HomeMy WebLinkAbout0950 "(C) CALCIILATION OF MONTEII.Y PAYl~IT CHAkGE3.
Before each Payaent Change Date, the Note Holder will calculate a ,
nex ~anthly pay~ent aufficient to repay the unpaid principal
balance on ~ loan in full on the raturitq date at the Paq~ent '
~ia~~ i6 ~substian~i8LLlji eyual pajimenc8. irn~ =Y$~i~enti ~Le= 1~s ~i~
a~ of the Indez figurea on the five Intereat Change Datea
preceeding a Paysent Chaage Date plus the Current Iadex, divided
by the number 6, plua 2,625 percentage points ( 2.625 x),
rounded to the neareat one-eighth of one percentage point
(0.125x).
Will pay the amount of ~ new monthly payment until the nezt
Paqment Change Date unless I choose to pay Lhe amount permitted by
Section 4(D) belov, or unless Section 5(S) belox requires me to
p~Y thB Full lSonthly AmOUat. "
B. A ne~? Section 4(D) is added to the Hote, and a neW paragraph ~'i
4(D) is added to Section A of the Ad~ustable P~yment Rider, to ~
read in full as follo~s:
"(D) BORRaiIER'S RIGHT TO LIMIT PAY?+IENT AHOIINT. If neir monthlq
payment folloWing a Payment Change Date Would be more than sev~n
and one-half percent (7.5f) greater than the amount I have been
pa~ying, I map chooae to limit nd neW monthlq payment to an anwunt
equal to the amount I have been paying multfplied Dy the n~ber
1.075. If I choose to limit a4r monthlq payment, I must give the
Note Holder notice that I sm doing so at least 15 daps Defore n~
first aex nonthlq p~yment is due.
Even if I have chosen to limit m~ monthly payment, Section 5(B)
belov may require me to paq the Full I~bnthly Amount."
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' C. Section 4(D) of the Note and Paragraph 4(D) of Section A of
the Ad~uatable Payment Rider are renumbered to be Section 4(E) of
i the Note and Paragraph 4(E) of Seetion A of the Ad~ustable Payment
e Rider, respectively.
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3, t.t mt t ~r nnn, i c~ Pri
nCinAl Bai Ance; RgQuired FLl? HonGh? p Amount
` Sectlon 5(B) of the Note and Paragraph 5(B) oP Section A of the
~ Ad~ustable Payment Rider are amended to read in Pull as follrnrs:
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~ *(B) LIt~IIT OK ONPAID PRINCIPAL BALANCE, RDQOIRED FOLL MONTHLY
F AMOtJNT. I~ unpaid principal balance can never ezceed a mazimum
x amount equal to one hundred tWenty-five percent (1255 ) of the
" principal amount I originallq borroWed. If ~ paying the amount
~ of a~r monthly paqment aPter ar~q Znterest Change Date would cause
~ = the unpaid prineipal balance to exceed that maximum amount at any
time, I must instead pay the Full Monthly Amount as ~y monthly
= payment until the nezt Payment Change Date. Beginning vith the
first monttzly payment after the last Interest Change Date, I will
- paq the Full Honthlq Amount as mbr monthlq pa3?ment. "
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~ IN WITNESS WHEREOF~ the Borroxer has executed this Rider on the 17th
daq of SEPTEMBER , 19 84 • s`~~~,(~
'84 SfP t8 f~l :42 ~
b `
~ J S JOSEP N . AVA "Borrawer" FiLED ~ "Borrrnrer"
RQGER r" ~
ST. LUCiE ~ ~
"Borroxer" 'Borroxer"
a~~o~443 P~cE
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