Loading...
HomeMy WebLinkAbout0981 Clu.c- 6. BORRO~i'ER'ti RIGHT TO LIAtIT '~f0`THLI' PAl'~tE\7' (A) Calculs~lion of Limited Payment Unless Sec~ions 6(C) and 6(D) below H~ill nut p~rmit me to ~1o so, 1 may cha~se to limit the amuunt uf my ne~~ monthly payment follawing the third and earh later lnterest Change D3te to the amount 1 have bren paying multiplied by the number 1.075. This amount is called the "Limited Payment." If 1 choose a Limited Payment as my monthl~~ payment, 1 must give the \ote Holder notice that 1 am doing so at least 15 days before my trst new~ monthly payment is due. (B) Additions to Aly Unpaid Principal My moc~thly payment could be less than the amount of the interest portion of the monthly payment that ~~ould be suffi- cient to repay the unpaid principal I owe at the monthly payment date in full on the maturity date at my current intere~t rate in substantially equal paymen:s. !f so, each month that the amount of my monthly payment is less than the interest pur- tion, the Note Holder will subtract the amount of my monthly payment from the arnoi~~~ nf the interest portion and will add the difference to my unpaid principal. The Note Hoider will also add interest on the amount of this difference to m}~ unpaid principai each month. The interest rate on the interest added to prinripal ~~ill be the rate required by Section ? or 4(A) abo~~e. (C) Limit on Unpaid Principal; Incres~sed Monthly Payment My unpaid principal can never exceed a maximum amount equal to one hundred twenty-five percent (125 of the principal amc?unt 1 originally borrowed. My unpaid principal could exceed that maximum amount if ! pay a Limited Payment. If so, on the date that my paying a Limited Payment would cause me to exceed that lin~it, ! will instead begin paying a new monthly pa}~ment until the next lnterest Change Date. The new monthly payment will be in an amount ahich wou(d be suffi- rient to repay my then unpaid principal balance in t~ull on the maturit~~ date at my current interest rate in substantially eyual payments. (D) Final ~lonthly Pa~~ments Beginning with the first monthly payment after the final Change Date, 1 will pay !he Full Payment as my monthly payment. 7. NOTICE UF CHAtiGES The N~~e Holder will mail or deli~~er to me a notice of any changes in my inrerest rate and in the amount of my monthly payment before the effective date of an}~ change. The notice will include information reqs;~red by~ law to be given me and also the title and telephone number of a person who will answer any question I may have regarding the notice. B. TRANSF'ER OF THE PROFERTY OR A BEtiEFICIAL I1~TEREST IN BORRON'ER Uniform Covenant 17 of the Security Instrument is amended to read as foliows: Transfer of the Property~ or a Beneticial Interest in Borrow~er. If all or an~~ part ot the Propert~• or an~~ :nterest in it is soid or transferred (or if a beneticial interest in Borrow•er is so!d or transferred ar.d Borrow~er is not a natural person) without Lender's prior written consent. L.ender may, at its option, require immediate payment in full of all sums secured ~ by this Security Instrument. However, this option shall not be exercised bp l.ender if exercise is prohibited by federal law as of the date of this Securit~~ Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information requiretii b~~ Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) C.ender reasanably determines that Lende:'s securit~~ w~ill not be impaired b}' the loan assumption and that the risk uf a breach of any covenant or agreement in this Securit}~ Instrument is acceptable tu Lender. 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 promises and agreements made in the Note and in this Security Instrument. € Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. E If L,ender exercises the option to require immediate payment in fuli, Lender shall give Borrower notice of acceleration. ~ . The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within w~hich Bor- f row~er must pay all sums secured by this Securit~' Instrument. If Borrower fails to pay these sums prior ro the expiration ~ of this period, Lender ma~~ in~~oke am remedies permitted by this Serurity Instrument u~ithout further notice or demand on ~ Borro~~er. S ~ BY SIGhI~G BELO~L', Borraw~er accepts and :~grees to the terms and c~~~~enant~ contained in this Graduated Payment ~ R ider. ~ ~ € . . ~ 7 ~ 'J _ ~ (Seall u.~ ~i • lSeal) ~ VAN TETL R ~"'°"e' LEONA M. HOSTETLER - -eoro"¢` ~ _ 1 Seal ! IScal) ~ ~So"owC~ -8pfrpw@r - ISiKn O~iyirwil Onlcl i ~ ~gq AI1G 24 ~9 ~58 _ , ~ Fi~Ee . : - R~~~~ t : . ST. l ' . 6'701~ r_ . - ' ..;`r! 4 li f ~~-i V~