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Home My WebLink About0972 e. BORRON'ER'S R1GHT TO I.IAii1' ~t0\THLI~' PA1'AtE~1' (A) Calcul~tion of Limited Payment Unless Secti~ms 6(C) and 6!D) beluw will nut permit me to dci su, t m:~y chouse to limit th~ anwunt ot m}~ new~ monthly pa~ment following the third and each late~ Interest Change Date to the amount 1 have been paying multiplied b}• the numtx:r 1.075. This amou~?t is called the "Limited Payment." lf 1 choose a Limited Payment as m~~ monthly payment, 1 must gi~•e the Note Nolder notice that 1 am doing so at least 15 da~~s before my first neK• monthly pa~~ment is due. (B) Additions to My Unpaid Principal My month!y payment could be less than the amount of the interest portion of the monthly payment that would be suffi- rient to repay the unpaid principal 1 owe at the monthly payment date in full on the maturiry date at my current interest rate in substantiaily equal pay~ments. If so, each month that the a?nount of my monthly payment is less than the interest por- tion, the N^_'.e Holder will subtract the amount of my monthly payment from the amount of the interest portion and will add the difference to my unpaid principal. The Note Hotder will also add interest on the amount of this difference to my unpaid principal each month. The interest rate on the interest added ro princip:~l vvill be the rate required by Secti~~n 2 or 4(A) above. (C) Limit on Unpaid Principul; Increased 111onthly~ Payment My unpaid principal can never exceed a maximum amount equal to une hundred twenty-tive percent (125 9~ ) of the principal amount I originally borrovved. My unpaid principal could exceed that maximum amount if 1 pay a Limited Payment. [f so, on the date that my paying a Limited Payment w~ould causr me to exceed that limit, 1 will instead begin paying a new monthly payment until the next lnterest Change Date. The new~ monthly payment w~ill be in an amount which H~ould be suffi- cient to repay n:y then unp:3id principal balance in full on the maturity ~ate at my current interest rate in substantially equal payments. (D) Final Monthly Payments Beginning with the first monthly payment atter the final Ch;uige Date, ! will pay the Full Payment as my monttily payment. 7. NOTICE OF CHANGES T~Note Holder will mail or deli~•er to me a notice of any changes in my interest rate and in the amount of my monthl~~ payment fore the effective date of any change. The notire will include information required by taw to be gi~~en me and also the title and telephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant !7 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest in BorroN•er. If all or any part of the Property or an~~ interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Sorrower is not a natural person) w~ithout Lender's prior written consent, Lender ma}~. at its option, require immediate payment in full of all sums secured by this Securiry Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to L.ender information required by Lender to evaluate the intended transferee as if a new~ loan were being made to the transferee; and (b) Lender reasonably determines that Lender's se~urity will Rot be impaired by the loan assumption and that the risk oi a breach of any covenant or agreement in this Se;.urity Instrument is acceptable to L.ender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promiscs and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Securih~ Instrument unless Lender releases Borrower in writing. ~ If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. ' Tt~e notice shall provide a period of not less than 30 day~s from the date the notice is delivered or mailed within which Bor- ' ruwer must pa~• all sums secured by this Security Instrument. If Borrow~er fails to pay these sums prior to the expiration of this period, Lender may imoke an}' remedies permitted by this Secucity Instrument w~ithout~further notice or demand on ` Barrower. i BY SIGNING BELOW, &~rrc~~~~er accepts and ag~ees to the term, and covenants cuntained in this Graduated Payment ~ Ridcr. ~ _ . 6 ~ ~ . ~G~ ~ G`~1~„2~ ~ ( Seal ) - ' . ~`~c'f/ / f Seal ) ~ .~~.,wo~ ~ -so.row ~ ~ ROBERT ALVIN BACON SHIRLEY KE BACON a/k/a SHIRLEY K. ~ACON ~ 1 Seal l (Seal ) ~ s~~,~e- -so.~~~ : ~ ^~O~^~ lScyn Orl,E~nul On/~7 b y ~ _ - ~ - ~ ' '84 AUG 24 A 9 :57 . : FIIEL' :'.tr~ : : . ~ : U . ROGER =~I. . ~ ST.l1~';;'~ _ . v`.;-i~ ti,.,~r,,-~-_ ~~,.~~s~ lr~~ j I.t~Nc~~ ~ . F r ~ - ! l ~ /~1 _i'_' ^ ~ ' ' ' ' i,_~.~ . ,1~,'_l ~ ~41 r~