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Home My WebLink About0971 GRADUATED PAYMENT RIDER , (t 1'ear lndex-Pa~~mrnt Cap) THtS GRADUATED PAl'htENT Rt:?~R is mudc this 17TH ~ay u( AUGUST , 19 84 , and is incor4x~r~trd into and shall be deemed tu ~mend an~1 tiupplement the Murtgage, Deed of Trust, or Security Lhc~ lthe "ScYUrity lnstrument" ) ot~ the samc ~ate given by the undersigned (~he "Borruwer") tu urure &~rrua•er's Graduated Payment Nate to GDV FINANCIAL CORPORATION~ A CORPOItATION (the "Lender") of the same ~iate (the "Nute") and covering the pro[~;rt~~ de,rribed in the Security Instra^~e~~ and located at: 1402 SE ESCAMBIA COURT, PORT ST. LUCIE, FL 33452 (Property AdGress~ The Note contains provi~9ons allowing for changes in the interest rate and the mo~thly payment. The Borrower may limit monthly payment increases to 7~% each year if the provisions of this Note permit it. The principal amount t~e Borrowe~ must repay will be larger than ti~e amount originally i~orrowed, but not ~~~a~a than 1259b of the original amount. ADllIT10v:~L CO~'E~A~TS. In addition to the c~~venants and 3greements made in the Securit~• lnstrument, Borrower and Lender turthcr r~~~~enant and agre~ as ti~ilow•s: a. ItiTEREST RATE A\D ~tONTHLI' PAY~1E\T CNAtiGES The Note pro~~i~es for an initial interest rate of 14. 625 Sections 2 through 7.~f the Note proride for changes in che interest rate and the monthly pa}•ments, as foll«ws: 2. INTEREST (A) Interest Ow~ed Interest w~ill he charged on unpaid principal until the full amuunt ot~ principal has been p:~id. I will oa~e interest at a ~~e~rl~ rate ol 14 . 625 ~ The interest rate 1 w~ill pay w~ill change in accordance with Section 4(A) below on the first ti1 SEPTEMBER , 1985 and on that day every 1?th month thereafter. 6ach date on which my interest rate rould change is called an "Interest Change Date." (8) The Index Beginning ti~ith the first [nterest Change Date, my interest rate ~~~ill be baud on an Index. The "Index" is the weekly ; a~erage yield on United States Treasur}~ .c;curities a~ijusted to a constant maturit~~ ot 1 ~•ear, as made a~~ailabte by the Federal Resen~e &~ard. The most recent Index figure a~•~ilable as of the date 45 dayc before earh Interest Change Date is called [he "Current Index." If the lndex is nu longer a~~ail3ble, the Note Holder witl chex~se a ne~~ index ~~hich is ~?ased upon comparable informa- . ii~m. The Note Holder H~ill give me netice uf this choice. {C) Interest ARer Default The interest rate required b}~ this Section ? or Section ~l(A) below~ is the rate I u~ill pay txith before and after any default described in Section 101B) beloN•. ~ 3. TI~tE AtiD PLACE OF PAI~ ~tEtiTS - ~ I will pay principal and interest by making payments e~•er}~ month. ~ I will make m}~ monthly pa~~ments on the first day of each month beginning on OC`i'OBER 1~ 1984 . ! ~1 ~~ill make these pa}•ments every month ur~ti: I have paid all of the principal and interest and an}~ other charges described ~ beluw~ that 1 ma~~ ow~e under this tiote. M~~ monthly pa~~ments ~ill be apalied ro interest before principaL If, on ` SEPTEMBER 1~ 2014 , I stil? ow~e amounts under this Note. I w~ill pa~~ those amounts in full cxi that date, ~ which is called the "maturity date." ' I will make m}~ nwnthl}' pa~~ments at 1111 SOUTH BAYSHORE DRIVE~ ~ MIAMI, FLORIDA 33131 E ur at a different place if reyuired b~• the Note Holder. ~ ~1. 11TEREST RATE CHAtiGES A1D FtiLL PAl'~IEtiT _ ~ (A) Catculation of New~ Interest Rate and Full Pa~~ment ; Each of my first 3 6 monthiy payments could be iess than a Full Payment. A"Full Payment" is the monthly amount ~ sufticient ro repay~ the amount [ originally borrowed, or the unpaid principal balance of my~ toan as of an Interest Change ~ Date, in full on the maturity date at the interest rate I am reyuired to pay by Section 2 above or this Section 4(A) in substan- ~ tial!}~ eyual payments_ Beginning an the date of this Note, my first Full Payment will be U.S. 5 7 90 . 09 a until the first Interest Change Date. ~ Before each Interest Change Date, the Note Holder will determine a new Full Pay~~ent for my loan. The ?~'ote Holder w iil first calculate my new interest rate by adding 2. 5 i 5 percentage points ( 2. 5 2 5 ) to the Current ~ Index. The Nore Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125 `7 ~ This rounded amount will be my new interest rate until the next Interest Change Date. The N~~te Holder will then determine ~ the amount of the monthly payment that w~ould be sufticient tc~ repay the unpaid principal that I am expected to ow•e on the Interest Change Date in full on the maturit}• date at my neN~ intesest rate in substantiall}~ equal payments. The result of this calculation is my new Full Payment. Ea~h new interest cate will become effective on each Interest Change Date. and each new• Full Pa~~ment will become effertive on the first monthly payment after the Interest Change Date. (B) Required Full Pa~~ment f w•ill pa}~ the Full Payment as my monthly payment beginning with my 37TH monthly pa}~ment unles~ I choose u~ limit :he amount of my monthly payment as permitted by Section 6(A1 below. - GRADL`ATED ~IONTHLY PAY~tEtiTS M~~ first 12 monthly payments wilf each be in the amount of U.S. 5 669.35 . On OCTOBER 1~ 1985 . and on the first anni~~ersary of that date, ! will begin paying a new monthly payment w•hich will be equal to thc amount 1 have been pa}~ing multiplied by the number 1.075. I will pay the new amount of my monthly payment until it changes in accardance with this Section 5, Section 4(B) above or Section 6 or 7 below. 441 ~~~E ~i9 ~ ~ MULTISTATE GRADUATED PAYMENT RIDER-1 Year Treasury Index-singi2 fam;y-fNMA Ueitorm Instrument FORM ~~z, ~z:a~ _ ~