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Home My WebLink About0980 GRADUATED PAYMENT RIDER ~ (1 1'ear index-Pa)ment Capl THIS GRADUATED PAl'I~1EN"C RIDER is maJe thi~ 17TH da~~ of AUGUST , ~9 84, and is inrorpurated intu and shall be deemcd tu amend and supplcment the Mung:~ge, Decd uf Trust, or Sccurit~• [k«i Ithe "Security Instrument") of the sanx: ~iate given by the under.i~~~.1(the "&~rn~~~~er") to secure &~rru~+•er's Gr:td4ate~i Pa~m~nt n'ute tu GDV FINANCIAL CORPORATION~ A CORPORATION Ithe "Len~lir") uf the sanu ~f~te Ith~ "hu?~") and curering the propern~ desrribed in the Securit~ Instrument and icxated at: 721 THANKSGIVING AVENUE, PORT ST. LUCIE, FL 33452 (Property Address] The Note contains provisions allowing for changes in the interest rate and the cronthly payment. The Borrower may limit monthly pay!*~en! in~reases to 7~% each year if the provisions of this Note permit it. The principal arrtount the Borrower must repay will be larger than the amount originally borror,red, but not more than 1259~0 of the original amount. AUI~tTIO~.~t. Co~'E~:~~TS. In addition tu the a~renants ~nd agreement~ made in the Securit~• Instrument, Be~rroN~er and Len~ier iurth~r cu~•enant and agr~e a+ iollo~rs: A. 1\TEREST RATE A\U ~fONTHI.I' PAY~tE\T CHAtiGES Che Note provid~s ti~r an initial interest rate of 14 . 37 5~• Sectiuns through 7 of the Note pro~ ide for changes in the interest rate :~nd the monthl~• pay~ments, as iallo~~~s: 2. INTEREST (A) Interest Ow~ed Interest ~~ill be rharged on unpaid principal until the full amuunt of prirnipal has bc:en paid. 1 w~ill owe interest at a ~~a:l~~ rate of 14. 375 The interest rate 1 w~ill pa~~ w•ill change in accorJance w-ith Section 4(A) belaw~ on the first ~a~ uf SEPTEMBLD , 1985 and un that da}~ e~~er}~ lZth month thereafter. Each date on ~~~hich m~• interest rate ~uuld change is called an "Interest Change Date." (B) The lndex Beginning ~ith the tir;t Interest Change Date, my intere,t rate ~~~ill be h:~ud on an Indea. The "Index" is the w~eekl~ a~~erage }•ield on United States Treawn• securities adjusted to a constant maturit~~ of 1~~ear, as made available o~~ the Federal ! Rcsen~e Board. The must recent Index figure a~~ailable ati of the date 45 days before each Interest Change Date is called the "Current Index." if the lndes is no longer a~~ailable, the hote HoWer Hill cha~se a new• inder w•hi~h is bau:d upon comParable informa- ti~~n. The Note Holder will gi~•e me notice of this ~hoir~. (C) Interest After Default ; The interest r:~te required b}• this Section 2 or Section ~11A) belo~• iti the rate I u•ill pa} tx~th before and after an~~ default ~ J~scribed in Section 10(B) betow•. 3. TI:11E AtiD PLACE OF PA~'11EtiTS , ~ I w•ill a• rinci al and interest b~ makin a~ments e~•e month. P" ) P P y K P" ) = I w•iii m;?icr ~u~• monthl}~ pa}~ments on the first day uf each manth beginning on OCTOBER 1~ 1984 - f h~~~ill make these pa~~ments even~ month until I have paid all of the principal and interest and any other charges described below~ that I ma~~ owe under this Note. I~ty monthly~ pa~~ments will be applied to interest before principal. If. ~n SEPTEMBER 1~ 2014 . I still ow~e amount~ under this Note. I w~ill pa~ those amounts in full on•that date, ~ ~~~hich is called the "maturity date." 1 w;ll make m~~ monthly payments at 1111 SOUTH BAYSHORE DRIVE, ti MIAMI, FLORIDA 33131 ~ ur at a different place if required b} the Note Holder. t a. IITEREST RATE CHAi~'GES AtiD FULL PAl'1tEtiT ~ (A) Calculation of New~ Interest Rate and Full Pa~ment ~ 2 E:ich of m~~ first 36 monthl}• payments could be less than a Full Payment. A"Full Payment" is the monthly amount ~ :ufticient to repa}~ the amount I originally borrowed, or [he 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 to pa}~ b~~ Section 2 above or this Section ~l(A) in substan- tiall~~ equal pa}~ments. Beginnir~e on ihe date of this Note, my~ t~rst Full Payment w~ill be U.S. $ 60 4. 8 8 ~ ~ until the first Interest Change Date. ~ Before each Interest Change Date, the \'ote Holder will determine a new Full Payment for my loan. The Note Holder " w ill first catculate my new interest rate by adding 2. 5 3 5 percentage points ( 2. 5 3 5 9~ ) to the Current r ~ (nder. The Note Holder will then round the result of this addition ?o the nearest one-eighth of one percentage point (0.125 ~ This rounded amount w~ill be my new interest rate until the next Interest Change Date. The Note Holder will then determine < the amount of the monthly payment that would be sufficient to repay the unpaid principal that [ am expected ro owe on the j _ [nrerest Change Date in full on the maturity date at my new~ interest rate in substantiall~~ equai payments. The result of this calculation is my ~e~ti~ Full Payment. Each new interest rate w~ili become effecti~~e on each Inierest Change Date. and each new• Full Pa}~mcnt will become = cffecti~~e or, the first monthl~~ pa}~ment after the Interest Change Date. (B) Reyuired Full Pa~~ment I will pay the Full Payment as my monthl}' payment beginning with my 37TH monthl~~ payment unless I choose tc~ limit the amount of my monthly payment as permitted by Section 6(A) below. 5. GRADUATED ~'IONTI-ILY PA~'~iENTS My first 12 monthly pay ments wilt each be in the amount of U.S. S 512 . 0 8 . On OCTOBER 1, 1985 . and on the first anniversary of that date, I will begin paying a new monthly pa}~ment which wifl be eyual to the amount I have been paying multiplied by the number 1.075. I will pay the new• amount of my~ ~ ; monthl}' payment until it changes in accordance with this Section 5, Section 4(B) above or Section 6 or 7 below~. ~ 441 E ~7~ MULTISTATE GRADUATED PAYMENT RIDER-1 Year Treasury Index-sing:e Fam;;y-FNMA Unifc?m Inttrumtnt FO~M 3~21 ~z;e3