other charges described helow that 1 may ow•e under this . Note. M}~ monthly payments w~ill be applied to interest before principal. If, on g September_ .1 . , 2014 . ~,till ov?e amounts under this Note, 1 will pay those amounts in ~ full on that date, w•hich is called the "maturit}~ date." ~ I will make m} monthly payments at 1111 Sou.th Bayshore_ Drive, Miami,._Flor_ida .33131__' ~ ~ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . ~ ~~r at a different plare if requireJ by the Note Holder. ~ 4. INTEREST RATE CHANGES AND FULL PAYMF.NT ~ (A) Calculation of New Interrst Rate and Full Pa~ment v Each of m} hnt 36- . monthl~• pa}~ments could t~ le~s thsn a Full Payment. A"Full Payment" is the monthly ~ amount ,uffiricnt to repa}~ the amount 1 originally bc~rrow~ed, or the unpaid principal balance of my loan as of an Interest Change Date, in full on the maturit} date at the interest rate I am required ro pay by Section 2 above or this Section 4(A) ~ in suh~tantially equal paym~rnts. Beginning on the date of this N~~te, my first Full Payment will be U.S. 5 4.93.$.1. ~ until the tirst Interest Chan~e Date. ~ Before earh Interest Change Datc, the Note Hcilder will determine a new Full Payment for my loan. The Note V H~~Ider ill firtit calrulate rm ne~~ interest rate h~ addink 2• 525 percentage points ( 2• 5Z5 to the Current Index. l~he :~~,te NolJer will then r~~und the rewlt of thi~ addition ro the nearest one-eighth of one percentage pvint t0.125`%~ Thiti r~~unded amcwnt will he m~~ neu~ interest rate until the next Intcrest Change Date. The Note Holder will - then detern~ine the amuunt c~f the mcmthl~ pa~ment that would be wfficient to repay the unpaid principal that I am experteu to ~i.+e ~~n the Intrrest Change Date in full on the maturity date at my new~ intcrest rate in substantially equal pa}ments. The retiult ~~f thi. ralrulation i~ my new~ Full Payment. E:~ch new intere.t r~t~ ~il~ be~ome effective on each Int:rest Change Date, and each new• Full Payment will become effertive on the fint monthl~~ pa}ment after the Interr,t Chan~e Date. ~ IB~ Reyuired Fufl Pa}~ment " I will pa~ the Full Payment a. m} munthl} pa}'ment beginning ~xith m} 37th monthl}~ payment unless 1 choose t~~ limit the arni~unt ~~f m~ manthl} p:~~m~nt a~ permitted by Section 6(A) txlow~. _ "~441 ~~~E 961 MULTISTATE GRADUATED PAYMENT RfDER-1 Year Treasury Index-S~ng!e Fa^~~~!y-fNMA Uniform Inshumem Form 3121 12;83